1321 Amendments of Johan VAN OVERTVELDT
Amendment 98 #
2024/2054(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Recalls that the Economic and Monetary Union requires solid fiscal policies in the Member States in order to be able to respond to external shocks; Points out that not only through fiscal measures, but also with growth- enhancing reforms, Member States can enhance their resilience to external shocks;
Amendment 181 #
2024/2054(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Regrets the establishment of the transmission protection instrument (TPI) in July 2022; calls on the ECB to respect not just the legal prohibition of monetary financing but also its economic meaning; stresses in this regard that selectively purchasing government debt amounts to monetarily financing an EU Member State; Warns that, if activated, TPI would raise significant questions about policy conditionality that could excite financial instability rather than tame it;
Amendment 247 #
2024/2054(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24 a. Underlines that the ECB's secondary mandate of supporting economic policies in Member States should only be applicable under the strict condition of having achieved its primary mandate of price stability.
Amendment 269 #
2024/2054(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Insists that the ECB respect the market neutrality principle in all of its monetary operations; regrets that the ECB’s actions to decarbonise its corporate bond holdings have not followed a market neutral approach by its very definition; Such actions should in no way jeapardise the primary objective of the ECB;
Amendment 281 #
2024/2054(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Calls on the ECB to use all its available tools to ensure that banks take climate risk seriously in order to mitigate the financial risks resulting from climate change, without compromising its primary objective;
Amendment 301 #
2024/2054(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
32. WelcomeConsiders theat finalisation of the Basel III framework, as it will strengthen the resincial stability is a prerequisite of effective monetary policy and a resilient financial system; Warns about the risk of non-complieance of the banking sect; Therefore welcomes the finalisation of the Basel III framework;
Amendment 312 #
2024/2054(INI)
Motion for a resolution
Paragraph 33 a (new)
Paragraph 33 a (new)
33 a. Invites the ECB to continue and strengthen its dialogues with national parliaments; believes that this would strengthen the legitimacy and policies of the ECB:
Amendment 13 #
2023/2229(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Reiterates its call for a capital increase; expects the EIB to ensure that its financing contributes to addressing market failures and avoids crowding-out effects, without increasing its overall financing costs;
Amendment 37 #
2023/2229(INI)
Motion for a resolution
Subheading 1
Subheading 1
Amendment 38 #
2023/2229(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. CRecalls on the EIB to develop a method of assessing the green funding gap inthat SMEs are the backbone of Europe’s economy; recalls that the EU’s 23 million SMEs account for 99 % of all businesses and provide around three quarters of all jobs; points out that the energy crisis and the consequences of Russia’s war in Ukraine pose further challenges for the EUm;
Amendment 41 #
2023/2229(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Reminds that in 2022, the EIB provided financing amounting to a total investment of EUR 16.35 billion for SMEs and mid-caps; notes that according to the EIB’s assessment, EIB Group operations providing debt support to SMEs totalled almost EUR 20 billion in annual net signatures between 2010 and 2020; calls on the EIB to reflect on ways to further facilitate its support to SMEs, in particular for smaller financing projects;
Amendment 43 #
2023/2229(INI)
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7 b. Highlights the fact that support to SMEs and mid-caps must be increased further from current levels, particularly in the context of high energy prices and rising raw material and interest rate costs; stresses that SMEs often have limited administrative resources and pay more than large companies to borrow money since they must accept bank loans with poorer terms, and would thus benefit from having financing channels that are easy to access; calls on the EIB, therefore, to design its programmes in a way that avoids unnecessary red tape and regulatory burdens, thus making them as accessible as possible to SMEs;
Amendment 45 #
2023/2229(INI)
Motion for a resolution
Paragraph 7 c (new)
Paragraph 7 c (new)
7 c. Points out that stable energy supply is the cornerstone of a successful industrial policy, particularly for SMEs; highlights the merits of and the innovation in nuclear power in this regard;
Amendment 46 #
2023/2229(INI)
Motion for a resolution
Paragraph 7 d (new)
Paragraph 7 d (new)
7 d. Reiterates its call on the EIB to complement efforts to build data-driven solutions, with a particular focus on SMEs’ competitiveness, and to focus its investment in this field on bridging digital divides both within the EU and between the EU and other technologically more advanced regions of the world; urges the EIB to increase support directed at scaling up European start-ups, including by taking greater risks in disbursing venture capital to ensure that European start-ups can scale up in the EU rather than outside it;
Amendment 49 #
2023/2229(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Expects the review of the Climate Bank Roadmap in 2024 to bring the EIB fully inWelcomes the 2022-2023 EIB Investment report that analyses the investment climate across the EU; invites the EIB to evaluate what additional efforts could be undertaken in its next review of the Climate Bank Roadmap to aligne with the 1.5 degree pathway and the target of climate neutrality by 2050 at the latest; bwelieves that the benchmark should be the most ambitious public banking practices; reiterates its call to include a solid assessment of less carbon- intensive alternatives and ‘scope 3’ emissions for each projectcomes the EIB's ambitious public banking practices;
Amendment 51 #
2023/2229(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls for the full implementation of the Paris Alignment for Counterparties; expects the exemptions granted under the Paris Alignment’s framework inInvites the EIB to look into the economic and decarbonisation potential of new nuclear technologies; reminds that cleantech start-ups have massive capital needs from day one; highly welcomes the EIB's contribution to support ofthe REPowerEU to be exceptional, temporary and fully justifiedPlan with an additional EUR 30 billion in loans and equity financing over the next five years; notes that these additional funds will be directed to renewables, energy efficiency, grids and storage, electric-vehicle charging infrastructure, and breakthrough technologies, such as low-carbon hydrogen;
Amendment 54 #
2023/2229(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. ReiteraNotes that corporate clients are contractually required to create and publish credible decarbonisation plans; is concerned that the EIB has signed contracts with corporate clients regardless of whether they have published these plans; expects the EIB to systematically evaluate the credibility of these plans, applying decarbonisation criteria compatible with the 1.5 degree target before signing any new financial commitmentsthe Paris Alignment for Counterparties (PATH) framework in support of REPowerEU provides an exception for the EIB to work with companies still involved in activities deemed incompatible with the Paris Agreement, such as oil and gas majors, in the context of highly innovative green projects; welcomes the decision of the EIB to extend these exemptions to all renewable energy projects and electric- vehicle charging in response to the emergency energy situation in the EU following the war of aggression against Ukraine and the objective of ending dependency on Russian fossil-fuel imports; reminds that all recipients of EIB financing are contractually required to create and publish a credible Paris- alignment strategy (“decarbonisation plans”), which will include mid-term, rolling, quantitative emission reduction targets and options over a longer time horizon to achieve carbon neutrality towards mid-century;
Amendment 59 #
2023/2229(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on the EIB to adapt its de- risking activities in order to steer private finance towards projects that have a high level of additionality and contribute to a just transition without jeopardising the commercial viability of its portfolio; invites the EIB to learn lessons from the implementation of products such as the climate and infrastructure funds, including the relevance of intermediated equity and the necessity of improving the risk-reward ratios in smaller-scale green infrastructure projectsfinance viable projects that align with the EU taxonomy; invites the EIB to adapt its energy lending policy accordingly in order to fully support investment in EU Small Modular Reactors (SMRs);
Amendment 60 #
2023/2229(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Takes note ofWelcomes the upscaled investment in hydrogen; insists that the role of hydrogen is to reduce emissions from hard-to-abate industrial sectors; expects additionality to be ensured so as to avoid diverting resources from existing renewable electricity; is concerned about the significant impacts of hydrogen projects on the water supply in a context of increasing drought, as well as its impact on biodiversity; is concerned about de-risking private investments for large- scale green hydrogen projects, in particular in view of their limited commercial viabilityvites the EIB to offer its advisory expertise to the EU hydrogen ecosystem and to assist the development of the renewable and low-carbon hydrogen market;
Amendment 68 #
2023/2229(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Expects the EIB to engage more actively in nature-positive and biodiversity-enhancing investments and in sectors with the greatest biodiversity co- benefits, such as water, sanitation, forestry and the ocean, with the highest level of integrity and assurances and, integrating the lessons learned from the Natural Capital Financing Facility and respecting the demand-driven nature of EIB financing operations;
Amendment 72 #
2023/2229(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Expects enhanced efforts to mainstream nature in analyses and operations assessing the financial risk of biodiversity loss at counterparty level; expects nature-positive elements to be systematically required forincorporated in large-scale infrastructure projects, especially for urban investments; warns against projects contributing to climate objectives that do not take into account impacts on biodiversity;
Amendment 74 #
2023/2229(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Expects the EIB to continue to apply stringent EU animal welfare standards, including for breeding activities and feed in fish farming, based on the highest standard set by multilateral financial institutionsthe EU;
Amendment 80 #
2023/2229(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Welcomes the new EU for Ukraine initiative launched by the EIB in March 2023 to finance reconstruction and recovery in Ukraine and conceived as a temporary scheme which will enable continued EIB engagement in the country while expected medium term EU support is put in place; welcomes the fact that all EIB actions in Ukraine are guided by the priorities for reconstruction and will be fully aligned with the upcoming Ukraine plan; welcomes the technical assistance component to ensure optimal project preparation and implementation, as well as capacity building measures; welcomes the EIB’s efforts to prevent, deter and investigate fraud and corruption in relation to its projects in Ukraine;
Amendment 84 #
2023/2229(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19 a. Welcomes the EIB's support for the EU’s security and defence agenda and the decision to provide both more financing and a broader range of support for security and defence; expresses its support for the decision by the EIB's Board of Directors in June 2023 to increase its financing for security and defence up to EUR 8 billion due to the new geopolitical environment and rising financing needs in the sector;
Amendment 88 #
2023/2229(INI)
Motion for a resolution
Paragraph 19 b (new)
Paragraph 19 b (new)
19 b. Invites the EIB to expand the Strategic European Security Initiative (SESI) programme and further step up its investments in European security and defence; requests the EIB to assess where it can contribute to closing the investment gap and play a role in safeguarding the security of the EU, taking into account relevant international law considerations;
Amendment 104 #
2023/2229(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Reiterates its call for clear and binding rules to complement the information note summarising EIB Global’s approach to human rights, in particular on assessment and disengagement; expresses particular concern that, since 2015, the EIB has not required project promoters to carry out any standalone human rights impact assessmentsWelcomes the EIB's commitments to respecting and promoting human rights in the projects it supports, thus contributing to the objectives of the UN Guiding Principles on Business and Human Rights; notes that the EIB screens human rights risks at project level by integrating human rights considerations into its environmental and social due diligence;
Amendment 111 #
2023/2229(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Is concerned that the EIB is falling behind other public financial institutions in terms of tWelcomes the launch of the Development Finance Institutions Transparency aIndex in ensuring that no harm is done by its intermediated investments, as it rated only ‘fair’ on the 2023 Foreign Direct Investment Transparency Index; recalls that the EIB’s transparency policy runs counter to the presumption of disclosure and is not aligned with the applicable exceptions listed in Regulation (EC) No 1049/20013 and Regulation (EC) No 1367/20064 ; urges the EIB to implement the European Ombudsman’s recommendations of 20 November 2023 from Case 2252/2022/OAM and of 21 April 2022 from Case 1251/2020/PB to allow for a meaningful assessment of the2023 and the fact that the associated report ranks the EIB at a similar level to peer development finance institutions in a number of areas, including financial intermediaries and environmental and, social aspects of projects it is considering for funding; _________________ 3 Regulation (EC) No 1049/2001 of the European Parliament and of the Council of 30 May 2001 regarding public access to European Parliament, Council and Commission documents (OJ L 145, 31.5.2001, p. 43). 4 Regulation (EC) No 1367/2006 of the European Parliament and of the Council of 6 September 2006 on the application ofnd governance and accountability to communities; calls for clear and comprehensive information to be shared with the EU institutions, in particular Parliament; underlines that the provistections of the Aarhus Convention on Access to Information, Public Participation in Decision-making and Access to Justice in Environmental Matters to Community institutions and bodies (OJ L 264, 25.9.2006, p. 13).commercially sensitive information from clients needs to be ensured at all times, in line with applicable Regulation (EC) No 1049/2001;
Amendment 61 #
2023/2059(INI)
Motion for a resolution
Recital D
Recital D
D. whereas non-EU entities have strategically increased their stakes in European ports, terminals, companies and port infrastructure;
Amendment 65 #
2023/2059(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas ports are a highly complex environment with many different stakeholders and many different interests, making recognizing and assessing the risks of foreign influence an arduous but crucial exercise;
Amendment 85 #
2023/2059(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Calls on the Commission to present an EU strategic policy framework to reduce and limit influence and operational control by non-EU countries in the EU’s ports and, in their processes and hinterland operations as well as to limit direct stakes in the port authority;
Amendment 106 #
2023/2059(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Stresses that despite the existence of protective mechanisms at EU level, such as the screening of foreign direct investments and competition rules, these instruments are insufficient for addressing the increasing economic strength of external powers through individual companies and depend heavily on implementation by individual Member States; notes that some Member States do not yet have such measures in place, which could undermine the level playing field as well as counteract the working of foreign direct investment rules at the European level;
Amendment 110 #
2023/2059(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Strongly encourages the Commission to strengthen the role of the protective measures for ports in the revision of the Foreign Direct Investments regulation, as this is still to be considered as the main tool against influence by state-owned entities;
Amendment 115 #
2023/2059(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Underlines the importance of increasing EU cooperation in screening and blocking inbound investments in critical infrastructures, where major negative impacts on other Member States or the whole EU cannot be excluded;
Amendment 121 #
2023/2059(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls on the Commission to research and assess the impact of vertical integration in maritime logistics, the Consortia Block Exemption Regulation and the formation of container alliances on non-EU country influence in EU ports; consider that, given the CBER is due to expire in 2024, the Commission should take into account the changes this brings for competition in the maritime sector and the safeguarding of the level playing field;
Amendment 143 #
2023/2059(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Suggests that all Member States introduce laws to retake control of ports, terminals and other maritime infrastructure and develop contingency plans for a major conflict scenario; highlights repeated warnings by intelligence agencies against the risks of economic dependence, espionage and sabotage caused by the economic presence of entities from non-EU countries in our critical infrastructure and strategic sectors, such as ports;
Amendment 146 #
2023/2059(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Considers that logistics are a highly digital and just-in-time complex operation and therefore asks to limit and monitor the access of foreign state-owned entities to port operations and information;
Amendment 147 #
2023/2059(INI)
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. Calls on Member States to set up a proper screening regime on foreign ownership based on the sharing of best practices and the inclusion of a risk assessment for the wider EU-impact of foreign ownership; requests this to be done urgently as increased stakes by foreign entities occur most likely in Member States without such policy or an insufficient one;
Amendment 148 #
2023/2059(INI)
Motion for a resolution
Paragraph 10 c (new)
Paragraph 10 c (new)
10c. Stresses that the goal of this report is not to repel foreign investments as such, but to limit harmful side-effects foreign investments might bring with them, with state-owned foreign entities being the usual suspects;
Amendment 160 #
2023/2059(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Emphasises that a high level of cybersecurity of all actors in our ports is crucial to prevent espionage and severe disruptions of port systems and operations; considers that the risk of negative spill- over effects from a lack of cybersecurity from one port to another is high and that therefore high standards should be maintained by all Member States and that the sharing of best practices and experiences should be recommended;
Amendment 162 #
2023/2059(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Considers that cyber threats and the disruption of our economic fabric is all too often too easy and that exposing weaknesses in the cybersecurity of ports and addressing these is of the utmost importance; points out that the risk of cyber threats has increased significantly in the last few years and that this should not be considered as only a secondary issue;
Amendment 170 #
2023/2059(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Stresses that although an increased digitalisation heavily contributes to an efficient working environment, the competitiveness and the sustainability of ports, this also adds to the risk of a cyber threat; considers that the more a system relies on digital tools, the more vulnerable it is to cyber threats; believes that as the benefits of further digitalisation outweigh these risks, the only solution is to strengthen the resilience of European ports to cyber threats;
Amendment 175 #
2023/2059(INI)
15. Underlines that EU ports are key entry points for illicit drugs and cillicit drugs are increasingly being introduced into Member States through ports, having an effect on society as a whole and undermining the safety of ports, adjacent cities and its citizens; Calls on the Commission to present measures for effective European cooperation to combat drug trafficking, extraction and criminal subversion;
Amendment 177 #
2023/2059(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
Amendment 181 #
2023/2059(INI)
Motion for a resolution
Paragraph 15 b (new)
Paragraph 15 b (new)
15b. Stresses that in the fight against drugs trafficking, EU ports should be able to work closely with law enforcement and have access to the necessary digital tools given a necessary and sufficient legal justification;
Amendment 182 #
2023/2059(INI)
Motion for a resolution
Paragraph 15 c (new)
Paragraph 15 c (new)
15c. Considers that, given the role ports play as critical infrastructure, cooperation with all entities and governments involved in safeguarding security is paramount; calls for a European Port Strategy to provide a framework that allows ports to fulfill their security tasks to the fullest;
Amendment 190 #
2023/2059(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Stresses that currently the EU is dependent on China for its energy transition because of the large amount of critical raw materials needed for infrastructure contributing to this shift; supports the incentive given by the Commission in the form of Critical Raw Materials Act to change the status quo;
Amendment 195 #
2023/2059(INI)
Motion for a resolution
Paragraph 16 b (new)
Paragraph 16 b (new)
16b. Underlines that ports play a crucial role in the energy transition and as distribution hubs for renewable energies such as hydrogen, and that this will only increase given the importance of energy self-sufficiency of Member States;
Amendment 204 #
2023/2059(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Calls on the Commission to address the increasing need for investments in ports and terminals and their infrastructure so that they can assume their role in the energy transition;
Amendment 220 #
2023/2059(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Stresses the risk of carbon and business leakage to third-country ports; considers that EU ports often play a pioneering role in the energy transition and take risks when making big investments in the energy transition;
Amendment 223 #
2023/2059(INI)
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Recalls that on-shore power supply plays a vital role for the electrification of ports, and entails high investment risks without financial support by the Commission and Member States;
Amendment 249 #
2023/2059(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Calls on the Commission to analyse and address the investment needs of ports in order for them to beremain competitive in the future and to work towards a more stable investment climate including transparency and predictability in investment assessments, both public and private;
Amendment 270 #
2023/2059(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Recalls that inland waterways play a vital role in the European transport system, providing a sustainable and efficient mode of transport for goods and people; therefore stresses that inlands waterways should not be left out of scope for a potential European Port Strategy.
Amendment 280 #
2023/2059(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Calls on the Commission to stimulate programmes for innovation and further port digitalisation, such as smart ports programmes, with a view to improving the efficiency, productivity and, sustainability of ports and further expansion of cybersecurity infrastructure;
Amendment 283 #
2023/2059(INI)
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26a. Underlines the importance of private investments in ports and that companies are the ones providing employment and innovation in and around ports;
Amendment 284 #
2023/2059(INI)
Motion for a resolution
Paragraph 26 b (new)
Paragraph 26 b (new)
26b. Underlines that in order to maintain the competitiveness of EU ports and the functioning of a possible European Port Strategy, excessive administrative burden should be avoided as this could undermine the working of such a strategy;stresses that ports already face a lot of red tape and that increasing this further threatens to defeat the purpose of creating a European Port Strategy in the first place;
Amendment 287 #
2023/2059(INI)
Motion for a resolution
Paragraph 26 c (new)
Paragraph 26 c (new)
26c. Stresses that a European Port Strategy should not be a protectionist measure and should maintain the competitiveness of ports as a main priority;
Amendment 18 #
2023/0172(COD)
Proposal for a directive
Recital 8
Recital 8
Amendment 20 #
2023/0172(COD)
Proposal for a directive
Recital 9
Recital 9
(9) The fulfilment of a harmonised capacity building scheme, post- qualification, by flag State surveyors and inspectors,A strong voluntary post- qualification training provided by EMSA Academy to all Member States should ensure a level playing field between maritime administrations and contribute to the qualitative performance of ships flying the flag of a Member State.
Amendment 23 #
2023/0172(COD)
Proposal for a directive
Recital 13 a (new)
Recital 13 a (new)
(13 a) The sharing of the outcome of IMO audits and potential corrective measures resulting from IMO audits remains the prerogative of the Member States.
Amendment 24 #
2023/0172(COD)
Proposal for a directive
Recital 14
Recital 14
Amendment 31 #
2023/0172(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Article 1 – paragraph 1 – point 1 – point b
Directive 2009/21/EC
Article 3 – point g
Article 3 – point g
Amendment 45 #
2023/0172(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2009/21/EC
Article 4b – paragraph 2
Article 4b – paragraph 2
2. Each Member State shall ensure the oversight of the activities of flag State surveyors, flag state inspectors and recognised organisations and participate in the EU Recognised Organisation oversight scheme specified by the high level group on flag State matters referred to in Article 9a(1).
Amendment 48 #
2023/0172(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2009/21/EC
Article 4c – title
Article 4c – title
Amendment 49 #
2023/0172(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2009/21/EC
Article 4c – paragraph 1
Article 4c – paragraph 1
1. Member States shallcan ensure that the personnel responsible for or performing surveys, inspections and audits on ships and companies undergo the harmonised scheme specified in paragraph 2a voluntary post- qualification training provided by the EMSA Academy..
Amendment 51 #
2023/0172(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2009/21/EC
Article 4c – paragraph 2
Article 4c – paragraph 2
2. The Commission, seeking the advice of the high level group on flag State matters referred to in Article 9a(1), shall develop a common capacity building scheme (post-qualification at national level) andcan assist Member States where necessary in supporting a voluntary post-qualification training provided by EMSA Academy help keep it updated, considering new technologies and in relation to new or additional obligations arising from the relevant international instruments, for Member States flag State surveyors and inspectors.
Amendment 59 #
2023/0172(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
5 a. To give Member states sufficient time to ensure the interoperability and compatibility of its electronic information, the sharing and accessibility of this information shall be ensured 2 years after the entry into force of this Directive.
Amendment 60 #
2023/0172(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2009/21/EC
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Member States shall take the necessary measures to undergo the IMO audit of their administration at least once every seven years, and shall publish the outcome of the audit as well as any corrective actions in the Global Integrated Shipping Information System (GISIS) database set up by the IMO. Member States shall also make the same information available to the public, in accordance with relevant national legislation on confidentiality.
Amendment 62 #
2023/0172(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2009/21/EC
Article 7 – paragraph 2
Article 7 – paragraph 2
Amendment 79 #
2023/0172(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Directive 2009/21/EC
Article 9b – paragraph 4 (new)
Article 9b – paragraph 4 (new)
The sharing and accessibility of the required data by Member States shall be implemented 2 years after entry into force of this Directive.
Amendment 82 #
Amendment 83 #
Amendment 84 #
2023/0172(COD)
Proposal for a directive
Annex I
Annex I
Directive 2009/21/EC
Annex
Annex
Amendment 85 #
2023/0172(COD)
Proposal for a directive
Annex I
Annex I
Directive 2009/21/EC
Annex
Annex
Amendment 86 #
2023/0172(COD)
Proposal for a directive
Annex I
Annex I
Directive 2009/21/EC
Annex
Annex
Amendment 26 #
2023/0165(COD)
Proposal for a directive
Recital 12
Recital 12
(12) On this basis, the ship risk profile should be updated to reflect environmental issues by attaching more importance to the environmental performance, including the operational carbon intensity of the ships being inspected as well as to environmental related deficiencies and detentions.
Amendment 29 #
2023/0165(COD)
Proposal for a directive
Recital 13
Recital 13
(13) Digitalisation is an essential aspect of technological progress in the area of data collection and communication with a view to helping to bring down costs and making efficient use of human resources. The number of ships currently carrying electronic certificates is on the rise and expected to increase. Therefore the effectiveness of port State control should be enhanced by making more use of electronic certificates to allow for more ship focussed better prepared inspections. The uptake and use of these electronic certificates should be incentivised by their inclusion in the ship risk profile.
Amendment 32 #
2023/0165(COD)
Proposal for a directive
Recital 17
Recital 17
(17) In order to ensure uniform conditions for the implementation of the provisions of Directive 2009/16/EC concerning the list of Conventions under its scope, the voluntary port state control regime for fishing vessels above 24 meters length overall, the conditions for the application of Annex VII on expanded inspection, the uniform set of safety and security guidelines and procedures, as well as the requirements for electronic certificates, implementing powers should be conferred on the Commission. Those powers should be exercised in accordance with Regulation (EU) No 182/2011 of the European Parliament and of the Council28 . __________________ 28 Regulation (EU) No 182/2011 of the European Parliament and of the Council of 16 February 2011 laying down the rules and general principles concerning mechanisms for control by the Member States of the Commission's exercise of implementing powers (OJ L 55, 28.2.2011, p. 13).
Amendment 47 #
2023/0165(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point a
Article 1 – paragraph 1 – point 2 – point a
Directive 2009/16/EC
Article 3(4)
Article 3(4)
4. Fishing vessels below 24 meters overall, warships, naval auxiliaries, wooden ships of a primitive build, government ships used for non- commercial purposes and pleasure yachts not engaged in trade shall be excluded from the scope of this Directive.
Amendment 48 #
2023/0165(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Directive 2009/16/EC
Article 3(4a)
Article 3(4a)
Amendment 58 #
2023/0165(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
(8) Article 9 is deleted;Notification of arrival of ships 1. The operator, agent or master of a ship which, in accordance with article 14, is eligible for an expanded inspection and bound for a port or anchorage of a Member State, shall notify its arrival in accordance with the provisions laid down in Annex III. 2. On receipt of the notificiation referred to in paragraph 1 of this Article and in Article 4 of Directive 2002/59/EC of the European Parliament and of the Council of 27 June 2002 establishing a Community vessel traffic monitoring and information system, the port authority or body or the competent authority or body designated for that purpose shall forward such information to the competent authority. 3. Electronic means shall be used whenever possible for any communication provided for in this Article. 4. The procedures and formats developed by Member States for the purposes of Annex III to this directive shall comply with the relevant provisions laid down in Directive 2002/59/EC regarding ships' notifications
Amendment 78 #
2023/0165(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 15 – point a
Article 1 – paragraph 1 – point 15 – point a
Directive 2009/16/EC
Article 24 (2)
Article 24 (2)
2. Member States shall take the appropriate measures to ensure that the information on the actual time of arrival and the actual time of departure of any ship calling at their ports and anchorages, together with an identifier of the port concerned, is transferred within three hours of the departurearrival and the departure respectively to the inspection database through the Union maritime information exchange system ‘SafeSeaNet’ referred to in Article 3 point (s) of Directive 2002/59/EC. Once they have transferred such information to the inspection database through SafeSeaNet, Member States are exempted from the provision of data in accordance with points 1.2 and 2(a) and (b) of Annex XIV to this Directive.
Amendment 79 #
2023/0165(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 16
Article 1 – paragraph 1 – point 16
Directive 2009/16/EC
Article 24a (3)
Article 24a (3)
Amendment 98 #
2023/0165(COD)
Proposal for a directive
Annex I
Annex I
Directive 2009/16 EC
Annex 1 – point g – point i
Annex 1 – point g – point i
Amendment 115 #
2023/0165(COD)
Proposal for a directive
Annex II
Annex II
Directive 2009/16/EC
Annex 2– table
Annex 2– table
DESIGN OF SHIP RISK PROFILE (referred to in Article 10(2)) Profile Standard Risk Low Risk Ship High Risk Ship (HRS) Ship (SRS) (LRS) Weighting Generic parameters Criteri Criteria Criteria points a a 1 Type of ship Chemical 1 All types tankship Gas carrier Oil tankship Bulk carrier Passenger ship 2 Age of ship all types > 12 y 1 All ages 3a Low performance 2 2 High performance Flag Flag 3b All IMO instruments listed in - - Yes neither a high risk nor a low risk ship Article 2 ratified 3c E-Certificate Statutory certificates are transmitted digitally to the information system 4a H - - High Performance organisation M M - - - - Recognised L L Low 1 - - VL Very Low - neither a high risk nor a low risk ship 4b EU recognised - - Yes 5 H - - High Performance Company M M - - - - L Low 2 - VL Very low - - Historical parameters 6 6 Number of deficiencies >6 in one of the - - ≤ 5 in every recorded in each inspection inspections inspections individual within previous 36 months inspection inspection (and at least Deficiencies one one inspection inspection carried out in previous previous 36 months) 7 7 Number of detentions ≥ 2 detentions 1 1 No detention within previous 36 months Detentions Environmental parameters 8 Carbon Intensity Indicator D-E 1 (CII) RatingDetentions Deleted 9 Number of deficiencies >3 in one of the 1 1 Deficiencies related to MARPOL, AFS, inspections BWM, CLC 92, Bunkers and Nairobi Conventions recorded in each inspection within previous 36 months
Amendment 156 #
2023/0138(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) The involvement of social partners, civil society organisationnational parliaments and, where relevant, regional parliaments and regional authorities and other relevant stakeholders in the European Semester is key to ensure ownership and transparent and inclusive policy-making.
Amendment 165 #
2023/0138(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public debt challenges and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic proved highly effective in mitigating the economic and social damage of the crisis, but the crisis resulted in a significant increase in public- and private-sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, while paying due attention to employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union including achieving a fair digital and green transition, including the Climate Law22 , ensuring energy security, open strategic autonomy, addressing demographic change, strengthening social and economic resilience and implementing the strategic compass for security and defence, all of which requires reforms and sustained high levels of investment in the years to come. _________________ 22 The European Climate Law sets a Union-wide climate neutrality objective by 2050 and requires Union institutions and Member States to progress in enhancing adaptive capacity, requiring significant public investment to reduce the negative socio-economic impacts of climate change on the EU and its Member States, including negative impacts on growth and fiscal sustainability.
Amendment 175 #
2023/0138(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) The economic governance framework of the Union should put debt sustainability, debt reduction and sustainable and inclusive growth at its core and therefore differentiate between Member States by taking into account their public debt challenges and allowing country-specific fiscal trajectories, while safeguarding equal treatment.
Amendment 193 #
2023/0138(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) National medium-term fiscal- structural plans should bring together the fiscal, structural reforms and investment commitments of each Member State, following close and structured cooperation with regional authorities and other relevant stakeholders, and these plans should be the cornerstone of the economic governance framework of the Union. Each Member State should present a medium-term plan that sets out its fiscal trajectory as well as priority public investment and reform commitments that together ensure sustained and gradual debt reduction and sustainable and inclusive growth, avoiding a pro-cyclical fiscal policy, as well as broader reform and investment commitments, including in relation to the green and digital transitions, social and economic resilience and the implementation of the European Pillar of Social Rights. During the lifetime of the Recovery and Resilience Facility25 , commitments undertaken in the national Recovery and Resilience Plans should be duly taken into account. _________________ 25 Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility (OJ L 57, 18.2.2021, p. 17).
Amendment 229 #
2023/0138(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) The technical trajectory put forward by the Commission should also ensure that the government deficit is brought and maintained well below the 3% of gross domestic product (GDP) reference value.
Amendment 241 #
2023/0138(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) Each national medium-term fiscal- structural plan should mention its status in the context of national procedures, notably whether the plan was presented to the national parliament and, where relevant, to regional parliaments, depending on the division of competences in the Member State concerned, and whether there has been parliamentary approval of the plan. The national medium-term fiscal-structural plan should also indicate whether the national parliaments had the opportunity to discuss the Council recommendation on the previous plan and, if relevant, any other Council recommendation or decision, or any Commission warning.
Amendment 288 #
2023/0138(COD)
Proposal for a regulation
Recital 31
Recital 31
(31) There should also be a country- specific escape clause to allow a deviation from the net expenditure path provided that it does not endanger fiscal sustainability in the medium term in the case of exceptional circumstances, such as unpredictable exogenous events that could not have been prevented and that require counter-cyclical fiscal measures, outside the control of the Member State which have a major impact on the public finances of the Member State. Such major impact should result in an overall size of the shock that exceeds a ‘normal’ range: for example costs of natural disasters. The assessment of whether fiscal sustainability is not endangered for the application of both the general and country-specific escape clauses, should be factorbased ion in budgetary planning within a certain rangea quantitative analysis by the Commission. . The triggering and extension of general and country-specific escape clauses are subject to a Council recommendation.
Amendment 303 #
2023/0138(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation sets out rules ensuring effective coordination of economic, budgetary and structural policies of the Member States, thereby supporting the achievement of the Union’s objectives for growth and employment.
Amendment 328 #
2023/0138(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
(2) ‘net expenditure’ means all government expenditure net of interest expenditure, discretionary revenue measures and otcyclical unemployment expenditure and expenditure on EU programmes fully matcherd budgetary variables outside the control ofy EU funds revenue. Any potential exclusion from the net expenditure definition of certain expenditure on co-financing of programmes funded by the Union and of costs related to the borrowing of funds for the loans related to the national plans in accordance with the gRecovernment as set out in Annex II, point (a)y and Resilience Facility shall not apply to calculations regarding the benchmark referred to under Article 3 of Regulation (EC) No 1467/97 as amended by Regulation (EU) [on the corrective arm];
Amendment 375 #
2023/0138(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
In order to ensure closer coordination of economic, budgetary and structural policies and sustained convergence of the economic and social performance of the Member States, the Council and the Commission shall conduct multilateral surveillance within the European Semester in accordance with the objectives and requirements set out in the TFEU. Multilateral surveillance shall rely on high quality and independent statistics, produced in accordance with the principles laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Council.
Amendment 383 #
2023/0138(COD)
Proposal for a regulation
Article 3 – paragraph 2 – point b
Article 3 – paragraph 2 – point b
(b) the formulation, and the surveillance of the implementation, of the employment guidelines that are to be taken into account by Member States in accordance with Article 148(2) TFEU, including the European Pillar of Social Rights, and of the related country-specific recommendations;
Amendment 426 #
2023/0138(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
For each Member State having a public debt above the 60% of GDP reference value or a government deficit above the 3% of GDP reference value, the Commission shall put forward, in a report to the Economic and Financial Committee, a technical trajectory for net expenditure covering a minimum adjustment period of 4 years of the national medium-term fiscal- structural plan, and its possible extension by a maximum of 3 years pursuant to Article 13. The technical trajectory shall be set in levels of net expenditure. The Commission shall make the report public.
Amendment 438 #
2023/0138(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) the public debt ratio is put or remains on a plausibly downward path, or stays at pruby the end of the adjustment period, the public debt ratio is put on an effective downward path, or in the Member States with denbt levels below 60% of GDP, it stays below that level;
Amendment 448 #
2023/0138(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) the government deficit is maintained or brought and maintained well below the 3% of GDP reference value;
Amendment 454 #
2023/0138(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point b a (new)
Article 6 – paragraph 1 – point b a (new)
(b a) for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the technical trajectory is also consistent with the benchmark referred to under Article 3 of Regulation (EC) No 1467/97 as amended by Regulation (EU) [on the corrective arm];
Amendment 465 #
2023/0138(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point c
Article 6 – paragraph 1 – point c
(c) the adjustment effort is not postponed towards the final years of the adjustment period, that is to say the fiscal adjustment effort over the period of the national medium-term fiscal- structural plan is at least proportional to the total effort over the entire adjustment period;
Amendment 480 #
2023/0138(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point d
Article 6 – paragraph 1 – point d
(d) the public debt ratio at the end of the planning horizon is considerably below the public debt ratio in the year before the start of the technical trajectory; and
Amendment 486 #
2023/0138(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point d a (new)
Article 6 – paragraph 1 – point d a (new)
(d a) the public debt ratio is reduced by at least 1% of GDP per year on average over the adjustment period;
Amendment 487 #
2023/0138(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point d b (new)
Article 6 – paragraph 1 – point d b (new)
(d b) the projected debt reduction ten years after the adjustment period is at least [X]% of the excess of the public debt ratio over the 60% reference value, compared to the year before the start of the technical trajectory;
Amendment 582 #
2023/0138(COD)
Proposal for a regulation
Article 9 – paragraph 1 – subparagraph 1 (new)
Article 9 – paragraph 1 – subparagraph 1 (new)
Before drawing up its national medium- term fiscal-structural plan, each Member State shall set up a structured cooperation mechanism with regional authorities and other relevant stakeholders so that they are fully involved in developing the plan, in accordance with the national legal framework. The plan shall mention whether this cooperation took place.
Amendment 622 #
2023/0138(COD)
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. Where the national-medium-term fiscal-structural plan includes a temporarily higher net expenditure trajectory than in the technical trajectory issued by the Commission pursuant to Article 5, the Member State shall provide in its plan sound and verifiable economic arguments explaining the differenceprojections and assessments of the economic and fiscal situation, based on and backed by data, explaining the difference and a credible time path to return to the technical trajectory issued by the Commission.
Amendment 650 #
2023/0138(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point b
Article 12 – paragraph 1 – point b
(b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmapsincluding those that are relevant for the Macroeconomic Imbalances Procedure, and the warnings by the Commission, where applicable, or the recommendations by the Council, where applicable, made pursuant to Article 121 (4) TFEU;
Amendment 716 #
2023/0138(COD)
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point ii
Article 13 – paragraph 2 – subparagraph 2 – point ii
(ii) supportimprove fiscal sustainability;
Amendment 719 #
2023/0138(COD)
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iii
Article 13 – paragraph 2 – subparagraph 2 – point iii
Amendment 768 #
2023/0138(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. A Member State may request to submit a revised national medium-term fiscal-structural plan to the Commission before the end of its adjustment period if there are objective circumstances outside the control of the Member State preventing the implementation of the original national medium-term fiscal- structural plan or if the submission of a newrevised national medium-term fiscal- structural plan is requested by a new government. The ambition of the reform and investments in the revised plan shall not be lower than the original plan. Reforms and investments that were implemented satisfactorily according to the plan as originally endorsed by the Council should not be reversed by the Member State.
Amendment 807 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point a
Article 15 – paragraph 2 – point a
(a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plausibly downward path by the end of the adjustment period at the latest, or in the Member States with debt levels below 60%, it stays at prudent levels;
Amendment 839 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point e
Article 15 – paragraph 2 – point e
(e) whether for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the fiscal adjustment is consistent with the benchmark adjustment of at least 0.5% of GDP in the structural primary balance referred to under Article 3 of Council Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure as amended by Regulation [X]; and
Amendment 857 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point f
Article 15 – paragraph 2 – point f
(f) whether the public debt ratio at the end of the planning horizon is significantly below the public debt ratio in the year before the start of the technical trajectory.
Amendment 864 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point f a (new)
Article 15 – paragraph 2 – point f a (new)
(f a) whether the public debt ratio is reduced by at least 1% of GDP per year on average over the adjustment period.
Amendment 867 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point f b (new)
Article 15 – paragraph 2 – point f b (new)
(f b) whether the projected debt reduction ten years after the adjustment period is at least x% of the excess of public debt ratio over the 60% reference value, compared to the year before the start of the technical trajectory;
Amendment 965 #
2023/0138(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. In the event of a significant and/or sustained risk of deviation from the net expenditure path as monitored by the control account or a risk that the government deficit may exceed the 3% of GDP reference value, the Commission may address a warning to the Member State concerned in accordance with Article 121(4) TFEU.
Amendment 980 #
2023/0138(COD)
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
On a recommendation from the Commission, the Council may adopt a recommendation allowing Member States to deviate from their net expenditure path, in the event of a severe economic downturn in the euro area or the Union as a whole, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such deviation.as well as a maximum to the size of the deviation per Member State which would not lead to a breach of medium-term fiscal sustainability;
Amendment 997 #
2023/0138(COD)
Proposal for a regulation
Article 25 – paragraph 1
Article 25 – paragraph 1
On a recommendation from the Commission, the Council may adopt a recommendation allowing a Member State to deviate from its net expenditure path where exceptional circumstances outside the control of the Member State lead to a major impact on the public finances of the Member State concerned, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such a deviationas well as a maximum to the size of the deviation per Member States which would not lead to a breach of medium-term fiscal sustainability.
Amendment 1033 #
2023/0138(COD)
Proposal for a regulation
Article 30 – paragraph 2
Article 30 – paragraph 2
2. In that case, the Member State for which an excessive imbalance procedure is opened in accordance with Article 7(2) of Regulation (EU) No 1176/2011, it shall submit a revised plan in accordance with Article 14 of this Regulation. The revised plan shall follow the Council recommendation adopted in accordance with Article 7(2) of Regulation (EU) No 1176/2011. The submission of the revised plan shall be subject to the endorsement by the Council in accordance with Articles 16 to 19 of this Regulation. The revised plan shall be assessed in accordance with Article 15 of this Regulation. When the Commission decides against opening an excessive imbalance procedure under Article 7 (2) of Regulation (EU) No 1176/2011 in cases where it considers that the Member State concerned is affected by excessive imbalances on the basis of the in-depth review referred to in Article 5 of that Regulation, it shall clearly, duly and publicly explain its position and reasoning based on codified criteria.
Amendment 1167 #
2023/0138(COD)
Proposal for a regulation
Annex VI
Annex VI
Amendment 10 #
2023/0137(CNS)
Proposal for a regulation
Recital 5
Recital 5
(5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, sustainability risks and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic proved effective in mitigating the economic and social damage of the crisis in the short term, but resulted in a significant increase in public- and private- sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, while paying due attention to employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union, including achieving a fair digital and green transition, including the Climate Law22 , ensuring energy security, open strategic autonomy, addressing demographic change, strengthening social and economic resilience, and implementing the strategic compass for security and defence, all of which requires reforms and sustained high levels of investment in the years to come. __________________ 22 The European Climate Law sets a Union-wide climate neutrality objective by 2050 and requires Union institutions and Member States to progress in enhancing adaptive capacity, requiring significant public investment to reduce the negative socio-economic impacts of climate change on the EU and its Member States, including negative impacts on growth and fiscal sustainability.
Amendment 19 #
2023/0137(CNS)
Proposal for a regulation
Recital 7
Recital 7
(7) At the same time, to ensure a transparent and common Union framework based on the reference values referred to in Article 126(2) TFEU and Protocol No 12 on the excessive deficit procedure annexed to the TFEU and the Treaty on the European Union (TUE), stronger and real enforcement underpinning multilateral surveillance should be the necessary counterpart of a risk-based surveillance framework that allows for country-specific fiscal trajectories.
Amendment 71 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
(b) ‘net expenditure’ means all government expenditure net of interest expenditure, discretionary revenue measures and other budgetary variables outside the control of the government, as defined in Annex II, point (a) of Regulation (EU) of the European Parliament and of the Council [on the preventive arm]*, cyclical unemployment expenditure and expenditure on programmes of the Union fully matched by Union funds revenue;
Amendment 92 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) 1467/97
Article 2 – paragraph 1a
Article 2 – paragraph 1a
1a. When it exceeds the reference value, the ratio of the government debt to gross domestic product (GDP) shall be considered sufficiently diminishing and approaching the reference value at a satisfactory pace in accordance with Article 126(2), point (b), TFEU if the Member State concerned respects its net expenditure path and the control account does not exceed the threshold set in Article 21 of the Regulation (EU) [on the preventive arm].
Amendment 113 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 2 – paragraph 3 – subparagraph 1
Article 2 – paragraph 3 – subparagraph 1
The Commission, when preparing a report under Article 126(3) TFEU, shall take into account as athe key relevant factor the degree of debt challenges in the Member State concerned. In particular, where the Member State faces substantial public debt challenges according to the most recent Debt Sustainability Monitor, it shall be considered a key factor leading to the opening of an excessive deficit procedure as a rule.
Amendment 126 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) 1467/97
Article 2 – paragraph 3 – subparagraph 3 – point b
Article 2 – paragraph 3 – subparagraph 3 – point b
(b) the developments in the medium- term budgetary positions, including, in particular, the size of the actual deviation from the net expenditure path, in annual and cumulative terms as measured by the control account, and the extent to which the deviation is due to a severe economic downturn in the euro area or in the Union as a whole or to exceptional circumstances outside the control of the government with a major impact on the public finances of the Member State concerned in accordance with Articles 24 and 25 of Regulation (EU) [on the preventive arm], in particular if the balance of control account exceeds 2% of GPD in accordance with Article 21 of the Regulation (EU) [on the preventive arm]. Where relevant, the deviation compared to the technical trajectory shall also be taken into account when considering the size of the deviation; To safeguard the counter cyclical properties of the expenditure path, higher than anticipated economic growth, lower than expected interest expenditure, any expenditure and revenue windfalls or favourable stock-flow adjustments in the government debt ratio, relative to the forecasts underlying the net expenditure path, shall not be taken into account as relevant factors when assessing the existence of an excessive deficit based on deviations from the net expenditure path in accordance with paragraph 1a;
Amendment 141 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) 1467/97
Article 2 – paragraph 3 – subparagraph 3 – point d
Article 2 – paragraph 3 – subparagraph 3 – point d
(d) the implementation of reforms and investments including, in particular policies to prevent and correct excessive macroeconomic imbalances and policies to implement the common growth and employment strategy of the Union including those supported by NextGenerationEU, and the overall quality of public finances, in particular the effectiveness of national budgetary frameworks. Non- implementation of reforms and investments will also be taken into account.
Amendment 149 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) 1467/97
Article 2 – paragraph 3 – subparagraph 4
Article 2 – paragraph 3 – subparagraph 4
The Commission shall give due and express consideration to any other factors which, in the opinion of the Member State concerned, are relevant in order to comprehensively assess compliance with deficit and debt criteria and which the Member State has put forward to the Council and the Commission. In that context, particular consideration shall be given to financial contributions to fostering international solidarity and achieving the policy goals of the Union. The opinion submitted to the Commission by the Member State concerned shall include the opinion of its national independent fiscal institution on relevant factors.
Amendment 158 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) 1467/97
Article 2 – paragraph 4 – subparagraph 1
Article 2 – paragraph 4 – subparagraph 1
The Council and the Commission shall make a balanced overall assessment of all the relevant factors, specifically, the extent to which they affect the assessment of compliance with the deficit and/or the debt criteria as aggravating or mitigating factors. The assessment will clearly specify which factors are deemed aggravating or mitigating and where relevant clearly specify the differences in the weight attributed to each relevant factor.
Amendment 189 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EC) 1467/97
Article 3 – subparagraph 4 – subparagraph 1
Article 3 – subparagraph 4 – subparagraph 1
The Council recommendation made in accordance with Article 126(7) TFEU shall establish a maximum deadline of six months for effective action to be taken by the Member State concerned. When warranted by the seriousness of the situation, the deadline for effective action may be three months. The Council recommendation shall also establish a deadline for the correction of the excessive deficit. In its recommendation, the Council shall also request that the Member State implements a corrective net expenditure path, which ensures that the general government deficit remains or is brought and maintained below the reference value and ensures that the value of the control account is brought to zero within the deadline set in the recommendation. For the years when the general government deficit is expected to exceed the reference value, the corrective net expenditure path shall be consistent with a minimum annual adjustment of at least 0,5% of GDP in the structural primary balance as a benchmark.
Amendment 204 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EC) 1467/97
Article 3 – paragraph 6
Article 3 – paragraph 6
6. Where effective action has been taken in compliance with a recommendation under Article 126(7) TFEU or whereand where Council has established the existence of a severe economic downturn in the euro area or in the Union as a whole in accordance with Article 24 of Regulation (EU) [on the preventive arm] or exceptional circumstances outside the control of the government with a major impact on the public finances of the Member State concerned in accordance with Article 25 of Regulation (EU) [on the preventive arm], including on the respect of the corrective net expenditure path recommended by the Council pursuant to paragraph 4 of this Article, occur after the adoption of that recommendation, the Council may decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) TFEU. The revised recommendation, taking into account the relevant factors referred to in Article 2(3) of this Regulation may, in particular, extend the deadline for the correction of the excessive deficit by one year as a rule. In case the Council has established the existence of a severe economic downturn in the euro area or in the Union as a whole in accordance with Article 24 of Regulation (EU) [on the preventive arm], the Council may also decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) TFEU provided that this does not endanger fiscal sustainability in the medium term. The revised recommendation may, in particular, extend the deadline for the correction of the excessive deficit by one year as a rule.;
Amendment 219 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point a
Article 1 – paragraph 1 – point 4 – point a
Regulation (EC) 1467/97
Article 5 – paragraph 1 – subparagraph 1
Article 5 – paragraph 1 – subparagraph 1
Any Council decision to give notice to the participating Member State concerned to take measures for the deficit reduction in accordance with Article 126(9) TFEU shall be taken within two months of the Council decision under Article 126(8) TFEU establishing that no effective action has been taken. In the notice, the Council shall request that the Member State implements a corrective net expenditure path which ensures that the general government deficit remains or is brought and maintained below the reference value and ensures that the value of the control account is brought to zero within the deadline set in the notice. For the years where the general government deficit is expected to exceed the reference value, the corrective net expenditure path shall be consistent with a minimum annual adjustment of at least 0,5% of GDP in the structural primary balance as a benchmark.
Amendment 228 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point b
Article 1 – paragraph 1 – point 4 – point b
Regulation (EC) 1467/97
Article 5 – paragraph 2
Article 5 – paragraph 2
2. Where effective action has been taken in compliance with a notice under Article 126(9) TFEU or whereand where Council has established the existence of a severe economic downturn in the euro area or in the Union as a whole in accordance with Article 24 of Regulation (EU) [on the preventive arm] exceptional circumstances outside the control of the government with a major impact on the public finances of the Member State concerned in accordance with Article 25 of Regulation (EU) [on the preventive arm], or unexpected adverse economic events with major unfavourable consequences for government finances, including on the respect of the corrective net expenditure path referred to in paragraph 1 of this Article, occur after the adoption of that notice, the Council may decide, on a recommendation from the Commission, to adopt a revised notice under Article 126(9) TFEU. The revised notice, taking into account the relevant factors referred to in Article 2(3) of this Regulation may, in particular, extend the deadline for the correction of the excessive deficit by one year as a rule. In case the Council has established the existence of a severe economic downturn in the euro area or in the Union as a whole in accordance with Article 24 of Regulation (EU) [on the preventive arm], the Council may also decide, on a recommendation from the Commission, to adopt a revised notice under Article 126(9) TFEU, on condition that it does not endanger fiscal sustainability in the medium term. The revised notice may, in particular, extend the deadline for the correction of the excessive deficit by one year as a rule.;
Amendment 263 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EC) 1467/97
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The amount of the fine shall as a general rule amount to up to 0,05% of GDP for a 6- month period and be paid every 6 months until the Council assesses that the Member State concerned has taken effective action in response to the notice issued under Article 126(9) TFEU. the amount of each individual 6-month fine could exceed the general rule in case the lack of effective action causes financial stability risks for the Member State or the Member States through spill-over effects. Individual 6-month fines cannot exceed 0.2% of GDP.
Amendment 268 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EC) 1467/97
Article 12 – paragraph 3
Article 12 – paragraph 3
Amendment 30 #
2023/0136(NLE)
Proposal for a directive
Recital 19
Recital 19
Amendment 31 #
2023/0136(NLE)
Proposal for a directive
Recital 21
Recital 21
(21) Natural disasters and extreme weather events have affected most Member States and climate change is expected tomay amplify the frequency and intensity of such events. Governments invest in climate adaptation measures and step in to cover disaster costs for emergency relief, recovery and reconstruction and to act as insurer of last resort in some cases. Considering the existing and future challenges for the sustainability of public finances, particular attention should be paid to government obligations and risks to government finances stemming from natural disasters and climate-related events, starting with collecting and publishing information on the economic losses and fiscal cost of past events as well as information on the budgetary arrangements and financial instruments used for that matter.
Amendment 85 #
2023/0136(NLE)
Proposal for a directive Sole Article – Paragraph 1 – point 8 Directive 2011/85/EU
Article 8 – paragraph 4 – point g a (new)
Article 8 – paragraph 4 – point g a (new)
(g a) assessing non-quantifiable targets during the preparation stage of the national medium-term fiscal-structural plan, particularly its consistency with the Commission's technical trajectory and plausibility of the reform and investment commitments.
Amendment 95 #
2023/0136(NLE)
Proposal for a directive Sole Article – Paragraph 1 – point 9 – point b – point iii Directive 2011/85/EU
Article 9 – paragraph 2 – point d
Article 9 – paragraph 2 – point d
(d) an assessment as to how in the light of their direct medium-term and long-term impact on general government finances, the policies envisaged are likely to affect the medium-term and long-term sustainability of the public finances and sustainable and inclusive growth. The assessment shall specify, to the extent possible and based on an established scientific methodology, the macrofiscal risks from climate change and their environmental and distributional impacts, and the implications on public finance of climate-related mitigation and adaptation policies over the medium-term and long- term.;
Amendment 100 #
2023/0136(NLE)
Proposal for a directive Sole Article – Paragraph 1 – point 10 Directive 2011/EU/85
Article 11
Article 11
This Directive shall, in no way, not prevent a Member State’s new government from updating its medium-term budgetary planframework to reflect its new policy priorities. In such case, the new government shall indicate the differences between the previous and the new medium-term budgetary plan.framework. Reforms and investments that were implemented satisfactory according to the plan as originally endorsed by the Council should, however, not be reversed by the Member State concerned;
Amendment 20 #
2023/0113(COD)
Proposal for a directive
Recital 1
Recital 1
(1) Directive (EU) 2019/879 of the European Parliament and of the Council16 and Regulation (EU) 2019/877 of the European Parliament and of the Council17 amended the minimum requirement for own funds and eligible liabilities (‘MREL’) set out in Directive 2014/59/EU of the European Parliament and of the Council18 and in Regulation (EU) No 806/2014 of the European Parliament and of the Council19 , which applies to credit institutions and investment firms (institutions) established in the Union as well as to any other entity that falls under the scope of Directive 2014/59/EU or Regulation (EU) No 806/2014 (entities). Those amendments provided that internal MREL, that is, MREL applicable to institutions and entities that are subsidiaries of resolution entities but are not themselves resolution entities, may be met by those institutions and entities using instruments issued to and bought by the resolution entity either directly or indirectly through other entities in the same resolution group. __________________ 16 Directive (EU) 2019/879 of the European Parliament and of the Council of 20 May 2019 amending Directive 2014/59/EU as regards the loss-absorbing and recapitalisation capacity of credit institutions and investment firms and Directive 98/26/EC (OJ L 150, 7.6.2019, p. 296). 17 Regulation (EU) 2019/877 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 806/2014 as regards the loss-absorbing and recapitalisation capacity of credit institutions and investment firms (OJ L 150, 7.6.2019, p. 226). 18 Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190). 19 Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).
Amendment 21 #
2023/0113(COD)
Proposal for a directive
Recital 3
Recital 3
(3) The review of the Commission found that it would be appropriate and proportionate to the objectives pursued by the internal MREL rules to allow resolution authorities to set the internal MREL on a consolidated basis for a range of entities that is wider than the range resulting from the application of Directive 2014/59/EU and Regulation (EU) No 806/2014, where such wider range covers institutions and entities that are not resolution entities themselves, but that are subsidiaries of resolution entities and control themselves other subsidiaries subject to MREL (‘intermediate entities’) within the same resolution group. That would be in particular the case for those banking groups that are headed by a holding company. In such cases, the intermediate entities naturally centralise intragroup exposures and channel the internal MREL eligible resources pre- positioned by the resolution entity. Due to that structure, such intermediate entities wcould be disproportionately affected by the deduction rules. The Commission also concluded that the MREL framework would be more proportionate by the removal of the issuances of liquidation entities from the scope of the exposures that an intermediate entity is required to deduct pursuant to the deduction mechanism for the indirect subscription of internal MREL eligible resources. A liquidation entity will not have to be supported by the resolution entity in case of failure, thus removing the need to safeguard any loss and capital transfer mechanisms within resolution groups, which was the purpose of the deduction rules introduced by Regulation (EU) 2022/2036. By contrast, the remaining entities of the resolution group will need to be supported by the resolution entity in case of distress or failureto only apply the deduction rules to the own funds of liquidation entities if the issuing entity is not subject to an MREL decision. The necessary MREL resources should therefore be present at all levels of the resolution group and their availability for loss absorption and recapitalisation should be ensured through the deduction mechanism. Thus, the review of the Commission concluded that intermediate entities should continue to deduct the full amount of their holdings of internal MREL eligible resources issued by other non-liquidation entities in the same resolution group.
Amendment 23 #
2023/0113(COD)
Proposal for a directive
Recital 5
Recital 5
(5) To ensure that the possibility to comply with MREL on a consolidated basis is available only in the relevant cases identified in the review of the Commission and does not lead to a shortage of internal MREL eligible resources across the resolution group, the power to set the internal MREL on a consolidated basis for intermediate entities should be a discretionary power of the resolution authority and should be subject to certain conditions. The intermediate entity should be the onlya direct subsidiary, that is an institution or an entity, of a resolution entity which is a parent Union parent financial holding company or a Union parent mixed financial holding company, is established in the same Member State and is part of the same resolution group. Alternatively, the intermediate entity concerned should comply with the additional own funds requirement or with the combined buffer requirement on the basis of its consolidated situation. In both cases, however, compliance with the internal MREL on a consolidated basis only should not, in the assessment of the resolution authority, negatively affect in a significant way the resolvability of the resolution group concerned, nor the application by the resolution authority of the power to write down or convert relevant capital instruments and eligible liabilities of the intermediate entity concerned or of other entities in its resolution group. One situation where the disapplication of internal MREL on an individual basis would be detrimental to the resolvability of the resolution group is where that amount of MREL would not allow to ensure compliance with the individual own funds requirements applicable after the exercise of the write-down and conversion powers.
Amendment 24 #
2023/0113(COD)
Proposal for a directive
Recital 6
Recital 6
(6) Pursuant to Article 45f(2) of Directive 2014/59/EU and Article 12g(2) of Regulation (EU) No 806/2014, intermediate entities may comply with the consolidated internal MREL using own funds and eligible liabilities. To fully deliver on the possibility to comply with MREL on a consolidated basis, it is necessary to ensure that the eligible liabilities of intermediate entities are computed in a way that is similar to the computation of own funds. The eligibility criteria for eligible liabilities that may be used to comply with internal MREL on a consolidated basis should therefore be aligned with the rules on the calculation of consolidated own funds laid down in Regulation (EU) No 575/2013. To ensure consistency with the existing rules on the external MREL, that alignment should also reflect the existing rules laid down in Article 45b(3) of Directive 2014/59/EU and Article 12d(3) of Regulation (EU) No 806/2014 for the calculation of eligible liabilities that resolution entities may use to comply with their consolidated MREL. In particular, it is necessary to ensure that eligible liabilities issued by the subsidiaries of the entity subject to consolidated internal MREL and held by the resolution entity, either directly or indirectly through other entities of the same resolution group but outside the scope of consolidation, including the resolution entity, or by existing shareholders not belonging to the same resolution group, count towards the own funds and eligible liabilities of the entity subject to consolidated internal MREL.
Amendment 25 #
2023/0113(COD)
Proposal for a directive
Recital 7
Recital 7
(7) For liquidation entities, the MREL is normally limitedresolution authority should assess whether it is justified to limit the MREL to the amount necessary for loss absorption, which corresponds to the own funds requirements. In such cases, the MREL does not entail for the liquidation entity any additional requirement directly related to the resolution framework. That means that a liquidation entity can fully comply with the MREL by complying with the own funds requirements and that a dedicated decision of the resolution authority determining the MREL does not contribute in a meaningful way to the resolvability of liquidation entities. Such a decision entails many procedural obligations for resolution authorities and for the liquidation entities without a corresponding benefit in terms of improved resolvability. For that reason, resolution authorities should not set a MREL for liquidation entities.
Amendment 26 #
2023/0113(COD)
Proposal for a directive
Recital 8
Recital 8
(8) Where the resolution authority considers that an entity that is part of a resolution group qualifies as a liquidation entity, intermediate entities should not be required to which is not subject to an MREL decision, the intermediate entities can limit the deducting from their internal MREL capacity their holdings of own funds or other liabilities that would meet the conditions for compliance with the internal MREL and that are issued by liquidation entities. In such a case, the liquidation entity is no longer required to comply with the MREL, and therefore there is no indirect subscription of internal MREL eligible resources through the chain formed by the resolution entity, the intermediate entity and the liquidation entitywhich are issued by those liquidation entities that are not subject to MREL requirements. In case of failure, the resolution strategy does not envisage that the liquidation entity would be supportrecapitalised by the resolution entity. That means that the updownstreaming of losses fromnew capital to the liquidation entity tofrom the resolution entity, via the intermediate entity, would not be expected, and neither would the downstreaming of capital in the opposite direction. That adjustment to the scope of the holdings to be deducted in the context of the indirect subscription of internal MREL eligible resources would thus not affect the prudential soundness of the framework.
Amendment 30 #
2023/0113(COD)
Proposal for a directive
Recital 9
Recital 9
(9) The main objective of the permission regime for the reduction of eligible liabilities instruments laid down in Articles 77(2) and 78a of Regulation (EU) No 575/2013, which is also applicable to institutions and entities subject to the MREL and to the liabilities issued to comply with MREL, is to enable resolution authorities to monitor the actions that result in a reduction of the stock of eligible liabilities and to prohibit any action that would amount to a reduction beyond a level which resolution authorities deem adequate. Where the resolution authority has not adopted a decision determining the MREL in respect of an institution or entity, that objective is not relevant. Moreover, institutions or entities that are not subject to a decision determining the MREL do not have eligible liabilities on their balance sheet, even if some of their liabilities would theoretically meet the criteria for MREL eligibility. Institutions or entities for which no decisions determining the MREL have been adopted should therefore not be required to obtain the prior permission of the resolution authority to effect the call, redemption, repayment or repurchase of liabilities that would meet the eligibility requirements for MREL.
Amendment 31 #
2023/0113(COD)
Proposal for a directive
Recital 10
Recital 10
(10) There are liquidation entities for which the MREL does exceed the amount of the own funds requirements, in which case resolution authorities should be able to set the MREL. That MREL should be set at an amount exceeding the amount for loss absorption where the resolution authorities consider that such amount is necessary to protectassess that it would not be justified to limit the requirement to an amount sufficient to absorb losses. The assessment by the resolution authority should, in particular, evaluate that limit as possible impact on the financial stability or addressand on the risk of contagion to the financial system. In those situations, the liquidation entity should comply with the MREL and should not be exempted from the prior permission regime laid down in Articles 77(2) and 78a of Regulation (EU) No 575/2013. Any intermediate entities belonging to the same resolution group as the liquidation entity concerned should continue to be required to deduct from their internal MREL capacity their holdings of internal MREL eligible resources issued by that liquidation entity. In addition, since liquidation proceedings take place at the level of the legal entity, liquidation entities still subject to MREL should comply with the requirement on an individual basis only. Lastly, certain eligibility requirements related to the ownership of the liability concerned are not relevant, as there is no need to ensure the transfer of losses and capital from the liquidation entity to a resolution entity, and should therefore not apply.
Amendment 34 #
2023/0113(COD)
Proposal for a directive
Recital 14
Recital 14
(14) Since the objectives of this Directive, namely to adjust the treatment of liquidation entities under the MREL framework and the possibilities to comply withfor resolution authorities to determine the internal MREL on a consolidated basis, cannot be sufficiently achieved by the Member States but can rather, by amending rules that are already set at Union level, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on the European Union. In accordance with the principle of proportionality as set out in that Article, this Directive does not go beyond what is necessary in order to achieve those objectives,
Amendment 39 #
2023/0113(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
(83aa) ‘liquidation entity’ means a legal person established in the Union in respect of which the group resolution plan or, for entities that are not part of a group, the resolution plan, provides that the entity is to be wound up in an orderly manner in accordance with the applicable national law;under normal insolvency proceedings;
Amendment 42 #
2023/0113(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Directive 2014/59/EU
Article 45c – paragraph 2a – subparagraph 2 – introductory part
Article 45c – paragraph 2a – subparagraph 2 – introductory part
By way of derogation from the first subparagraph, and where necessary for the objectives of protecting financial stability or limiting potential contagion to the financial system, resolution authorities may exceptionally determine the requirement referred to in Article 45(1) for liquidation entities on an individual basis in the amount sufficient to absorb losses in accordance with paragraph 2, point (a), of this Article, increased to the amount that is necessary for the achievement of those objectivesthe resolution authority shall assess whether it is justified to limit the requirement referred to in Article 45(1) for that entity, so that it does not exceed an amount sufficient to absorb losses in accordance with paragraph 2, point (a), of this Article. The assessment by the resolution authority shall, in particular, evaluate this limit as regards any possible impact on financial stability and on the risk of contagion to the financial system. In those cases, liquidation entities shall meet the requirement referred to in Article 45(1) by using one or more of the following:
Amendment 45 #
2023/0113(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Directive 2014/59/EU
Article 45c – paragraph 2a – subparagraph 4
Article 45c – paragraph 2a – subparagraph 4
Holdings of liabilities that do not qualify as own funds instruments or liabilities issued by subsidiaries which are liquidation entities for which the resolution authority has not determined the requirement referred to in Article 45(1) shall not be deducted under Article 72e(5) of Regulation (EU) No 575/2013.;
Amendment 51 #
2023/0113(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point a
Article 1 – paragraph 1 – point 3 – point a
Directive 2014/59/EU
Article 45f – paragraph 1 – subparagraph 3a – point a – point i – indent 1
Article 45f – paragraph 1 – subparagraph 3a – point a – point i – indent 1
– the resolution entity is a Union parent financial holding company or a Union parent mixed financial holding company which does not have on its balance sheet any excluded liabilities as referred to in Article 72a(2) of Regulation 575/2013 that rank pari passu or junior to eligible liabilities instruments;
Amendment 52 #
2023/0113(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point a
Article 1 – paragraph 1 – point 3 – point a
Directive 2014/59/EU
Article 45f – paragraph 1 – subparagraph 3a – point a – point i – indent 3
Article 45f – paragraph 1 – subparagraph 3a – point a – point i – indent 3
Amendment 54 #
2023/0113(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point a
Article 1 – paragraph 1 – point 3 – point a
Directive 2014/59/EU
Article 45f – paragraph 1 – subparagraph 3a – point a – point ii
Article 45f – paragraph 1 – subparagraph 3a – point a – point ii
(ii) the subsidiary is subject to the requirement referred to in Article 104a of Directive 2013/36/EU or to the combined buffer requirement on a consolidated basisn a consolidated basis only; both the subsidiary and the resolution entity are established in the same Member State and are part of the same resolution group;
Amendment 58 #
2023/0113(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point a
Article 1 – paragraph 1 – point 3 – point a
Directive 2014/59/EU
Article 45f – paragraph 1 – subparagraph 3a – point b
Article 45f – paragraph 1 – subparagraph 3a – point b
(b) compliancethe exemption from the obligation to comply with the requirement laid down in Article 45c on a conson individual basis as a result of the applidcated basiion of the derogation from the first and second paragraphs does not negatively affect in a significant way the resolvability of the resolution group, or the write down or conversion, in accordance with Article 59, of relevant capital instruments and eligible liabilities of the subsidiary concerned or of other entities in the resolution group.;
Amendment 62 #
2023/0113(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point a
Article 1 – paragraph 1 – point 3 – point a
The application of Article 45c on a consolidated basis as a result of the derogation from the first and second subparagraphs referred to in subparagraph 3a, point (b), shall under no circumstances result in a situation where the amount of eligible liabilities issued by the intermediate entity at the individual level is lower than the requirement on an individual basis without applying the deduction set out in Article 72e(5) of Regulation (EU) No 575/2013.
Amendment 63 #
2023/0113(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point a a (new)
Article 1 – paragraph 1 – point 3 – point a a (new)
Directive 2014/59/EU
Article 45f – paragraph 1a
Article 45f – paragraph 1a
(a a) the following paragraph is inserted: ' 1a. Where the resolution authority identifies a risk that the application of the requirement laid down in Article 45c on an individual basis may not allow to ensure that the eligible liabilities are sufficient to restore compliance with the applicable consolidated own funds requirements after the application of a resolution scheme, the resolution authority may decide to apply the requirement laid down in Article 45c on an individual and on an consolidated basis. In this case, the deduction under Article 72e(5) of Regulation (EU) No 575/2013 shall not apply. '
Amendment 67 #
2023/0113(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 2 – point b
Article 2 – paragraph 1 – point 2 – point b
Regulation (EU) No 806/2014
Article 12d – paragraph 2a – subparagraph 2 – introductory part
Article 12d – paragraph 2a – subparagraph 2 – introductory part
By way of derogation from the first subparagraph, and where necessary for the objectives of protecting financial stability or limiting potential contagion to the financial system, the Board may exceptionally determinethe Board shall assess whether it is justified to limit the requirement referred to in Article 12a(1) for liquidation entities on an individual basis in thethat entity, so that it does not exceed an amount sufficient to absorb losses in accordance with paragraph 2, point (a), of this Article, increased to the amount that is necessary for the achievement. The assessment by the Board shall evaluate, in particular, the limit referred to in Article 12d (2a) as regards any possible impact on financial stability and ofn those objectivese risk of contagion to the financial system. In those cases, liquidation entities shall meet the requirement referred to in Article 12a(1) by using one or more of the following:
Amendment 69 #
2023/0113(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 2 – point b
Article 2 – paragraph 1 – point 2 – point b
Regulation (EU) No 806/2014
Article 12d – paragraph 2a – subparagraph 4
Article 12d – paragraph 2a – subparagraph 4
Holdings of liabilities that do not qualify as own funds instruments or liabilities issued by subsidiaries which are liquidation entities for which the resolution authority has not determined the requirement referred to in Article 12a(1) shall not be deducted under Article 72e(5) of Regulation (EU) No 575/2013.;
Amendment 75 #
2023/0113(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 3 – point a
Article 2 – paragraph 1 – point 3 – point a
Regulation (EU) No 806/2014
Article 12g – paragraph 1 – subparagraph 3a – point a – point i – indent 1
Article 12g – paragraph 1 – subparagraph 3a – point a – point i – indent 1
– the resolution entity is a Union parent financial holding company or a Union parent mixed financial holding company which does not have on its balance sheet any excluded liabilities as referred to in Article 72a(2) of Regulation 575/2013 that rank pari passu or junior to eligible liabilities instruments; ;
Amendment 77 #
2023/0113(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 3 – point a
Article 2 – paragraph 1 – point 3 – point a
Regulation (EU) No 806/2014
Article 12g – paragraph 1 – subparagraph 3a – point a – point ii
Article 12g – paragraph 1 – subparagraph 3a – point a – point ii
(ii) the subsidiary is subject to the requirement referred to in Article 104a of Directive 2013/36/EU or to the combined buffer requirement on a consolidated basisn a consolidated basis only; both the subsidiary and the resolution entity are established in the same Member State and are part of the same resolution group;
Amendment 80 #
2023/0113(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 3 – point a
Article 2 – paragraph 1 – point 3 – point a
Regulation (EU) No 806/2014
Article 12g – paragraph 1 – subparagraph 3a – point b
Article 12g – paragraph 1 – subparagraph 3a – point b
(b) compliancethe exemption from the obligation to comply with the requirement laid down in Article 12d on a consolidated basin individual basis as a result of the application of the derogation from the first and second paragraphs does not negatively affect in a significant way the resolvability of the resolution group, or the write down or conversion, in accordance with Article 21, 12d, of relevant capital instruments and eligible liabilities of the institution or subsidiary concerned or of other entities in the resolution group.;
Amendment 84 #
2023/0113(COD)
The application of Article 12d on an consolidated basis as a result of the derogation from the first and second paragraphs referred to in subparagraph 3a, point (b), shall under no circumstances result in a situation where the amount of eligible liabilities issued by the intermediate entity at the individual level is lower than the requirement on an individual basis without applying the deduction set out in Article 72e(5) of Regulation No 575/2013.
Amendment 85 #
2023/0113(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 3 – point b
Article 2 – paragraph 1 – point 3 – point b
Regulation (EU) No 806/2014
Article 12g – paragraph 2a – subparagraph 2 – introductory part
Article 12g – paragraph 2a – subparagraph 2 – introductory part
The liabilities referred to in the first subparagraph, points (a) and (b), shall not exceed the amount determined by subtracting from the amount of the requirement referred to in Article 4512(1) applicable to the subsidiary included in the consolidatedion the sum of all of the following:
Amendment 27 #
2023/0081(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) To fulfil those commitments, the Union must accelerate its pace of transition to clean energy, notably by increasing energy efficiency and the share of renewable energy sourcesadopting a technology neutral approach. This will contribute to achieving the EU targets of the European Pillar of Social Rights Action Plan for 2030 of an employment rate of at least 78% and participation in training of at least 60% of adults. It will also contribute to ensuring that the green transition is fair and equitable34 . __________________ 34 Council Recommendation on ensuring a fair transition towards climate neutrality, adopted on 16 June 2022 as part of the Fit for 55 package.
Amendment 29 #
2023/0081(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) The net-zero transformation is already causing huge industrial, economic, and geopolitical shifts across the globe, which will become ever more pronounced as the world advances in its decarbonisation efforts. The road to net zero translates into strong opportunities for the expansion of Union’s net-zero industry, making use of the strength of the Single Market, by promoting investment in technologies in the field of renewable energy technologies , electricity and heat storage technologies, heat pumps, grid technologies, renewable fuels of non- biological origin technologies, electrolysers and fuel cells, fusion, conventional and small modular reactors and related best-in-class fuels, carbon capture, utilisation, and storage technologies, and energy-system related energy efficiency technologies and their supply chains, allowing for the decarbonisation of our economic sectors, from energy supply to transport, buildings, and industry. A strong net zero industry within the European Union can help significantly in reaching the Union’s climate and energy targets effectively, as well as in supporting other Green Deal objectives, while creating jobs and growth.
Amendment 30 #
2023/0081(COD)
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6 a) This Regulation shall take into account the principle of technology neutrality, whereas no prejudice will be given to an existing or future technology, which aims at achieving the same goals through different means. Reaching the Paris Agreement climate goals is of the utmost importance. Therefore, the EU should recognise that industry and regulation go hand in hand, and no form of technology, which potentially contributes to reaching these goals, should be excluded.
Amendment 31 #
2023/0081(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) The Union’s decarbonisation objectives, security of energy supply, digitalisation of the energy system and electrification of demand, for example in mobility and the need for fast recharging points, require an enormous expansion of electricity grids in the European Union, both at transmission level and at distribution level. At transmission level, high-voltage direct current (HVDC) systems are needed to connect offshore renewable energies; while at distribution level, connecting electricity providers and managing demand-side flexibility builds on investments in innovative grid technologies, such as electric vehicles smart charging (EVSC), energy efficiency building and industry automation and smart controls, advanced meter infrastructure (AMI) and home energy management systems (HEMS). The electricity grid needs to interact with many actors or devices based on a detailed level of observability, and hence availability of data, to enable flexibility, smart charging and smart buildings with smart electricity grids enabling demand side response from consumers and the uptake of renewables. Connecting the net-zero technologies to the network of the European Union requires the substantial expansion of manufacturing capabilities for electricity grids in areas such as offshore and onshore cables, substations and transformers. To maintain a working capacity in electricity grids, a diversified energy supply is a necessary.
Amendment 33 #
2023/0081(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) To achieve the 2030 objectives a particular focus is needed on some of the net-zero technologies, also in view their significant contribution towards the path to net zero by 2050. These technologies include solar photovoltaic and solar thermal technologies, onshore and offshore renewable technologies, nuclear energy technologies, battery/storage technologies, heat pumps and geothermal energy technologies, electrolysers and fuel cells, sustainable biogas/biomethane, carbon capture and storage technologies and grid technologies. These technologies play a key role in the Union’s open strategic autonomy, ensuring that citizens have access to clean, affordable, secure energy. Given their role, these technologies should benefit from even faster permitting procedures, obtain the status of the highest national significance possible under national law and benefit from additional support to crowd-in investments.
Amendment 34 #
2023/0081(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) In 2020 the European Commission adopted an EU strategy for energy system integration. It set out a vision on how to accelerate the transition towards a more integrated energy system, one that supports a climate neutral economy at the least cost across sectors. It encompasses three complementary and mutually reinforcing concepts: first, a more ‘circular’ energy system, with energy efficiency at its core; second, a greater direct electrification of end-use sectors; third, the use of renewable and low-carbon fuels, including hydrogen, produced from all energy sources, for end- use applications where direct heating or electrification are not feasible, not efficient or have higher costs. Considerations related to energy system integration refer to solutions for fully integrating all the electricity generated by renewable energy installations into the wider energy system. This means, for instance, adopting technical solutions that allow for the integration of surplus electricity generated by renewable electricity installations, including through storage in its various forms and demand- side management.
Amendment 38 #
2023/0081(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) Considering these objectives together, while also taking into account that for certain elements of the supply chain (such as inverters, as well as solar cells, wafers, and ingots for solar PV or cathodes and anodes for batteries) the Union manufacturing capacity is low, the Union net-zero technologies annual capacity should aim at approaching or reaching an overall annual manufacturing benchmark of at least 40% of annual deployment needs by 2030 for the technologies listed in the Annex . When sourcing raw materials and other elements in the supply chain, carbon and business leakage should be taken into account.
Amendment 40 #
2023/0081(COD)
Proposal for a regulation
Recital 21 a (new)
Recital 21 a (new)
(21 a) The EU should take the risk of business leakage into account. Climate regulation should offer clear investment conditions in order to let innovation thrive. By overregulating we risk business leakage, where (innovative) companies will relocate elsewhere where they are less burdened by red tape and due diligence obligations.
Amendment 42 #
2023/0081(COD)
Proposal for a regulation
Recital 25
Recital 25
(25) Directives 2014/23/EU, 2014/24/EU and 2014/25/EU already allow contracting authorities and entities awarding contracts through public procurement procedures to rely, in addition to price or cost, on additional criteria for identifying the most economically advantageous tender. Such indicative criteria concern for instance the quality of the tender including social, environmental and innovative characteristics. When awarding contracts for net-zero technology through public procurement, contracting authorities and contracting entities should duly assess the tenders’ contribution to sustainability and resilience in relation to a series of criteria relating to the tender’s environmental sustainability, innovation, system integration and to resilience.
Amendment 50 #
2023/0081(COD)
Proposal for a regulation
Recital 38 a (new)
Recital 38 a (new)
(38 a) Public authorities should lead by example in the use of net-zero technology sources and energy efficiency.
Amendment 55 #
2023/0081(COD)
Proposal for a regulation
Recital 40
Recital 40
(40) Access to finance is key for ensuring the Union’s open strategic autonomy and for establishing a solid manufacturing base for net-zero technologies and their supply chains across the Union. The majority of investments necessary to reach the Green Deal objectives will come from private capital53 attracted by the growth potential of the net- zero ecosystem. Well-functioning, deep and integrated capital markets will therefore be essential to raise and channel the funds needed for the green transition and net-zero manufacturing projects. Swift progress towards the Capital Markets Union is thus necessary for the EU to deliver on its net-zero objectives. The sustainable finance agenda (and blended finance) also plays a crucial role in scaling up investments into the net-zero technologies, while guaranteeing the competitiveness of the sector. Swift access to both private and public financing can mitigate the inherent risks of innovation, research and development needed to achieve our climate goals. Public financing should not solely take the form of grants and subsidies but remain diversified and include tax-credits and loans. __________________ 53 Commission Staff Working Document Identifying Europe's recovery needs Accompanying the document Communication from the Commission to the European Parliament, the European Council, the Council, the European Economic and Social Committee and the Committee of the Regions - Europe's moment: Repair and Prepare for the Next Generation, SWD(2020) 98 final, Identifying Europe's recovery needs, 27.05.2020.
Amendment 59 #
2023/0081(COD)
Proposal for a regulation
Recital 41
Recital 41
(41) Where private investment alone is not sufficient, the effective roll-out of net- zero manufacturing projects may require public support in the form of State aid. Such aid must have an incentive effect and be necessary, appropriate and proportionate. The existing State aid guidelines that have recently undergone an in-depth revision in line with the twin transition objectives provide ample possibilities to support investments for projects in the scope of this Regulation subject to certain conditions. Member States can have an important role in easing access to finance for net-zero technologies manufacturing projects by addressing market failures through targeted State aid support. The Temporary Crisis and Transition Framework (TCTF) adopted on 9 March 2023 aims at ensuring a level playing field within the internal market, targeted to those sectors where a third- country delocalisation risk has been identified, and proportionate in terms of aid amounts. It would enable Member States to put in place measures to support new investments in production facilities in defined, strategic net-zero sectors, including via tax benefits. The permitted aid amount can be modulated with higher aid intensities and aid amount ceilings if the investment is located in assisted areas, in order to contribute to the goal of convergence between Member States and regions. Appropriate conditions are required to verify the concrete risks of diversion of the investment outside the European Economic Area (EEA) and that there is no risk of relocation within the EEA. To mobilise national resources for that purpose, Member States may use a share of the ETS revenues that Member States have to allocate for climate-related purposes. The EU closely monitors and evaluates the impact and consequences of this temporary framework, particularly regarding the proper functioning of the internal market. A disruption of the proper functioning of the Single Market can in no way be overcome by a European fund. Taking on new European debt is out of the question.
Amendment 67 #
2023/0081(COD)
Proposal for a regulation
Recital 45 a (new)
Recital 45 a (new)
(45 a) Member States are encouraged to pursue growth enhancing reforms, e.g. in the field of labour law or reviewing administrative procedures, for the Net Zero Industry Act to have the biggest possible effect in terms of added value and economic growth;
Amendment 68 #
2023/0081(COD)
Proposal for a regulation
Recital 47
Recital 47
(47) A European Sovereignty Fund would provide a structural answer to the investment needs, but no new debts will be incurred for this. It will help preserving a European edge on critical and emerging technologies relevant to the green and digital transitions, including net-zero technologies. This structural instrument will build on experience of coordinated multi-country projects under the IPCEIs and seek to enhance all Member States’ access to such projects, thereby safeguarding cohesion and the Single Market against risks caused by unequal availability of State Aids. The temporary flexibility offered by the State aid rules should in no way interfere with the level playing field in the Single Market, and be used as justification for new European debt. The unity of the Single Market and the equality of Member States must be closely monitored, with special attention to small(er) Member States.
Amendment 74 #
2023/0081(COD)
Proposal for a regulation
Recital 52
Recital 52
(52) In order to reduce complexity and increase efficiency and transparency, project promoters of net-zero technologies manufacturing projects should be able to interact with a single national, or regional competent authority responsible for coordinating the entire permit granting process and issuing a comprehensive decision within the applicable time limit. To that end, Member States should designate a single national competent authority or one authority per competent region, in accordance with the constitutional structures of the Member States as guaranteed by Article 4(2) TEU . Depending on a Member State’s internal organisation, it should be possible for the tasks of the national or regional competent authority ies to be delegated to a different authority, subject to the same conditions. To ensure the effective implementation of their responsibilities, Member States should provide their national or regional competent authority, or any authority acting on their behalf, with sufficient personnel and resources.
Amendment 75 #
2023/0081(COD)
Proposal for a regulation
Recital 53
Recital 53
(53) In order to ensure clarity about the permitting status of Net-Zero Strategic Projects and to limit the effectiveness of potential abusive litigation, while not undermining effective judicial review, Member States should ensure that any dispute concerning permit granting process is resolved in a timely manner. To that end, national or regional competent authorities should ensure that applicants and project promoters have access to a simple dispute settlement procedure and that Net-Zero Strategic Projects are granted urgent treatment in all judicial and dispute resolution procedures relating to them while ensuring respect for the rights of defence.
Amendment 76 #
2023/0081(COD)
Proposal for a regulation
Recital 54
Recital 54
(54) In order to allow businesses and project promoters, including for cross- border projects, to directly enjoy the benefits of the internal market without incurring an unnecessary additional administrative burden, Regulation (EU) 2018/1724 of the European Parliament and the Council64 provides for general rules for the online provision of procedures relevant for the functioning of the internal market. The information that needs to be submitted to national competent authorities as part of the permit-granting processes covered by this Regulation are to be covered in Annex I of Regulation (EU) 2018/1724 following its amendment by this Regulation, and the related procedures are included in its Annex II so as to ensure that project promoters can benefit from fully online procedures and the Once-Only Technical System. National or regional competent authorities acting as one stop shop pursuant to this Regulation are included in the list of assistance and problem-solving services in Annex III of Regulation (EU) 2018/1724. __________________ 64 Regulation (EU) 2018/1724 of the European Parliament and of the Council of 2 October 2018 establishing a single digital gateway to provide access to information, to procedures and to assistance and problem-solving services and amending Regulation (EU) No 1024/2012 (OJ L 295, 21.11.2018, p. 1).
Amendment 77 #
2023/0081(COD)
Proposal for a regulation
Recital 63 a (new)
Recital 63 a (new)
(63 a) The European Union choses deliberately for a lean and mean approach, providing a stable legal framework that offers legal certainty and opportunities to invest. Enhancing competitiveness and finalising the Capital Markets Union are key to have economic growth, without which the green transition will not succeed.
Amendment 78 #
2023/0081(COD)
Proposal for a regulation
Recital 66
Recital 66
(66) Building on previous experiences, such as the EU Pact for Skills and the European Battery Alliance, European Net- Zero Industry Academies should develop and deploy education and training content to upskill and reskill workers required for key net-zero technology value chains, such as solar photovoltaic and solar thermal technologies, renewable hydrogen technologies and raw materials. The academies would, pursuant to Articles 165-166 TFEU, aim to enable the training and education of 100.000 learners each, within three years of their establishment, to contribute to the availability of skills required for the net-zero technologies, including in small and medium-sized enterprises. That content should be developed and deployed with education and training providers in Member States, relevant Member States authorities and social partners. Education and training providers, industry and other actors involved in up- and reskilling in the Member States, such as Public Employment Services, should deliver the content produced by the academies. To ensure skills transparency and portability and the mobility of workers, the European Net-Zero Industry Academies will develop and deploy credentials, including micro- credentials, covering learning achievements. They should be issued in the format of European credentials for learning and could be integrated in EUROPASS and, where relevant, included in National Qualifications Frameworks. Member States are encouraged to support the continuous reskilling and upskilling offered via the academies and the relevant education and training providers in their territories through national programmes and Union funding, including from the European Social Fund Plus, the Recovery and Resilience Facility, the European Regional Development Fund, the Just Transition Mechanism, the Modernisation Fund and the Technical Support Instrument. The Net-Zero Europe Platform should assist in guiding the work of the Academies and providing oversight.
Amendment 80 #
2023/0081(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation establishes the framework of measures for innovating and scaling up the manufacturing capacity of net-zeroexisting and future net-zero technologies and energy efficiency enhancing technologies in the Union to support the Union’s 2030 target of reducing net greenhouse gas emissions by at least 55 % relative to 1990 levels and the Union’s 2050 climate neutrality target, as defined by Regulation (EU) 2021/1119, and to ensure the Union’s access to a secure and sustainable supply of net-zero technologies needed to safeguard the resilience of the Union’s energy system and to contribute to the creation of quality jobs.
Amendment 81 #
2023/0081(COD)
Proposal for a regulation
Article 1 – paragraph 3 a (new)
Article 1 – paragraph 3 a (new)
3 a. The Commission shall assess and review the list of net-zero technologies and strategic net-zero technologies at least once every two years. The Commission shall take the contribution of these technologies into account in terms of achieving the climate goals, circular economy, sustainability and energy efficiency.
Amendment 84 #
2023/0081(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point f
Article 3 – paragraph 1 – point f
(f) ‘permit granting process’ means a process covering all relevant administrative permits to plan, build, expand and operate net-zero technology manufacturing projects, including building, chemical and grid connection permits and environmental assessments and authorisations where these are required, and encompassing all administrative applications and procedures from the acknowledgment of the validity of the application to the notification of the comprehensive decision on the outcome of the procedure by the responsible national or regional competent authority;
Amendment 85 #
2023/0081(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. By …[3 months after the date of entry into force of this Regulation], Member States shall designate one national competent authority or one authority per competent region, in accordance with the constitutional structures of the Member States as guaranteed by Article 4(2) TEU, which shall be responsible for facilitating and coordinating the permit-granting process for net-zero technology manufacturing projects, including for net- zero strategic projects, and to provide advice on reducing administrative burden in line with Article 5.
Amendment 86 #
2023/0081(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The national or regional competent authority referred to in paragraph 1 shall be the sole point of contact for the project promoter in the permit-granting process leading to a comprehensive decision for a given project and shall coordinate the submission of all relevant documents and information.
Amendment 87 #
2023/0081(COD)
Proposal for a regulation
Article 4 – paragraph 3 – introductory part
Article 4 – paragraph 3 – introductory part
3. The responsibilities of the national or regional competent authority referred to in paragraph 1 or the tasks related to it may be delegated to, or carried out by, another authority, for any given project, provided that:
Amendment 88 #
2023/0081(COD)
Proposal for a regulation
Article 4 – paragraph 3 – point a
Article 4 – paragraph 3 – point a
(a) the national or regional competent authority notifies the project promoter of that delegation;
Amendment 89 #
2023/0081(COD)
Proposal for a regulation
Article 4 – paragraph 5
Article 4 – paragraph 5
5. The national or regional competent authority shall take into consideration any valid studies conducted, and permits or authorisations issued, for a given project before the project entered the permit- granting process in accordance with this Article and shall not require duplicate studies and permits or authorisations, unless otherwise required under Union law.
Amendment 90 #
2023/0081(COD)
Proposal for a regulation
Article 4 – paragraph 6
Article 4 – paragraph 6
6. The national or regional competent authority shall ensure that applicants have easy access to information on and simple procedures for the settlement of disputes concerning the permit-granting process and the issuance of permits to construct or expand projects, including, where applicable, alternative dispute resolution mechanisms.
Amendment 91 #
2023/0081(COD)
Proposal for a regulation
Article 4 – paragraph 7
Article 4 – paragraph 7
7. Member States shall ensure that the national or regional competent authority responsible for the entire permit-granting processes, including all procedural steps, has a sufficient number of qualified staff and sufficient financial, technical and technological resources necessary, including for up- and re-skilling, for the effective performance of its tasks under this Regulation.
Amendment 99 #
2023/0081(COD)
Proposal for a regulation
Article 11 – paragraph 2 – point b
Article 11 – paragraph 2 – point b
(b) a summarised business plan evaluating the financial viability of the project consistent with the objective of creating quality jobs. The Platform for net-zero technologies provides a template for the business plan.
Amendment 110 #
2023/0081(COD)
Proposal for a regulation
Article 14 – paragraph 2 – introductory part
Article 14 – paragraph 2 – introductory part
2. Member States mayshall provide administrative support to net-zero strategic projects to facilitate their rapid and effective implementation, including by providing:
Amendment 121 #
2023/0081(COD)
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. The Net-Zero Europe Platform as established in Article 28 shall discuss financial needs and bottlenecks of net-zero strategic projects, potential best practices, in particular to develop the necessary EU cross-border supply chains, notably based on regular exchanges with the relevant industrial alliances.
Amendment 156 #
2023/0081(COD)
Proposal for a regulation
Article 20 – paragraph 2 a (new)
Article 20 – paragraph 2 a (new)
2 a. Non-financial criteria must be used in a transparent, coherent and predictable way.
Amendment 167 #
2023/0081(COD)
Proposal for a regulation
Article 26 – paragraph 7
Article 26 – paragraph 7
7. The duration of the net-zero regulatory sandbox may be extended through the same procedure upon agreement of the national and regional competent authority.
Amendment 168 #
2023/0081(COD)
Proposal for a regulation
Article 27 – paragraph 1 – point c a (new)
Article 27 – paragraph 1 – point c a (new)
(c a) Guide SMEs and start-ups throughout the process of raising both private and public funding.
Amendment 169 #
2023/0081(COD)
Proposal for a regulation
Article 31 – paragraph 2 – introductory part
Article 31 – paragraph 2 – introductory part
2. Member States and the national and regional authorities they designate for this purpose shall collect and provide data and other evidence required pursuant to paragraph 1, points (a) and (b). In particular, they shall collect and report each year to the Commission data on:
Amendment 170 #
2023/0081(COD)
Proposal for a regulation
Article 35 – paragraph 4 a (new)
Article 35 – paragraph 4 a (new)
4 a. In line with its Commission’s Better Regulation Guidelines, and Toolbox, and with the “one-in one-out” approach, the Commission has committed to offset newly introduced administrative burdens included in its proposals from 2022 onwards by reducing equivalent burdens in either within the remit of each Directorate-General, or within the respective REFIT area.
Amendment 173 #
2023/0081(COD)
Proposal for a regulation
Annex I – column 2 – row 8 a (new)
Annex I – column 2 – row 8 a (new)
Nuclear power technologies
Amendment 10 #
2022/2150(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the EU labour market has proved particularly resilient, with an additional two million people in employment, leading to a record low unemployment rate of 6.2 % in 2022, yet significant geographic differences remain; whereas according to the Commission’s autumn economic forecast the public sector was a key contributor to the increase in employment; whereas despite labour market tightness wage growth has remained moderate; whereas the unemployment rate is expected to increase slightly in 2023 (6.5 %), before marginally coming down again in 2024 (6.2 %);
Amendment 17 #
2022/2150(INI)
Motion for a resolution
Recital C
Recital C
C. whereas according to the annual sustainable growth survey, inflation should peak at 10.7 % in 2022 and then gradually decrease to 7.0 % in 2023 and 3 % in 2024; whereas wage growth is expected to only partially mitigate losses in real incomes, without triggering a persistent feedback loop between wages and inflation; whereas inflation was initially mostly fueled by energy prices, it now has a broader base with rising core inflation numbers;
Amendment 21 #
2022/2150(INI)
Motion for a resolution
Recital D
Recital D
D. whereas according to the Commission’s autumn forecast, the debt- to-GDP ratio is expected to fall to 86 % in the EU at the end of 2022 (94 % in the euro area) from the historically high level of 91.5 % recorded in 2020 (99 % in the euro area); whereas the debt-to-GDP ratio is expected to decline marginally in the EU to around 85 % in 2023 and 84 % in 2024 (92 % and 91 % in the euro area); whereas these unprecedented levels of public debt may represent a drag on the recovery, pose greater risk of a fiscal crisis and lead to large tax hikes;
Amendment 34 #
2022/2150(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
D a. whereas fiscal consolidation with the clear intention of lowering the deficit and public debt must remain a priority of the Member States;
Amendment 35 #
2022/2150(INI)
Motion for a resolution
Recital D b (new)
Recital D b (new)
D b. whereas full and unambiguous enforcement of the fiscal rules by the Commission is necessary for their succesful implementation by the Member States;
Amendment 36 #
2022/2150(INI)
Motion for a resolution
Recital D c (new)
Recital D c (new)
D c. whereas the EU's low productivity and global competitiveness require urgent structural, growth enhancing reforms, well targeted investments in future proof infrastructure and the return to fiscal discipline;
Amendment 43 #
2022/2150(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Is concerned that the EU is one of the most exposed advanced economies to downward risks, given its geographical proximity to Ukraine and heavy reliance on gasenergy imports, especially on gas from Russia; notes that the impact of high energy prices and inflation leads to the erosion of household purchasing power and industry competitiveness; highlights that a reduction in aggregate demand, combined with less favourable financing conditions, could lead to a sharp decline in investment and therefore in economic growth;
Amendment 61 #
2022/2150(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Stresses that while the primary objective of the European Central Bank (ECB) is to maintain price stability, whereas the primary objective of the Union as a whole should be to minimise the impact of current turbulences on the real economy, thereby defending the wellbeing of its citizens and preserving its production structure and the international competitiveness of its companies; underlines, in this regard, the importance of adequate and coordinated fiscal, structural and regulatory policies and reforms that complement the ECB’s monetary policy actions, which are also capable of supporting household incomes and providing targeted support to companies suffering from supply bottlenecks and high energy costs;
Amendment 73 #
2022/2150(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Is concerned about the current public debt levels in the Member States and the macro-economic risks these debt levels entail; points out that these debt levels can only be sustained by sufficient economic growth and fiscal discipline;
Amendment 74 #
2022/2150(INI)
3 b. Remains concerned about the low productivity growth in the EU;
Amendment 75 #
2022/2150(INI)
Motion for a resolution
Paragraph 3 c (new)
Paragraph 3 c (new)
3 c. Recalls that growth-friendly structural reforms do not require fiscal space, but rather political, legislative and administrative efforts aimed at strengthening efficiency of the public sector, market forces and private sector initiatives;
Amendment 76 #
2022/2150(INI)
Motion for a resolution
Paragraph 3 d (new)
Paragraph 3 d (new)
3 d. Strongly believes that greater European energy self-sufficiency, diversification of energy sources, enhanced intra-European energy connections and policies based on technology neutrality would strengthen the EU economy;
Amendment 104 #
2022/2150(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Highlights the key role being played by the NRRPs in driving the Member States’ reform and investment agendas; recalls the absolute importance of reforms in bolstering recovery and future productivity growth and as enablers of investment; stresses the crucial role of especially private investments in boosting growth;
Amendment 117 #
2022/2150(INI)
Motion for a resolution
Paragraph 7 – point b
Paragraph 7 – point b
(b) thorough monitoring by the European Parliament, ensuring the open, transparent and democratic scrutiny of the RRF’s implementation; paying particular attention to the provisions concerning measures to protect RRF resources from fraud, corruption, conflicts of interest and double funding;
Amendment 121 #
2022/2150(INI)
Motion for a resolution
Paragraph 7 – subparagraph 1
Paragraph 7 – subparagraph 1
Amendment 137 #
2022/2150(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Welcomes the publication of the Commission’s communication on orientations for a reform of the EU economic governance framework; expresses concern about its delay; stresses the need to adopt legislative proposals before time runs out and the general escape clause is removed and the current legislature comes to an endlooks forward to legislative proposals; underlines that the effectiveness of every framework depends on its proper enforcement;
Amendment 147 #
2022/2150(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Agrees with the Commission’s orientations as regard the simplification of the framework, differences in Member States’ debt reduction paths, the use of a comprehensive debt sustainability analysis and the general escape clauses;
Amendment 162 #
2022/2150(INI)
11. Notes the aim to stimulate investment and reforms by allowing Member States to have different debt reduction paths, provided that these enhance growth, improve debt sustainability, effectively lead to lower debt levels and are in line with the EU’s objectives, in particular those of the green and digital transition and social resilience; warns however that the possibility of different debt reduction plans should not come at the dispense of the predictability of the legal framework and must by no means lead to the unequal enforcement of that framework;
Amendment 190 #
2022/2150(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes that while monetary policy is conceived and designed as a single instrument, the overall fiscal policy is the result of aggregating 19 individual fiscal policies; underlinnotes that, apart from the recommendation on the economic policy of the euro area, coordination of actions has thus far been limited and the situation and challenges of the euro area have not been easy to factor in; highlightobserves that it is still largely random if the aggregation of national fiscal policies results in a euro area fiscal stance which is appropriate and consistent with monetary policy; regrets that the Commission’s communication does not encompass rules or instruments that allow for the management of the euro area fiscal stance;
Amendment 202 #
2022/2150(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Welcomes that lessons have been learned from the RRF process by promoting more ownership of ways of putting Member States in charge of designing their own national plans combining fiscal, reform and investment commitments within a common EU framework; greatly regrets that, unlike the RRF, the European Parliament is excluded from defining the overarching goals, guidance, criteria for the debt reduction path, investments, reforms and the underlying assumptions on which the comprehensive debt sustainability analysis is based; regrets that neither the involvement of national parliaments nor that of national stakeholders and civil society isis not mentioned under project design, implementation or subsequent scrutiny, which sets back ownership and democratic accountability;
Amendment 222 #
2022/2150(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Asks for the necessary respect for the principles of subsidiarity and proportionality; stresses that in line with the Treaties, Member States must continue to have sufficient flexibility in implementing an appropriate social policy and remain sovereign over their tax policy;
Amendment 1 #
2022/2062(INI)
Motion for a resolution
Citation 1 a (new)
Citation 1 a (new)
— having regard to Articles 41 - 43 of the Treaty establishing the European Atomic Energy Community,
Amendment 3 #
2022/2062(INI)
Motion for a resolution
Citation 4 a (new)
Citation 4 a (new)
— having regard to the EIB energy lending criteria of 25 July 2013,
Amendment 5 #
2022/2062(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Stresses the important role of the European Investment Fund (EIF) to improve access to finance for European smaller companies, mid-caps and start- ups and thereby its support to entrepreneurship, growth, innovation, research and development, and employment in the Union; points out that the backbone of a successful industrial policy, especially for SME's, is a stable baseload energy supply; highlights the merits of and the innovation in nuclear power in this regard;
Amendment 9 #
2022/2062(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas under the Articles 41 - 43 of the Euratom Treaty, the EIB has a legal base to support nuclear projects for civil purposes;
Amendment 10 #
2022/2062(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Welcomes the financial assistance provided to Ukraine; notes the EIB’s engagement in Ukraine complements EU budget finance under MFA and the new MFA+; emphasizes the fact that EIB finance is often linked to concrete projects with high socio-economic impact, channelling EU technical expertise to these projects and enabling a higher degree of leveraging of EU budget funds; calls for additional budgetary resources to allow for continued EU guarantees for projects in Ukraine under NDICI and for new initiatives to increase EIB lending in Ukraine in support of the recovery and reconstruction;
Amendment 18 #
2022/2062(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Awaits the review of the Climate Bank Roadmap ahead of COP28; expects full alignment with the 1.5 degree pathway, including the exclusion of blue hydrogen infrastructure and road and highway financing, and the requirement to conduct a solid assessment of less carbon-intensive alternatives and ‘Scope 3’ emissions; notes that the EIB has a supportive approach towards nuclear energy as outlined in its lending criteria of 25 July 2013; invites the EIB to look into the economic and decarbonisation potential of new nuclear technologies; reminds that cleantech start-ups have massive capital needs from day one; highly welcomes the EIB's contribution to support the REPowerEU Plan with an additional €30 billion in loans and equity financing over the next five years; notes these additional funds will be directed to renewables, energy efficiency, grids and storage, electric- vehicle charging infrastructure, and breakthrough technologies, such as low- carbon hydrogen;
Amendment 30 #
2022/2062(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Reiterates its callNotes the Paris Alignment for Counterparties (PATH) framework in support of REPowerEU provides an exception for EIB to work only with clients anompanies still involved financial intermediaries that have credible decarbonisation plans; opposes activities deemed incompatible with the Paris Agreement, such as oil and gas majors, in the context of highly innovative green projects; welcomes the decision by EIB to extend these exemptions granted under the Paris Alignment for Counterparties (PATH) framework in support of REPowerEU; calls for a halt to fossil fuel financing; to all renewable energy projects and electric-vehicle charging in response to the emergency energy situation in the EU following the war of agression in Ukraine and the objective of ending dependency on Russian fossil-fuel imports; reminds that all recipients of EIB financing are contractually required to create and publish a credible Paris- alignment strategy (“decarbonization plans”), which will include mid-term, rolling, quantitative emission reduction targets and options over a longer time horizon to achieve carbon neutrality towards mid-century;
Amendment 47 #
2022/2062(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Calls on EIB Global to deWelcomes the EIB's support of the EU's Global Gateway initiative by launching a Global Gateway Fund intended to provisde a strategy centred on development additionalityequity and debt financing for high-impact infrastructure, clean energy and human development projects around the world;
Amendment 53 #
2022/2062(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Is concerned that the EIB has, at least once, failed to conduct a full inquiry into allegWelcomes the fact that any allegations of maladministrations of bribery and misuse of funds involving a financial intermediary outside the EU; calls on the EIB to reopen all such caser malpractice are taken extremely seriously and examined in detail by the EIB’s Inspectorate General; notes that the EIB remains committed to continuously improving its due diligence and anti-fraud procedures and safeguards;
Amendment 66 #
2022/2062(INI)
Draft opinion
Paragraph 9
Paragraph 9
9. Is concerned that the transparency and harm prevenUrges the EIB to implement the European Ombudsman’s recommendations of EIB intermediated investments have fallen behind other public financial institutions, rating only fair on the 2022 Aid Transparency Index3; recalls that the EIB’s 2021 Transparency Policy runs counter to the p21 April 20224; reminds the EIB Group Transparency Policy is fully based on EU legislation which clearly states that “all information and documents held by the Bank are sumption ofbject to disclosure;urges the EIB to swiftlyimplement the European Ombudsman’s recommendations of 21 April 20224. _________________ 3 Publish What You Fund, 2022 Aid Transparency Index, 2022. upon request, unless there is a compelling reason for non-disclosure.”4a. _________________ 4 Decisions of the European Ombudsman of 21 April 2022 in Cases 1065/2020/PB, 1251/2020/PB and 1252/2020/PB. 4a Regulation 1049/2001 on public access to European Parliament, Council and Commission documents, article 5.1.
Amendment 80 #
2022/2062(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17 a. points out that the back bone of a successful industrial policy, especially for SME's, is stable base load energy supply; highlights the merits of and the innovation in nuclear power in this regard;
Amendment 90 #
2022/2062(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
Amendment 1 #
2022/2037(INI)
Motion for a resolution
Citation 1 a (new)
Citation 1 a (new)
— having regard the ECB Study on the payment attitudes of consumers in the euro area (SPACE) of December 2020,
Amendment 11 #
2022/2037(INI)
Motion for a resolution
Citation 10
Citation 10
— having regard to Articles 123, 127(1) and (2), 130 and 284(3) of the Treaty on the Functioning of the European Union,
Amendment 23 #
2022/2037(INI)
Motion for a resolution
Recital A
Recital A
A. whereas according to the ECB projections of September 2022, economic growth will decline from 3.1 % in 2022 to 0.9 % in 2023, before recovering to 2.3 % in 2024; whereas the outlook for euro area activity is surrounded by a high degree of uncertainty, related to the development of the war in Ukraine, inflation and the energy crisis, with a number of independent forecasts predicting a recession;
Amendment 25 #
2022/2037(INI)
Motion for a resolution
Recital B
Recital B
B. whereas greenflation and Russia’s unprovoked aggression against Ukraine has severely hit confidence, caused energy and food prices to soar and, in conjunction with other supply-side disruptions in China, compounded existing supply chain pressures;
Amendment 40 #
2022/2037(INI)
Motion for a resolution
Recital D
Recital D
D. whereas acting within its mandate, the ECB has committed to contributing to the objectives of the Paris Agreement, without any prejudice to the primary objective of price stability, the ECB should also support the general economic policies in the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 TEU;
Amendment 48 #
2022/2037(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas a monetary union can only exist with fiscal responsibility and efficient markets within the Member States;
Amendment 50 #
2022/2037(INI)
Motion for a resolution
Recital E b (new)
Recital E b (new)
E b. whereas the ECB's legitimacy is closely linked to its mandate of maintaining price stability;
Amendment 51 #
2022/2037(INI)
Motion for a resolution
Recital E c (new)
Recital E c (new)
E c. whereas Article 123 TFEU and Article 21 of the Statute of the European System of Central Banks and of the European Central Bank prohibit the monetary financing of governments;
Amendment 54 #
2022/2037(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Is deeply concerned by the record high levels of inflation, the flawed interpretation by the ECB of the evolution of the inflation and the pace at which the ECB takes action against it, as well as by the unprovoked Russian invasion of Ukraine and by its repercussions for the European economy;
Amendment 63 #
2022/2037(INI)
2. Highlights that the, while respecting the ECB's statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandatethat the primary objective of monetary policy and of the ECB's mandate is to maintain price stability; considers this as an absolute prerequisite for it to fulfil its mandate and its most powerful tool to fight inflation;
Amendment 74 #
2022/2037(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. calls on the ECB to step up the speed and determination to raise interest rates as long as the ECB's forecasts remain unchanged;
Amendment 75 #
2022/2037(INI)
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3 b. calls on the ECB to develop a credible communication strategy backed up by swift and tangible action to convince European citizens that the ECB means business fighting inflation;
Amendment 76 #
2022/2037(INI)
Motion for a resolution
Paragraph 3 c (new)
Paragraph 3 c (new)
3 c. Calls on the ECB to monitor the single currency's external value and its interaction with other developed economies, while focusing on price stability, to avoid 'imported inflation'; notes that the Euro's slide against the Dollar gives particular rise to concern, given that energy derivatives are traded in Dollar; observes that the recent in decline in the Euro/Dollar exchange rate is therefore a contributor to energy price inflation; is convinced that more diversification in energy sources and a stronger European economy can reduce this risk in the future;
Amendment 83 #
2022/2037(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that fiscal and monetary policies have reinforced each other during the pandemic; stresses that maintaining price stability today requires even closer coordination between fiscal, monetary and structural policies, as addressing supply- side shocks requires greater supply-chain resilience and a shift away from fossil fuelsmore predictable investment framework;
Amendment 90 #
2022/2037(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. WelcomesDisagrees with President Lagarde’s statement that the current geopolitical crisis requires us to progress on EU fiscal integration; recalls that the Economic and Monetary Union cannot function smoothly without a fiscal capacity at European level to respond to external shocksound budgets in the Member States, as laid down in the Treaties;
Amendment 105 #
2022/2037(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. EchoesTakes note of President Lagarde’s call for a swift revision and simplification of the Stability and Growth Pact; recognizes however the merits of the Stability and Growth Pact in giving Member States clarity with respect to its fiscal policies; deplores that the suspension of the budgetary framework risks causing harmful effects to the internal market;
Amendment 125 #
2022/2037(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Takes note of recent ECB monetary policy decisions to raise rates by 50 and 75 basis points in July and September 2022; is concerned about the implications of such policy decisions for growth and employmentpace at which the ECB took these policy decisions in comparison with other central banks;
Amendment 137 #
2022/2037(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Observes that there is little evidence that rising inflation is spurring a wage-price spiral, not least given the extent of wage restraint in recent years;
Amendment 155 #
2022/2037(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Recalls that the ECB strategy review reconfirmed the medium-term orientation of inflation targeting; calls on the ECB to faithfully target this medium- term horizon; invites the ECB to define the concept of "medium term";
Amendment 158 #
2022/2037(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. WelcomDeplores the ECB’s decision not to engage in quantitative tightening;
Amendment 169 #
2022/2037(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that an even transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate; notes the ECB’s decision on 15 June 2022 to apply flexibility in reinvesting redemptions that are due under the pandemic emergency purchase programme; welcomesIs critical of the launch of the Transmission Protection Instrument to support the effective transmission of monetary policy across the euro area;
Amendment 199 #
2022/2037(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Recalls that, with respect to the statutory independence of the ECB, the Treaty on the Functioning of the European Union requires the ECB to support the general economic policies of the Union as a secondary objective;
Amendment 206 #
2022/2037(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the ECB to coordinate with the European Parliament to specify the secondary objectives; suggests taking advantage of this resolution to specify and prioritise the policy areas where the ECB is expecteddeliver on its primary objective, as this will enable the ECB to deliver on its secondary objectives as well;
Amendment 219 #
2022/2037(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Considers high levels of sustainable growth and investment to be key economic goals; calls on the ECB to consider how its monetary policy stance will impact those objectivesobserves that years of low interest rates doped the economy;
Amendment 223 #
2022/2037(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Underlines the pivotal role of the private sector in general and small and medium-sized enterprises (SMEs) specifically in the EU’s economy and economic and social convergence and employment;
Amendment 232 #
2022/2037(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Reaffirms that achieving the Union’s climate goals and ensuring a just transition are the top prioritiesone of the many of the EU’s general economic policies, which the ECB is expected to support;
Amendment 238 #
2022/2037(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Considers that the ECB should contribute to reducing inequality; calls on the ECB to ensure that the costs of its monetary policy operations aredo not disproportionately borne by lowenefit higher income strata; invites the ECB to properly assess the effects of its monetary policy decisions on employment;
Amendment 245 #
2022/2037(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Stresses that addressing the climate emergency and the euro area’s dependence on fossil fuelthe energy policies of the last decade fuels greenflation and thus touches not only upon the ECB’s secondary mandate, but also its primary mandate, given the serious threat these issues pose to price stability;
Amendment 257 #
2022/2037(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. WelcomNotes the Governing Council’s decision to take further steps to include climate change considerations in the Eurosystem’s monetary policy framework;
Amendment 261 #
2022/2037(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. WelcomNotes the ECB’s announcement to decarbonise its corporate bond holdings; calls foron the ‘tilting’ of the ECB’s portfolio to be swift rather than gradualECB to look into the risk of green asset bubbles and its possible effect on price stability;
Amendment 268 #
2022/2037(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Welcomes, furthermore,Takes note of the announcement on the greening of the ECB’s collateral framework; regrets, however, that this will be limited to instruments issued by non-financial corporations, which represent only a small fraction of the instruments that banks pledge as collateral;
Amendment 277 #
2022/2037(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. RegretUnderstands that the climate roadmap does not include greening of the ECB’s targeted long-term refinancing operations; stresses that providing cheap liquidity to financial institudiversifications investing in brown activities works against the fight against inflation and is not energy sources works against inflation and could perfectly be consistent with the objectives of the Paris Agreement;
Amendment 287 #
2022/2037(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Is concerned about the implications ofNotes the higher interest rates for green investments; calls on the ECB to assess the possibility of applying differentiated rates to support green investments and disincentivise brown investmentsrespect the principle of market neutrality;
Amendment 296 #
2022/2037(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Welcomes the ECB climate risk stress test aimed at assessing the climate risk preparedness of the European banking sector; is concernedobserves that the results published on 8 July 2022 show that banks do notnot all banks have robust climate risk stress- testing frameworks and lack the relevant data; calls on the ECB to use all its available tools to ensure that banks take climate risk seriouslyprovide workable guidance and reduce red tape;
Amendment 309 #
2022/2037(INI)
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27 a. Invites the ECB to engage in a dialogue with national parliaments; believes that this would strengthen the legitimacy and the policies of the ECB;
Amendment 311 #
2022/2037(INI)
27 b. Welcomes the attention the ECB pays to the risks of cyber attacks; encourages the ECB to maintain this attention, especially in light of the geopolitical context;
Amendment 312 #
2022/2037(INI)
Motion for a resolution
Paragraph 27 c (new)
Paragraph 27 c (new)
27 c. Is concerned about the divergence of TARGET2 balances within the European System of Central Banks;
Amendment 313 #
2022/2037(INI)
Motion for a resolution
Paragraph 27 d (new)
Paragraph 27 d (new)
27 d. Urges the ECB to be vigilant to an increase of the ratio of non performing loans on bank balance sheets, after a decade of very accommodative monetary policies and two important recent crises in a couple of years, with detrimental effect to the EU economy;
Amendment 314 #
2022/2037(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. RegretsTakes note of the fact that only two members of the ECB’s Executive Board and Governing Council are women; reiterates that the nominations to the Executive Board should be gender- balanced, with shortlists submitted to Parliament; insists that a job should always be appointed to the best woman or man;
Amendment 322 #
2022/2037(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
31. WelcomesTakes note of the ECB’s progress on the digital euro project, asyet well acomes the dialogue with Parliament in this regard; looks forward to the Governing Council reaching a decision on launching the digital eurounderlines that a decision on launching the digital euro should be based on a sound legal basis, must respect competition in the banking landscape, must not endanger the existence or use of cash, must respect the privacy of citizens and business and it should provide a solution to a real problem;
Amendment 30 #
2022/2006(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the crisis caused by the COVID-19 pandemic and the subsequent lockdowns led to an increase in social, territorial, and economic and gender- based inequalities;
Amendment 50 #
2022/2006(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas unprecedented levels of public debt may represent a drag on the recovery, pose greater risk of a fiscal crisis and lead to large tax hikes;
Amendment 53 #
2022/2006(INI)
Motion for a resolution
Recital F b (new)
Recital F b (new)
Fb. whereas the fiscal consolidation with the clear intention of lowering the deficit and public debt must remain a priority of the Member States;
Amendment 56 #
2022/2006(INI)
Motion for a resolution
Recital F c (new)
Recital F c (new)
Fc whereas full and unambiguous enforcement of the fiscal rules by the Commission is necessary for their successful implementation by the Member States;
Amendment 57 #
2022/2006(INI)
Motion for a resolution
Recital F d (new)
Recital F d (new)
Fd. whereas the EU's low productivity and global competitiveness require urgent structural, growth enhancing reforms, well targeted investments in future proof infrastructure and the return to fiscal discipline;
Amendment 62 #
2022/2006(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes that the European economy is recovering faster than expected from the devastating impact of the global pandemicCOVID- 19 pandemic and the subsequent lockdowns; underlines the crucial importance that timely policy interventions have played and will continue to play in mitigating the impact of the pandemic on the European economy;
Amendment 71 #
2022/2006(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Is concernedremains vigilant about emerging new variants, and localised pandemic lockdowns,; is deeply concerned about increased energy prices, inflationary pressure, supply-side disruptions and emerging labour shortages; notes that these risks could hamper economic growth prospects in the coming months and delay the transition to a more sustainable and future-proof economy;
Amendment 116 #
2022/2006(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Is concerned about the current public debt levels in the Member States and the macro-economic risks these debt levels entail; points out that these debt levels can only be sustained by sufficient economic growth and fiscal discipline;
Amendment 119 #
2022/2006(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. BelievePoints out that the current fiscal framework has proven to provide flexibility in times of crisis; believes nonetheless that thea review of the EU’s economic governance framework is necessary; agrees withcould be beneficial, in order to improve the enforcement of the rules as well as lowering the public debt levels in the Member States; takes note of the position of the European Fiscal Board on the importance of having a clear pathway towards a reviewed fiscal framework, preferably prior to the deactivation of the general escape clause;
Amendment 167 #
2022/2006(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Considers that it is crucial to coordinate national reform anhat Member States implement structural reforms, pursue targeted investment efforts and the exchange of best practices in order to increase the convergence and resilience of our economies, promote sustainable and inclusive growth, and improve institutional frameworks;
Amendment 174 #
2022/2006(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Remains concerned about the low productivity growth in the EU;
Amendment 177 #
2022/2006(INI)
Motion for a resolution
Paragraph 9 b (new)
Paragraph 9 b (new)
9b. Recalls that growth-friendly structural reforms do not require fiscal space, but rather political, legislative and administrative efforts aimed at strengthening efficiency of the public sector, market forces and private sector initiatives;
Amendment 218 #
2022/2006(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes that many Member States are having to contend with old and new structural challenges that are hindering their growth potential; highlights, therefore, that tackling structural challenges is crucial for a sustainable recovery and continued growth; takes the view that implementing growth enhancing reforms to address old and new structural vulnerabilities is key not only to improving the ability to withstand and cope with existing challenges, but also to accomplishing the twin transitions in a sustainable, fair and inclusive manner and to reducing social inequalities; points to the lack of national ownership as one of the main weaknesses in enacting reforms aimed at addressing structural deficiencies;
Amendment 246 #
2022/2006(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Asks for the necessary respect for the principles of subsidiarity and proportionality; stresses that in line with the Treaties, Member States must continue to have sufficient flexibility in implementing an appropriate social policy and remain sovereign over their tax policy;
Amendment 126 #
2022/0411(COD)
Proposal for a regulation
Recital 35
Recital 35
(35) Under Article 17(1) of Regulation (EU) 2017/1129, where the final offer price and amount of securities offered to the public cannot be included in the prospectus, the investor has a withdrawal right which can be exercised within 2 working days after the final offer price or amount of securities to be offered to the public has been filed. To increase the level of investor protection, the period during which investor can exercise that withdrawal right should be extended. It is however important to limit the administrative burdens for issuers. Therefore, where the final offer price of securities only differs slightly from the maximum price that was disclosed in the prospectus, issuers should not be required to publish a supplement.
Amendment 131 #
2022/0411(COD)
Proposal for a regulation
Recital 56
Recital 56
(56) Article 11(4) of Regulation (EU) No 596/2014 provides that the disclosure of inside information in the course of a market sounding is deemed to be made in the normal exercise of a person’s employment, profession or duties, and therefore does not constitute unlawful disclosure of inside information, where the disclosing market participant complies with the requirements laid down in Article 11(3) and (5) of that Regulation. In order to avoid an interpretation whereby disclosing market participants carrying out market sounding are obliged to comply with all the requirements set out in Article 11(5) of Regulation (EU) No 596/2014, it should be specified that the market sounding regime and the related requirements are a mere option for the disclosing market participants to benefit from the protection from the allegation of unlawful disclosure of inside information. At the same time, while there should be no presumption that disclosing market participants that do not comply with the requirements set out in Article 11 of Regulation (EU) No 596/2014 when conducting a market sounding have unlawfully disclosed inside information, those disclosing market participants should not be able to take advantage of the protection afforded to those that choose to comply with those requirements. To ensure the possibility for competent authorities to obtain an audit trail of a process that may imply disclosure of inside information to third parties, it should also be specified that the requirements set out in Article 11(3) of Regulation (EU) No 596/2014 are mandatory for all disclosing market participants.
Amendment 132 #
2022/0411(COD)
Proposal for a regulation
Recital 58
Recital 58
(58) The prohibition of insider dealing has the objective to prevent any possible exploitation of inside information and should apply as soon as that information is available. The requirement to disclose inside information aims to enable investors to take well-informed decisions. When information is disclosed at a very early stage and is of a preliminary nature, it may mislead investors, rather than contribute to efficient price formation andby addressing the information asymmetry. In a protracted process, given the different iterations information has still to go through, the information related to intermediate steps is not sufficiently mature and hence should not be disclosed. In that case, the issuer should only disclose the information related to the event that this protracted process intends to bring about, at the moment when such information is sufficiently precise, such as when the management board has taken the relevant decision to bring about that event. In the case of non-protracted processes related to one-off events, notably when the occurrence of those events does not depend on the issuer, the disclosure should take place as soon as the issuer becomes aware of that event, thus enabling investors to take well-informed decisions in a timely manner.
Amendment 133 #
2022/0411(COD)
Proposal for a regulation
Recital 59
Recital 59
Amendment 138 #
2022/0411(COD)
Proposal for a regulation
Recital 62
Recital 62
(62) Article 18(1) of Regulation (EU) No 596/2014 obliges issuers and any person acting on their behalf or on their account to draw up and to keep updated a list of all persons who have access to inside information and who are working for them under a contract of employment, or otherwise perform tasks through which they have access to inside information, including advisers, accountants and credit rating agencies. Article 18(6) of Regulation (EU) No 596/2014, however, restricts that obligation for issuers whose financial instruments are admitted to trading on an SME growth market. Those issuers are to include in their insider lists only those persons who, due to the nature of their function or position within the issuer, have regular access to inside information. Given the availability of other existing supervisory enforcement tools, it is appropriate to use the same approach for all issuers, rather than only for issuers whose financial instruments are admitted to trading on an SME growth market.
Amendment 140 #
2022/0411(COD)
Proposal for a regulation
Recital 63
Recital 63
Amendment 144 #
2022/0411(COD)
Proposal for a regulation
Recital 68
Recital 68
(68) The increasing integration of markets heightens the risk of cross-border market abuses. To protect market integrity, competent authorities should cooperate in a swift and timely manner, also with ESMA. To strengthen such cooperation, ESMA should be able to act, on its own initiative or on request by one or more competent authorities, to facilitate the collaboration of competent authorities with a possibility to coordinate the investigation or inspection that has cross-border effect. Collaboration platforms established by the European Insurance and Occupational Pensions Authority have proven to be useful as a supervisory tool to strengthen the exchange of information and to enhance collaboration among authorities. It is therefore appropriate to introduce the possibility also for ESMA, on its own initiative or on request by one or more competent authorities, to set up and coordinate such platforms in the field of securities markets when there are concerns about market integrity or the good functioning of markets. Considering the strong relations between financial and spot markets, ESMA should also be able to set up such platforms also with public bodies monitoring wholesale commodity markets, including the Agency for the Cooperation of Energy Regulators (ACER), when such concerns affect both financial and spot markets.
Amendment 145 #
2022/0411(COD)
Proposal for a regulation
Recital 69
Recital 69
(69) The monitoring of order book data is crucial for the surveillance of market activity across both multilateral and bilateral trading systems. Competent authorities should therefore have easy access to data that they need for their supervisory activity. Some of those data concern instruments that are traded in a tradingn execution venue located in another Member State. To enhance the effectiveness of supervision, competent authorities should set up a mechanism to exchange order book data on an ongoing basis. Considering its technical expertise, ESMA should draft implementing technical standards specifying the arrangements required by that mechanism for the exchange of order book among competent authorities. To ensure that the scope of that mechanism for exchanging order book data is proportionate in relation to its use, only competent authorities that supervise markets that have a high level of cross-border activity should be obliged to participate to that mechanism. The level of cross-border dimensions should be determined by the Commission in a delegated act. Furthermore, that mechanism for exchanging order book data should at first only concern shares, bonds and futures, considering the relevance of those financial instruments in terms of both cross-border trading and market manipulation. However, to ensure that such mechanism for exchanging order book data takes into account developments in financial markets and the capacity of competent authorities to process new data, the Commission should be empowered to broaden the scope of instruments the order book data of which can be exchanged through that mechanism.
Amendment 148 #
2022/0411(COD)
Proposal for a regulation
Recital 71
Recital 71
(71) Administrative sanctions imposed in cases of infringements related to the disclosure regime (public disclosure of inside information, insider lists and managers’ transactions) are set out as a minimum of the maximum, which allows Member States to set a higher level of the maximum sanctions in national law. The risk of inadvertent breach of disclosure requirements under Regulation (EU) No 596/2014 and associated administrative sanctions are an important factor that dissuades companies from seeking admission to trading. To avoid an excessive burden on companies, in particular SMEs, the sanctions for infringements committed by legal persons in relation to disclosure requirements should be proportionate to the size of the company, while considering all relevant circumstances under Article 31 of Regulation (EU) No 596/2014. Those sanctions should be determined based on the total annual turnover of the company. The sanctions determined based on absolute amounts should be applied exceptionally and only if competent authorities deem that the amount of the administrative sanction based on the total annual turnover would be disproportionately low in light of the circumstances set out in Article 31 of Regulation (EU) No 596/2014. In those cases, it is also appropriate to lower the minimum of the maximum level of sanctions for SMEs, as expressed in absolute amounts, in order to ensure their proportionate treatment.
Amendment 167 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point d
Article 1 – paragraph 1 – point 1 – point d
Regulation (EU) 2017/1129
Article 1 – paragraph 6
Article 1 – paragraph 6
6. The exemptions from the obligation to publish a prospectus that are set out in paragraphs 4 and 5 may be combined together. However, the exemptions that are set out in paragraphs 4 and 5 may not be combined with the exemption set out in the second paragraph of Article 3. Moreover, the exemptions in paragraph 5, first subparagraph, points (a) and (b), shall not be combined together where such combination could lead to the immediate or deferred admission to trading on a regulated market over a period of 12 months of more than 40 % of the number of shares of the same class already admitted to trading on the same regulated market, without a prospectus being published.;
Amendment 170 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) 2017/1129
Article 3 – paragraph 2 – subparagraph 1 – introductory part
Article 3 – paragraph 2 – subparagraph 1 – introductory part
Without prejudice to Article 4, a Member State shall exempt offers of securities to the public shall be exempted from the obligation to publish a prospectus set out in paragraph 1 provided that:
Amendment 171 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) 2017/1129
Article 3 – paragraph 2 – subparagraph 1 – point b
Article 3 – paragraph 2 – subparagraph 1 – point b
(b) the total aggregated consideration in the Union for the securities offered is less than EUR 126 000 000 per issuer or offeror calculated over a period of 12 months.
Amendment 173 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) 2017/1129
Article 3 – paragraph 2 – subparagraph 2
Article 3 – paragraph 2 – subparagraph 2
The total aggregated consideration for the securities offered to the public, as referred to in the first subparagraph, point (b), shall take into account the total aggregated consideration of all ongoing offers and offers of securities made to the public withat have been made in the 12 months preceding the start date of a new offer of securities to the public, except for those offers of securities to the public that were subject to any exemption from the obligation to publish a prospectus pursuant to Article 1(4), first subparagraph and offers for which a prospectus has been published.
Amendment 211 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Article 1 – paragraph 1 – point 14
Regulation (EU) 2017/1129
Article 15a – title
Article 15a – title
Article 15a EU Growth issuance documentProspectus (This amendment applies throughout the text.)
Amendment 212 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Article 1 – paragraph 1 – point 14
Regulation (EU) 2017/1129
Article 15a – paragraph 1 – subparagraph 3
Article 15a – paragraph 1 – subparagraph 3
The total aggregated consideration for the securities offered to the public, as referred to in the first subparagraph, point (c), shall take into account the total aggregated consideration of all ongoing offers and offers of securities made to the public withat have been made in the 12 months preceding the start date of a new offer of securities to the public, except for those offers of securities to the public that were subject to any exemption from the obligation to publish a prospectus in accordance with Article 1(4), first subparagraph, or pursuant to Article 3(2) and offers for which a prospectus has been published.
Amendment 217 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 16 – point b
Article 1 – paragraph 1 – point 16 – point b
Regulation (EU) 2017/1129
Article 17 – paragraph 2
Article 17 – paragraph 2
Amendment 218 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point a – point i
Article 1 – paragraph 1 – point 17 – point a – point i
Amendment 221 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point b
Article 1 – paragraph 1 – point 17 – point b
Regulation (EU) 2017/1129
Article 19 – paragraph 1b
Article 19 – paragraph 1b
Amendment 225 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 18 – point b
Article 1 – paragraph 1 – point 18 – point b
Regulation (EU) 2017/1129
Article 20 – paragraph 6b
Article 20 – paragraph 6b
Amendment 231 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 18 – point c
Article 1 – paragraph 1 – point 18 – point c
Regulation (EU) 2017/1129
Article 20 – paragraph 11 – subparagraph 1 – point c
Article 20 – paragraph 11 – subparagraph 1 – point c
Amendment 232 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 18 – point c
Article 1 – paragraph 1 – point 18 – point c
Regulation (EU) 2017/1129
Article 20 – paragraph 11 – subparagraph 2
Article 20 – paragraph 11 – subparagraph 2
Amendment 233 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 18 – point d
Article 1 – paragraph 1 – point 18 – point d
Regulation (EU) 2017/1129
Article 20 – paragraph 13
Article 20 – paragraph 13
Amendment 243 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point b
Article 2 – paragraph 1 – point 3 – point b
Regulation (EU) No 596/2014
Article 11 – paragraph 4 – introductory part
Article 11 – paragraph 4 – introductory part
A market participant may choose toshall comply with all of the following conditions:
Amendment 245 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point a
Article 2 – paragraph 1 – point 5 – point a
Regulation (EU) No 596/2014
Article 17 – paragraph 1 – subparagraph 1
Article 17 – paragraph 1 – subparagraph 1
An issuer shall inform the public as soon as possible of inside information which directly concerns that issuer. That requirement shall not apply to intermediate steps in a protracted process as referred to in Article 7(2) and (3) where those steps are connected with bringing about a set of circumstances or an event.;
Amendment 250 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point b
Article 2 – paragraph 1 – point 5 – point b
Regulation (EU) No 596/2014
Article 17 – paragraph 1a
Article 17 – paragraph 1a
Amendment 254 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point c
Article 2 – paragraph 1 – point 5 – point c
Regulation (EU) No 596/2014
Article 17 – paragraph 4
Article 17 – paragraph 4
Amendment 259 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point f
Article 2 – paragraph 1 – point 5 – point f
Regulation (EU) No 596/2014
Article 17 – paragraph 11
Article 17 – paragraph 11
Amendment 264 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point a
Article 2 – paragraph 1 – point 6 – point a
Regulation (EU) No 596/2014
Article 18 – paragraph 1 – introductory part
Article 18 – paragraph 1 – introductory part
1. Issuers, and any person acting on their behalf or on their account, shall:
Amendment 265 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point a
Article 2 – paragraph 1 – point 6 – point a
Regulation (EU) No 596/2014
Article 18 – paragraph 1 – point a
Article 18 – paragraph 1 – point a
(a) draw up a list of all persons who, due to the nature of their function or position within the issuer, have regular access to inside information (permanent have access to inside information and who are working for them under a contract of employment, or otherwise performing tasks through which they have access to inside information, such as advisers, accountants or credit rating agencies (insider list);
Amendment 266 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point a
Article 2 – paragraph 1 – point 6 – point a
Regulation (EU) No 596/2014
Article 18 – paragraph 1 – point b
Article 18 – paragraph 1 – point b
(b) promptly update the permanent insider list in accordance with paragraph 4; and
Amendment 267 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point a
Article 2 – paragraph 1 – point 6 – point a
Regulation (EU) No 596/2014
Article 18 – paragraph 1 – point c
Article 18 – paragraph 1 – point c
(c) provide the permanent insider list to the competent authority as soon as possible upon its request.;
Amendment 271 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point b
Article 2 – paragraph 1 – point 6 – point b
Regulation (EU) No 596/2014
Article 18 – paragraphs 1a and 1b
Article 18 – paragraphs 1a and 1b
Amendment 273 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point c
Article 2 – paragraph 1 – point 6 – point c
Regulation (EU) No 596/2014
Article 18 – paragraph 2 – subparagraph 1
Article 18 – paragraph 2 – subparagraph 1
Amendment 275 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point d
Article 2 – paragraph 1 – point 6 – point d
Regulation (EU) No 596/2014
Article 18 – paragraph 6
Article 18 – paragraph 6
Amendment 293 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7 – point b
Article 2 – paragraph 1 – point 7 – point b
Regulation (EU) No 596/2014
Article 19 – paragraph 12 – point c
Article 19 – paragraph 12 – point c
(c) where those transactions or trade activities do not imply active investment decisions by the person discharging managerial responsibilities, or result exclusively from external factors or third parties, or are the exercise of derivatives based on predetermined terms.;
Amendment 299 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 596/2014
Article 25a – paragraph 1 – subparagraph 1
Article 25a – paragraph 1 – subparagraph 1
1. Competent authorities supervising trading venues and systemic internalisers trading financial instruments with a significant cross- border dimension shall, by [12 months from the date of entry into force of this Regulation], set up a mechanism to permit ongoing and timely exchange of order book data referred to in paragraph 2 and collected from those tradingexecution venues in accordance with Article 25 of Regulation (EU) No 600/2014 with respect to the instruments traded in such market. Competent authorities may delegate the set-up of the mechanism to ESMA.
Amendment 302 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 596/2014
Article 25a – paragraph 2
Article 25a – paragraph 2
2. A competent authority may obtain order book data originating from a tradingn execution venue that has a cross-border dimension when that competent authority is the competent authority of the most relevant market referred to in Article 26 of Regulation (EU) No 600/2014 for the following financial instruments:
Amendment 303 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 596/2014
Article 25a – paragraph 3 – subparagraph 1
Article 25a – paragraph 3 – subparagraph 1
3. A Member State may decide that its competent authority participates in the mechanism set up pursuant to paragraph 1 even if none of the tradingexecution venues under the supervision of such competent authority has a significant cross-border dimension. Such decision shall be communicated to ESMA which shall make it public on its website.
Amendment 306 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 596/2014
Article 25a – paragraph 5
Article 25a – paragraph 5
5. The Commission is empowered to adopt delegated acts to establish a list of designated tradingexecution venues that have a significant cross-border dimension in the supervision of market abuse, by taking into account at least the market share of the tradingexecution venues on the instruments. The Commission shall review such list at least every 4 years.
Amendment 314 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 13 – point a – point ii
Article 2 – paragraph 1 – point 13 – point a – point ii
Regulation (EU) No 596/2014
Article 30 –paragraph 2 – point j – point iii
Article 30 –paragraph 2 – point j – point iii
(iii) for infringements of Article 17, 2 % of its total annual turnover according to the last available accounts approved by the management body. Instead of the minimum amount based on the total annual turnover, competent authorities may exceptionally imposeimpose maximum administrative sanctions of at least EUR 2 500 000, or, where the legal person is an SME, EUR 1 000 000, or in the Member States whose currency is not the euro, the corresponding values in the national currency on 2 July 2014 if they deem that the amount for the administrative sanction based on the total annual turnover would be disproportionately low with respect to the circumstances referred to in Article 31(1), points (a), (b), (d), (e), (f), (g) and (h);
Amendment 318 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 13 – point a – point ii
Article 2 – paragraph 1 – point 13 – point a – point ii
Regulation (EU) No 596/2014
Article 30 –paragraph 2 – point j – point iv
Article 30 –paragraph 2 – point j – point iv
(iv) for infringements of Articles 18 and 19, 0,8 % of its total annual turnover according to the last available accounts approved by the management body. Instead of the minimum amount based on the total annual turnover, competent authorities may exceptionally imposeimpose maximum administrative sanctions of at least EUR 1 000 000, or where the legal person is an SME, EUR 400 000, or in the Member States whose currency is not the euro, the corresponding values in the national currency on 2 July 2014 if they deem that the amount for the administrative sanction based on the total annual turnover would be disproportionately low with respect to the circumstances referred to in Article 31(1), points (a), (b), (d), (e), (f), (g) and (h);
Amendment 319 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 13 – point a – point ii a (new)
Article 2 – paragraph 1 – point 13 – point a – point ii a (new)
Regulation (EU) No 596/2014
Article 30 – paragraph 2 – subparagraph 3
Article 30 – paragraph 2 – subparagraph 3
(ii a) The third subparagraph is replaced by the following: ' For the purposes of points (j)(i) and (iito (v) of the first subparagraph, where the legal person is a parent undertaking or a subsidiary undertaking which is required to prepare consolidated financial accounts pursuant to Directive 2013/34/EU ( 13 ), the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with the relevant accounting directives – Council Directive 86/635/EEC ( 14 ) for banks and Council Directive 91/674/EEC ( 15 ) for insurance companies – according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking.'
Amendment 323 #
2022/0411(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 1
Article 3 – paragraph 1 – point 1
Regulation (EU) No 600/2014
Article 25 – paragraph 2
Article 25 – paragraph 2
2. The operator of a trading venue shall keep at the disposal of the competent authority, for at least five years, the relevant data relating to all orders in financial instruments which are advertised through their systems. TAt the request of the competent authority of the trading venue may request those data, the operator of the trading venue shall provide those data free of charge on an ongoing basis. The records shall contain the relevant data that constitute the characteristics of the order, including those that link an order with the executed transactions that stem from that order and the details of which shall be reported in accordance with Article 26(1) and (3). ESMA shall perform a facilitation and coordination role in relation to the access by competent authorities to information under this paragraph.;
Amendment 325 #
2022/0411(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 1 a (new)
Article 3 – paragraph 1 – point 1 a (new)
(1 a) the following paragraph is added: '2a Paragraph 2 shall also apply to systemic internalisers in respect of quote data'.
Amendment 36 #
2022/0406(COD)
Proposal for a directive
Recital 1
Recital 1
(1) To reinforce the attractiveness of SME growth marketslisting and to reduce inequalities for companies seeking admission to trading in the single market, it is necessary to address obstacles to the access to such markets that stem from regulatory barriers. Companies should be able to choose governance structures that suit best their development stage, including by enabling controlling shareholders of those companies to retain control of the business after accessing regulated markets or SME growth markets, while enjoying the benefits associated to trading on those markets, as long as the rights of minority shareholders continue to be safeguarded.
Amendment 43 #
2022/0406(COD)
Proposal for a directive
Recital 2
Recital 2
(2) Fear of losing control over a company constitutes one of the main deterrents for controlling shareholders to access SME growth marketsseek listing. Admission to trading usually entails dilution of ownership for controlling shareholders, thus reducing their influence over important investment and operating decisions in the company. Maintaining control of the company may in particular be important for start-ups and companies with long-term projects that require significant upfront costs, because they may wish to pursue their vision without becoming too exposed to market fluctuations.
Amendment 49 #
2022/0406(COD)
Proposal for a directive
Recital 4
Recital 4
(4) There are other control enhancing mechanisms that allow leveraging voting power, apart from multiple-vote share structures. Such mechanisms may include non-voting shares, non-voting preference shares and voting right ceilings. However, those alternative control enhancing mechanisms, being more rigid in their set- up, are liable to constrain the amount of capital that a company can raise at the point of admission to trading on SME growth markets due to the lower disassociation between economic and voting rights.
Amendment 52 #
2022/0406(COD)
Proposal for a directive
Recital 7
Recital 7
(7) Member States should provide companies with the possibility to adopt multiple-vote share structures to allow them to seek admission to trading on a SME growth market without their controlling shareholders having to relinquish control. While admission to trading on regulated markets is generally more suitable for larger and more mature companies, SME growth markets are generally more appropriate for SMEs. SME growth markets were originally designed as SME dedicated trading venues with a regulatory treatment that takes the particularities of SMEs into account. Not all companies with securities listed on SME growth markets are, however, SMEs. Directive 2014/65/EU of the European Parliament and of the Council39 requires that SMEs constitute at least 50 % of the issuers of financial instruments admitted to trading on SME growth markets. Companies other than SMEs generally have more liquid securities and hence their admission to SME growth markets enables those markets to generate higher trading fees to maintain profitability of their business model. Nevertheless, to ensure clarity for investors, all issuers on SME growth markets, irrespective of their size, are currently subject to the same rules. It is therefore appropriate that the introduction of the right to adopt multiple-vote share structures applies to all companies seeking admission of their shares on an SME growth market for the first time. __________________ 39 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).
Amendment 55 #
2022/0406(COD)
Proposal for a directive
Recital 8
Recital 8
(8) Member States should be able to introduce, or maintain in force, national provisions that allow companies to adopt these structures for purposes other than the first time admission to trading of shares on a SME growth market. That includes allowing companies to adopt multiple-vote shares when already admitted to trading, when seeking admission on a Multilateral Trading Facility that is not registered as SME growth market or on a regulated market, or ensuring that private companies can adopt multiple-vote shares, regardless of whether they intend to request admission to trading of their sharesregulated market or an SME growth market. This may also include cases whereby companies transfer from an SME growth market to a regulated market, while retaining multiple-vote shares.
Amendment 60 #
2022/0406(COD)
Proposal for a directive
Recital 9
Recital 9
(9) Companies may adopt multiple- vote share structures through a new issuance of shares or through another type of corporate transaction, such as the conversion of already issued shares. Companies should have the flexibility to choose the most appropriate type of corporate transaction to adopt multiple vote share structures in compliance with national law. Furthermore, companies should also have the flexibility as to the timing of the adoption of multiple-vote share structures, provided they do so to seek a first time admission of shares to trading on a SME growth market. Member States should not prevent companies from adopting multiple- vote share structures at a point prior to the moment of the admission of shares to trading. Member States should, however, be allowed to lay down that the exercise of the enhanced voting rights, which represent additional voting rights attached to multiple-vote shares compared to voting rights of shares of other classes, is conditional upon the admission to trading of shares on an regulated market or a SME growth market in one or more Member States. In that case and until the admission to trading, multiple- vote shares should have the same voting rights as other classes of shares in the company. That would ensure that multiple vote shares specifically promote a first- time admission to trading on SME growth markets.
Amendment 79 #
2022/0406(COD)
Proposal for a directive
Article 1 – paragraph 1
Article 1 – paragraph 1
This Directive lays down common rules on multiple-vote share structures in companies that seek the admission to trading of their shares on a regulated market or an SME growth market in one or more Member States and that do not have shares already admitted to trading on any trading venue.
Amendment 85 #
2022/0406(COD)
Proposal for a directive
Article 2 – paragraph 1 – point f a (new)
Article 2 – paragraph 1 – point f a (new)
(f a) ‘regulated market’ means a regulated market as defined in Article 4(1), point (21), of Directive 2014/65/EU;
Amendment 92 #
2022/0406(COD)
Proposal for a directive
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Member States shall ensure that companies that do not have shares that are admitted to trading on a trading venue have the right to adopt multiple-vote share structures for the admission to trading of shares on a regulated market or an SME growth market in one or more Member States. Member States shall not prevent the admission to trading of shares of a company on a regulated market or an SME growth market on the ground that the company has adopted a multiple-vote share structure.
Amendment 95 #
2022/0406(COD)
Proposal for a directive
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The right referred to in paragraph 1 encompasses the right to adopt multiple- vote share structures in time prior to seeking the admission to trading of shares on a regulated market or an SME growth market.
Amendment 97 #
2022/0406(COD)
Proposal for a directive
Article 4 – paragraph 3
Article 4 – paragraph 3
3. Member States may make the exercise of the enhanced voting rights attached to the multiple-vote shares conditional upon the admission to trading of shares on a regulated market or an SME growth market in one or more Member States.
Amendment 170 #
2022/0406(COD)
Proposal for a directive
Article 6 – paragraph 1 – introductory part
Article 6 – paragraph 1 – introductory part
1. Member States shall ensure that companies with multiple-vote share structures whose shares are traded or are to be traded on a regulated market or an SME growth market make publicly available, in the [EU Growth issuance documentrespectively, in the prospectus referred to in Article 15a]6 of Regulation (EU) 2017/1129 of the European Parliament and of the Council43 [or in the EU Growth prospectus referred to in Article 15a of that Regulation] or in the admission document referred to in Article 33(3), point (c), of Directive (EU) 2014/65/EU and in the company’s annual financial report referred to in Article 78(2), point (g), of Commission Delegated Regulation (EU) 2017/56544 , detailed information on all of the following: __________________ 43 Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (OJ L 168, 30.6.2017, p. 12) 44 Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (OJ L 87, 31.3.2017, p. 1).
Amendment 173 #
2022/0406(COD)
Proposal for a directive
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) the structure of their capital, including securities which are not admitted to trading on a regulated market or an SME growth market in a Member State, with an indication of the different classes of shares and, for each class of shares, the rights and obligations attached to that class and the percentage of total share capital and total voting rights that such class represents;
Amendment 19 #
2022/0405(COD)
Proposal for a directive
Recital 5
Recital 5
(5) In addition, to further support the coverage of small and medium capitalisation companies by investment research, research material paid fully or partially by issuers should be labelled as ‘issuer-sponsored research’. To ensure an adequate level of objectivity and independence of such research material, such material should be produced in line with a code of conduct developed or endorsed by a market operator registered in a Member State or by a competent authoritypublished by ESMA. In order to support more visibility of the issuer-sponsored research, issuers should have the possibility to submit their issuer-sponsored research to the relevant collection body as defined32 in [Article 2 (2)Regulation (EU) .../... of the pEuroposal for a Regulation33 onean Parliament and the Council33a. __________________ 33a Regulation (EU) .../... of the European Parliament and the Council establishing a European Ssingle Aaccess Ppoint]. __________________ 32 See Article2.2 o proposal for a Regulation [2021.78.COD] 33 Proposal for a Regulation [ providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability (2021/03.78.(COD] )).
Amendment 30 #
2022/0405(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point a
Article 1 – paragraph 1 – point 2 – point a
Directive 2014/65/EU
Article 24 – paragraph 3 b – subparagraph 2
Article 24 – paragraph 3 b – subparagraph 2
The code of conduct shall set out minimum standards of independency and objectivity to be complied with by the providers of such research. The market operator or the competent authority sthall publisht has endorsed the code of conduct shall publish it on its website and review and re-endorse it every 2 years.
Amendment 32 #
2022/0405(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point a
Article 1 – paragraph 1 – point 2 – point a
Directive 2014/65/EU
Article 24 – paragraph 3 c
Article 24 – paragraph 3 c
Amendment 38 #
2022/0405(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Directive 2014/65/EU
Article 24 – paragraph 9 a – point c
Article 24 – paragraph 9 a – point c
Amendment 41 #
2022/0405(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point b – introductory part
Article 1 – paragraph 1 – point 2 – point b – introductory part
Directive 2014/65/EU
Article 24 – paragraph 9 a
Article 24 – paragraph 9 a
(b) in pParagraph 9a, point (c) is replaced by the is amended as followings:
Amendment 43 #
2022/0405(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Directive 2014/65/EU
Article 24 – paragraph 9 a – subparagraph 1
Article 24 – paragraph 9 a – subparagraph 1
Amendment 47 #
2022/0405(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Directive 2014/65/EU
Article 24 – paragraph 9 a – subparagraph 4 (new)
Article 24 – paragraph 9 a – subparagraph 4 (new)
(b) the following subparagraph is added: 'Investment firms may keep a record of separate payments and gather information distinguishing the part of combined charges or joint payments for execution services and research that is attributable to research provided to such firms and may inform its clients annually in an aggregated form of the annual expenditure to research of the investment firm that is attributable to the client.'
Amendment 50 #
2022/0405(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 a (new)
Article 1 – paragraph 1 – point 2 a (new)
Directive 2014/65/EU
Article 27 – paragraph 7 a
Article 27 – paragraph 7 a
(2 a) In Article 27, the following paragraph is inserted: : '7a. Member States shall require that a financial instrument of an issuer which is admitted to trading on an SME growth market may also be traded on another trading venue only if the issuer has been informed and has not objected .'
Amendment 51 #
2022/0405(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point c
Article 1 – paragraph 1 – point 3 – point c
Directive 2014/65/EU
Article 33 – paragraph 4
Article 33 – paragraph 4
4. The criteria laid down in paragraphs 3 and 3a are without prejudice to compliance by the investment firm or market operator operating the MTF, or a segment thereof, with other obligations under this Directive relevant to the operation of MTFs. They also do not prevent the investment firm or market operator operating the MTF from imposing additional requirements to those specified in that paragraph.
Amendment 205 #
2022/0403(COD)
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9a) Any PTRR exemption should not circumvent the clearing obligation, and should only become applicable for still outstanding positions that were already outstanding when the clearing obligation entered into force. It is further to be clarified which entities are to be allowed to provide PTRR services.
Amendment 223 #
2022/0403(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) Macroprudential supervision is not restricted to transactions between financial counterparties, but also requires monitoring of exposures between financial and non-financial counterparties belonging to the same consolidation. Regulation (EU) 2019/834 of the European Parliament and of the Council34 amended Regulation (EU) No 648/2012 to introduce, inter alia, an exemption from reporting requirements for OTC derivative transactions between counterparties within a group, where at least one of the counterparties is a non- financial counterparty. That exemption has been introduced because intragroup transactions involving non-financial counterparties represent a relatively small fraction of all OTC derivative transactions and are used primarily for internal hedging within groups. As such, those transactions do not significantly contribute to systemic risk and interconnectedness with the rest of the financial system. The exemption for those transactions from reporting requirements has, however, limited the ability of ESMA, the ESRB and other authorities to clearly identify and assess the risks taken by non- financial counterparties. To ensure more visibility on intragroup transactions, considering their potential interconnectedness with the rest of the financial system and taking into account recent market developments, in particular strains on energy markets as a result of Russia’s unprovoked and unjustified aggression against Ukraine, that exemption should be removed both for existing and for new intragroup transactions. __________________ 34 Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories (OJ L 141, 28.5.2019, p. 42).
Amendment 476 #
2022/0403(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 32
Article 1 – paragraph 1 – point 32
Regulation (EU) No 648/2012
Article 44 – paragraph 1 – subparagraph 2
Article 44 – paragraph 1 – subparagraph 2
Amendment 478 #
2022/0403(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 33 – point a
Article 1 – paragraph 1 – point 33 – point a
Regulation (EU) No 648/2012
Article 46 – paragraph 1
Article 46 – paragraph 1
Amendment 519 #
2022/0403(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34 – point b
Article 1 – paragraph 1 – point 34 – point b
Regulation (EU) No 648/2012
Article 49 – paragraph 1 g – point g
Article 49 – paragraph 1 g – point g
(g) any other change to the models that could have a material effect on the overall risk of the CCP or for its clearing members and clients.
Amendment 59 #
2022/0167(COD)
Proposal for a directive
Recital 2
Recital 2
(2) The main motive for cross-border organised crime, including high-risk criminal networks, is financial gain. Therefore, to tackle the serious threat posed by organised crime, competent authorities should be given the means to effectively trace and identify, freeze, confiscate and manage the instrumentalities and proceeds of crime and property that stems from criminal activities. The monetary value of such confiscated assets should be reintroduced into legal economy. Where the confiscated assets stem from the crime of Russian aggression against Ukraine and other crimes associated with this aggression, the monetary value of the assets should serve the goal of building and rebuilding of the infrastructure in Ukraine including through the use of financial instruments, as well as the compensation for the victim population.
Amendment 66 #
2022/0167(COD)
Proposal for a directive
Recital 5
Recital 5
(5) Therefore, the existing legal framework should be updated, so as to facilitate and ensure effective asset recovery and confiscation efforts across the Union, as well as to enable the reuse of the confiscated assets into the Union budget and, where the assets stem from the crimes of Russian aggression against Ukraine, in the form of external assigned revenue. To that end, the Directive should lay down minimum rules on tracing and identification, freezing, confiscation and management of property within the framework of proceedings in criminal matters. In this context, proceedings in criminal matters is an autonomous concept of Union law interpreted by the Court of Justice of the European Union, notwithstanding the case law of the European Court of Human Rights. The term covers all types of freezing and confiscation orders issued following proceedings in relation to a criminal offence. It also covers other types of orders issued without a final conviction. Proceedings in criminal matters could also encompass criminal investigations by the police and other law enforcement authorities. It is necessary to reinforce the capacity of competent authorities to deprive criminals of the proceeds from criminal activities. For this purpose, rules should be laid down to strengthen asset tracing and identification, as well as freezing capabilities, to improve management of frozen and confiscated property, to strengthen the instruments to confiscate instrumentalities and proceeds of crime and property derived from criminal activities of criminal organisations, and to improve the overall efficiency of the asset recovery system.
Amendment 69 #
2022/0167(COD)
Proposal for a directive
Recital 6
Recital 6
(6) Moreover, the adoption of unprecedented and far-reaching Union restrictive measures triggered by the Russian invasion into Ukraine revealed the need to step up efforts to ensure the effective implementation of both sectorial and individual Union restrictive measures across the Union. While not criminal in nature, nor requiring criminal conduct as a pre-condition for their imposition, Union restrictive measures also rely on freezing of funds (i.e. targeted financial sanctions) and sectorial measures, and should thus benefit from strengthened capabilities in the context of identification and tracing of property. For such purpose, rules should be established to enhance the effective identification and tracing of property owned or controlled by persons and entities subject to such restrictive measures, and to promote greater international cooperation of asset recovery offices with their counterparts in third countries. Measures related to freezing and confiscation under this Directive, notably those under Chapters III and IV, remain however limited to situations where property stems from criminal activities, such as the violation of Union restrictive measures. This Directive does not regulateWhere the assets stem from the crime of Russian aggression on Ukraine or associated crimes, the confiscated assets shall be dedicated to the freezing of funds and economic resourceconstruction of Ukraine including through the use of financial instruments uander Union restrictive measures to compensation of the victim population.
Amendment 94 #
2022/0167(COD)
Proposal for a directive
Article 17 – paragraph 2 a (new)
Article 17 – paragraph 2 a (new)
2 a. The monetary value of the confiscated criminal proceeds set out in Article 26a of this Directive shall be assigned to reconstructing Ukraine in the form of an external assigned revenue and shall be used to support projects to build and rebuild infrastructure in Ukraine including through the use of financial instruments and to provide compensation to the Ukrainian victim population.
Amendment 102 #
2022/0167(COD)
Proposal for a directive
Article 26 a (new)
Article 26 a (new)
Article 26 a Assets confiscated in the context of Russian aggression against Ukraine Member States shall transfer the monetary value of confiscated assets stemming from the crimes of Russian aggression against Ukraine and listed in the centralised registries referred to in Article 26 to the Neighbourhood, Development and International Cooperation Instrument - Global Europe (Eastern Neighbourhood)
Amendment 198 #
2022/0074(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 24 a (new)
Article 1 – paragraph 1 – point 24 a (new)
Regulation (EU) No 909/2014
Article 74 a (new)
Article 74 a (new)
(24 a) The following Article is inserted: "Article 74a Accessibility of information on the European Single Access Point (ESAP) 1. In order to support the provision of accurate, timely and complete information on penalties under Article 7 of Regulation (EU) 909/2014, information necessary for the calculation of cash penalty amounts shall be centralised in the European Single Access Point [ESAP] established under the Regulation of the European Parliament and of the Council establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability [ESAP Regulation]. 2. From 1 January 2027, when making public any information pursuant to Article 7(14) of this Regulation, the reporting entities shall submit that information to the relevant collection body referred to in paragraph 3 of this Article at the same time for accessibility on the ESAP. 3. From 1 January 2026, for the purposes of making accessible on ESAP the information referred to in Article 12(2) and Article 62, the collection body as defined in Article 2, point (2), of the ESAP Regulation shall be ESMA. 4. For the purposes of ensuring an efficient collection and administration of data submitted in accordance with paragraph 1, ESMA shall develop draft implementing technical standards to specify the list of financial instruments that fall within the scope of this Regulation and category of each such instrument. Before developing the draft implementing technical standards, ESMA shall carry out a cost-benefit analysis. For the purposes of point (c), ESMA shall assess the advantages and disadvantages of different machine-readable formats and conduct appropriate field tests for that purpose. ESMA shall submit those draft implementing technical standards to the Commission. Power is conferred on the Commission to adopt the implementing technical standards in accordance with Article 15 of Regulation (EU) No 1095/2010. "
Amendment 55 #
2021/2251(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the fact that even if the economic effects of the RRF cannot be fully disentangled from other developments, it seems fair to conclude that, so far, for the Member States whose NRRPs have been adopted, the RRF has had positive effects on gross domestic product (GDP) and that its effective implementation will be key for the EU’s economic growth; recognises that the RRF has helped to cushion EU economies and citizens from the most acute impacts of the COVID-19 pandemic and is positively contributing to the EU’s recovery and resilience;
Amendment 59 #
2021/2251(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Emphasizes that inflation can lead to a significant negative change with respect to the expected outcome of the RRF and more importantly to the expected results of the milestones and targets and estimated costs of the Member States’ NRRPs.
Amendment 60 #
2021/2251(INI)
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2 b. Emphasizes that inflationary circumstances should be recognised by the Commission as justified and reasoned course of action for a Member State to amend its NRRP including the potential of downgrading the milestones and targets if it chooses so due to the inflationary circumstances.
Amendment 107 #
2021/2251(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Notes that in the 26 NRRPs that have been submitted so far, Member States have requested a total of EUR 337.5 billion in grants out of the EUR 338 billion available; notes furthermore that not all Member States, in their current NRRPs, have requested the full amount of grants available to them; notes that not all Member States have chosen to submit requests up to its maximum financial contribution, as referred to in Article 11 of the RRF Regulation, therefore have not acquired a maximum amount of the pre- finance payment, based on the financial contribution.
Amendment 125 #
2021/2251(INI)
Motion for a resolution
Paragraph 9 b (new)
Paragraph 9 b (new)
9 b. Urges the Commission to reassess the potential amount of RRF loan support that would not be requested by the Member States due to limited interest for the loan component, in order to supplement the REPowerEU program in necessary ways to help make the EU independent from Russian fossil fuels in light of Russian invasion of Ukraine.
Amendment 133 #
2021/2251(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Tasks the Commission with analysing the reasons why the Member States have not requested loans to the full extent of their allocation; and requests to come up with recommendations how this issue could be improved, provided Member States chose to update or amend their NRRPs
Amendment 172 #
2021/2251(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcomes the fact that 22 NRRPs have been approved and observes that as of early February 2022, one Member State had not yet put forward its NRRP; further notes that four NRRPs are pending assessment by the Commission; calls on the Commission to make the final assessment of the above mentioned plans as soon as possible; reminds the Commission that according to Article 19 of the RRF Regulation, the assessment needs to be done in close cooperation with the Member State within two months of the official submission of the NRRPs;
Amendment 320 #
2021/2251(INI)
Motion for a resolution
Paragraph 33
Paragraph 33
33. Recalls that Member States are required to set up a robust control system in order to guarantee the protection of the financial interests of the Union and to prevent fraud and tackle corruption, and that the Commission is responsible for assuring that these systems are in place before the first payments are approved. Europol, EPPO, OLAF Eurojust and other relevant EU Bodies and Agencies will support the Member States and stakeholders to protect the financial interests of the EU in the implementation of the NGEU;
Amendment 325 #
2021/2251(INI)
Motion for a resolution
Paragraph 33 a (new)
Paragraph 33 a (new)
33 a. Welcomes the Next Generation EU – Law Enforcement Forum(NGEU-LEF), a joint initiative co-led by Europol and Italy. The Forum brings together the EU Member States, Europol, EPPO, OLAF, Eurojust and CEPOL to establish a joint way forward in preventing and countering any threat against the NGEU funds and, more broadly, against the financial well- being of the Union.
Amendment 329 #
2021/2251(INI)
Motion for a resolution
Paragraph 33 b (new)
Paragraph 33 b (new)
33 b. Welcomes the Operation Sentinel organized by Europol in cooperation with EPPO, Eurojust and OLAF, as well as 21 Member States, launched on 15 October 2021. The operation aims to map vulnerabilities inherent to the national allocation systems, detect the fraud schemes used to target fund allocation system and support high priority investigations against high value targets.
Amendment 21 #
2021/2203(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Takes note of the Investment Report 2021/2022; welcomes the focus on the EU’s long-term challenges of climate change, social cohesion and digital transformation; welcomes EIB's record investment in 2021 of almost EUR 95 billion euros of financing, compared to EUR 77 billion in 2020; acknowledges almost half of this financing is directed to the support of 430 000 SMEs and Mid- caps which employ 4.5 million people;
Amendment 26 #
2021/2203(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Calls for an increase in the EIB’s capitalisation to enable more long-term loans and innovative instruments to finance projects with great potential for sustainability, social and innovation gains; applauds a record EUR 20.7 billion of the EIB's financing went to support innovation, including investment in digitalisation and the promotion of skills and training for the digital world; considers this kind of investment of paramount importance to maintain Europe’s competitiveness and to pursue the EU’s strategic autonomy;
Amendment 32 #
2021/2203(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Welcomes the new Cohesion Orientation, which commits to increasing EIB lending activities to 45 % of total EU- 27 lending in cohesion regions by 2025 and to 23 % in least developed regions taking into account the preservation of the EIB’s overall triple-A rating; recalls that the EIB remains a market and demand driven instrument and that investments are selected based on financial, economic and technical merits, not following any pre- defined quotas;
Amendment 36 #
2021/2203(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Applauds the timeliness of the European Guarantee Fund (EGF) to help mitigate the negative social and economic impacts of the COVID-19 pandemic, supporting SMEs; notes that as of 31 December 2021, the EIB approved EUR 23.2 billion in EGF operations or 95% of the available EUR 24.4 billion, representing about one third of what the EIB Group normally invests in a year and on top of the rest of EIB’s regular business;
Amendment 39 #
2021/2203(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Welcomes the EIB Emergency Solidarity Package, the EIB's response to the war in Ukraine; notes that this package includes both immediate financial support and support to infrastructure in the medium and longer term, including rebuilding efforts as soon as a free and independent Ukraine is re- established after the war;
Amendment 58 #
2021/2203(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Welcomes the fact that 43 % of lending in 2021, up from 40% in 2020, was climate and environment related and applauds the intention to meet the climate lending target of 50% in 2022; stressnotes that the Climate Bank Roadmap (CBR) alone is not enough to ensure alignment with the objective of the Paris Agreement of limiting global wis share amounts to 51% when disregarmding to 1.5°C; calls for an immediate halt to carbon markets and offsetting and for all action plans for the implementation of the CBR to be made publhe EGF mandate that specifically targets SME's hit by the pandemic;
Amendment 85 #
2021/2203(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Welcomes the updated ESSF standard 4 and calls for its diligent implementation; welcomes the efforts made to strengthen biodiversity risk assessment and due diligence; is concerned, however, at the use of outdated data; expects the EIB to comply with Articles 11 and 191 TFUE and to stop disbursing funds, and, if necessary, withdraw them, if there is evidence or a serious risk of adverse impacts;
Amendment 139 #
2021/2203(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Regrets that the new ESSF includes no significant improvement in human rights protection or procedures to prevent human rights violations; calls for this to be addressed in the statement on human rights; is very concerned that in some cases, the EIB has continued to disburse loans despite clearWelcomes the new ESSF which strengthens a risk-based approach that is more explicit on environment and social matters while having human rights as a key objective; recalls that this requires EIB clients to ensure respect for human rights by taking a human -rights abuse- responsive approach to the impact assessment process;
Amendment 145 #
2021/2203(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Is very concerned by the decline of transparency at the EIB: in 2010, 96.1 % of allRecalls that investments with private counterparts usually come with a higher level of commercial interests that need to be projtects were published three weeks before Board approval, falling to only 60 % in 2020; calls for more transparency and accountability, also towards EU institutions, in particular Parliament; ed; reminds that stock- exchange listed companies have to operate under applicable capital market regulations which have an implication on information sharing; understands therefor the decrease in the rate of pre- published projects over the last 15 years caused by the steadily increase in the amount of private sector clients, including those involved through instruments like EFSI;
Amendment 155 #
2021/2203(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. ConsiderWelcomes the new transparency policy (TP) a major setback; regrets that the EIB has totally ignored Parliament’s very clear demands to improve its TP in line with other financial institutions’ best practices and standards; calls for the TP to be aligned with that of the European Bank for Reconstrucincluding the publication of calendars of the regular meetings of the Board of Directors, Management Committee and Audit Committee; welcomes the EIB's commitment to publish summaries of sub-projects financed through financial intermediaries with a total project cost greater than €50 million; equally welcomes the bank's commitment to publish Additionality Impact Statements of EIB operations and Development on mandatory disclosure for intermediaries of projects with high environmental riskss part of its Additionality and Impact Measurement (AIM) framework;
Amendment 171 #
2021/2203(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Takes note of the new anti-fraud policy; is concerned about the opaque way in which it was adopted adopted following established approval procedures, targeted stakeholders engagement including exchanges with civil society organisations and in consultation with OLAF and the EPPO;
Amendment 181 #
2021/2203(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
Amendment 24 #
2021/2185(INI)
Motion for a resolution
Recital A
Recital A
A. whereas EU competition policy has an important crucial role – especially at times of uncertainty and transformation – in ensuring free, fair and effective competition to encourage innovation, set fair economic conditions, favour an efficient allocation of resources, and provide greater choice for consumers;
Amendment 30 #
2021/2185(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the Commission responded to the outbreak of the COVID- 19 crisis promptly by adopting special competition rules which should remain temporary;
Amendment 32 #
2021/2185(INI)
Motion for a resolution
Recital A b (new)
Recital A b (new)
Ab. whereas rising commodity prices have led to the build-up of inflationary pressures; whereas the extent of product market competition is an important driver of inflation;
Amendment 38 #
2021/2185(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the Commission needs an appropriate and effective set of instruments to strictly and impartially enforce competition rules and, properly ensure their implementation, and thus contribute to key policy priorities;
Amendment 42 #
2021/2185(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas a balanced reconciliation of the Union’s competition rules with its industrial and international trade policies is essential for re-shoring value chain activities and bolstering global competitiveness;
Amendment 45 #
2021/2185(INI)
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. whereas ensuring a level playing field for businesses in the single market is also crucial for the development of new technologies and the creation of new jobs;
Amendment 69 #
2021/2185(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Highlights that a competition policy aimed at ensuring a level playing field in all sectors, driving innovation and giving consumers more choices, is crucial for guaranteeing the proper functioning of the single market;
Amendment 71 #
2021/2185(INI)
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Considers that increased product market competition reduces profit margins and price levels, and thus contributes to moderating inflation;
Amendment 120 #
2021/2185(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. ReiterateHighlights the importance of the Commission and the Member States launching a post-COVID-19 roadmap for less and better targeted State aid in order to promote competitiveness and growth and ensure high-quality jobs;
Amendment 146 #
2021/2185(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Stresses that the Union should remain open to foreign direct investments complying with its legal framework;
Amendment 149 #
2021/2185(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls on the Commission to rigorously and impartially enforce competition policy while striving for continued constructive dialogue and cooperation on key technological and economic issues with like-minded partners and stakeholders;
Amendment 169 #
2021/2185(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Calls on the Commission to ensure a smooth and rapid implementation of the new regulatory measures, while ensuring synergies and avoiding overlap with or duplications of existing and upcoming measures;
Amendment 188 #
2021/2185(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Welcomes the Commission’s determination to address unfair terms and practices, act decisively, and eliminate illegitimate obstacles to online competition in the European digital single market;
Amendment 213 #
2021/2185(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Takes note of the Commission’s initiative to revise the State aid rules in the field of climate, environmental protection and energy (CEEAG) to align them with the European Green Deal and supports the adoption of new guidelines in that regard; to balance economic and environmental sustainability; calls for the guidelines to pay due attention and give careful consideration to certain sectors which are at the basis of many other industries as well as the Union’s social and economic value chain, particularly those suffering from high energy costs and intense international competition; considers particularly that excluding too large a number of such sectors from eligibility for State aid may put the Union’s international competitiveness at risk;
Amendment 230 #
2021/2185(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Recognises that resources for the Commission's Directorate General for Competition (DG COMP) should be adequate to its workload and range of tasks; considers the need to ensure specific expertise in the context of the digital economy;
Amendment 235 #
2021/2185(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Urges the Commission to accelerate work to deliver on its commitment to reviewing its notice on the definition of relevant market;
Amendment 248 #
2021/2185(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Acknowledges the Commission guidance on certain aspects of Article 22 of the Merger Regulation6 ; expresses concern, however, that this initiative may not be sufficient to adapt the regulation to the needs of modern business models, such as on killer acquisitions that risk jeopardising innovation; __________________ 6 OJ L 24, 29.1.2004, p. 1.
Amendment 261 #
2021/2185(INI)
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Remains deeply concerned about the far-reaching concentration in the European agricultural and food supply chain; reiterates its call on the Commission to urgently conduct a thorough analysis of the extent and effect of buying alliances, thereby devoting special attention to guaranteeing fair competition and greater transparency in supermarket and hypermarket chains’ commercial practices, particularly where such practices affect brand value and product choice or limit innovation or price comparability;
Amendment 32 #
2021/2074(INI)
Motion for a resolution
Recital B
Recital B
B. whereas although tax policy largely remains, in principle, a Member State responsibility, the single market can requires a minimum degree of coordination in setting tax policy1; _________________ 1 As laid down in Articles 110-118 TFEU.
Amendment 40 #
2021/2074(INI)
Motion for a resolution
Recital C
Recital C
C. whereas tax policy fragmentation can creates various obstacles for companies and citizens in the single market, including legal uncertainty, red tape, the risk of double taxation and difficulties claiming tax refunds; whereas these obstacles can discourage cross-border economic activity in the single market; whereas policy fragmentation also creates risks for tax authorities such as double non-taxation and arbitrage possibilities (such as tax planning);
Amendment 86 #
2021/2074(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Highlights that differences in national tax regimes can present obstacles to SMEs trying to operate across borders; stresses that compared to multinational enterprises, SMEs have fewer resources to spend on tax compliance and tax optimisation; points out that the share of expenditure used for tax compliance purposes is higher for SMEs than for multinational enterprises;
Amendment 93 #
2021/2074(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that tax base harmonisation such as the common corporate tax base or the ‘Business in Europe: Framework for Income Taxation’agreed within the OECD could reduce the cost of tax compliance for SMEs that operate in more than one Member State;
Amendment 5 #
2021/2063(INI)
Motion for a resolution
Citation 7
Citation 7
— having regard to Articles 123, 127(1) and (2), 130 and 284(3) of the Treaty on the Functioning of the European Union (TFEU),
Amendment 23 #
2021/2063(INI)
Motion for a resolution
Recital A
Recital A
A. whereas, according to the Commission’s Summer 2021 Economic Forecast, GDP contracted in 2020 by 6 % in the EU and 6.5 % in the euro area; whereas GDP is forecast to grow by 4.8 % in 2021 and 4.5 % in 2022 in both the EU and the euro area, with significant growth inequalities persisting between and withidifferences in the pace of growth between the Member States;
Amendment 31 #
2021/2063(INI)
Motion for a resolution
Recital C
Recital C
C. whereas, according to the Eurosystem staff macroeconomic projections of June 2021, annual inflation for the euro area in the Harmonised Index of Consumer Prices (HICP) will be 1.9 % in 2021, 1.5 % in 2022 and 1.4 % in 2023 on average; whereas inflation projections show substantial variance across the euro area; whereas many EU citizens and industries are now confronted with even higher inflation rates and doubt that this figures are temporary and transitionary;
Amendment 39 #
2021/2063(INI)
Motion for a resolution
Recital D
Recital D
D. whereas, at the end of 2020, the size of the Eurosystem balance sheet had reached its all-time peak of EUR 6 979 324 million, an increase of almost 50 % (EUR 2 306 233 million) compared with the end of 2019, mainly due to the increase in Eurosystem refinancing operations;
Amendment 47 #
2021/2063(INI)
Motion for a resolution
Recital E
Recital E
E. whereas, without prejudice to the objective of price stability, the ECB should support the general economic policies in the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 TEU; whereas these objectives include the promotion of peoples’ well-being, economic, social and territorial cohesion, balanced economic growth, a highly competitive social market economy aiming at full employment and social progress, and a high level of protection and improvement of the quality of the environment;
Amendment 53 #
2021/2063(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas SMEs have been severely impacted by the COVID-19 crisis; whereas developments in the general economic outlook have negatively affected their access to finance; whereas SMEs, which remain the backbone of the EU's economy and societies, and which enhance economic and social cohesion, need further support;
Amendment 55 #
2021/2063(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas a monetary union can only exist with fiscal responsibility and efficient markets within the Member States;
Amendment 59 #
2021/2063(INI)
Motion for a resolution
Recital E b (new)
Recital E b (new)
E b. whereas each institution named in the Article 13 TEU shall act within the limits of the powers conferred on it in the Treaties, and in conformity with the procedures, conditions and objectives set out in them;
Amendment 60 #
2021/2063(INI)
Motion for a resolution
Recital E b (new)
Recital E b (new)
E b. whereas the ECB's legitimacy is closely linked to its mandate of maintaining price stability;
Amendment 63 #
2021/2063(INI)
Motion for a resolution
Recital E c (new)
Recital E c (new)
E c. whereas Article 123 TFEU sets the prohibition on monetary financing by ECB;
Amendment 67 #
2021/2063(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the role of the ECB in safeguarding euro stability; Highlights that the statutory independence of the ECB is a prerequisite for it to fulfil its mandate; notes that independence requires that the ECB must not seek or take instructions from Union institutions or bodies, from any government of a Member State or from any other body; stresses that this independence must not be infringed on, and highlights that central bank independence should always be complemented by a corresponding level of accountability;
Amendment 88 #
2021/2063(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is deeply concerned about the unprecedented healthcare, social and economic crisis caused by the COVID-19 pandemic and the economic lockdowns, resulting in a sharp contraction of the euro area economy, a sharp increase in economic and social inequalities, and rapidly deteriorating labour market conditions; notes that euro area activity is expected to rebound, although the speed, scale and evenness of the rebound remains highly uncertain;
Amendment 95 #
2021/2063(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that sustainable growth, resilience and price stability cannotwill be achieved by monetary polica comprehensive response, by calone and that supportive and discretionaryibrated mix of monetary policy and fiscal policy and socially balanced and productivity-enhancing reforms and investments are also necessary; acknowledges; takes note President Lagarde’s call for full alignment of fiscal and monetary policies in tackling the COVID-19 crisis;
Amendment 100 #
2021/2063(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Agrees withTakes note of the ECB President’s statement of 10 June 2021 that ‘an ambitious and coordinated fiscal stance remains crucial, as a premature withdrawal of fiscal support would risk weakening the recovery and amplifying the longer-term scarring effects’; points at the same time however at possible severe side effects, such as the increase of zombie firms, which leads to lower levels of productivity growth and a higher number of non- performing loans;
Amendment 103 #
2021/2063(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Agrees with theTakes note of ECB President’s statement of 10 June 2021 that ‘an ambitious and coordinated fiscal stance remains crucial, as a premature withdrawal of fiscal support would risk weakening the recovery and amplifying the longer-term scarring effects’;
Amendment 107 #
2021/2063(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 115 #
2021/2063(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 126 #
2021/2063(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Welcomes the ECB’squick and substantially eased ECB monetary policy stance in response to the COVID-19 crisis, in a context of emergency; acknowledges the positive impact of this response on the economic situation of the euro area; which includes the introduction of the pandemic emergency purchase programme (PEPP), the relaxation of the eligibility and collateral criteria and the offer of new longer-term refinancing operations; welcomes, moreover, the ECB’s decision to maintain instruments, such as forward guidance, asset purchases and longer-term refinancing operations, as an integral part of its toolkit;
Amendment 140 #
2021/2063(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Welcomes the ECB’s decision to continue to conduct net asset purchases at a significantly higher pace under the PEPP until at least the end of March 2022; Recalls the temporary nature of the PEPP;
Amendment 141 #
2021/2063(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Welcomes the ECB’s decision to continue to conduct net asset purchases at a significantly higher pace under thHighlights that the ECB recently has slowed down the pace of its Pandemic Emergency Purchase Programme (PEPP until at least the); Reminds that PEPP remains on track to end ofnext March 2022;
Amendment 151 #
2021/2063(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. WelcomesTakes note of the ECB’s expectation that monthly net asset purchases under the asset purchase programme (APP) will continue to run for as long as necessary to reinforce the accommodative impact of its policy rates;
Amendment 157 #
2021/2063(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Welcomes the ECB’s expectation that monthly net asset purchases under the asset purchase programme (APP) will continue to run for as long as necessary to reinforce the accommodative impact of its policy rates; Reminds that according to the most recent ECB's governing council's decisions the asset purchase programme (APP), the pre-pandemic programme, will remain operational at the steady pace;
Amendment 172 #
2021/2063(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes the ECB’s decision on a new symmetric inflation target of 2 % over the medium term and its commitment to maintain a persistently accommodative monetary policy stance in order to meet its inflation target; notes with concern that inflation rose to a decade-high 3 % in August 2021; calls on the ECB to evaluate and address this upward trend and its consequences more attentively;
Amendment 173 #
2021/2063(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes the ECB’s decision on a new symmetric inflation target of 2 % over the medium term and its commitment to maintain a persistently accommodative monetary policy stance in order to meet its inflation target; notes with concern that inflation rose to a decade-high 3 % in August 2021; calls onUrges the ECB to evaluate and address this upward trend and its consequences more attentively, especially with regard to the economic recovery and the implementation of the Green Deal, which has the potential of further pushing prices upwards;
Amendment 182 #
2021/2063(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes the ECB’s drecisommendation to include the costs related to owner- occupied housing in the HICP to better represent the inflation rate that is relevant for households; Reminds the impact of long-term low interest rates; underlines that low interest rates, on the one hand, offer opportunities to consumers, companies, including SMEs, workers and borrowers, who can benefit from stronger economic momentum, lower unemployment and lower borrowing costs; regrets, on the other hand, the increase of unviable and highly indebted business, the reduced incentive for governments to pursue growth and sustainability-enhancing reforms, as well as detrimental effects on insurers and pension funds, and stresses the financial burden that this places on many citizens across the Union;
Amendment 206 #
2021/2063(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Recalls that, as an EU institution, the ECB is bound by the Paris Agreement and that thNotes, respecting the independence of the ECB, the impact of climate change on inflation dynamics and transmission risks in monetary policy; recalls the impact of the ECB in maintaining price stability; recall that the ECB, as a European institution, is shboulnd be reflected in its policiesy the Paris Agreement;
Amendment 211 #
2021/2063(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 227 #
2021/2063(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. WelcomNotes the ECB’s new action plan and its detailed roadmap of climate change-related actions to further incorporate climate change considerations into its policy framework;
Amendment 232 #
2021/2063(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Believes that the market neutrality principle fshalls short of the commitments under the Paris Agreement and the EU’s objective of achieving climate neutrality by 2050 at the lat not be subject to the policy decisions adopted by the Union; notes that the ECB has already deviated from market neutrality in several instancest; notereminds that the ECB has already deviated from market neutrality in several instanconcept of market neutrality is related to the Treaty principle of "an open market economy with free competition, favouring an efficient allocation of resources";
Amendment 250 #
2021/2063(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. RegretWelcomes the fact that green bond issuance in the EU repthe purchases of green bonds and their share of the ECB's portfolio continue to increasents only 2.6 % of the EU’s total bond issuance; considers the percentage to be low when taking into account the needs of the green transition;
Amendment 252 #
2021/2063(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Regrets the fact that green bond issuance in the EU represents only 2.6 % of the EU’s total bond issuanceCalls on the ECB to look into the risk of green asset bubbles and its possible effect on price stability;
Amendment 287 #
2021/2063(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Is concerned about the risks caused by the seriousUnderstands the delay in completing the third pillar of the banking union; welcomes the ECB’s long-standing support of, as risk reduction is a conditione sine qua non for the establishment of a fully fledged European Deposit Insurance Scheme (EDIS);
Amendment 289 #
2021/2063(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Is concerned about the risks caused by the serious delay in completing the third pillarNotes the repeated calls of the ECB for the completion of the banking union; welcomes the ECB’s long-standing support of the establishment of a fully fledged European Deposit Insurance Scheme (EDIS);
Amendment 299 #
2021/2063(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Welcomes the ECB’s decision to launch a 24-month investigation phase of a digital euro project; calls on the ECB to effectively address the expectations and concerns raised during the public consultation on a digital euro; reiterates that a digital euro does not constitute a crypto-asset; reminds that a digital euro would have to satisfy a range of minimal requirements including robustness, safety, efficiency and protection of privacy; furthermore stresses that a digital euro must not endanger cash as means of payment;
Amendment 311 #
2021/2063(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Welcomes the continuous efforts of the ECB to strengthen its response and recovery capabilities in the event of cyberattacks; notes with concern several technical failures of the TARGET2 settlement system in 2020, while welcomes the subsequent investigation of these failures by the ECB;
Amendment 313 #
2021/2063(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Welcomes the continuous efforts of the ECB to strengthen its response and recovery capabilities in the event of cyberattacks and warns for the increasing risk cyber attacks pose on the banking sector;
Amendment 315 #
2021/2063(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
Amendment 325 #
2021/2063(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24 a. Recalls the support of the ECB for the implementation of Basel III, as this would lower the risk of a banking crisis and thus enhance financial stability within the EU;
Amendment 335 #
2021/2063(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Stresses the need to further enhance the accountability and transparency arrangements of the ECB; recognises the steps taken by the ECB; repeatsinsists on its call to launch negotiations on a formal interinstitutional agreement;
Amendment 355 #
2021/2063(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Welcomes the ECB’s new strategy to further improve the gender balance of its staff at all levels; notes the increasing share of women in managerial positions, which, however, remains low;
Amendment 357 #
2021/2063(INI)
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
30 a. Reiterates that a vacant position should simply go to the best woman or man;
Amendment 10 #
2021/2046(INI)
Motion for a resolution
Citation 5 a (new)
Citation 5 a (new)
— having regard to the European Parliament resolution "Towards Future- proof Inland Waterway Transport (IWT) in Europe" (2021/2015(INI)),
Amendment 11 #
2021/2046(INI)
Motion for a resolution
Citation 5 b (new)
Citation 5 b (new)
— having regard to the European Parliament resolution of 27 April 2021 on technical and operational measures for more efficient and cleaner maritime transport (2019/2193(INI)),
Amendment 13 #
2021/2046(INI)
Motion for a resolution
Citation 5 c (new)
Citation 5 c (new)
— having regard to the Council Conclusions of 5 June 2020 on "EU Waterborne Transport Sector - Future outlook: Towards a carbon-neutral, zero accidents, automated and competitive EU Waterborne Transport Sector",
Amendment 45 #
2021/2046(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas the COVID-19 pandemic has clearly demonstrated the critical and strategic function of transport in general and ports in particular;
Amendment 57 #
2021/2046(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas the modal split for intra- EU freight trade has not significantly changed from 2008 to 2018; whereas road is the leading mode of freight transport (51%), followed by maritime transport (29,2 %), rail transport (12,6 %) and inland navigation (3,9%) 1a. _________________ 1a SWD (2020) 331, p. 119
Amendment 59 #
2021/2046(INI)
Motion for a resolution
Recital E b (new)
Recital E b (new)
Eb. whereas further action is urgently needed to achieve the objective of shifting a substantial part of the 75% of inland freight carried today by road, onto rail and inland waterways; whereas it is crucial in this regard to link new sustainable circular and energy markets to waterborne transport;
Amendment 63 #
2021/2046(INI)
Motion for a resolution
Recital E c (new)
Recital E c (new)
Ec. whereas an important share of EU inland waterway freight is seaport related; whereas both sea and inland ports play an important role as multimodal hubs offering connections to other modes of transport that can also take over freight loads temporarily, and whereas it is therefore important and required by TEN- T guidelines that sea and inland ports are well connected with each other and have good connections with the hinterland;
Amendment 65 #
2021/2046(INI)
Motion for a resolution
Recital E d (new)
Recital E d (new)
Ed. whereas the EU waterborne transport sector is of EU strategic interest for its integrity of supply and for the competitiveness of EU ports;
Amendment 87 #
2021/2046(INI)
Motion for a resolution
Recital H a (new)
Recital H a (new)
Amendment 101 #
2021/2046(INI)
Motion for a resolution
Recital H b (new)
Recital H b (new)
Hb. whereas research and innovation reinforce the sustainability, digitalisation, automation and resilience of the transport and mobility system and of all modes and moreover foster the development of interoperable solutions between modes of transport and across Member States and regions;
Amendment 291 #
2021/2046(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Stresses the crucial and strategic functions of both inland and sea ports as connecting points between different transport modes and as genuine hubs of transport, energy, industry, new circular commodities and blue economy; emphasises that creating zero-emission ports requires the encouragement of bottom-up port initiatives and joint efforts of all stakeholders;
Amendment 292 #
2021/2046(INI)
Motion for a resolution
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Believes that the exchange of best practices, certification tools such as EcoPorts together with tailored port- specific roadmaps are the most efficient means to deliver on this flagship;
Amendment 323 #
2021/2046(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Welcomes the Commission's technology neutral approach on greening maritime transport, recognising that decarbonisation will require a heterogeneous energy mix;
Amendment 328 #
2021/2046(INI)
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8b. Underscores the potential of hydrogen in this regard and points to the crucial role of ports in the supply, production and import of both hydrogen and renewable energy; believes that sufficient flexibility must be ensured regarding potential standards for future hydrogen infrastructure;
Amendment 336 #
2021/2046(INI)
Motion for a resolution
Paragraph 8 c (new)
Paragraph 8 c (new)
8c. Stresses that the decarbonisation and energy transition agenda requires adequate financing and infrastructure investments; highlights the importance of funding for ports via the Connecting Europe Facility and through the Recovery and Resilience Plans of the Member States;
Amendment 362 #
2021/2046(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Welcomes the Commission’s idea to offer consumers carbon-neutral choices for scheduled collective travel by 2030, but underlines that these choices should be available for journeys up to 1 000 km; regrets however that the Commission does not take the potential of maritime passenger transport into account in this context;
Amendment 463 #
2021/2046(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Points to the potential of ports to facilitate sustainable urban last-mile connections; recalls that the completion and upgrading of road and train connections to inland and seaports in the TEN-T core network is crucial in this regard;
Amendment 468 #
2021/2046(INI)
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12b. Welcomes that Commission considers cities are as frontrunners for sustainable urban mobility; stresses the importance of supporting local authorities without increasing administrative burden; considers a bottom-up approach key in view of the interoperability of mobility standards;
Amendment 496 #
2021/2046(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Welcomes the recognition of short sea shipping as a sustainable mode of transport but regrets that the targets put forward are not accompanied by a strategy nor measures to achieve them; stresses the importance of a level playing field for short sea shipping versus other modes of transport within the TEN-T;
Amendment 532 #
2021/2046(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcomes the inclusion of the maritime sector in the EU emissions trading system (ETS) andAwaits the impact assessment of the European Commission regarding the possible integration of the maritime sector in the EU emissions trading system (ETS) in view of safeguarding the global level playing field and the competitiveness of the European maritime sector and ports and ensuring the compatibility with the international framework; welcomes the planned reduction of allowances allocated for free to the aviation sector;
Amendment 640 #
2021/2046(INI)
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Stresses that the partnerships and missions established under the Horizon Europe Programme are important tools to concretise the goals of sustainability and interoperability;
Amendment 693 #
2021/2046(INI)
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Supports the Commission's ambition to complete the TEN-T without delay; stresses the importance of upgrading and modernising existing infrastructure in view of a resilient and future-proof network; furthermore, emphasises that the maritime dimension should be urgently considered on equal footing with land-based connections and forms an integral part of the TEN-T;
Amendment 779 #
2021/2046(INI)
Motion for a resolution
Paragraph 31 a (new)
Paragraph 31 a (new)
31a. Continues to advocate for a legislative framework to combat odometer fraud or to ensure at least a reliable and comprehensive central registration system in the Member States, the exchange of mileage data between Member States and access to mileage data for consumers 1a; _________________ 1a Texts adopted, P8_TA(2018)023
Amendment 5 #
2021/2015(INI)
Motion for a resolution
Citation 8 a (new)
Citation 8 a (new)
– having regard to Regulation (EU) 1315/2013 on EU guidelines for the development of the trans-European transport network 1a, _________________ 1a OJ L 348, 20.12.2013
Amendment 8 #
2021/2015(INI)
Motion for a resolution
Citation 9 a (new)
Citation 9 a (new)
– having regard to the Council Conclusions of 5 June 2020 on "EU Waterborne Transport Sector - Future outlook: Towards a carbon-neutral, zero accidents, automated and competitive EU Waterborne Transport Sector",
Amendment 14 #
2021/2015(INI)
Motion for a resolution
Recital -A (new)
Recital -A (new)
-A. whereas the EU waterborne transport sector, including inland waterway transport, is of EU strategic interest for its integrity of supply and for the competitiveness of EU ports; whereas 75% of inland waterway navigation occurs cross-border and coordination is thus essential for the European single market;
Amendment 18 #
2021/2015(INI)
Motion for a resolution
Recital A
Recital A
A. whereas European countries have a variety of different fleets of inland vessels, which makes inland waterway transport very convenient and useful for transporting different types and large quantities of cargo to different destinations on either large or small riversver water;
Amendment 20 #
2021/2015(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas inland waterway transport is an essential pillar in the shift towards multimodal sustainable transport but at the same time faces important challenges; whereas the share of inland waterways in freight movement across the EU is around 6%; whereas further action is urgently needed to achieve the objective of shifting a substantial part of the 75% of inland freight carried today by road, onto rail and inland waterways; whereas it is crucial in this regard to link new sustainable circular and energy markets to inland waterway transport;
Amendment 21 #
2021/2015(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the inland waterway transport sector strongly believes that greening the sector is key in view of its long-term competitiveness and in order to enable the sector to play a significant, reliable and credible role in the multimodal shift; whereas a broad reflection on how to finance this green transition is ongoing in the sector1a; whereas the time has come for concrete measures, tools and means to facilitate putting this ambition into practice; _________________ 1aE.g. the study of the Central Commission for the Navigation of the Rhine, https://www.ccr-zkr.org/12080000- en.html
Amendment 22 #
2021/2015(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas insufficient infrastructure investments have led to a backlog; whereas qualitative infrastructure is the basis and backbone of a successful inland waterway sector; whereas increasing capacity has its limits and focus should equally be on increasing performance and ensuring a 24/7 reliability of the sector;
Amendment 32 #
2021/2015(INI)
Motion for a resolution
Recital B
Recital B
B. whereas an important share of EU inland waterway freight is seaport related; whereas both sea and inland ports play an important role as multimodal connecting points offeringhubs offering connections to other modes of transport that can also take over freight loads temporarily, and whereas it is therefore important that sea and inland portsand required by TEN-T guidelines that sea and inland ports are well connected with each other and have good connections with the hinterland;
Amendment 39 #
2021/2015(INI)
Motion for a resolution
Recital C
Recital C
C. whereas river cruises, day trip vessels, ferries, water taxis and water shuttles should become a cleaner option for tourism and public transport in regions and cities with accessible and navigable rivers and canal(inland)waterways, which would make urban mobility more sustainable and effective; whereas the Sustainable and Smart Mobility Strategy should take this into account;
Amendment 56 #
2021/2015(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls on the Commission to take the initiative on green and digital leadership and to build on existing programmes such as NAIADES, which should inspire all stakeholders within the waterway transport sector, as well as other transport sectors, and in particular rail, to work together towards a sustainable future, while supporting the competitiveness of the sector as a whole; emphasises that inland waterways offer an excellent transport mode for commodities stemming from new circular economy markets and that a coordination of transport, environmental and industrial policies is key to seize these opportunities;
Amendment 64 #
2021/2015(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Stresses that more and regular investment in updating river and canal infrastructureand upgrading the physical and digital infrastructure of (inland) waterways (for example, locks, bridges and interoperable deployment of digital technologies across borders) is key in view of the sector's performance and reliability and to prevent deterioration, while respecting the applicable environmental law;
Amendment 84 #
2021/2015(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Notes that there is not a ‘one size fits all’ solution for tackling the problem of low and high water levels as a result of climate change; deplores, however, that the problems of the inland waterway sector, caused by the low water levels, have not been taken duly into account; believes that Member States' action plans to combat low water levels and a coordination thereof are a necessary tool;
Amendment 92 #
2021/2015(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Underscores furthermore that investments in inland waterway transport infrastructure in and around seaports are of paramount importance; considers that a close cooperation between all stakeholders of the logistics value chain is necessary;
Amendment 97 #
2021/2015(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Highlights the importance of further encouraging and supporting initiatives aimed at the use of alternative fuels and propulsion methods for inland waterway shipping in accordance with the principle of technological neutrality; points out, in this regard, the value of liquefied natural gas (LNG) as a transitional solution to reduce greenhouse gas emissions in inland waterway transport; notes that the existing, technically mature vessels and distribution infrastructure now based on LNG could be used for biogas and will therefore be essential in scaling up Bio- LNG as a marine fuelat inland shipping will require a heterogeneous alternative energy mix; calls on the Commission to ensure legal certainty through a coherent package in this regard (alternative fuels, ship requirements, energy taxation) and to allow for innovative pilot projects meanwhile;
Amendment 112 #
2021/2015(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Highlights that low-emission and zero-emission alternatives should become more financially attractive than conventional propulsions and that this trend should be accelerated, for example by a smart mix of grants and loans and a realistic, progressively increasing blending percentage based on an impact assessment;
Amendment 132 #
2021/2015(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes that far-reaching digitalisation and data collection contributes to a cleaner environment and improved safety on board and result in more efficient routing and better communication and information exchange between ships, ports and infrastructure; stresses the need to further harmonise River Information Services (RIS), which would solve the problems arising from different interpretations of technical standards and the lack of comparable data, and underlines the need to prepare for a common framework for interoperable data exchange with otherbetween modes of transport;
Amendment 143 #
2021/2015(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses the importance of connecting existing digital transport policy frameworks and of making sure that transport data are available through a single point of access in order to achieve efficiency gains in waterborne freight transport; calls on the Commission in this regard to come up with an EU action plan for multimodal transport data sharingigital infrastructure that enables data sharing and interoperability, with the goal of achieving a synchromodal, connected and automated transport system by 2035 at the latest;
Amendment 157 #
2021/2015(INI)
Motion for a resolution
Subheading 4
Subheading 4
Ports: from transshipment points for fossil fuels to clean energy and circular hubs
Amendment 161 #
2021/2015(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stresses the role of inland ports as strategic, multimodal nodes in the logistics system; stresses, therefore, that inland ports as well as sea ports should have efficient hinterland connections with a focus on connecting to the TEN-T core and comprehensive corridors where possible; supports the increasing cooperation and clustering between sea and inland ports;
Amendment 180 #
2021/2015(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Emphasises the potential of both sea and inland ports to become circular and clean energy hubs and calls on the Commission to establish a stronger link between its circular economy and inland waterway transport policies in order to unlock this potential;
Amendment 198 #
2021/2015(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Stresses the importance of existing EU funding instruments for greening and digitalising our European inland waterway transport sector, such as the Connecting Europe Facility (CEF), Horizon Europe and the Structural and Cohesion Funds, and the need to mobilise them to finance investments in alternative fuels and adequate ships and infrastructure; highlights furthermore the importance of using the taxonomy to enable sustainable investments in inland waterway infrastructure;
Amendment 211 #
2021/2015(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on the Commission to set up a dedicated European inland waterway fund for greening and digitalisation, including a corridor one-stop-shop system that is easily accessible for help and assistance and has the possibility to combine projects into a single application, thus increasing the chances for funding; stresses that the fund should be financed through the reserve funds created under Regulation (EU) 546/20149 , where possible complemented with national funds and contributions, and should provide for the possibility of blending with the CEF and the Structural and Cohesion Fundsby national funds and other both private and public contributions, including the EIB, and should provide for the possibility of blending with the CEF and the Structural and Cohesion Funds; considers that the reserve funds created under Regulation (EU) 546/20149 should serve as an additional source for financing this inland waterway fund; _________________ 9 OJ L 163, 29.5.2014, p. 15.
Amendment 30 #
2021/2012(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Highlights the importance of ensuring a sustainable, fair and responsible development of the offshore renewable energy sector, taking into account the critical role of maritime transport and seaports; the development of offshore renewable energy should take into account the need for safe maritime access lanes and corridors, anchorage areas for shipping and the potential future development of maritime access lanes to the ports; stresses therefore the need to consult at an early stage with the port managing bodies and relevant stakeholders and to prioritise a bilateral and multilateral Maritime Spatial Planning cooperation between Member States to guarantee the safety and continued functioning of shipping;
Amendment 18 #
2021/2010(INI)
Motion for a resolution
Recital A
Recital A
A. whereas current international corporate tax rules are based on principles which were developed in the early 20th century and are no longer always suited to an increasingly globalised and digitalised economy;
Amendment 64 #
2021/2010(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Regrets the shortcomings of the international tax system, which is unot always fit for properly addressing the challenges of globalisation and digitalisation; calls for an international agreement aiming for a fair and effective tax system, while respecting national sovereignty in the field of taxation and safeguarding as far as possible the economically sound principle of tax competition; ;
Amendment 111 #
2021/2010(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Welcomes the proposal under Pillar One of a new tax nexus and new taxing rights which would create the possibility of taxing multinational enterprises (MNEs) in market jurisdictions, even where they have no physical presence based on their economic activity; underlines that the interaction with users and consumers significantly contributes to value creation in digital business models, and should therefore be taken into account when allocating taxing rights; stresses that the scope of these new taxing rights should cover all large MNEs which could engage in BEPS practices, while not creating further and unnecessary burdens on SMEs or increasing the cost of services for users;
Amendment 164 #
2021/2010(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Stresses that the EU should nevertheless exercise caution in taking unilateral measures; observes that, if such measures were taken, it would be necessary to do more than simply pay lip service to the principle of national tax sovereignty of the Member States and the economically sound principle of tax competition and ensure that these measures did not result in higher burdens or more expensive services for consumers and SMEs;
Amendment 194 #
2021/2010(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. RegretNotes that the Council did not agree on any of the Commission’s related proposals, i.e. the digital services tax, the significant digital presence or the CCTB and CCCTB; calls on the Member States to reconsider their position on these proposals, and to consider all options provided for by the Treaties if no unanimous agreement can be reached;
Amendment 212 #
2021/2010(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 226 #
2021/2010(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Notes that it is the implementation of competition law, as opposed to taxes, that effectively stimulates true competitiveness and innovation, and thus curtailing the omnipotence of certain digital multinationals; urges the Commission to continue to focus on this;
Amendment 314 #
2021/0420(COD)
Proposal for a regulation
Recital 30
Recital 30
(30) As stated in the Sustainable and Smart Mobility Strategy, an integration of the Core Network Corridors and of the Rail Freight Corridors into ‘European Transport Corridors’ is needed to increase synergies between infrastructure planning and the operation of transport. The European Transport Corridors should become the instrument for the development of sustainable and multimodal freight and passenger transport flows in Europe and for the development of interoperable high quality infrastructure and operational performance. As such, they should also be the tool to realise the vision of creating a highly competitive rail and inland waterway network across the Union.
Amendment 352 #
2021/0420(COD)
Proposal for a regulation
Recital 40
Recital 40
(40) A more sustainable, resilient and reliable rail freight network across Europe should be established to contribute to the competitiveness of combined transport. Essential in this are rail connections to ports and those should be maintained and remain accessible to users. The infrastructure for combined railway transport and of terminals should be upgraded to ensure that intermodal transport is primarily done by rail, inland waterways or short-sea shipping and that any initial and/or final legs carried out by road are as short as possible.
Amendment 389 #
2021/0420(COD)
Proposal for a regulation
Recital 45
Recital 45
(45) Inland waterways in Europe are characterised by a heterogeneous hydro- morphology which hampers a coherent performance for all waterway stretches. Inland waterways, especially free flowing stretches, may be heavily impacted by climate and weather conditions. In order to ensure reliable international traffic, while respecting the hydro-morphology and applicable environmental legislation, TEN- T requirements should take into account the specific hydro-morphology of each waterway (for example free-flowing or regulated rivers) as well as the objectives of environmental and biodiversity policies. Such an approach should be considered at river basin levelcorridor level in close cooperation with Member States and infrastructure managers.
Amendment 394 #
2021/0420(COD)
Proposal for a regulation
Recital 45 a (new)
Recital 45 a (new)
(45a) As the cross-border multimodal nodes of the trans-European transport network, inland ports support rail and inland shipping, urban mobility, the circular economy, and sustainable logistics solutions.
Amendment 396 #
2021/0420(COD)
Proposal for a regulation
Recital 46
Recital 46
(46) Being the entry and exit points for the land infrastructure of the trans- European transport network, maritime ports play an important role as cross-border multimodal nodes which serve not only as transport hubs, but also as gateways for trade, industrial clusters and energy hubs, for example with regard to. As highlighted in the REPowerEU plan adopted by the Commission, there is a need for diversification of energy supplies and accelerated roll-out of renewable energy. Maritime ports can contribute to this goal through the deployment of off- shore wind installations, production of green hydrogen and transport and storage of liquefied natural gas. To strengthen synergies between the transport and energy sector in the efforts to decarbonise the Union’s economy, maritime ports can also play a role in transporting carbon dioxide through pipelines or other modes of transport.
Amendment 518 #
2021/0420(COD)
Proposal for a regulation
Recital 77
Recital 77
(77) In order to ensure uniform conditions for the implementation of this Regulation, implementing powers should be conferred on the Commission as regards implementing acts which specify reference water levels and minimum requirements per river basin (good navigation status)corridor, which define a single entity for the construction and management of cross- border infrastructure projects of common interest, which establish a methodology for the urban mobility data to be collected by Member States and implementing acts for each work plan of the European Transport Corridors and the two horizontal priorities as well as for the implementation of specific sections of the European Transport Corridor or for the implementation of specific transport infrastructure requirements of the European Transport Corridor or of the horizontal priorities. Those powers should be exercised in accordance with Regulation (EU) No 182/2011 of the European Parliament and of the Council32 . __________________ 32 Regulation (EU) No 182/2011 of the European Parliament and of the Council of 16 February 2011 laying down the rules and general principles concerning mechanisms for control by Member States of the Commission's exercise of implementing powers (OJ L 55, 28.2.2011, p. 13).
Amendment 1053 #
2021/0420(COD)
Proposal for a regulation
Article 20 – paragraph 1 – point g
Article 20 – paragraph 1 – point g
(g) inland ports, including basic port infrastructure in the form of internal basins, quay walls, berths, jetties, docks, dykes, backfills, platforms, land reclamation and the infrastructure necessary for transport operations within the port area and outside the port area;
Amendment 1070 #
2021/0420(COD)
Proposal for a regulation
Article 22 – paragraph 2
Article 22 – paragraph 2
2. Member States shall ensure that the inland waterway network, including connections referred to in Article 20(1), point (e), is maintained to enable efficient, reliable and safe navigation for users by ensuring minimum waterway requirements and levels of service and bylaid down in paragraph 3, point (a) and minimum levels of service as laid down in paragraph 3, points (b), (c) and (d) are complied with, Member states shall preventing the deterioration of these minimum requirements or any of its defined underlying criteria (Good Navigation Status)and of the status of the inland waterway network which exceeds these minimum requirements at the date of entry into force of this Regulation (Good Navigation Status). Deterioration due to events such as sedimentation in backwater areas of locks may only be allowed if inland waterway transport is not negatively affected.
Amendment 1074 #
2021/0420(COD)
Proposal for a regulation
Article 22 – paragraph 3 – introductory part
Article 22 – paragraph 3 – introductory part
3. Member States shall in particular, by 31 December 2030, ensure that:
Amendment 1079 #
2021/0420(COD)
Proposal for a regulation
Article 22 – paragraph 3 – point a – paragraph 2
Article 22 – paragraph 3 – point a – paragraph 2
The reference water levels shall be established on the basis of the number of days per year on which the actual water level exceeded the specified reference water level. The Commission shall adopt implementing actsSubject to the approval of the Member States concerned in accordance with Article 172 TFEU, the Commission shall adopt implementing acts, to be elaborated in close cooperation with such Member States and, if applicable, in consultation with river navigation commissions set up by international agreements, specifying the reference water levels referred to in the previous subparagraph per river basincorridor, per waterway or per waterway section.. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 59(3).
Amendment 1086 #
2021/0420(COD)
Proposal for a regulation
Article 22 – paragraph 3 – point a – paragraph 3
Article 22 – paragraph 3 – point a – paragraph 3
When specifying the reference water levels the Commission shall take into account the requirements which are set out in international conventions and in agreements concluded between Member States, including in the regulations adopted by the river navigation commissions set up by such conventions and agreements.
Amendment 1088 #
2021/0420(COD)
Proposal for a regulation
Article 22 – paragraph 3 – point a a (new)
Article 22 – paragraph 3 – point a a (new)
(aa) rivers and canals meeting the minimum waterway requirements of paragraph 3(a) are assigned to a European Transport Corridor
Amendment 1091 #
2021/0420(COD)
Proposal for a regulation
Article 22 – paragraph 4 – subparagraph 1
Article 22 – paragraph 4 – subparagraph 1
At the request of a Member State, in duly justified cases, exemptions from the minimum requirements referred to in paragraph (3), point (a), may be granted by the Commission by means of implementing acts. Any request for exemption shall be based on a socio-economic cost-benefit analysis, the assessment of specific geographic or significant physical constraints and/or of potential negative impacts on environment and biodiversity. Member States carrying out activities for the development of inland waterway infrastructure improving navigability in accordance with national and EU strategy papers on sustainable transport development may apply for exemptions from the minimum requirements.
Amendment 1093 #
2021/0420(COD)
Proposal for a regulation
Article 22 – paragraph 5 – subparagraph 1 – introductory part
Article 22 – paragraph 5 – subparagraph 1 – introductory part
The Commission shall adopt implementing acts setting out requirements in cooperation with, where applicable, the respective river navigation commissions, complementing the minimum requirements established in accordance with paragraph (3), point (a), second subparagraph, per river basicorridor and, when necessary, per waterway or per waterway section. These requirements may be related in particular to:
Amendment 1097 #
2021/0420(COD)
Proposal for a regulation
Article 22 – paragraph 5 – subparagraph 1 – point h a (new)
Article 22 – paragraph 5 – subparagraph 1 – point h a (new)
(ha) facilities to improve the environmental performance of vessels in ports, inter alia noise reduction measures and measures to reduce air and water pollution;
Amendment 1099 #
2021/0420(COD)
Proposal for a regulation
Article 22 – paragraph 6
Article 22 – paragraph 6
6. The Commission shall ensure a coherent approach on the application of the good navigation status in the Union and may adopt guidelines thereto. When establishing minimum requirements for paragraphs (e) and (f), the Commission shall ensure that the interoperability between river basinbasins European Transport Corridors is not compromised.
Amendment 1109 #
2021/0420(COD)
Proposal for a regulation
Article 23 – paragraph 1 – point e
Article 23 – paragraph 1 – point e
(e) promoting and developing measures to improve the environmental performance of inland waterway transport and transport infrastructure, including zero and low emission vessvessels using alternative and renewable fuels and measures to mitigate impacts on water bodies and water-dependent biodiversity, in accordance with the applicable requirements under Union law or relevant international agreements.
Amendment 1126 #
2021/0420(COD)
Proposal for a regulation
Article 24 – paragraph 4 – point b a (new)
Article 24 – paragraph 4 – point b a (new)
(ba) its total annual cargo volume – for bulk and /or for non-bulk cargo handling – exceeds annually 500.000 tonnes and its contribution to the diversification of EU energy supplies and to the acceleration of the roll-out of renewable energies is a main activity of the port.
Amendment 1531 #
2021/0420(COD)
Proposal for a regulation
Article 52 – paragraph 6
Article 52 – paragraph 6
6. The European Coordinator mayshall consult regional and local authorities, infrastructure managers, transport operators, in particular those which are members of the rail and waterborne freight governance, the supply industry, transport users and representatives of civil society in relation to the work plan and its implementation. In addition, the European Coordinator responsible for ERTMS shall closely cooperate with the European Union Agency for Railways and Europe's Rail Joint Undertaking and the European Coordinator for the European Maritime Space with the European Maritime Safety Agency.
Amendment 36 #
2021/0419(COD)
Proposal for a directive
Recital 4
Recital 4
(4) The growing need to make better use of data in making transport chains more sustainable, efficient and resilient, calls for enhanced coordination of the ITS framework with other initiatives aimed at harmonising and facilitating data sharing in the mobility, transport and logistics sectors with a multimodal perspective 37 , while taking into consideration rules on data protection and privacy. __________________ 37 Such as the Common European Mobility data space and its components, Regulation (EU) 2020/1056 of the European Parliament and of the Council of 15 July 2020 on electronic freight transport information (OJ L 249, 31.7.2020, p. 33), and the work pursued by the Digital Transport and Logistics Forum (DTLF).
Amendment 43 #
2021/0419(COD)
Proposal for a directive
Recital 7
Recital 7
(7) In the context of the implementation of Commission Delegated Regulations39 supplementing Directive 2010/40/EU, Member States have established national access points40 (NAPs). The NAPs organise the access to and reuse of transport related data to help support the provision of EU-wide interoperable travel and traffic ITS services to end users. This transport related data should be available in machine-readable format, where possible. These NAPs are an important component of the common European mobility data space under the European strategy for data41 and should be relied upon in particular as regards the accessibility of data. __________________ 39 Commission Delegated Regulation (EU) No 885/2013 of 15 May 2013 supplementing ITS Directive 2010/40/EU of the European Parliament and of the Council with regard to the provision of information services for safe and secure parking places for trucks and commercial vehicles (OJ L 247, 18.9.2013, p. 1); Commission Delegated Regulation (EU) No 886/2013 of 15 May 2013 supplementing Directive 2010/40/EU of the European Parliament and of the Council with regard to data and procedures for the provision, where possible, of road safety-related minimum universal traffic information free of charge to users (OJ L 247, 18.9.2013, p. 6); Commission Delegated Regulation (EU) 2015/962 of 18 December 2014 supplementing Directive 2010/40/EU of the European Parliament and of the Council with regard to the provision of EU-wide real-time traffic information services (OJ L 157, 23.6.2015, p. 21); and Commission Delegated Regulation (EU) 2017/1926 of 31 May 2017 supplementing Directive 2010/40/EU of the European Parliament and of the Council with regard to the provision of EU-wide multimodal travel information services (OJ L 272, 21.10.2017, p. 1). 40 https://transport.ec.europa.eu/transport- themes/intelligent-transport- systems/road/action-plan-and- directive/national-access-points_en 41 COM(2020) 66 final0066.
Amendment 51 #
2021/0419(COD)
Proposal for a directive
Recital 8
Recital 8
(8) To ensure a coordinated and effective deployment of ITS within the Union as a whole, specifications including, where appropriate, standards, laying down further detailed provisions and procedures should be introduced, in addition to already adopted specifications. Before adopting any additional or revised specifications, the Commission should assess their compliance with certain defined principles set out in Annex II. Priority should be given in the first instance to the four main areas of ITS development and deployment. During further implementation of ITS the existing ITS infrastructure deployed by a particular Member State should be taken into account in terms of technological progress and financial efforts made. If appropriate, it should be ensured, in particular for C-ITS, that requirements for ITS systems neither impose nor discriminate in favour of the use of a particular type of technology.
Amendment 56 #
2021/0419(COD)
Proposal for a directive
Recital 10
Recital 10
(10) The specifications should foster innovation. The increased availability of data should for example lead to the development of new ITS services, and vice-versa innovation should identify the needs for future specifications. The Commission should take into account the risk of interference with personal data as well as the costs and human resources required to make this data available, especially in a machine-readable format. It should also deploy these services with a sufficient level of quality in order to ensure that these costs and resources, both incurred by public and private actors, are kept to a minimum. The European Partnership on cooperative, connected and automated mobility under Horizon Europe should support the development and testing of the next wave of C-ITS services, helping the integration of highly automated vehicles in new multimodal mobility services.
Amendment 61 #
2021/0419(COD)
Proposal for a directive
Recital 14
Recital 14
(14) The increased integration of ITS and advanced driver assistance systems, or vehicle and infrastructure systems in general, implies that such systems will rely more and more on the information they supply to each other. That is particularly the case for C-ITS. Such reliance will increase with higher levels of automation. These higher levels of automation are expected to make use of communication between vehicles and infrastructure to orchestrate manoeuvres and smoothen traffic flows, contributing also to more sustainable transport. Compromising the integrity of ITS services could thus have a severe impact on road safety, for example when the wrong speed limit is communicated or a vehicle makes an emergency stop due to a non-existing danger. In order to ensure uniform conditions for the implementation of this Directive, implementing powers should be conferred on the Commission in an unforeseen emergency situations where the integrity of ITS services is compromised arising from the availability or integrity of ITS services being compromised, where such a situation is likely to compromise the safe and proper functioning of the Union transport system or has an adverse effect on road safety, and only where it cannot be expected that applying incident response mechanism or modifying specifications will ensure a timely and effective response, having a severe and immediate direct impact on road safety, cyber security or the availability and integrity of ITS services, to adopt countermeasures to address the causes and the consequences of that situation. Those measures should be taken as quickly as possible and be immediately applicable. Those powers should be exercised in accordance with Regulation (EU) No 182/2011 of the European Parliament and of the Council48 . In consideration of the need to ensure continuity of transport, it is appropriate to apply the prolongation of the validity of such measure beyond six months making use of the possibility provided under Article 8(2) of Regulation (EU) No 182/2011. Such countermeasures should end as soon as an alternative solution is implemented or the emergency situation has been resolved. and no later than 6 months after the start of the unforeseen emergency situation. __________________ 48 Regulation (EU) No 182/2011 of the European Parliament and of the Council of 16 February 2011 laying down the rules and general principles concerning mechanisms for control by Member States of the Commission’s exercise of implementing powers (OJ L 55, 28.2.2011, p. 13).
Amendment 69 #
2021/0419(COD)
Proposal for a directive
Recital 16
Recital 16
(16) Where they involve the processing of personal data, the specifications to be developed under this Directive should take the requirements of Regulation (EU) 2016/679 and Directive 2002/58/EC into account. In particular, whenever it is possible to equally achieve the purposes pursued using anonymous and pseudonymous instead of personal data, anonymisation as one of thend pseudonymisation as techniques for enhancing individuals’ privacy should be encouraged, in line with the principle of data protection by design.
Amendment 73 #
2021/0419(COD)
Proposal for a directive
Recital 20
Recital 20
(20) For ITS applications and services for which accurate and guaranteed timing and positioning services are required, satellite-based infrastructures or any technology providing an equivalent level of precisions should be used. Synergies between the Union transport and space sectors should be exploited to foster the broader use of new technologies, which respond to the need of accurate and guaranteed timing and positioning services. The Union Space Programme established under Regulation (EU) 2021/696 of the European Parliament and of the Council57 provides high-quality, up-to-date and secure space-related data, information and services through the Galileo, the European Geostationary Navigation Overlay Service (EGNOS), and Copernicus systems. __________________ 57 Regulation (EU) 2021/696 of the European Parliament and of the Council of 28 April 2021 establishing the Union Space Programme and the European Union Agency for the Space Programme (OJ L 170, 12.5.2021, p. 69).
Amendment 75 #
2021/0419(COD)
Proposal for a directive
Recital 21
Recital 21
(21) The provision of secured and reliable timing and positioning services is an essential element of the effective operation of ITS applications and services. Therefore, it is appropriate to ensure their compatibility with the authentication mechanism provided by the Galileo programme, in order to mitigate Global Navigation Satellite Systems (‘GNSS’) signal spoofing attacks.
Amendment 83 #
2021/0419(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Directive 2010/40/EU
Article 1
Article 1
2a. This Directive provides for the availability of data and deployment of ITS services within the priority areas referred to in Article 2 with a specific geographical coverage as specified in Annexes III and IV.;
Amendment 95 #
2021/0419(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point b
Article 1 – paragraph 1 – point 3 – point b
Directive 2010/40/EU
Article 4 – point 23
Article 4 – point 23
(23) “accessibility of the data” means a possibility to request and obtain data in a digital machine-readable format via National Access Points when available;
Amendment 106 #
2021/0419(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2010/40/EU
Article 6a – title
Article 6a – title
Availability of data and deployment of ITS services
Amendment 107 #
2021/0419(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2010/40/EU
Article 6a – paragraph 1
Article 6a – paragraph 1
1. Member States shall ensure that for each data type listed in Annex III, where the underlying information already exists, data is available for the geographical coverage relative to such data type as early as possible and no later than the respective date set out in that Annexe implementing acts referred to in paragraph 3. Member States shall ensure the accessibility of that data on the NAPs by the same date.
Amendment 110 #
2021/0419(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2010/40/EU
Article 6a –– paragraph 2
Article 6a –– paragraph 2
2. Member States shall ensure the accessibility of that data on the National Access Points by the same dateat the ITS services specified in Annex IV are deployed for the geographical coverage and no later than the respective date set out in the implementing acts referred to in paragraph 3.
Amendment 112 #
2021/0419(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2010/40/EU
Article 6a – paragraph 3 (new)
Article 6a – paragraph 3 (new)
3. The Commission shall, by means of implementing acts adopted in accordance with Article 15(4), specify: a) the geographical coverage relative to the data types listed in Annex III, and implementation deadlines; b) the geographical coverage relative to the ITS services listed in Annex IV, and implementation deadlines. When adopting such implementing acts, the Commission shall take into account the risk of interference with personal data as well as the costs and human resources needed to make the relevant data available and to deploy the relevant services with a sufficient level of quality in order to ensure that those costs and resources, in particular those incurred by public authorities, are kept to a minimum. The Commission shall also consider the costs and administrative burden on private operators which may be required to provide the data and services.
Amendment 114 #
2021/0419(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2010/40/EU
Article 6b
Article 6b
Amendment 116 #
2021/0419(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2010/40/EU
Article 6b – title
Article 6b – title
Amendment 117 #
2021/0419(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2010/40/EU
Article 6b – paragraph 1
Article 6b – paragraph 1
Amendment 122 #
2021/0419(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7 – point a
Article 1 – paragraph 1 – point 7 – point a
Directive 2010/40/EU
Article 7 –– paragraph 1 b
Article 7 –– paragraph 1 b
1b. Following a cost-benefit analysis and an impact assessment including appropriate consultations, taking due account of market developments and technology evolution and an impact assessment including appropriate consultations, the Commission is empowered to adopt delegated acts in accordance with Article 12 to amend the list of ITS services in Annex IV, including the date of implementation and the geographical coverage for each ITS service. Those amendments shall be consistent with the list of ITS services set out in the latest working programme adopted in accordance with Article 17(5).’;
Amendment 125 #
2021/0419(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Directive 2010/40/EU
Article 7a – paragraph 1
Article 7a – paragraph 1
In the event of an unforeseen emergency situation having a severarising from the availability or integrity of ITS services, which are the subject of specifications adopted in accordance with Article 6, being compromised, where such a situation is likely to compromise the safe and proper functioning of the Union transport system or has an adverse effect on road safety, and only where it cannot be expected that applying incident response mechanism or modifying specifications, in accordance with Article 6, will ensure a timely and effective response, having a severe and immediate direct impact on road safety, cyber security or the availability and integrity of ITS services, and which may compromise the safe and proper functioning of the Union transport system, in order to remedy that situation the Commission may adopt, immediatelyn consultation with ITS service providers, applicable implementing acts, suspending or establishing obligations within the scope of the priority areas set under Article 2. Those implementing acts shall be adopted in accordance with the procedure referred to in Article 15(3). TheySuch countermeasures shall be strictly limited to addressing the causes and direct consequences of such an emergency situations and shall end as soon as an alternative solution is implemented or the emergency situation has been resolved, no later than 6 months after the start of the unforeseen emergency situation.’;
Amendment 131 #
2021/0419(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Directive 2010/40/EU
Article 10 – paragraph 1
Article 10 – paragraph 1
Where specifications adopted pursuant to Article 6 concern the processing of traffic, travel or road data that are personal data as defined in Article 4, point (1) of Regulation (EU) 2016/679*, they shall lay down the categories of those data and provide for appropriate personal data protection safeguards pursuant to Regulation (EU) 2016/679 and Directive 2002/58/EC. Where appropriate, the use of anonymous data or the pseudonymisation shall be encouraged.
Amendment 139 #
2021/0419(COD)
Proposal for a directive
Annex I – point 1 – paragraph 1 – point 1.1 – paragraph 1 – point 1.1.4
Annex I – point 1 – paragraph 1 – point 1.1 – paragraph 1 – point 1.1.4
Directive 2010/40/EU
Annex I – point 1 – paragraph 1 – point 1.1 – paragraph 1 – point 1.1.4
Annex I – point 1 – paragraph 1 – point 1.1 – paragraph 1 – point 1.1.4
1.1.4. the timely updating of multimodal travel information, including information related to booking and where relevant purchasing of transport services, by the ITS service providers.
Amendment 149 #
2021/0419(COD)
Proposal for a directive
Annex I – point 3 – paragraph 1 – point 3.2 – paragraph 1 – introductory part
Annex I – point 3 – paragraph 1 – point 3.2 – paragraph 1 – introductory part
Directive 2010/40/EU
Annex I – point 3 – paragraph 1 – point 3.2 – paragraph 1 – introductory part
Annex I – point 3 – paragraph 1 – point 3.2 – paragraph 1 – introductory part
The definition of the necessary measures to provide ITS based information and, where relevant, reservation services for safe and secure parking places for trucks and commercial vehicles, in particular in service and rest areas on roads, based on:
Amendment 155 #
2021/0419(COD)
Proposal for a directive
Annex II – table I – column 4 – row 6
Annex II – table I – column 4 – row 6
Directive 2010/40/EU
Annex II – table 1 – column 4 – row 6
Annex II – table 1 – column 4 – row 6
ensure, where appropriate, the capability for ITS systems to workbe interoperable at service-level with existing systems that sharedeliver a common purpose, without hindering the development of new technologies and while supporting, where relevant, the complementarity with orere relevant, the transition to new technologies;
Amendment 156 #
2021/0419(COD)
Proposal for a directive
Annex II – table 1 – column 4 – row 6
Annex II – table 1 – column 4 – row 6
Directive 2010/40/EU
Annex II – –table 1 – column 4 – row 6
Annex II – –table 1 – column 4 – row 6
ensure, where appropriate, the capability for ITS systems to workbe interoperable at service-level with existing systems that sharedeliver a common purpose, without hindering the development of new technologies and while supporting, where relevant, the complementarity with orere relevant, the transition to new technologies;
Amendment 160 #
2021/0419(COD)
Proposal for a directive
Annex II – table 1 – column 4 – row 10
Annex II – table 1 – column 4 – row 10
Directive 2010/40/EU
Annex II – column 4 – row 10
Annex II – column 4 – row 10
ensure the compatibility of ITS applications and services, which rely on timing or positioning, with at least the navigation services provided by the Galileo, including Open Service navigation Message Authentication, when such service becomes available, and the European Geostationary Navigation Overlay Service (‘EGNOS’) system of navigation services. Where appropriate, ensure that ITS applications and services relying on Earth observation data use Copernicus data, information or services. Other data and services may additionally be used in addition to Copernicus data;
Amendment 166 #
2021/0419(COD)
Proposal for a directive
Annex II – row 13 a (new)
Annex II – row 13 a (new)
Directive 2010/40/EU
Annex II – row 13 a (new)
Annex II – row 13 a (new)
(ma) technology neutral – specifications should describe the result to be achieved, but not impose, or discriminate in favour of, the use of a particular type of technology to achieve the result
Amendment 167 #
2021/0419(COD)
Proposal for a directive
Annex II – Table I – point n (new)
Annex II – Table I – point n (new)
Directive 2010/40/EU
Annex II – point n (new)
Annex II – point n (new)
n) specifications should describe the result to be achieved, but not impose, or discriminate in favour of, the use of a particular type of technology to achieve the result;
Amendment 181 #
2021/0419(COD)
Proposal for a directive
Annex III – table 1
Annex III – table 1
Directive 2010/40/EU
Annex III – table 1
Annex III – table 1
Data type Geographical coverage Date Types of data on regulations Deleted Deleted and restrictions (as referred to in Commission Delegated Regulation (EU) 2015/962): Static and dynamic traffic The trans-European network 31 December regulations, where applicable, for roads, other motorways not 2025 including: included in that network and primary roads. - access conditions for tunnels - access conditions for bridges The entire road network of the 31 December - speed limits EU that is publicly accessible to 2028 motorised traffic, with the - freight delivery regulations exception of private roads. - overtaking bans on heavy goods vehicles - direction of travel on reversible lanes - traffic circulations plans The entire road network that is 31 December publicly accessible to motorised 2025 traffic - permanent access restrictions The entire road network that is 31 December publicly accessible to motorised 2025 traffic Types of data on the state of the network (as referred to in Commission Delegated Regulation (EU) 2015/962): - road closures The trans-European network 31 December for roads, other motorways not 2025 - lane closures included in that network and - roadworks primary roads. - temporary traffic The entire road network of the 31 December management measures EU that is publicly accessible to 2028 motorised traffic, with the exception of private roads. Types of data on safe and secure parking places for trucks and commercial vehicles (as referred to in Commission Delegated Regulation (EU) No 885/2013): - static data related to the The trans-European network 31 December parking areas for roads and other motorways 2025 not included in that network - information on safety and equipment of the parking area - dynamic data on availability of parking places including whether a parking is: full, closed or number of free places available. Types of multimodal static travel data (as referred to in Commission Delegated Regulation (EU) 2017/1926): - temporary slippery road The trans-European network 31 December - animal, people, for roads and other motorways 2026 obstacles, debris on the not included in that network road - unprotected accident area - short-term road works - reduced visibility - wrong-way driver - unmanaged blockage of a road - exceptional weatherregulations, where applicable, including: - access conditions for tunnels - access conditions for bridges - speed limits - freight delivery regulations - overtaking bans on heavy goods vehicles - direction of travel on reversible lanes - traffic circulations plans - permanent access restrictions Types of data on the state of the network (as referred to in Commission Delegated Regulation (EU) 2015/962): - road closures - lane closures - roadworks - temporary traffic management measures Types of data on safe and secure parking places for trucks and commercial vehicles (as referred to in Commission Delegated Regulation (EU) No 885/2013): - static data related to the parking areas - information on safety and equipment of the parking area - dynamic data on availability of parking places including whether a parking is: full, closed or number of free places available. Types of multimodal static travel data (as referred to in Commission Delegated Regulation (EU) 2017/1926): Location of identified access nodes for all scheduled modes, including information on accessibility of access nodes and paths within an interchange (such as existence of lifts, escalators) Data on detected road safety- related events or conditions (as referred to in Commission Delegated Regulation (EU) No 886/2013): - temporary slippery road - animal, people, obstacles, debris on the road - unprotected accident area - short-term road works - reduced visibility - wrong-way driver - unmanaged blockage of a road - exceptional weather conditions
Amendment 103 #
2021/0385(COD)
Proposal for a regulation
Title 1
Title 1
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) No 600/2014 as regards enhancing market data transparency, removing obstacles to the emergence of a consolidated tape, optimising the trading obligations and prohibiting receiving payments for forwardingregulating the forwarding and execution of client orders (Text with EEA relevance)
Amendment 165 #
2021/0385(COD)
Proposal for a regulation
Recital 23 a (new)
Recital 23 a (new)
(23 a) The desired outcome would be to provide end investors with a user-friendly and truly consolidated overview of trading opportunities as well as lower costs through increased competition, to increase the attractiveness and competitiveness of EU capital markets and firms, and to foster the growth and well-functioning of the Capital Markets Union.
Amendment 173 #
2021/0385(COD)
Proposal for a regulation
Recital 32
Recital 32
(32) Financial intermediaries should strive to achieve the best possible price and the highest possible likelihood of execution for trades that they execute on behalf of their clients. To that end, financial intermediaries should select the trading venue or counterparty for executing their client trades solely on the basis of achieving best execution for their clients. It should be incompatible with that principle of best execution that a financial intermediary receives a payment from a trading counterpart in exchange for ensuring the execution of client trades, when acting on behalf of its clients, receives a fee, a commission or any non-monetary benefit from a third party for routing client orders for execution by that third party as execution venue. Investment firms should be therefore be prohibited from receiving such payment or other non-monetary benefit.
Amendment 189 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36b – point a – point i
Article 2 – paragraph 1 – point 36b – point a – point i
(i) thfor lit continuous trading mechanisms, the five best bids and offers prices with corresponding volumes available at those prices;
Amendment 194 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulatoin (EU) No 600/2014
Article 2 – paragraph 1 – point 36b – point a – point ii
Article 2 – paragraph 1 – point 36b – point a – point ii
(ii) for price-forming trades across all trading mechanisms, the transaction price and volume executed at the stated price, the transaction time, the trading protocol, applicable waivers and deferrals in accordance with the industry standard Market Model Typology;
Amendment 210 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36b – point a – point vii – indent 1
Article 2 – paragraph 1 – point 36b – point a – point vii – indent 1
— the venue's time of execution of the trade or of amendment to the best bid or offer price or volume, amendment to the indicative price or volume, and amendment to the trading status of an instrument;
Amendment 213 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36b – point a – point vii – indent 2
Article 2 – paragraph 1 – point 36b – point a – point vii – indent 2
— the venue's time of publication of the trade, updated bid or offer price or volume, updated indicative price or volume, and amendment to the trading status of an instrument;
Amendment 216 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36b – point a – point vii – indent 3
Article 2 – paragraph 1 – point 36b – point a – point vii – indent 3
— the consolidated tape provider's receipt of market data from the market data contributors;
Amendment 221 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36b – point a – point vii – indent 5
Article 2 – paragraph 1 – point 36b – point a – point vii – indent 5
— the dissemination by the consolidated tape provider of consolidated market data to subscribers;
Amendment 433 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 16
Article 1 – paragraph 16
Regulation (EU) No 600/2014
Article 27h – paragraph 4
Article 27h – paragraph 4
4. After 12 months of full operation of the CTP for shares, ESMA shall provide the Commission with an evidence-based motivated opinion on the effectiveness and fairness of the level of participation of regulated marketmarket data contributors in the revenues generated by the CTP as set out in accordance with the second subparagraph of paragraph 1. The Commission may request ESMA to provide further opinions, where necessary or appropriate. The Commission shall be empowered to adopt a delegated act in accordance with Article 50 to revise the allocation key for the revenue redistribution, where appropriate.;
Amendment 448 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 26
Article 1 – paragraph 26
Regulation (EU) No 600/2014
Article 39 a (new) – Title
Article 39 a (new) – Title
Article 39a Ban on payment for forwarding client orders for executionand/or execution of client orders
Amendment 459 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 26
Article 1 – paragraph 26
Regulation (EU) No 600/2014
Article 39a
Article 39a
Investment firms executing orders on behalf of a retail client shall take all necessary steps to obtain the best possible price for their clients, net of costs relating to execution, which shall include all expenses directly related to the execution of the order, including execution venue fees, clearing and settlement fees and any other fees paid to third parties involved in the execution of the order. Investment firms acting on behalf of clients shall not receive or accept, directly or indirectly, any fee or commission or any monetary or non-monetary benefits from any third party for forwarding client orders to such third party for their execution.;paid or provided by any third party in relation to the forwarding or execution of orders. The Commission shall adopt a delegated act in accordance with Article 50 by ... [12 months after the date of entry into force of this amending Regulation] to specify the market practices falling under the provision of the first subparagraph of this Article. The Commission shall regularly update that delegated act to account for the development of new market practices.
Amendment 465 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 29 a (new)
Article 1 – paragraph 29 a (new)
Regulation (EU) 2016/1011
Article 2 - paragraph 2 - point d
Article 2 - paragraph 2 - point d
(29 a) in Regulation (EU) 2016/1011, Article 2, paragraph 2, point d, is amended as follows: "(d) the provision of a single reference price for any financial instrument listed in Section C of Annex I to Directive 2014/65/EU (https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02016R1011-except those financial instruments in respect of which both of the following conditions apply: (i) the financial instrument is a derivative contract relating to energy; and (ii) the total notional value of financial instruments or contracts referencing the single reference price exceeds EUR 100million. (Changes to Benchmark Regulation - formatting may need to be adjusted.) Or. en 20220101&from=EN)
Amendment 56 #
2021/0380(COD)
Proposal for a regulation
Recital 11 – indent 3
Recital 11 – indent 3
Amendment 57 #
2021/0380(COD)
Proposal for a regulation
Recital 11 – indent 7
Recital 11 – indent 7
Amendment 59 #
2021/0380(COD)
Proposal for a regulation
Recital 11 – indent 20
Recital 11 – indent 20
Amendment 61 #
2021/0380(COD)
Proposal for a regulation
Recital 11 – indent 21
Recital 11 – indent 21
Amendment 71 #
2021/0380(COD)
Proposal for a regulation
Article 3
Article 3
Regulation (EU) No 648/2012
Article 38a
Article 38a
Amendment 78 #
2021/0380(COD)
Proposal for a regulation
Article 7
Article 7
Regulation (EU) No 537/2014
Article 13a
Article 13a
Amendment 83 #
2021/0380(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
Regulation (EU) No 909/2014
Article 74a – paragraph –1 (new)
Article 74a – paragraph –1 (new)
-1. In order to support the provision of accurate, timely and complete information on penalties under Article 7 of Regulation (EU) No 909/2014, all information necessary for the calculation of cash penalty amounts under the Settlement Discipline Regime shall be centralised in the ESAP.
Amendment 84 #
2021/0380(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
Regulation (EU) No 909/2014
Article 74a – paragraph 1 – subparagraph 1
Article 74a – paragraph 1 – subparagraph 1
1. From 1 January 20267, when making public any information pursuant to Article 7(1), Article 7(9), Article 26(4), Article 27(4), Article 27(7), Article 28(2), Article 33(1), Article 33(2), Article 34(1), Article 38(6), Article 39(3), Article 41(2), Article 54(3), point (e), Article 54(4), point (f) and Article 59(4), point (j) of this Regulation, the CSD4) of this Regulation, the reporting entities shall submit that information to the relevant collection body referred to in paragraph 3 of this Article at the same time for accessibility on ESAP established under Regulation (EU) XX/XXXX [ESAP Regulation] of the European Parliament and of the Council*.
Amendment 86 #
2021/0380(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
Regulation (EU) No 909/2014
Article 74a – paragraph 1 – subparagraph 2
Article 74a – paragraph 1 – subparagraph 2
Amendment 87 #
2021/0380(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
Regulation (EU) No 909/2014
Article 74a – paragraph 2
Article 74a – paragraph 2
Amendment 88 #
2021/0380(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
Regulation (EU) No 909/2014
Article 74a – paragraph 3 – subparagraph 2
Article 74a – paragraph 3 – subparagraph 2
From 1 January 2026, for the purposes of making accessible on ESAP the information referred to in Article 12(2) and Article 62, the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be ESMA. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the name and, where available, the legal entity identifier of the CSD as specified under Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation.
Amendment 90 #
2021/0380(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
Regulation (EU) No 909/2014
Article 74a – paragraph 4 – subparagraph 1 – introductory part
Article 74a – paragraph 4 – subparagraph 1 – introductory part
4. For the purposes of ensuring an efficient collection and administration of data submitted in accordance with paragraph 1, points (a) and (b), ESMA shall develop draft implementing technical standards to specify:
Amendment 91 #
2021/0380(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
Regulation (EU) No 909/2014
Article 74a – paragraph 4 – subparagraph 1 – point –a (new)
Article 74a – paragraph 4 – subparagraph 1 – point –a (new)
(-a) the list of financial instruments that fall within the scope of this Regulation and category of each such instrument.
Amendment 92 #
2021/0380(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
Regulation (EU) No 909/2014
Article 74a – paragraph 4 – subparagraph 1 – point a
Article 74a – paragraph 4 – subparagraph 1 – point a
Amendment 93 #
2021/0380(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
Regulation (EU) No 909/2014
Article 74a – paragraph 4 – subparagraph 1 – point b
Article 74a – paragraph 4 – subparagraph 1 – point b
Amendment 94 #
2021/0380(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
Regulation (EU) No 909/2014
Article 74a – paragraph 4 – subparagraph 1 – point c
Article 74a – paragraph 4 – subparagraph 1 – point c
Amendment 109 #
2021/0380(COD)
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
Regulation (EU) 2017/1129
Article 21a – paragraph 3 – subparagraph 2
Article 21a – paragraph 3 – subparagraph 2
From 1 January 20245, for the purposes of making accessible on ESAP the information referred to in Articles 25(1), Article 25(4), and Article 26(2), the collection body defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be ESMAthe national competent authority. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and, where available, the legal entity identifier of the issuer or, where applicable, the offeror as specified pursuant to Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation.
Amendment 116 #
2021/0380(COD)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) 2019/2088
Article 18a – paragraph 1 – subparagraph 1
Article 18a – paragraph 1 – subparagraph 1
1. From 1 January 20256, when making public any information pursuant to Article 3(1), Article 3(2), Article 4(1), Article 4(3), Article 4(4), Article 4(5), Article 5(1) and Article 10(1) of this Regulation, financial market participants, with an exception for the institutions for occupational retirement provision referred in article 2(1)c of this Regulation, and financial advisers shall submit that information to the relevant collection body referred to in paragraph 3 of this Article at the same time for accessibility on ESAP established under Regulation (EU) XX/XXXX [ESAP Regulation] of the European Parliament and of the Council*.
Amendment 117 #
Amendment 120 #
Amendment 57 #
2021/0379(COD)
Proposal for a directive
Recital 11 – indent 4
Recital 11 – indent 4
Amendment 58 #
2021/0379(COD)
Proposal for a directive
Recital 11 – indent 9
Recital 11 – indent 9
Amendment 60 #
2021/0379(COD)
Proposal for a directive
Recital 11 – indent 11
Recital 11 – indent 11
Amendment 61 #
2021/0379(COD)
Proposal for a directive
Recital 11 – indent 13
Recital 11 – indent 13
Amendment 62 #
2021/0379(COD)
Proposal for a directive
Recital 11 – indent 14
Recital 11 – indent 14
Amendment 63 #
2021/0379(COD)
Proposal for a directive
Recital 11 – indent 15
Recital 11 – indent 15
Amendment 71 #
2021/0379(COD)
Proposal for a directive
Article 2 – paragraph 1
Article 2 – paragraph 1
Directive 2004/25/EC
Article 16a – paragraph 1 – subparagraph 1
Article 16a – paragraph 1 – subparagraph 1
1. From 1 January 20256, Member States shall ensure that, when making public an information pursuant to Article 4(2), point (c), Article 5(4), Article 6(1), Article 6(2) and Article 9(5) of this Directive, companies submit at the same time that information to the relevant collection body referred to in paragraph 3 of this Article for accessibility on ESAP established under Regulation (EU) XX/XXXX [ESAP Regulation] of the European Parliament and of the Council*.
Amendment 75 #
2021/0379(COD)
Proposal for a directive
Article 4
Article 4
Directive 2006/43/EC
Article 20a
Article 20a
Amendment to Directive 2006/43/EC In Directive 2006/43/EC, the following Article 20a is inserted: ‘Article 20a Accessibility of information on the European Single Access Point (ESAP) 1. From 1 January 2026, Member States shall ensure that, when making public on ESAP the information pursuant to Article 15 and Article 30c of this Directive, the statutory auditor or audit firm submits at the same time that information to the collection body referred to in paragraph 2 of this Article for accessibility on ESAP established under Regulation (EU) XX/XXXX[ESAP Regulation] of the European Parliament and of the Council*. 2. From 1 January 2026, for the purposes of making accessible on ESAP the information referred to in paragraph 1, the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be the national competent authority in charge of the public register. The information shall be published in a data extractable format as defined in Article 2, point (3), of the Regulation (EU) XX/XXXX [ESAP Regulation], include the names and, where available, the legal entity identifier of the statutory auditor or audit firm, as specified pursuant to Article 7(4) of that Regulation, and include the type of information, as classified pursuant to Article 7(4) of that Regulation. _______________ * Regulation (EU) XX/XXXX of the European Parliament and of the Council establishing a European Single Access Point (ESAP) providing centralised access to information that is publicly available in relation to financial services, capital markets and sustainability (OJ L [...], […], p. […]).rticle 4 deleted
Amendment 80 #
2021/0379(COD)
Proposal for a directive
Article 6 – paragraph 1
Article 6 – paragraph 1
Directive 2009/65/EC
Article 82a – paragraph 1 – subparagraph 1
Article 82a – paragraph 1 – subparagraph 1
1. From 1 January 20267, Member States shall ensure that, when making public any information pursuant to Article 68(1), Article 76, Article 78(1) of this Directive, UCITS submit that information at the same time to the relevant collection body referred to in paragraph 3 of this Article on for accessibility on ESAP established under Regulation (EU) XX/XXXX [ESAP Regulation] of the European Parliament and of the Council*.
Amendment 81 #
2021/0379(COD)
Proposal for a directive
Article 6 – paragraph 1
Article 6 – paragraph 1
Directive 2009/65/EC
Article 82a – paragraph 3 – subparagraph 2
Article 82a – paragraph 3 – subparagraph 2
From 1 January 20267, for the purposes of making accessible on ESAP the information referred to in Article 6(1), the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be ESMAthe national competent authority. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and, where available, the legal entity identifier of the UCITS, as specified pursuant to Article 7(4) of that Regulation, and include the type of information as classified pursuant to Article 7(4) of that Regulation.
Amendment 92 #
Amendment 98 #
Amendment 108 #
2021/0379(COD)
Proposal for a directive
Article 13
Article 13
Directive (EU) 2016/97
Article 40a
Article 40a
Amendment to Directive (EU) 2016/97 In Directive (EU) 2016/97, the following article 40a is inserted: ‘Article 40a Accessibility of information on the European Single Access Point (ESAP) From 1 January 2026, for the purposes of making accessible on ESAP the information referred to in Article 32(1) and Article 32(2) of this Directive, the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be the competent authority. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the name and - where available - the legal entity identifier of the entity as specified pursuant to Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation. _______________ * Regulation (EU) XX/XXXX of the European Parliament and of the Council establishing a European Single Access Point (ESAP) providing centralised access to information that is publicly available in relation to financial services, capital markets and sustainability (OJ L [...], […], p. […]).rticle 13 deleted
Amendment 110 #
Amendment 115 #
Amendment 79 #
2021/0378(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) The information to be made publicly accessible on ESAP should be collected by collection bodies designated for the purpose of collecting the information that the entities are under an obligation to make public. In order to ensure the efficient functioning of ESAP, the collection bodies should make the information available to ESAP in automated ways through a single application programming interface. For the information to be digitally usable, entities should make such information available in a data extractable format or, where required by Union law, in a machine- readable format. Compared to data extractable formats, machine-readable formats are file formats structured so that software applications can easily identify, recognise and extract specific data, including individual statements of fact, and their internal structure. Draft implementing technical standards should be drawn up by the European Supervisory Authorities and, when relevant, through the Joint Committee of the European Supervisory Authorities for submission to the Commission, specifying the characteristics of machine readable and data extractable formats and accounting for any evolving technology trends or standards. To ensure that entities submit the information in the correct format and to address possible technical issues encountered by the entities, the collection bodies should provide assistance to those entities.
Amendment 83 #
2021/0378(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) Apart from the information in relation to financial services, capital markets and sustainability that has to be made public under Union law, investors, market participants, advisors and the public at large may have an interest in obtaining other information that an entity wants to make accessible. Small and medium-sized enterprises may want to make more information publicly accessible in order to become more visible to potential investors and thereby increase funding and diversify funding opportunities. Also, market participants may want to provide more information than that required by law or to make public the information required by national law but not available at Union level in order to complement the information provided to the public at the Union level. Any entity governed by the law of a Member State should therefore be allowed to make financial, sustainability- related and other relevant information accessible on ESAP. Pursuant to the principle of data minimisation, entities should ensure that no personal data are included, except where those data constitute a necessary element of the information about their economic activities, including when the name of the entity coincides with the name of the owner. Where such information contains personal data, the entities should ensure that they can rely for such disclosure on one of the lawful grounds of processing laid down in Article 6 of Regulation (EU) 2016/679 of the European Parliament and of the Council26 . _________________ 26 Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).
Amendment 87 #
2021/0378(COD)
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
(5 a) Entities submitting information to the collection bodies remain liable for the accuracy and completeness of such information and metadata. Pursuant to the principles of data minimisation and protection, entities should ensure that no personal data are included, except where those data constitute a necessary element of the information about their economic activities, including when the name of the entity coincides with the name of the owner. Where the information submitted contains personal data, entities should ensure that they can rely for the disclosure thereof on one of the lawful grounds of processing laid down in Article 6 of Regulation(EU) 2016/679 of the European Parliament and of the Council1a. _________________ 1a Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).
Amendment 96 #
2021/0378(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) Re-using information that is available on ESAP can improve the functioning of the internal market and promote the development of new services that combine and make use of such information. It is therefore necessary, where justified on grounds of a public interest objective, to allow re-use of the information that is available on ESAP for purposes other than the purposes for which the information was drawn up. However, the use and re-use of that information should be subject to objective, proportionate and non-discriminatory conditions. For that purpose, conditions corresponding to those laid down in open, standard licences within the meaning of Directive (EU) 2019/1024 of the European Parliament and of the Council27 should apply. The licensing terms of those standard licences should allow for data and content to be freely accessible, used, modified and shared by anyone for any purpose. ESMANeither ESMA nor the collection bodies should bear noany form of liability for the use and re-use of information accessible on ESAP. The submission of information by the collection bodies should either not be subject to conditions or be subject to an open standard licence enabling the licensing terms applying for information accessible in the ESAP. _________________ 27 Directive (EU) 2019/1024 of the European Parliament and of the Council of 20 June 2019 on open data and the re-use of public sector information (OJ L 172, 26.6.2019, p. 56).
Amendment 98 #
2021/0378(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) The information available on ESAP should be accessible to the public in a timely manner. In that regard, the time between collecting the information and making it accessible to the public should be reasonable and, in any event, as short as technically possible. In order to ensure a uniform quality of information, the collection bodies should perform automated validations and reject invalid information. The validity of the information should be assessed on the basis of its compliance with the requirements of this Regulation and any accompanying amendments to sectoral legislation. In assessing the validity of the information, collection bodies should maintain discretion in rejecting information that falls outside the scope of ESAP and in any case if that information includes manifestly inappropriate or abusive content.
Amendment 124 #
2021/0378(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point b
Article 1 – paragraph 1 – point b
(b) other information of relevance to financial services provided in the Union or to capital markets of the Union or concerning sustainability that any entitiesy governed by the law of a Member State wishes to make accessible on ESAP on a voluntary basis about their economic activities in accordance with Article 3(1) and pursuant to the material reporting requirements listed in the Omnibus Act .
Amendment 131 #
2021/0378(COD)
Proposal for a regulation
Article 3 – paragraph 1 – introductory part
Article 3 – paragraph 1 – introductory part
1. Any natural or legal person may submit to a collection body the information referred to in Article 1(1), point (b) to make that information accessible on ESAP. When submitting that informationre the substance and format of that information does not have the same value and reliability as the information referred to in Article 1(1), point (a), users shall be informed thereof by means of a clear disclaimer. When submitting the information referred to in Article 1(1), point (b) , the natural or legal person shall:
Amendment 156 #
2021/0378(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point a a (new)
Article 5 – paragraph 1 – point a a (new)
(a a) store the information submitted by the entities or, where relevant, generated by the collection bodies themselves;
Amendment 158 #
2021/0378(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point b – point i a (new)
Article 5 – paragraph 1 – point b – point i a (new)
(i a) the information contains the appropriate level of authenticity as specified in the implementing technical standard referred to in Article 5(6), availability, integrity and proof of origin;
Amendment 172 #
2021/0378(COD)
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. Entities shall ensure the accuracyand shall be liable for the accuracy and completeness of the information that they submit to the collection bodies, as well as for the accompanying metadata.
Amendment 192 #
2021/0378(COD)
Proposal for a regulation
Article 8 – paragraph 2 – introductory part
Article 8 – paragraph 2 – introductory part
2. ESMA shall ensure that anyone has direct and immediate access free of charge to the information made available on ESAP.
Amendment 223 #
2021/0378(COD)
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
By [PO, please insert a date 5 years after the entry into force of this Regulation], the Commission shall review the functioning of ESAP and assess its effectiveness. The Commission shall report to the European Parliament and to the Council on the results of this review. The progressive inclusion of information on ESAP shall be conditioned upon a prior and positive evaluation of an initial phase.
Amendment 335 #
2021/0342(COD)
Proposal for a regulation
Recital 15
Recital 15
Amendment 590 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 23 – point a
Article 1 – paragraph 1 – point 23 – point a
Regulation (EU) No 575/2013
Article 92 – paragraph 3 – point a – introductory part
Article 92 – paragraph 3 – point a – introductory part
(a) a stand-alone institution in the EU and, for the purposes of complying with the obligations of this Regulation on the basis of its consolidated situation in accordance with Part One, Title II, Chapter 2, an EU parent institution, an EU parent financial holding company and an EU parent mixed financial holding companyinstitutions shall calculate the total risk exposure amount as follows:
Amendment 604 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 23 – point a
Article 1 – paragraph 1 – point 23 – point a
Regulation (EU) No 575/2013
Article 92 – paragraph 3 – point b
Article 92 – paragraph 3 – point b
Amendment 619 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 23 – point a
Article 1 – paragraph 1 – point 23 – point a
Regulation (EU) No 575/2013
Article 92 – paragraph 3 – point c
Article 92 – paragraph 3 – point c
Amendment 637 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 23 – point b
Article 1 – paragraph 1 – point 23 – point b
Regulation (EU) No 575/2013
Article 92 – paragraph 6
Article 92 – paragraph 6
Amendment 687 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 40 – point b
Article 1 – paragraph 1 – point 40 – point b
Regulation (EU) No 575/2013
Article 122 – paragraph 2
Article 122 – paragraph 2
Exposures for which such a credit assessment is not available shall be assigned a risk weight of 100 %., except for exposures to SMEs as defined in Article 5 point (8) which shall be assigned a risk weight of 85%;
Amendment 699 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 41
Article 1 – paragraph 1 – point 41
Regulation (EU) No
Article 122a – paragraph 3 – point a – introductory part
Article 122a – paragraph 3 – point a – introductory part
(a) where the purpose of a specialised lending exposure is to finance the acquisition of physical assets, including ships, aircraft, satellites, railcars, and fleets, and the income to be generated by those assets comes in the form of cash flows generated by the specific physical assets that have been financed and pledged or assigned to the lender by one or several third parties (‘object finance exposures’), institutions shall apply the followinga risk weights: of 100%.
Amendment 703 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 41
Article 1 – paragraph 1 – point 41
Regulation (EU) No 575/2013
Article 122a – paragraph 3 – point a – point i
Article 122a – paragraph 3 – point a – point i
Amendment 708 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 41
Article 1 – paragraph 1 – point 41
Regulation (EU) No 575/2013
Article 122a – paragraph 3 – point a – point ii
Article 122a – paragraph 3 – point a – point ii
Amendment 1130 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 166 – point b – introductory part
Article 1 – paragraph 1 – point 166 – point b – introductory part
Regulation (EU) No 575/2013
Article 382
Article 382
(b) the following paragraphs 4a and 4b are inserted: 4a. paragraph 4, an institution may choose to calculate an own funds requirements for CVA risk, using any of the applicable approaches referred to in Article 382a, for those transactions that are excluded in accordance with paragraph 4, where the institution uses eligible hedges determined in accordance with Article 386 to mitigate the CVA risk of those transactions. Institutions shall establish policies to specify where they choose to satisfy their own funds requirements for CVA risk for such transactions. 4b. competent authorities the results of the calculations of the own funds requirements for CVA risk for all the transactions referred to in paragraph 4. For the purposes of that reporting requirement, institutions shall calculate the own funds requirements for CVA risk using the relevant approaches set out in Article 382a(1), that they would have used to satisfy an own funds requirement for CVA risk if those transactions were not excluded from the scope in accordance with paragraph 4. is deleted: By way of derogation from Institutions shall report to their
Amendment 1198 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 375/2013
Article 465 – paragraph 1 – introductory part
Article 465 – paragraph 1 – introductory part
1. By way of derogation from Article 92, paragraphs 3 and 6, parent institutions, parent financial holding companies, parent mixed financial holding companies, stand-alone institutions in the EU or stand-alone subsidiary institutions in Member Stateinstitutions may apply the following factor ‘x’ where calculating TREA:
Amendment 1205 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 1 – point (a)
Article 465 – paragraph 1 – point (a)
(a) 560 % during the period from 1 January 2025 to 31 December 2025;
Amendment 1206 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 1 – point (b)
Article 465 – paragraph 1 – point (b)
(b) 565 % during the period from 1 January 2026 to 31 December 2026;
Amendment 1207 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 1 – point (c)
Article 465 – paragraph 1 – point (c)
(c) 670 % during the period from 1 January 2027 to 31 December 2027;
Amendment 1208 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 1 – point (d)
Article 465 – paragraph 1 – point (d)
Amendment 1209 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 1 – point (e)
Article 465 – paragraph 1 – point (e)
Amendment 1212 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 2 – introductory part
Article 465 – paragraph 2 – introductory part
2. By way of derogation from Article 92(3), point (a), EU parent institutions, EU parent financial holding companies or an EU parent mixed financial holding companies, stand-alone institutions in the EU or stand-alone subsidiary institutions in Member States may, until 31 December 2029, apply the following formula when calculating TREA:
Amendment 1221 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
For the purposes of that calculation, EU parent institutions, EU parent financial holding companies or an EU parent mixed financial holding companies shall take into account the relevant factors ‘x’ referred to in paragraph 1.
Amendment 1226 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 3
Article 465 – paragraph 3
Amendment 1274 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 4
Article 465 – paragraph 4
Amendment 1288 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5
Article 465 – paragraph 5
Amendment 1438 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 199
Article 1 – paragraph 1 – point 199
Regulation (EU) No 575/2013
Article 495d – title
Article 495d – title
Amendment 1441 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 199
Article 1 – paragraph 1 – point 199
Regulation (EU) No 575/2013
Article 495d – paragraph 1
Article 495d – paragraph 1
Amendment 1448 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 199
Article 1 – paragraph 1 – point 199
Regulation (EU) No 575/2013
Article 495d – paragraph 2
Article 495d – paragraph 2
Amendment 1454 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 199
Article 1 – paragraph 1 – point 199
Regulation (EU) No 575/2013
Article 495d – paragraph 2 – subparagraph 2
Article 495d – paragraph 2 – subparagraph 2
Amendment 1456 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 199
Article 1 – paragraph 1 – point 199
Regulation (EU) No 575/2013
Article 495d – paragraph 2 – subparagraph 3
Article 495d – paragraph 2 – subparagraph 3
Amendment 1475 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 200
Article 1 – paragraph 1 – point 200
Regulation (EU) No 575/2013
Article 501
Article 501
(200) in Article 501(2), point (b) is replacedby the following: ‘(b) an SME shall have the meaning laid down in Article 5, point (8);’; (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013R0575-20220410) is deleted. Or. en
Amendment 1481 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 201
Article 1 – paragraph 1 – point 201
Regulation (EU) No 575/2013
Article 501a
Article 501a
(201) Article 501a(1) is amended as follows: (a) point (a) is replaced by the following: (a) corporate exposure class referred to either in Article 112, point (g), or in Article 147(2), point (c), with the exclusion of exposures in default; (b) point (f) is replaced by the following: ‘(f) the refinancing risk of the exposure by the obligor is low or adequately mitigated, taking into account any subsidies, grants or funding provided by one or more of the entities listed in paragraph 2, points (b)(i) and (b)(ii);deleted. the exposure is assigned to the
Amendment 38 #
2021/0296(COD)
Proposal for a directive
Recital 3
Recital 3
(3) Activities, services or operationServices performed by insurance or reinsurance undertakings that cannot be substituted easily within a reasonable timeframe, or at a reasonable cost for policy holders, beneficiaries or injured parties, need to be seen as critical functioninsurance products that need to be continued. Such activities, services or operationservices can be critical at Union, national or regional level. The continuity of insurance or reinsurance protection is often preferable to the winding down of a failing undertaking as such continuity delivers the most favourable outcome for policy holders, beneficiaries or injured parties. It is therefore crucial that adequate tools are available to prevent failures and, where failures occur, to minimise negative repercussions by preserving the continuity of those critical functions.insurance products. (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 43 #
2021/0296(COD)
Proposal for a directive
Recital 13
Recital 13
(13) It is necessary to ensure the suitability and effectiveness of the recovery and resolution framework while avoiding unnecessary administrative burdens and costs on undertakings and authorities. The implementation of such recovery and resolution framework should therefore be proportionate to the nature, scale and complexity of the undertaking concerned, and of its activities and services. Regarding the scope of the recovery and resolution planning requirements, authorities should determine, on the basis of a harmonised set of risk-based criteria, which undertakings are subject to the planning requirements. To foster trust in the insurance and reinsurance single market and to foster a level playing field, a minimum degree of preparedness should be achieved through laying down a minimum market coverage level. That minimum market coverage level should however take into account the differences between recovery on the one hand and resolution on the other, and the existence or absence of a public interest for taking resolution action.
Amendment 45 #
2021/0296(COD)
Proposal for a directive
Recital 14
Recital 14
(14) For the same reason, authorities should, where appropriate, apply different or reduced pre-emptive recovery and resolution planning and information requirements on an undertaking-specific basis, and at a lower frequency of updates. Authorities should, when applying such simplified obligations, take into account the nature, size, complexity and substitutability of an undertaking’s business, its shareholding structure and legal form, its risk profile, its degree of interconnectedness to other regulated undertakings or to the financial system in general. Authorities should also take into account whether the failure and subsequent winding up of the insurance or reinsurance undertaking under normal insolvency proceedings would be likely to have a significant negative effect on policy holders, financial markets, other undertakings, or the wider economy. Authorities should report to EIOPA on the application of such simplified obligations on an annual basis.
Amendment 48 #
2021/0296(COD)
Proposal for a directive
Recital 18
Recital 18
(18) It is essential that groups, or where applicable, individual undertakings, prepare and regularly update pre-emptive recovery plans that set out actions to be taken by those groups or undertakings to restore their financial position following a significant deterioration of that position that could pose a risk to their viability. Insurance and reinsurance undertakings should therefore identify a set of quantitative and qualitative indicators that would trigger the activation of remedial actions envisaged in such pre- emptive recovery plans. Such indicators should help insurance and reinsurance undertakings to take remedial actions in the best interest of their policy holders and should not lay down new regulatory prudential requirements. Pre-emptive recovery plans covering all material legal entities within the group should be detailed and should be based on realistic assumptions that are applicable in a range of robust and severe scenarios. Those pre- emptive recovery plans should be an integral part of an undertaking’s system of governance. Existing tools may serve as an input when preparing such pre-emptive recovery plans, including the own risk and solvency assessment, contingency plans or liquidity risk management plans. The requirement to prepare a pre-emptive recovery plan should, however, be applied proportionately and should be without prejudice to the development and submission of a realistic recovery plan as required by Article 138(2) of Directive 2009/138/EC. Where relevant, the elements of the pre-emptive recovery plan could inform or serve as a basis to develop the recovery plan required by Article 138(2) of Directive 2009/138/EC.
Amendment 54 #
2021/0296(COD)
Proposal for a directive
Recital 21
Recital 21
Amendment 55 #
2021/0296(COD)
Proposal for a directive
Recital 23
Recital 23
(23) Group pre-emptive recovery and resolution plans should be prepared for the group as a whole and should identify measures in relation to both an ultimate parent undertaking and individual subsidiaries that are part of that group. The extent to which subsidiaries are considered in the group pre-emptive recovery and resolution plans should, however, be proportionate to their relevance to the group and to policy holders, the real economy and the financial system in the Member States where those subsidiaries operate. The resolution authorities of the Member States where a group has subsidiaries should be involved in the drawing up of any resolution plans. The authorities concerned, acting within the supervisory or resolution colleges, should make every effort to reach a joint decision on the assessment and adoption of those plans. However, adequate crisis preparedness should not be affected by an absence of a joint decision within the supervisory or resolution colleges. In such cases, each supervisory authority responsible for a subsidiary should have the possibility to require a pre-emptive recovery plan for the subsidiaries under its jurisdiction and make its own assessment of the pre-emptive recovery plan. For the same reasons, each resolution authority responsible for a subsidiary should, for the subsidiaries under its jurisdiction, draw up and keep updated a resolution plan. The drawing up of individual pre-emptive recovery and resolution plans for undertakings that are a part of a group should remain exceptional, duly justified and apply the same standards that are applied to comparable undertakings in the Member State concerned. Where individual pre-emptive recovery and resolution plans for undertakings that are a part of a group are prepared, the authorities concerned should aim to achieve, to the extent possible, consistency with pre-emptive recovery and resolution plans for the rest of the group.
Amendment 56 #
2021/0296(COD)
Proposal for a directive
Recital 23 a (new)
Recital 23 a (new)
(23 a) Financial conglomerates risk to be simultaneously within the scope of both the insurance recovery & resolution directive (IRRD) and the banking recovery & resolution directive (BRRD). Two separate directives may thus in the case of financial conglomerates lead to two separate pre-emptive recovery plans and two separate pre-emptive resolution plans. To avoid excessive burden, financial conglomerates should be permitted to draw up one single pre- emptive recovery plan for the whole group. Likewise, it should be sufficient to require the resolution authority to draw up one single pre-emptive resolution plan for the whole group.
Amendment 61 #
2021/0296(COD)
Proposal for a directive
Recital 72
Recital 72
(72) EIOPA should promote convergence of the practices of resolution authorities through guidelines that are issued in accordance with Article 16 of Regulation (EU) No 1094/2010. More in particular, EIOPA should specify all of the following: (a) the application of simplified obligations for certain undertakings; (b) the methods to be used when determining the market shares and the criteria for the scope of pre-emptive recovery planning; (c) a minimum list of qualitative and quantitative indicators and a range of scenarios for pre-emptive recovery plans; (d) the criteria for the identification of critical functions; (e) the details on the measures to address or remove impediments to resolvability and the circumstances in which each measure may be applied; and (f) how information should be provided in summary or collective form for the purpose of confidentiality requirements.
Amendment 77 #
2021/0296(COD)
Proposal for a directive
Article 2 – paragraph 2 – point 19
Article 2 – paragraph 2 – point 19
(19) ‘critical functions’ means activities, services or operationinsurance products’ means services performed by an insurance or reinsurance undertaking for third parties that cannot be substituted within a reasonable time or at a reasonable cost, and where the inability of the insurance and reinsurance undertaking to perform the activities, services or operationservices would be likely to have a significant impact on the financial system and the real economy in one or more Member States, including by affecting the social welfare of a large number of policy holders, beneficiaries or injured parties or by giving rise to systemic disruption or by undermining general confidence in the provision of insurance services; (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 89 #
2021/0296(COD)
Proposal for a directive
Article 4 – paragraph 1
Article 4 – paragraph 1
Amendment 91 #
2021/0296(COD)
Proposal for a directive
Article 5 – paragraph 1 – subparagraph 1
Article 5 – paragraph 1 – subparagraph 1
1. Member States shall ensure that insurance and reinsurance undertakings that are not part of a group subject to pre- emptive recovery planning pursuant to Article 7 and that meet the criteria laid down in paragraphs 2 or 3, draw up and keep updated a pre- emptive recovery plan. Such pre-emptive recovery plan shall contain measures to be taken by the undertaking concerned to restore its financial position where that position has significantly deteriorated. A significant deterioration in the financial position is considered to have occurred if the eligible funds fail to cover the Solvency Capital Requirement as laid down in Title I, Chapter VI, Section 4, of Directive 2009/138/EC [Solvency II].
Amendment 92 #
2021/0296(COD)
Proposal for a directive
Article 5 – paragraph 1 – subparagraph 2
Article 5 – paragraph 1 – subparagraph 2
The drawing up, the keeping up-to-date and application of pre- emptive recovery plans shall be considered to be part of the system of governance within the meaning of Article 41 of Directive 2009/138/EC.
Amendment 97 #
2021/0296(COD)
Proposal for a directive
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
Supervisory authorities shall ensure that at least 80% of the Member State’s life and non-life and reinsurance market respectively, where the non-life market share is based on gross written premiums and the life market share is based on gross technical provisions, shall be subject tomay require insurance and reinsurance undertakings that risk experiencing a significant deterioration of their financial position to draw up and submit a pre-emptive recovery planning requirements pursuant to this Article.
Amendment 98 #
2021/0296(COD)
Proposal for a directive
Article 5 – paragraph 2 – subparagraph 3
Article 5 – paragraph 2 – subparagraph 3
Amendment 101 #
2021/0296(COD)
Proposal for a directive
Article 5 – paragraph 3 – subparagraph 2
Article 5 – paragraph 3 – subparagraph 2
Amendment 103 #
2021/0296(COD)
Proposal for a directive
Article 5 – paragraph 4
Article 5 – paragraph 4
Amendment 105 #
2021/0296(COD)
Proposal for a directive
Article 5 – paragraph 5
Article 5 – paragraph 5
5. Supervisory authorities shall ensure thatmay require insurance and reinsurance undertakings that remain at risk to experience a significant deterioration of their financial position to update their pre- emptive recovery plans at least annually and after a change to the legal or organisational structure of the undertaking concerned, or to its business or its financial situation, which could have a material effect on, or necessitates a material change to, the pre- emptive recovery plan.
Amendment 121 #
2021/0296(COD)
Proposal for a directive
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
1. Member States shall ensure that group supervisors may require ultimate parent undertakings to draw up and submit to the group supervisor a group pre- emptive recovery plan when the ultimate undertaking or one of the material undertakings within the group risk experiencing a significant deterioration of its financial position.
Amendment 126 #
2021/0296(COD)
Proposal for a directive
Article 7 – paragraph 6 a (new)
Article 7 – paragraph 6 a (new)
6 a. Member states shall ensure that financial conglomerates that are subject to Directive 2002/87/EC of the European Parliament and of the Council are permitted to draft one single pre-emptive recovery plan for the whole group. The group supervisor of the insurance activities shall coordinate with the group supervisor of the credit institution or investment firm.
Amendment 133 #
2021/0296(COD)
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 2
Article 9 – paragraph 2 – subparagraph 2
Resolution authorities shall ensure that at least 70% of the Member State’s life and non-life and reinsurance market respectively, where the non-life market share is based on gross written premiums and the life market share is based on gross technical provisions, shall be subject to resolution planning. In the calculation of the market coverage level, the subsidiaries of a group may be taken into account where those subsidiaries are covered in the group resolution plan referred to in Article 10may subject insurance and reinsurance undertakings that risk experiencing a significant deterioration of their financial position to resolution planning.
Amendment 134 #
2021/0296(COD)
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 3
Article 9 – paragraph 2 – subparagraph 3
Amendment 138 #
2021/0296(COD)
Proposal for a directive
Article 9 – paragraph 5 – subparagraph 1
Article 9 – paragraph 5 – subparagraph 1
5. Resolution authorities shallmay review, and where necessary update, resolution plans at least annually andof insurance and reinsurance undertakings that risk experiencing a significant deterioration of their financial position, and in particular after any material change to the legal or organisational structure of the insurance or reinsurance undertaking or to its business or its financial position that could have a material effect on the effectiveness of the plan or otherwise necessitate a revision of the resolution plan.
Amendment 142 #
2021/0296(COD)
Proposal for a directive
Article 9 – paragraph 9 a (new)
Article 9 – paragraph 9 a (new)
9 a. Member States shall ensure that the resolution authorities shall draft one single pre-emptive resolution plan for the whole group, where the group subject to the resolution plan is a financial conglomerate subject to Directive 2002/87/EC of the European Parliament and of the Council. The group resolution authority of the insurance undertakings shall coordinate with the group resolution authority of the credit institution or investment firm.
Amendment 143 #
2021/0296(COD)
Proposal for a directive
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Member States shall ensure that group resolution authorities may draw up group resolution plans when the ultimate parent undertaking or one of the material undertakings within the group risk experiencing a significant deterioration of their financial position.
Amendment 145 #
2021/0296(COD)
Proposal for a directive
Article 11 – paragraph 3
Article 11 – paragraph 3
3. Member States shall ensure that group resolution plans armay be reviewed, and where appropriate updated, at least annually, and when the ultimate parent undertaking or one of the material undertakings within the group risks experiencing a significant deterioration of its financial position, in particular after any change to the legal or organisational structure, to the business or to the financial position of the group including any group entity, that could have a material effect on or require a change to the plan.
Amendment 167 #
2021/0296(COD)
Proposal for a directive
Article 26 – paragraph 2 – subparagraph 2
Article 26 – paragraph 2 – subparagraph 2
Amendment 172 #
2021/0296(COD)
Proposal for a directive
Article 26 – paragraph 5
Article 26 – paragraph 5
5. The resolution authority may recover any reasonable expenses properly incurred in connection with the use of the resolution tools or exercising the resolution powers in one or more of the following ways: (a) as a deduction from any consideration paid by a recipient to the undertaking under resolution or, as the case may be, to the owners of the shares or other instruments of ownership; (b) Member States shall ensure that a financing mechanism is in place to that ensures the performance of the obligations deriving from this Directive. This financing mechanism shall at least: (a) cover the expenses arising from the compensation of sharesholution, as a preferred creditor; (c) result of the termination of the operation of the bridge undertaking, the asset and liability management vehicle or the insurance or reinsurance undertaking in solvent run-off, as a preferred creditor.ders, creditors or policyholders as a consequence of Article 55; (b) be based on the home-country principle. from the undertaking under from any proceeds generated as a
Amendment 179 #
2021/0296(COD)
Proposal for a directive
Article 34 – paragraph 1 – subparagraph 1 – point b a (new)
Article 34 – paragraph 1 – subparagraph 1 – point b a (new)
(b a) to restore the viability of a failing entity where that is necessary to ensure the continuity of critical insurance products.
Amendment 256 #
2021/0295(COD)
Proposal for a directive
Recital 36
Recital 36
(36) Directive 2009/138/EC provides for a volatility adjustment, which seeks to mitigate the effect of exaggerations of bond spreads and is based on reference portfolios for the relevant currencies of insurance and reinsurance undertakings and, in the case of the euro, on reference portfolios for national insurance markets. The use of a uniform volatility adjustment for entire currencies or countries can lead to benefits in excess of a mitigation of exaggerated bond spreads, in particular where the sensitivity of relevant assets of those undertakings to changes in credit spreads is lower than the sensitivity of the relevant best estimate to changes in interest rates. In order to avoid such excessive benefitversely, the use of a uniform volatility adjustment for entire currencies or countries can lead in exceptional circumstances to a situation where the sensitivity to changes in credit spreads of particular investments of undertakings are not sufficiently taken into account. In order to avoid inappropriate corrections from the volatility adjustment, the volatility adjustment should be subject to supervisory approval and its calculation should take into account undertaking- specific characteristics related to the spread sensitivity of assets and the interest rate sensitivity of the best estimate of technical provisions. Moreover, minimum conditions for the use of the volatility adjustment should be introduced as an additional safeguard. Member States, some of which already subject the use of the volatility adjustment to a supervisory approval process, should have the option to extend the conditions for approval to include an assessment against the underlying assumptions of the volatility adjustment. In light of the additional safeguards, insurance and reinsurance undertakings should be allowed to add up to an increased proportion of 85% of the risk-corrected spread derived from the representative portfolios to the basic risk- free interest rate term structure.
Amendment 258 #
2021/0295(COD)
Proposal for a directive
Recital 36 a (new)
Recital 36 a (new)
(36 a) Where the undertaking invests in debt instruments which have a better credit quality than the debt instruments contained in the representative portfolio for the calculation of the volatility adjustment, the volatility adjustment may overcompensate the loss of own funds caused by widening bond spreads and may lead to undue volatility in the own funds. Alternatively, where the undertaking invests in debt instruments which are underrepresented in the representative portfolio for the calculation of the volatility adjustment, the volatility adjustment may underestimate the loss of own funds caused by widening bond spreads and may lead to undue volatility in the own funds. With the objective to offset the artificial volatility caused by such inappropriate corrections, in these cases undertakings should be able to apply for a modification of the volatility adjustment that takes into account information on the undertaking specific investments in debt instruments.
Amendment 284 #
2021/0295(COD)
Proposal for a directive
Recital 64
Recital 64
(64) There is a lack of clarity regarding the types of undertakings for which Method 2, namely a deduction and aggregation method as defined in Article 233 of Directive 2009/138/EC, may be applied when calculating group solvency, which is detrimental to the level-playing field in the Union. Therefore, it should be clearly specified which undertakings may be included in the group solvency calculation through Method 2. Such method should only apply to insurance and reinsurance undertakings, third-country insurance and reinsurance undertakings, undertakings belonging to other financial sectors, mixed financial holding companies, insurance holding companies, and other parent undertakings the main business of which is to acquire and hold participations in subsidiary undertakings, where those subsidiary undertakings are exclusively or mainly insurance or reinsurance undertakings, or third-country insurance or reinsurance undertakings. It is also important to ensure that prudential rules warrant a level-playing field at global level for all insurance groups which are subject to Title III of Directive 2009/138/EC and which operate in third countries. For this reason, where an international group includes insurance or reinsurance undertakings with head offices in third countries whose solvency regimes have been deemed equivalent or provisionally equivalent in accordance with Article 227 of that Directive, the group supervisor should give such a consideration priority when deciding on whether method 2 should be used instead of – or in combination with – method 1 (accounting-based consolidation method).
Amendment 288 #
2021/0295(COD)
Proposal for a directive
Recital 72
Recital 72
(72) There is no legal provision specifying how to calculate group solvency when a combination of Method 1 and Method 2 is used. This leads to inconsistent practices and uncertainties, in particular in relation to the way of calculating the contribution to the group Solvency Capital Requirement of insurance and reinsurance undertakings included through Method 2. Therefore, it should be clarified how group solvency is to be calculated when a combination of methods is used. In order to avoid material increases and double counting in capital requirements as well as to preserve a level playing field for insurance and reinsurance groups at global level, it should be clarified that, for the purpose of calculating the consolidated group Solvency Capital Requirement, no equity risk capital charge is to be applied to such holdings. For the same reason, and because currency risk charge should only be appannot lead to a breach in the Solvency Capital Requirements as long as the solo undertakings are well capitalized to, currency risk of the value of those holdings that is in excess of the Solvency Capital Requirements of those related undertakings should be assessed and managed in the Own Risk and Solvency Assessment. Participating insurance or reinsurance undertakings should be allowed to take into account diversification between that currency risks and other risks underlying the calculation of the consolidated group Solvency Capital Requirement.
Amendment 302 #
2021/0295(COD)
Proposal for a directive
Recital 82 a (new)
Recital 82 a (new)
(82 a) The supervision of phasing-in plans for the transitional measures on risk-free interest rates and on technical provisions should be improved, in particular by strengthening the power of the supervisor to withdraw those transitional measures where progress towards compliance with the Solvency Capital Requirement at the end of the transitional period is not achieved or where such compliance is unrealistic. In particular, the compliance could be considered unrealistic where it is based on the assumption that the situation of financial markets at the end of the transitional period is improved compared to the situation at the time of the assessment.
Amendment 422 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 18
Article 1 – paragraph 1 – point 18
Directive 2009/138/EC
Article 35b – paragraph 2
Article 35b – paragraph 2
2. Member States shall ensure that insurance and reinsurance undertakings submit the information referred to in Article 35(1) to (4) on a quarterly basis no later than fivesix weeks after the end of each quarter.
Amendment 553 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 36 – point a (new)
Article 1 – paragraph 1 – point 36 – point a (new)
Directive 2009/138/EC
Article 77 – paragraph 3 a (new)
Article 77 – paragraph 3 a (new)
3a. The risk margin for the entire portfolio of insurance and reinsurance obligations shall be calculated using the following formula: RM = CoC * Σt≥0 (0.995t*SCR(t)/((1+r(t+1))t+1) where (a) CoC denotes the Cost-of-Capital rates and shall be assumed to be equal to 6%. (b) the sum covers all integers including zero (c) SCR(t) denotes the Solvency Capital Requirement after t years (d) r(t+1) denotes the basic risk-free interest rate for the maturity of t+1 years.
Amendment 565 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 37
Article 1 – paragraph 1 – point 37
Directive 2009/138/EC
Article 77a – paragraph 2 – subparagraph 1
Article 77a – paragraph 2 – subparagraph 1
2. For the purpose of paragraph 1, second subparagraph, any parameters determining the speed of the convergence of the forward rates towards the ultimate forward rate of the extrapolation may be chosen such that on [OP please insert date = application date] the risk-free interest rate term structure is sufficiently similar to the risk-free interest rate term structure on that date determined in line with the rules for the extrapolation applicable on [OP please insert date = one day before date of application]. Those parameters of the extrapolation shall be decreased linearly at the beginning of each calendar year, during a transitional period. The final parameters of the extrapolation shall be applied as of 1 January 2032The extrapolated risk-free rate shall be determined as follows: rFSP+h = FSP+h√((1+rFSP)FSP * exp(h*fh)) - 1 Where: fh = ln(1+UFR) + [(LLFR - ln(1+UFR)] * ((1-exp(-a*h)/(a*h)) (a) UFR is the Ultimate Forward Rate (b) a is the convergence speed parameter (c) LLFR is the Last Liquid Forward Rate (d) FSP is the First Smoothing Point The convergence speed parameter a shall be set at 5%.
Amendment 577 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 38 – point b
Article 1 – paragraph 1 – point 38 – point b
Directive 2009/138/EC
Article 77d – paragraph 1 c (new)
Article 77d – paragraph 1 c (new)
1c. Insurance and reinsurance undertakings may, subject to prior approval by the supervisory authority, apply an undertaking-specific adjustment to this risk-corrected spread of the currency referred to in paragraph 3, under the conditions that: (i) This risk-corrected spread exceeded, during the four previous quarterly reporting periods prior to the application date, the risk-corrected spread calculated based on the undertaking’s portfolio of investments in debt instruments; and (ii) The information that is inherent to the relevant assets of the undertaking and that is reported by the undertaking in line with Article 35(1) to (4) is of sufficient quality to allow a robust and reliable calculation of this adjustment. This adjustment shall correspond to the lowest between 150% and the ratio of the risk-corrected spread calculated based on the undertaking’s portfolio of investments in debt instruments and the risk-corrected spread calculated based on the reference portfolio for the relevant currency. The risk-corrected spread based on the undertaking’s portfolio of investments in debt instruments shall be calculated in the same manner as the risk-corrected spread based on the reference portfolio for the relevant currency, but using undertaking- specific data on the weights and the average duration of the relevant sub- classes within the undertaking’s portfolio of investments in debt instruments for the relevant currency. Where the adjustment is applied, the volatility adjustment shall not be increased by a macro volatility adjustment as referred to in paragraph 4. Insurance and reinsurance undertakings shall immediately stop applying this adjustment when it increases the risk- correction spread of the currency referred to in paragraph 3 for four consecutive quarterly reporting periods.
Amendment 585 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 38 – point c
Article 1 – paragraph 1 – point 38 – point c
Directive 2009/138/EC
Article 77d – paragraph 3 – subparagraph 1 – point b a (new)
Article 77d – paragraph 3 – subparagraph 1 – point b a (new)
(b a) IRcu is the illiquidity ratio of an insurance or reinsurance undertaking for the currency cu;
Amendment 586 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 38 – point c
Article 1 – paragraph 1 – point 38 – point c
Directive 2009/138/EC
Article 77d– paragraph 3 – subparagraph 2 a (new)
Article 77d– paragraph 3 – subparagraph 2 a (new)
IRcu measures the degree of illiquidity of the liabilities of an insurance or reinsurance undertaking for the currency cu. It is determined on the basis of the mortality risk and the lapse risk inherent to the liabilities. It shall not be lower than 60% and not higher than 100%.
Amendment 589 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 38 – point c
Article 1 – paragraph 1 – point 38 – point c
Directive 2009/138/EC
Article 77d – paragraph 3 a (new)
Article 77d – paragraph 3 a (new)
3a. The portion of the spread that is attributable to a realistic assessment of expected losses, unexpected credit risk or any other risk shall be calculated as a function of the long-term average spread and the level of the spread.
Amendment 592 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 38 – point c
Article 1 – paragraph 1 – point 38 – point c
Directive 2009/138/EC
Article 77d – paragraph 4 – subparagraph 1 – point b a (new)
Article 77d – paragraph 4 – subparagraph 1 – point b a (new)
(b a) IReuro is the illiquidity ratio of an insurance or reinsurance undertaking for the euro
Amendment 593 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 38 – point c
Article 1 – paragraph 1 – point 38 – point c
Directive 2009/138/EC
Article 77d – paragraph 4 – subparagraph 2 a (new)
Article 77d – paragraph 4 – subparagraph 2 a (new)
IReuro shall be calculated as the illiquidity ratio of an insurance or reinsurance undertaking for the euro in accordance with paragraph 3.
Amendment 627 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 43 a (new)
Article 1 – paragraph 1 – point 43 a (new)
Directive 2009/138/EC
Article 105 a (new)
Article 105 a (new)
Amendment 645 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 46 – point b
Article 1 – paragraph 1 – point 46 – point b
Directive 2009/138/EC
Article 111 – paragraph 1 – subparagraph 2 a (new)
Article 111 – paragraph 1 – subparagraph 2 a (new)
Where the Commission adopts delegated acts pursuant to point (c) of the first subparagraph to specify the methods, assumptions and standard parameters to be used for calculating the interest rate risk sub-module referred to in Article 105(5)(a) with the objective to improve the sensitivity of capital requirements in line with developments in interest rates, insurance or reinsurance undertakings may phase in such adjustments to the interest rate risk sub-module over a transitional period of up to five years.
Amendment 716 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 61 – point c
Article 1 – paragraph 1 – point 61 – point c
Directive 2009/138/EC
Article 212 – paragraphs 3 to 6
Article 212 – paragraphs 3 to 6
Amendment 727 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 62 – point c
Article 1 – paragraph 1 – point 62 – point c
Directive 2009/138/EC
Article 213 – paragraphs 3a to 3c
Article 213 – paragraphs 3a to 3c
Amendment 764 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 75
Article 1 – paragraph 1 – point 75
Directive 2009/138/EC
Article 233a – paragraph 3 – subparagraph 2
Article 233a – paragraph 3 – subparagraph 2
For the purposes of paragraph 1, point (b) (i), of this Article, the value of holdings in undertakings referred to in Article 220(3) to which method 2 is applied, in excess of their own Solvency Capital Requirement, shall be included in the consolidated data when calculating the sensitivity of assets and liabilities to changes in the level or in the volatility of currency exchange rates (‘currency risk’). However, tsensitivity of assets and liabilities to changes in the level or volatility of currency exchange rates of holdings in undertakings referred to in Article 220(3) to which method 2 is applied, shall be part of the assessment referred to in Article 45(1). The value of those holdings shall not be assumed to be sensitive to changes in the level or in the volatility of market prices of equities (‘equity risk’).
Amendment 765 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 79
Article 1 – paragraph 1 – point 79
Directive 2009/138/EC
Article 246 – paragraph 1, 2(2), 2(3), 4(1) second sentence and 5
Article 246 – paragraph 1, 2(2), 2(3), 4(1) second sentence and 5
Amendment 797 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 94 – point c
Article 1 – paragraph 1 – point 94 – point c
Directive 2009/138/EC
Article 308b – paragraph 17 – subparagraphs 1a and 1b
Article 308b – paragraph 17 – subparagraphs 1a and 1b
Amendment 803 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 96 a (new)
Article 1 – paragraph 1 – point 96 a (new)
Directive 2009/138/EC
Article 308e
Article 308e
(96a) Article 308e is replaced by the following: "Article 308e Phasing- in plan on the transitional measures on risk-free interest rates and on technical provisions Insurance and reinsurance undertakings that apply the transitional measures set out in Articles 308c or 308d shall inform the supervisory authority as soon as they observe that they would not comply with the Solvency Capital Requirement without application of these transitional measures. The supervisory authority shall require the insurance or reinsurance undertaking concerned to take the necessary measures to ensure compliance with the Solvency Capital Requirement at the end of the transitional period. Within two months from observation of non-compliance with the Solvency Capital Requirement without application of these transitional measures, the insurance or reinsurance undertaking concerned shall submit to the supervisory authority a phasing-in plan setting out the planned measures, including the timing of those measures, to establish the level of eligible own funds covering the Solvency Capital Requirement or to reduce its risk profile to ensure compliance with the Solvency Capital Requirement at the end of the transitional period. The insurance or reinsurance undertaking concerned may update the phasing-in plan during the transitional period. Within two months from observation of non-compliance with the Solvency Capital Requirement without application of these transitional measures, the insurance orThe insurance and reinsurance undertakings concerned shall submit annually a report to their supervisory authority a phasing-in plan setting out the planned measures to establish the level of eligible own funds covering the Solvency Capital Requirement or to reduce its risk profile to ensure compliance with the Solvency Capital Requirement at the end of the transitional period. The insurance or reinsurance undertaking concerned may update the phasing-in plan during the transitional period. The insurance and reinsurancaken and the progress made to ensure compliance with the Solvency Capital Requirement at the end of the transitional period. Supervisory authorities may revoke the approval for the application of the transitional measure set out in Articles 308c and 308d where the undertakings concerned shall submit annually a report toannot demonstrate to the satisfaction of their supervisory authority setting out the measures taken and the progress made to ensurethat sufficient progress has been made with respect to compliance with the Solvency Capital Requirement without transitional measures at the end of the transitional period. Supervisory authorities shall revoke the approval for the application of the transitional measure where that progress report showsey consider that compliance with the Solvency Capital Requirement at the end of the transitional period is unrealistic. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02009L0138-20210630); " Or. en
Amendment 132 #
2021/0223(COD)
Proposal for a regulation
Recital -1 (new)
Recital -1 (new)
(-1) It is unfortunate that to date the Commission has failed to produce a comprehensive overall impact assessment for the entire "Fit for 55"-package, elaborating on its cumulative and combined effects. This is problematic since the overall impact of the package on social costs and their distribution, competitiveness, jobs, carbon and business leakage remains unclear. The absence of this overall assessment equally impedes a clear view of synergies and interdependencies between the various proposals of the "Fit for 55"-package. Moreover, the "Fit for 55"-package should also be aligned with more recent climate proposals.
Amendment 147 #
2021/0223(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4 a) There is a clear need for alignment between various proposals of the "Fit for 55"-package to ensure overall coherence and synergies, in particular for the demand, supply and support of shore- side electricity.
Amendment 283 #
2021/0223(COD)
Proposal for a regulation
Recital 32
Recital 32
(32) Shore-side electricity facilities can serve maritime and inland waterway transport as clean power supply and contribute to reducing the environmental impact of seagoing ships and inland waterway vessels, mainly at berth in ports. Under the FuelEU maritime initiative, ship operators of container and passenger ships need to comply with provisions to reduce emissions at berth. Mandatory deployment targets should ensure that the sector finds sufficient shore-side electricity supply in TEN-T core and comprehensive maritime ports to comply with those requirements. The application of these targets to all TEN- T maritime ports should ensure the level playing field between ports.
Amendment 292 #
2021/0223(COD)
Proposal for a regulation
Recital 32 a (new)
Recital 32 a (new)
(32 a) Maritime ports are very divers (in terms of size, traffic segments served, governance and geographical location). This has to be taken into account in the deployment and supply of shore-side electricity and may lead to different divisions of responsibility in this regard.
Amendment 295 #
2021/0223(COD)
Proposal for a regulation
Recital 32 b (new)
Recital 32 b (new)
(32 b) Deploying shore-side electricity entails high costs. Therefore, investments have to be prioritised based on potential emission reduction, economic viability and grid capacity.
Amendment 312 #
2021/0223(COD)
Proposal for a regulation
Recital 34
Recital 34
(34) These targets should take into account the types of vessels served and their respective traffic volumes. Maritime portterminals with low traffic volumes of certain ship categories, should be exempted from the mandatory requirements for the corresponding ship categories based on a minimum level of traffic volume per terminal, so as to avoid underused capacity being installed. Similarly, the mandatory targets for each terminal should not aim to target maximum demand, but a sufficiently high volume, in order to avoid underused capacity for certain ship categories and to take account of port operational characteristics. Maritime transport is an important link for the cohesion and economic development of islands in the Union. Energy production capacity in these islands may not always be sufficient to account for the power demand required to support the provision of shore- side electricity supply. In such a case islands should be exempted from this requirement unless and until such an electrical connection with the mainland has been completed or there is a sufficient locally generated capacity from clean energy sources.
Amendment 333 #
2021/0223(COD)
Proposal for a regulation
Recital 35 a (new)
Recital 35 a (new)
(35 a) The development and deployment of renewable and low-carbon maritime fuels and broader energy solutions for the maritime sector will require time, research and significant financing. Therefore, it is premature to already set ammonia and hydrogen infrastructure requirements in ports. Stresses in this regard the importance of dialogue with all actors in the value chain in order to better understand the needs and possibilities.
Amendment 817 #
2021/0223(COD)
Proposal for a regulation
Article 9 – paragraph 1 – introductory part
Article 9 – paragraph 1 – introductory part
1. Member States shall ensure that a minimumn adequate shore-side electricity supply for seagoing container and passenger ships is provided in maritime ports. To that end, Member States shall take the necessary measures to ensure that by 1 January 2030 in TEN-T core and comprehensive maritime ports:
Amendment 826 #
2021/0223(COD)
Proposal for a regulation
Article 9 – paragraph 1 – point a
Article 9 – paragraph 1 – point a
(a) TEN-T core and TEN-T comprehensive maritime portterminals whose average annual number of port calls over the last three years by seagoing container ships above 5000 gross tonnes, in the previous three years, is above 50 have sufficient shore-side power output to meet at leastprovide shore-side electricity for 90% of that demandese calls;
Amendment 836 #
2021/0223(COD)
Proposal for a regulation
Article 9 – paragraph 1 – point b
Article 9 – paragraph 1 – point b
(b) TEN-T core and TEN-T comprehensive maritime portterminals whose average annual number of port calls over the last three years by seagoing ro-ro passenger ships and high-speed passenger craft above 5000 gross tonnes, in the previous three years, is above 40 have sufficient shore-side power output to satisfy at leastprovide shore-side electricity for 90% of that demandese calls;
Amendment 844 #
2021/0223(COD)
Proposal for a regulation
Article 9 – paragraph 1 – point c
Article 9 – paragraph 1 – point c
(c) TEN-T core and TEN-T comprehensive maritime portterminals whose average annual number of port calls over the last three years by passenger ships other than ro-ro passenger ships and high- speed passenger craft above 5000 gross tonnes, in the previous three years, is above 25 have sufficient shore-side power output to meet at leastprovide shore-side electricity for 90% of that demande calls.
Amendment 851 #
2021/0223(COD)
Proposal for a regulation
Article 9 – paragraph 2 – introductory part
Article 9 – paragraph 2 – introductory part
2. For the determination of the number of port calls at terminals in accordance with Article 9(1) the following port calls shall not be taken into account:
Amendment 865 #
2021/0223(COD)
Proposal for a regulation
Article 9 – paragraph 2 – point b
Article 9 – paragraph 2 – point b
(b) port calls at a terminal by ships that use zero- emission technologies, as specified in Annex III of the proposal for a Regulation COM(2021)562;
Amendment 1143 #
2021/0223(COD)
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
This Regulation shall enter into force after and based on an overall in-depth impact assessment of the Commission, analysing the combined and cumulative effects of the "Fit for 55" package, and thereafter on the twentieth day following that of its publication in the Official Journal of the European Union.
Amendment 58 #
2021/0218(COD)
Proposal for a directive
Recital -1 (new)
Recital -1 (new)
(-1) It is unfortunate that to date the Commission has failed to produce a comprehensive overall impact assessment for the entire "Fit for 55" package, elaborating on its cumulative and combined effects. This is problematic since the overall impact of the package on social costs and their distribution, competitiveness, jobs, carbon and business leakage remains unclear. The absence of such an overall assessment also prevents a clear view of the synergies and interdependencies between the various proposals of the "Fit for 55" package. Moreover, the "Fit for 55"package should also be aligned with more recent climate-related proposals.
Amendment 69 #
2021/0218(COD)
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
(2a) The transformation of the Union’s energy system towards renewable energy is not possible by means of domestic sources alone. A broad-based strategy for the importation of renewable electricity, renewable hydrogen and low-carbon energy from as many naturally suitable regions as possible is necessary, also to reduce fossil dependencies.
Amendment 249 #
2021/0218(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
Directive (EU) 2018/2001
Article 22a – paragraph 2 a (new)
Article 22a – paragraph 2 a (new)
2a. By ... [one year after the entry into force of this amending Directive], the Commission shall develop a global import strategy for renewable fuels of non- biological origin and low carbon hydrogen. That strategy shall include indicative targets and measures for imports of renewable electricity and of renewable fuels of non-biological origin. Member States shall take appropriate measures to implement the strategy in their integrated national energy and climate plans and progress reports submitted pursuant to Articles 3, 14 and 17 of Regulation (EU) 2018/1999.
Amendment 384 #
2021/0218(COD)
Proposal for a directive
Article 7 – paragraph 1
Article 7 – paragraph 1
This Directive shall enter into force after and based on an overall in-depth impact assessment of the Commission, analysing the combined and cumulative effects of the "fit for 55" package, and thereafter on the twentieth day following that of its publication in the Official Journal of the European Union.
Amendment 50 #
2021/0211(COD)
Proposal for a directive
Recital 6 a (new)
Recital 6 a (new)
(6 a) It is unfortunate that to date the Commission has failed to produce a comprehensive overall impact assessment for the entire "fit for 55" package, elaborating on its cumulative and combined effects. This is problematic since the overall impact of the package on social costs and their distribution, competitiveness, jobs, carbon and business leakage remains unclear. The absence of this overall assessment equally impedes a clear view of synergies and interdependencies between the various proposals of the "fit for 55" package. Moreover, the "fit for 55" package should also be aligned with more recent climate proposals.
Amendment 53 #
2021/0211(COD)
Proposal for a directive
Recital 14 a (new)
Recital 14 a (new)
(14 a) Maritime transport is not only an important sector for the European economy but it is also essential for European connectivity. The sector operates in an international environment and requires a global level playing field to remain competitive. Therefore, without prejudice to European measures, a global market-based measure remains the most effective option for this sector and the Union should continue its efforts to find a proper solution at international level.
Amendment 86 #
2021/0211(COD)
Proposal for a directive
Recital 20
Recital 20
(20) The person or organisation responsible for the compliance with the EU ETS should be the shipping company, defined as the shipowner or any other organisation or person, such as the manager or the bareboat charterer, that has assumed the responsibility for the operation of the ship from the shipowner and that, on assuming such responsibility, has agreed to take over all the duties and responsibilities imposed by the International Management Code for the Safe Operation of Ships and for Pollution Prevention. This definition is based on the definition of ‘company’ in Article 3, point (d) of Regulation (EU) 2015/757, and in line with the global data collection system established in 2016 by the IMOregistered shipowner. In line with the polluter pays principle, the shipping companyregistered shipowner could, by means of a contractual arrangement, hold the entity that is directly responsible for the decisions affecting the CO2 emissions of the ship accountable for the compliance costs under this Directive. This entity would normally be the entity that is responsible for the choice of fuel, route and speed of the ship.
Amendment 245 #
2021/0211(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point d
Article 1 – paragraph 1 – point 2 – point d
Directive 2003/87/EC
Article 3 – point v
Article 3 – point v
(v) ‘shipping company’ means the shipowner or any other organisation or person, such as the manager or the bareboat charterer, that has assumed the responsibility for the operation of the ship from the shipowner and that, on assuming such responsibility, has agreed to take over all the duties and responsibilities imposed by the International Management Code for the Safe Operation of Ships and for Pollution Prevention, set out in Annex I to Regulation (EC) No 336/2006 of the European Parliament and of the Council(*)registered shipowner;
Amendment 321 #
2021/0211(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2003/83/EC
Article 3ge – paragraph 1
Article 3ge – paragraph 1
1. The Commission shall consider possible amendments in relation to the adoption by the International Maritime Organization of a global market-based measure to reduce greenhouse gas emissions from maritime transport, in order to ensure full compatibility with the global approach and to align the Union's policy accordingly. In the event of the adoption of such a measure, and in any event before the 2028 global stocktake and no later than 30 September 2028, the Commission shall present a report to the European Parliament and to the Council in which it shall examine any such measure. Where appropriate, the Commission may follow to the report with a legislative proposal to the European Parliament and to the Council to amend this Directive as appropriate.
Amendment 364 #
2021/0211(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 12 – point g
Article 1 – paragraph 1 – point 12 – point g
Directive 2003/87/EC
Article 10a – paragraph 8 – subparagraph 1
Article 10a – paragraph 8 – subparagraph 1
8. 365 million allowances from the quantity which could otherwise be allocated for free pursuant to this Article, and 85 million allowances from the quantity which could otherwise be auctioned pursuant to Article 10, as well as the allowances resulting from the reduction of free allocation referred to in Article 10a(1a), shall be made available to a Fund with the objective of supporting innovation in low-carbon technologies and processes enabling the deployment of alternative fuels infrastructure, and contribute to zero pollution objectives (the ‘Innovation Fund’). Allowances that are not issued to aircraft operators due to the closure of aircraft operators and which are not necessary to cover any shortfall in surrenders by those operators, shall also be used for innovation support as referred to in the first subparagraph.
Amendment 394 #
2021/0211(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 18 – point a
Article 1 – paragraph 1 – point 18 – point a
Directive 2003/87/EC
Article 16 – paragraph 2
Article 16 – paragraph 2
2. Member States shall ensure the publication of the names of operators, aircraft operators and shipping companieregistered shipowners who are in breach of requirements to surrender sufficient allowances under this Directive.;
Amendment 395 #
2021/0211(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b
Article 1 – paragraph 1 – point 18 – point b
Directive 2003/87/EC
Article 16 – paragraph 3a
Article 16 – paragraph 3a
3a. The penalties set out in paragraph 3 shall also apply in respect of shipping companieregistered shipowners.;
Amendment 396 #
2021/0211(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 18 – point c
Article 1 – paragraph 1 – point 18 – point c
Directive 2003/87/EC
Article 16 – paragraph 11a
Article 16 – paragraph 11a
11a. In the case of a shipping companyregistered shipowner that has failed to comply with the surrender requirements for two or more consecutive reporting periods and where other enforcement measures have failed to ensure compliance, the competent authority of the Member State of the port of entry may, after giving the opportunity to the shipping companyregistered shipowner concerned to submit its observations, issue an expulsion order which shall be notified to the Commission, the European Maritime Safety Agency (EMSA), the other Member States and the flag State concerned. As a result of the issuing of such an expulsion order, every Member State, with the exception of the Member State whose flag the ship is flying, shall refuse entry of the ships under the responsibility of the shipping companyregistered shipowner concerned into any of its ports until the companyowner fulfils its surrender obligations in accordance with Article 12. Where the ship flies the flag of a Member State, the Member State concerned shall, after giving the opportunity to the companyowner concerned to submit its observations, order the ship to be detained until the shipping company fulfils its obligations. This paragraph shall be without prejudice to international maritime rules applicable in the case of ships in distress.;
Amendment 471 #
2021/0211(COD)
Proposal for a directive
Article 7 – paragraph 1
Article 7 – paragraph 1
This Directive shall enter into force after and based on an overall in-depth impact assessment of the Commission, analysing the combined and cumulative effects of the "fit for 55" package, and thereafter on the twentieth day following that of its publication in the Official Journal of the European Union.
Amendment 88 #
2021/0210(COD)
Proposal for a regulation
Recital -1 (new)
Recital -1 (new)
(-1) It is unfortunate that to date the Commission has failed to produce a comprehensive overall impact assessment for the entire "fit for 55"-package, elaborating on its cumulative and combined effects. This is problematic since the overall impact of the package on social costs and their distribution, competitiveness, jobs, carbon and business leakage remains unclear. The absence of this overall assessment equally impedes a clear view of synergies and interdependencies between the various proposals of the "fit for 55"-package. Moreover, the "fit for 55"-package should also be aligned with more recent climate proposals.
Amendment 91 #
2021/0210(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) Maritime transport accounts for around 75% of EU external trade and 31% of EU internal trade in terms of volume. At the same time, ship traffic to or from ports in the European Economic Area accounts for some 11% of all EU CO2 emissions from transport and 3-4% of total EU CO2 emissions. 400 million passengers embark or disembark annually in ports of Member States, including around 14 million on cruise ships. Maritime transport is therefore an essential component of Europe’s transport system and plays a critical role for the European economy. The maritime transport market is subject to strong competition between economic actors in the Union and beyond for which a global level playing field is indispensable. The stability and prosperity of the maritime transport market and its economic actors rely on a clear and harmonised policy framework where maritime transport operators, ports and other actors in the sector can operate on the basis of equal opportunities. Where market distortions occur, they risk putting ship operators or ports at a disadvantage compared to competitors within the maritime transport sector or in other transport sectors. In turn, this can result in a loss of competitiveness of the maritime transport industry, and a loss of connectivity for citizens and businesses
Amendment 103 #
2021/0210(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) There is a clear need for alignment between various proposals of the "fit for 55"-package to ensure overall coherence and synergies, in particular for the demand, supply and support of shore- side electricity.
Amendment 109 #
2021/0210(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) In the context of fuel transition to renewable and low carbon fuels and substitute sources of energy, it is essential to ensure the proper functioning of and fair competition in the EU maritime transport market regarding marine fuels, which account for a substantial share of ship operators’ costs. Differences in fuel requirements across Member States of the Union can significantly affect ship operators’ economic performance and negatively impact competition in the market. Due to the international nature of shipping, ship operators may easily bunker in third countries and carry large amounts of fuel. This may lead to carbon and business leakage and detrimental effects on the competitiveness of the sector if the availability of renewable and low carbon fuels in maritime ports under the jurisdiction of a Member State is not accompanied by requirements for their use that apply to all ship operators arriving at and departing from ports under the jurisdiction of Member States. This Regulation should lay down measures to ensure that the penetration of renewable low-carbon fuels in the marine fuels market takes place under the conditions of fair competition on the EU maritime transport market.
Amendment 195 #
2021/0210(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) The use of on-shore power supply (OPS) abates air pollution produced by ships as well as reduces the amount of GHG emissions generated by maritime transport when at berth. OPS represents an increasingly clean power supply available to ships at berth, in view of the growing renewables share in the EU electricity mix. While only the provision on OPS connection points is covered by Directive 2014/94/EU (Alternative Fuels Infrastructure Directive – AFID), the demand for and, as a result, the deployment of this technology has remained limited. Therefore specific rules should be established to mandate the use of OPS by the most polluting shipswhere effective emission reductions can be cost-efficiently achieved and to ensure the abatement of air pollution at berth and the economic viability of OPS.
Amendment 318 #
2021/0210(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point r
Article 3 – paragraph 1 – point r
(r) ‘on-shore power supply’ means the system to supply electricity to ships at berth, at low or high voltage, alternate or direct current, including ship side and shore side fixed, floating and mobile installations, when feeding directly the ship main distribution switchboard for powering hotel, service workloads or charging secondary batteries;
Amendment 394 #
2021/0210(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. FAs soon as possible and at the latest from 1 January 2030, a ship at berth at an SSE-equipped terminal in a port of call under the jurisdiction of a Member State shall connect to on- shore power supply and use it for all energy needs whileits electrical power demand at berth.
Amendment 412 #
2021/0210(COD)
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. Notwithstanding paragraph 1, if before 1 January 2030 and without prejudice to the exemptions of paragraph 3 (a) of this Article, a ship at berth at a terminal in a port of call under the jurisdiction of a Member State and in cases where this ship has an on-shore power installation on board and there is an operational SSE-infrastructure in place at berth, the ship shall connect to shore-side electricity and use it for all its electrical power demand at berth.
Amendment 420 #
2021/0210(COD)
Proposal for a regulation
Article 5 – paragraph 3 – point a
Article 5 – paragraph 3 – point a
(a) that are at berth for less than two hours, calculated on the basis of estimated hour of departure and arrival monitored in accordance with Article 14;
Amendment 422 #
2021/0210(COD)
Proposal for a regulation
Article 5 – paragraph 3 – point b
Article 5 – paragraph 3 – point b
(b) that use zero-emission technologies, as specified in Annex III; the use of these zero-emission technologies shall continuously achieve emissions that are equivalent to the emission reductions that would be achieved by using on-shore power supply.
Amendment 427 #
2021/0210(COD)
Proposal for a regulation
Article 5 – paragraph 3 – point d
Article 5 – paragraph 3 – point d
(d) that are unable to connect to on- shore power supply due to unavailable connection points in a portat the terminals for the given ship segment, in a maritime port which does not belong to the TEN-T core or comprehensive network;
Amendment 435 #
2021/0210(COD)
Proposal for a regulation
Article 5 – paragraph 3 – point e
Article 5 – paragraph 3 – point e
(e) that are unable to connect to on- shore power supply because the shore installation at the port is not compatible with the on-board on-shore power equipment, provided that the installation for shore-connection on-board the ship is certified in accordance with the standards specified in Annex II of AFIR for seagoing ships shore connection systems;
Amendment 443 #
2021/0210(COD)
Proposal for a regulation
Article 5 – paragraph 5 a (new)
Article 5 – paragraph 5 a (new)
5a. From 1 January 2030, for ships that are at berth at a terminal in a port falling under the scope of Article 9 of AFIR equipped to provide the required shore-side electricity to supply a given ship type, the exceptions provided for in paragraph 3, points (d) and (e), shall not be applied to a ship of that given type, in total, more than five times or 10% of its total number of port calls at these terminals, whichever is the highest, during one reporting period. A port call shall not be counted for the purpose of compliance with this provision where the company demonstrates that it could not have reasonably known that the ship will be unable to connect for the reason referred to in paragraph 3, points (d) and (e).
Amendment 634 #
2021/0210(COD)
Proposal for a regulation
Article 30 – paragraph 1
Article 30 – paragraph 1
This Regulation shall enter into force after and based on an overall in-depth impact assessment of the Commission, analysing the combined and cumulative effects of the "fit for 55" package, and thereafter on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from 1 January 2025.
Amendment 153 #
2021/0203(COD)
Proposal for a directive
Article 5 – paragraph 1 – introductory part
Article 5 – paragraph 1 – introductory part
1. Member States shall ensure that the total final energy consumption of all public bodienational, regional and local governments combined is reduced by at least 1,7% each year, when compared to the year X-2 (with X as the year when this Directive enters into force).
Amendment 168 #
2021/0203(COD)
Proposal for a directive
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. Member States shall achievestrive to cumulative end-use energy savings at least equivalent to:
Amendment 171 #
2021/0203(COD)
Proposal for a directive
Article 8 – paragraph 1 – point c
Article 8 – paragraph 1 – point c
(c) new savings each year from 1 January 2024 to 31 December 2030 of (1,5 %) of annual final energy consumption, averaged over the three-year period prior to 1 January 2020.
Amendment 202 #
2021/0203(COD)
Proposal for a directive
Annex V – point 2 – point b
Annex V – point 2 – point b
Amendment 203 #
2021/0203(COD)
Proposal for a directive
Annex V – point 2 – point c
Annex V – point 2 – point c
Amendment 204 #
2021/0203(COD)
Proposal for a directive
Annex V – point 2 – point d
Annex V – point 2 – point d
Amendment 205 #
2021/0203(COD)
Proposal for a directive
Annex V – point 2 – point e
Annex V – point 2 – point e
Amendment 1 #
2020/2263(INI)
Motion for a resolution
Citation 2
Citation 2
— having regard to Articles 113 and 115 of the Treaty on the Functioning of the European Union (TFEU),
Amendment 5 #
2020/2263(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
B a. whereas tax collection is primarily responsibility of each Member State;
Amendment 9 #
2020/2263(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas according to the 2020 Final Report in the context of the ‘Study and Reports on the VAT Gap in the EU- 28 Member States' prepared for the Commission, the VAT gap in Member States varied from less than 1% in Sweden and Croatia to more than 33% in Romania;
Amendment 12 #
2020/2263(INI)
Motion for a resolution
Recital E b (new)
Recital E b (new)
E b. whereas the Parliament fully respects the principle of national tax sovereignty;
Amendment 14 #
2020/2263(INI)
Motion for a resolution
Recital E c (new)
Recital E c (new)
E c. whereas taxation is primarily the competence of the Member States and is subject to the unanimity requirement within the Council as stated in article 113 of the Treaty on the Functioning of the European Union;
Amendment 24 #
2020/2263(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Welcomes that the overall trend is positive as the VAT gap declined from 20 % in 2009 to 10 % in 2019 in the EU Member States which suggests that the VAT fraud in the EU is in decline and consequently VAT revenues to GDP are on the rise;
Amendment 26 #
2020/2263(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Notes that simplifying VAT with the introduction of a single rate and revenue neutrality could reduce the standard rate in the EU by an average of 7% percentage points, thus bringing the standard rate down from 13% to 2% percentage points; encourages Member States to explore the benefits which such a single reduced standard rate would have for fair competition on their market;
Amendment 35 #
2020/2263(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Takes the view that applying a multitude of reduced rates aggravates the complexity and opacity of the tax system, facilitates fraud and increases compliance costs; stresses that tax competition is the main mechanism helping Member States to identify and close the loopholes and shortcomings responsible for tax evasion;
Amendment 44 #
2020/2263(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Observes that the VAT gap fluctuates in line with the business cycle, and that low tax compliance is correlated with high standard VAT rates and multiple VAT rates as well as lower legal and judicial efficiency; encourages the Commission and Member States to share the best practices in this regard;
Amendment 47 #
2020/2263(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Takes the view that the current diversity of reduced rates imposes particularly highadditional compliance costs on businesses; and that total enterprise tax compliance costs are estimated to be an average of 2.5% of company turnover and vary considerably from Member State to Member State22 ; _________________ 22 Less than 1% in LU; almost 4% in PL., while VAT, Corporate Income Tax, and wage related taxes and contributions are rated the most burdensome, followed by property and real estate taxes22b; _________________ 22 Less than 1% in LU; almost 4% in PL. 22b Study on tax compliance costs for SMEs – Final Report, DG GROW, European Commission, 2018, p. xv
Amendment 50 #
2020/2263(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Observes that SMEs must pay proportionately higher total enterprise tax compliance costs, as these costs are fixed and independent of company size, and that high compliance costs constitute a barrier to entry into the EU internal market; taknotes the view,at empirical evidence on ther efore, that differentiated VAT regimes within the EU may act as a dfect of VAT systems on international trade is incentive to exports;onclusive22c; _________________ 22c DIW Econ study, page 21
Amendment 56 #
2020/2263(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes digitalisation’s potential to reduce compliance costs; maintains that digital innovations23 are likely to reduce compliance costs and, help increase the transparency of commercial transactions and reduce red tape; stresses the need to ensure data security and individual and corporate privacy; _________________ 23Such as AI, big data and blockchain technology.
Amendment 57 #
2020/2263(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. In order to facilitate trade and increase legal certainty in the single market, the Commission, in cooperation with Member States, should establish a Union VAT Web information portal for businesses. That portal should provide quick, up-to-date and accurate access to relevant information about the implementation of the VAT system in the different Member States and in particular on the correct VAT-rates for different goods and services in the different Member States, as well as the conditions for zero-rate; Such a portal may also help to address the current VAT gap;
Amendment 64 #
2020/2263(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Observes that the wide variety of rates can causes price distortion in the internal market, creating incentives for cross-border purchases and giving rise to increased tax competition between Member States; recallnotes that companies need clear and unambiguous VAT rules to26 out of 27 Member States use the reduced rates as part of their tax and social policies; recalls that one common web information portal about the implementation of VAT system in different Member States would encourage cross-border business and reduce their administrative burdens of companies;
Amendment 66 #
2020/2263(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Welcomes the positive trend of reducing the compliance costs due to continuing digitization of businesses and public administration; notes that in OECD countries the time necessary for tax compliance fell between 2006 and 2020 from 230 hours to 162 hours, mainly due to the adoption of electronic filing and payment systems23a; _________________ 23a PWC, Paying Taxes 2020, page 27
Amendment 67 #
2020/2263(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Stresses that a well-designedn effective VAT system is neutral and should not affect trade, but that in practice this principle is difficult to verify at global level given the application of VAT exemptions, the ineffectiveness of refund systems, the wide variety of rates – incurring higher compliance costs – and the fact that VAT has superseded income taxes with a view to encouraging tradewith low average tax rates is less vulnerable to tax evasion and tax optimisation;
Amendment 71 #
2020/2263(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9 a. Notes in comparison to EU27 that among 50 federal states of the USA there are over 11,000 standard sales tax jurisdictions with a distinct aggregate sales tax rate based on a unique combination of factors, including sales taxes levied by taxing authorities at the state, county, city, and district levels23b; _________________ 23bhttps://taxfoundation.org/state-sales- tax-jurisdictions-in-the-us-2020/
Amendment 74 #
2020/2263(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 88 #
2020/2263(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Recalls that for it to have a leverage effect, green taxation must be inclusive, strive for social equity and not undermine businesses’ international competitiveness; observes that the effectiveness of reduced rates in promoting this type of goods and services or, in a broader sense, merit goods (e.g. culture, health, biodiversity) is chiefly a function of the extent to which they are used to promote such goods;
Amendment 90 #
2020/2263(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11 a. Stresses in this regard that reduced rates shall be applied always in fiscally responsible manner, without sacrificing the sustainability of public finances;
Amendment 93 #
2020/2263(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
Amendment 98 #
2020/2263(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 105 #
2020/2263(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Stresses that a uniform VAT system, combined with a direct tax incentive tool such as the income-based tax credit scheme for low-income households, together with a raft of social reforms, would be a winning strategy; recalls that New Zealand has a flat-rate VAT system and applies tax credit for low-income households; points out that flat-rate subsidies and information campaigns are an option for the promotion of merit goodsRecalls that New Zealand has an uniform 15% flat-rate VAT system;
Amendment 110 #
2020/2263(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Recalls that VAT revenue is one of the chief sources of public revenue, accounting for some 21% of total tax revenue in the EU on average; that the VAT gap stands at 10% on average; and that VAT also constitutes an own resource for the EU budget; stresses that any reduction in the VAT base may leads to less revenue for public finances, however, theoretical and empirical evidence shows lower tax rate may also lead to higher revenue; calls on national tax authorities to take initiatives to reduce the VAT gap in order to help lift Member States out of the current socio- economic crisis;
Amendment 114 #
2020/2263(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15 a. Welcomes in this regard that major progress has been achieved on cooperation between the tax authorities of the Member States over the last decade; supports further discussions among Member States in order to strengthen the administrative cooperation;
Amendment 116 #
2020/2263(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. EndorsNotes the findings of the DIW Econ study which stresses that on average the standard rate was applied to 71% of the total tax base in the Member States in 2019; points out that compliance costs of diversified VAT systems impose costs on businesses, particularly SMEs via increased compliance costs, create distortions in the internal market and trade, and incur costs on government through lost revenue; adds that reduced rates are an insufficient means of achieving revenue-dcan be significantly reduced by continuing digitization of businesses and public administribuation or environmental objectives;
Amendment 121 #
2020/2263(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Notes the difficulties in reducing the VAT gap between Member States owing to the need to maintain a number of VAT exemptions for certain goods and services and the willingness of Member States to maintain reduced rates of at least 5%; aAcknowledges that Member States need to conserve the flexibility to set their own VAT rates given the importance of this tax as a budgetary instrument;
Amendment 129 #
2020/2263(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Calls for a simplified VAT system with limits on exemptions and non- standard rates to be introduced with a view to promoting competitiveness; takes the view that limiting the exemptions should go hand-in-hand with lowering the standard and minimum 15% VAT rate;
Amendment 139 #
2020/2263(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses that the VAT gap is chiefly attributable to the ineffectiveness of enforcement and control measures, particularly those against tax evasion and avoidance and aggressive tax planning; stresses that fighting tax fraud and tax evasion should not breach the principle of tax sovereignty and tax competition;
Amendment 144 #
2020/2263(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Recalls that the effectiveness of reduced rates as a policy tool must always be assessed in the specific context of other existing policy tools; adds that reduced rates are often complementary to existing social and environmental policy tools; and that direct tax incentives are instruments that better target low-income households and are generally less costly;
Amendment 153 #
2020/2263(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
Amendment 30 #
2020/2259(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the economic recovery and thefter the Covid-19 lockdowns and the challenges regarding climate crisishange have increased the need to mobilise more resources and re-evaluate the current taxation policies;
Amendment 34 #
2020/2259(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
B a. whereas tax levels are already very high in many Member-States;
Amendment 40 #
2020/2259(INI)
Motion for a resolution
Recital C
Recital C
C. whereas tax morale is generally higher in countries that tax more heavilywith transparent and efficient administrations, which is evidence for the willingness of citizens to pay tax in return for effective public services9 ; _________________ 9 https://www.oecd- ilibrary.org/sites/0533eea9- en/index.html?itemId=/content/component/ 0533eea9-en
Amendment 64 #
2020/2259(INI)
Motion for a resolution
Recital E
Recital E
E. whereas small and medium-sized enterprises (SMEs) are particularly affected by the Covid-19 crisis as well as the complexities of the tax system and tax compliance, disproportionately so compared to multinational enterprises (MNEs);
Amendment 71 #
2020/2259(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas new technologies, such as Artificial Intelligence or blockchain could contribute in making tax collection more efficient, tax administrations more lean and mean and thus providing citizens with a better, more modern public service;
Amendment 83 #
2020/2259(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Considers that new technologies and COVID-19 has given the EU a unique chance for a proper and holistic analysis of tax systems, how individual taxes interact and how they can be better coordinated to produce more flexible, resilient, green, growth-enhancing and fairer tax systems; recommends that Member States take this opportunity to build a new social- fiscal contract with citizens; underlines that this will help not only with raising revenues, but also with building trust and accountability between citizens and the state; stresses the need for coordination at EU level to avoid distortions and subsequent revenue losses, whilst respecting the competence of the member- states;
Amendment 96 #
2020/2259(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Highlights that current tax systems, and the fiscal capacities of Member States, are already facing and will increasingly face severe shocks, such as the need for large public investments and leverage private capital to sustain the economic recovery and the green and digital transition, the ageing of our societies and the consequent reduction in the working- age population, the digital transformation of our labour markets, increased tax competition and the existing tax gap10 ; _________________ 10European Commission, ‘Tax policies in the European Union’ survey, 2020, https://ec.europa.eu/taxation_customs/busi ness/company-tax/tax-good- governance/european-semester/tax- policies-european-union-survey_en
Amendment 146 #
2020/2259(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes that COVID-19 has demonstrated that the current disproportionate reliance on labour income taxes and social contributions, which puts the onus on continued high levels of employment and consumption to fund government spending and policies, is, just as high tax levels or complex tax systems, neither sustainable nor economically effective;
Amendment 174 #
2020/2259(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9 a. Points out that tax revenues will rise automatically, as our economies recover; encourages Member-States therefore to adopt growth-enhancing policies, especially towards SME's, to invest in future-proof infrastructure, to create fiscal incentives that facilitate public-private partnerships and that boost innovation and entrepreneurship;
Amendment 180 #
2020/2259(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10 a. Welcomes the idea of a tax shift that lowers the fiscal burden on labour, but highlights that, especially in the aftermath of the Covid-19 crisis, entreprises are in need of capital;
Amendment 207 #
2020/2259(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Observes that there is also room for significant revenue and efficiency gains at tax administration level; not, e.g. by using modern technology; underlines that an effective and efficient tax administration, as well as a high degree of legal and tax certainty, can encourages investment and foster competitiveness;
Amendment 216 #
2020/2259(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Welcomes initiatives taken by the Commission within the framework of the Green Deal; notes with concern that no clear and holistic guidance exists on how taxation should contribute to achieving the goals set out in the Green Deal and considers that the taxation system should therefore be reformed, whilst respecting the competences of the Member-States regarding taxation;
Amendment 245 #
2020/2259(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Calls on the Commission to, within its competences, propose an SME tax simplification package that aims to make tax compliance more streamlined and easier for small and medium-sized businesses;
Amendment 253 #
2020/2259(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Recalls on the Commission and the Member States to carry out regular gender and economic impact assessments of its fiscal policies from a gender equality perspective;
Amendment 1 #
2020/2124(INI)
Motion for a resolution
Citation 3
Citation 3
Amendment 8 #
2020/2124(INI)
Motion for a resolution
Citation 18 a (new)
Citation 18 a (new)
— having regard to the European Court of Auditors (ECA) Special Report entitled ‘European Fund for Strategic Investments: Action needed to make EFSI a full success’, published on 29 January 2019
Amendment 18 #
2020/2124(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
B a. Whereas the European Investment Bank operates independently.
Amendment 28 #
2020/2124(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Expresses serious concerns about the severeNotes macroeconomic imbalances deriving from the COVID-19 crisis and their related impact on economic growth, investment, resilience, employment rates and socio-economic inequalities; encourages Member States to address emerging imbalances through reforms that enhance economic and social resilience;
Amendment 34 #
2020/2124(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Underlines the EIB’s crucial role in supporting the economic recovery in the short and medium term in conjunction with the Next Generation EU Recovery Instrument, the EU’s long-term budget, the European Fund for Strategic Investments (EFSI) and other European financial instruments; welcomnotes the EIB’s financial engagement in the EFSI as a way to help overcome the investment gap in the EU; welcomnotes, moreover, the EIB’s central role in supplying advisory support under the InvestEU Advisory Hub;
Amendment 36 #
2020/2124(INI)
2 a. Underlines that it is questionable whether EFSI solved the causes of the investment gap or if it merely shifted the risks that private lenders were not willing to take to all European taxpayers;
Amendment 37 #
2020/2124(INI)
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2 b. Acknowledges the risks of dead- weight loss and moral hazard of EFSI;
Amendment 38 #
2020/2124(INI)
Motion for a resolution
Paragraph 2 c (new)
Paragraph 2 c (new)
2 c. Reminds that ECA found that the methodology used to estimate the investment mobilised in some cases overstated the extent to which EFSI support actually induced additional investment in the economy; reminds that some EFSI support just replaced other financing from the EU and the European Investment Bank;
Amendment 39 #
2020/2124(INI)
Motion for a resolution
Paragraph 2 d (new)
Paragraph 2 d (new)
2 d. Stresses ECA’s recommendation that for all the investment support instruments for the MFF 2021-2027, the Commission should define a set of indicators measuring the expected results of budgetary guarantees in a realistic manner that enables comparison with other EU financial instruments; in particular, if “investment mobilised” and the “multiplier effect” are used as indicators, the calculation methodology and reporting arrangements should appropriately reflect the extent to which EU budget guarantee support actually induces or mobilises the investment of others;
Amendment 40 #
2020/2124(INI)
Motion for a resolution
Paragraph 2 e (new)
Paragraph 2 e (new)
2 e. Is concerned that the lack of comparable performance and monitoring indicators for all EU financial instruments and budgetary guarantees diminishes transparency and the ability to assess results;
Amendment 41 #
2020/2124(INI)
Motion for a resolution
Paragraph 2 f (new)
Paragraph 2 f (new)
2 f. Reminds that the causes of the investment gap, such as record level of public debts, non-performing loans in the banking sector, and high bureaucratic, regulatory and tax burden, have not yet been properly addressed;
Amendment 44 #
2020/2124(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls on proper discussion and data-driven analysis of the effectiveness of the possibility that the shareholders of the EIB to agree on a capital increase, both cash- in and callable in nature; emphasises that a capital increase should go hand in hand with greater transparency and democratic accountability;
Amendment 55 #
2020/2124(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Asks the EIB as the EU’s public bank to make the utmost concerted efforts to deliver strong, policy-driven financing activity which gives priority to efficient public purpose projects, in particular those that would not otherwise be ‘bankable’, both within and outside the EU, with a view to addressing the unprecedented global challenges of the decades to come;
Amendment 74 #
2020/2124(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Welcomes, in addition, the subsequent creation of the EUR 25 billion European Guarantee Fund (EGF) in response to the COVID-19 crisis, not least its positive impact in providing financial support to SMEs and the health sector; suggesttresses that the EGF should remain operational beyond 2021; deems it of the utmost importance to step up such initiatives to ensure that funds are reaching the real economyEGF was set up to be temporary in nature and will be able to guarantee loans provided until 31 December 2021;
Amendment 80 #
2020/2124(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. WelcomNotes the creation of a targeted financing initiative of up to EUR 5.2 billion in response to the COVID-19 pandemic in order to support countries outside the EU;
Amendment 82 #
2020/2124(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Underlines that in the light of the successive waves of COVID-19 infections, the efficiency of these instruments will need to be further strengthened and extended; asks the EIB to stand ready to launch new supportive financial initiativesscrutinized and enforced;
Amendment 86 #
Amendment 88 #
2020/2124(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
Amendment 93 #
2020/2124(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. WelcomeQuestions the proposal to increase EIB financing for climate action and environmental sustainability, including renewable energies, from around 30 % to at least 50 % by 2025, which would unlock ; underlinvestment of more than EUR 1 trillion over the next decade the importance of accountability and transparency for bodies that receive and provide EU funding;
Amendment 103 #
2020/2124(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Notes, however, that the roadmap envisages the introduction of a transition period until the end of 2022, which would mean that the EIB will not be aligned with the objectives of the Paris Agreement until 2023 at the earliest;
Amendment 125 #
2020/2124(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Highlights the crucial role of the EIB in meeting the goals of the Just Transition Mechanism and asks for more commitment and concrete action in this respect, namely through structural programme loans, InvestEU and as a financing partner for the public sector loan facility;
Amendment 131 #
2020/2124(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16 a. Stresses that principle of value for money should represent the cornerstone of all EU funded investments; points out that EU funding should be accompanied by measurable objectives and outputs including a quantifiable and comparable evaluation mechanism that will allow to compare and rank the efficiency of individual EU programmes;
Amendment 136 #
2020/2124(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Considers that efficient investment in innovation, infrastructure and skills are crucial elements to recover from the economic and social crisis, ensure sustainable growth and create high-quality jobs and long-term competitiveness;
Amendment 138 #
2020/2124(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17 a. Urges not to repeat mistakes of the past in response to the economic crisis and warns that boosting investment is not an alternative to productivity-enhancing reforms; emphasises that regulatory environment with predictable rules, a level playing field and reduced compliance costs attract private investments;
Amendment 155 #
2020/2124(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Calls on the EIB to play a role in assisting and financing the creation of innovation ecosystems and in promoting place-based industrial transformation, where universities, businesses, SMEs and start-ups can develop long-lasting partnerships for the common good; warns against the costs in a form of dead-weight loss, shifting of resources and moral hazard; calls the Commission to properly scrutinize the economic viability of the EIB programs;
Amendment 161 #
2020/2124(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Notes that during the ongoing COVID-19 crisis, social welfare systems in the Member States have come under unprecedented strain; calls on the EIB to partner with the Commission and Member States to strengthen social welfare systems and increase investment in the social sector, including by establishing similar targets for social investment to those for digital and green investments;
Amendment 166 #
2020/2124(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Calls on the EIB to play an active role in helping Member States to deliver on the implementation of the European Pillar of Social Rights, while standing ready to align with the forthcoming Commission action plan and the Social Summit in Porto; points to the importance of ex-ante and ex-post evaluations of the sustainability, economic, social and environmental impact of projects accompanied by measurable result indicators;
Amendment 169 #
2020/2124(INI)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22 a. Highlights that public investments are limited as they represent scarce resources mostly funded by the taxpayers; calls on the EIB to prioritise the investments according to their efficiency in order to support economic growth;
Amendment 174 #
2020/2124(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. WelcomNotes the fact that the EIB is the largest multilateral lender in the world that strives to support EU external cooperation and development policies;
Amendment 178 #
2020/2124(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Calls for the EIB to prioritiserealise only an efficient investment in infrastructure that helps third countries to realise the UN Sustainable Development Goals and that delivers on social and environmental justice,deliver public services and fair economic opportunities for citizens;
Amendment 190 #
2020/2124(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. RecallNotes its request for an interinstitutional agreement between the EIB and Parliament in order to improve access to EIB documents and data and enhance democratic accountability;
Amendment 191 #
2020/2124(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
Amendment 222 #
2020/2124(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Welcomes the EIB’s Group Strategy onfor more Gender Equality and Gender Action Plan; regrets the fact that women are still not sufficiently represented in managerial and senior office positions; believes that more needs to be done in this regard during the implementation of the second phase of the Action Plan in 2021; stresses, however, that the strategy seeking greater gender equality must not be pursued at the expense of the substantive quality of management;
Amendment 227 #
2020/2124(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Welcomes the fact that the EIB will review its environmental and social standards and calls for a wide and inclusive public consultation on these issues; invites the EIB to take account of the do-no harm principle in its operations; calls on the EIB to take this opportunity to strengthen its human rights policy;
Amendment 7 #
2020/2122(INI)
Motion for a resolution
Citation 43 a (new)
Citation 43 a (new)
— having regard to the European Court of Auditors (ECA) Special Report entitled ‘Resolution planning in the Single Resolution Mechanism’, published on 14 January 2021,
Amendment 20 #
2020/2122(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas the Banking Union encompasses a single supervisory mechanism, a single resolution mechanism, and harmonised national deposit guarantee schemes;
Amendment 42 #
2020/2122(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
C a. whereas a reinforced Banking Union requires first and foremost accelerated efforts by various Member States to reduce their high levels of non- performing loans and prevent their increase in the future;
Amendment 45 #
2020/2122(INI)
Motion for a resolution
Recital C b (new)
Recital C b (new)
C b. whereas as long as risks differ greatly between national banking systems, European Deposit Insurance Scheme would pose additional systemic risk for the Banking Union;
Amendment 62 #
2020/2122(INI)
Motion for a resolution
Recital F
Recital F
F. whereas prudential and anti-money laundering supervision is necessary and equally important;
Amendment 74 #
2020/2122(INI)
Motion for a resolution
Recital I a (new)
Recital I a (new)
I a. whereas the sound public finances are necessary condition for the macro- financial stability of the Banking Union;
Amendment 79 #
2020/2122(INI)
Motion for a resolution
Recital J a (new)
Recital J a (new)
J a. whereas the near zero interest rates greatly reduce the profitability of banks in one of their most important areas of business activity, the provision of credit for long-term investments;
Amendment 80 #
2020/2122(INI)
Motion for a resolution
Recital J b (new)
Recital J b (new)
J b. whereas the stability of financial institutions in the Banking Union is still a matter of grave concern; whereas the economic downturn will lead to an increase in non-performing loans;
Amendment 101 #
2020/2122(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Considers that banks’ response to the current crisis demonstrates that the regulatory reforms in the past decade, as well as the institutional set-up, have resulted in better-capitalised and less- leveraged banks; notes, however, that the high level of non-performing loans remains a serious problem in several Member States;
Amendment 120 #
2020/2122(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Underlines the vital contribution to addressing the crisis of public guarantee schemes, moratoria on loan repayments for borrowers in financial difficulty, the central banks’ liquidity programmes and the ECB’s targeted longer-term refinancing operations (TLTRO) and pandemic emergency purchase programme (PEPP); warns in this regard over the risk of overshooting the inflation target due to loose monetary policy which could affect the functioning of Banking Union;
Amendment 126 #
2020/2122(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Is concerned that loose monetary policy contributes to the lower long-term economic growth and creates an incentive to delay the implementation of the necessary structural reforms;
Amendment 137 #
2020/2122(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Stresses the need to further strengthen the financial sector through the completion of the Capital Markets Union which will help to channel credit into the real economy;
Amendment 169 #
2020/2122(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Welcomes the ECB’s report on the digital euro and the outcome of its public consultation and expects further analysis of the implications for the banking sector, particularly its impact on banks’ products such as current accounts and its potential to outcompete financial services corporations as intermediaries for processing transactions;
Amendment 191 #
2020/2122(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Regrets the failure to ensure full gender balanceliminate gender discrimination in EU financial institutions and bodies;
Amendment 197 #
2020/2122(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13 a. Condemns all forms of discrimination and stresses that competence and moral integrity should be the only and mandatory criteria for any job position in EU financial institutions and bodies;
Amendment 220 #
2020/2122(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses that ensuring proper and timely management of deteriorated exposures will be key to preventing a build-up of non-performing loans (NPLs) in the short term; advices the Member States to make further efforts to address this issue;
Amendment 260 #
2020/2122(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Is concerned that as Member States sell increasing amounts of sovereign bonds, their share in banks’ balance sheets grows, potentially aggravating the doom loop; considers thatpoints out that government bonds are not risk-free assets and should not be treated as such; questions whether the creation of Next Generation EU will provide high-quality European assets;
Amendment 272 #
2020/2122(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Notes that the EU-wide stress test launched on 29 January 2021 aims to test capital trajectories of banks in a situation of worsening asset quality; stresses the importance to consider the impact of potentially rising interest rates on banks’ balance sheets;
Amendment 279 #
2020/2122(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Notes the efforts of the SSM to provide guidance and clarity to banks for self-assessing and appropriately reporting environmental and climate change-related risks; considers the SSM climate risk stress test an important step in evaluating banks’ practices and identifying concrete areas of improvement; warns, however, of danger of green asset bubbles that could be a consequence of oversubsidizing the sustainable investments;
Amendment 300 #
2020/2122(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. TrustNotes that the introduction of a backstop into the SRF earlier than originally envisaged is positive for the strengthening of the crisis management frameworkincreases risk sharing; advises that risk reduction should precede any form of legacy sharing and risk sharing;
Amendment 311 #
2020/2122(INI)
Motion for a resolution
Paragraph 29 a (new)
Paragraph 29 a (new)
29 a. Endorses ECA’s recommendation that in order to ensure that supervisory action is taken sufficiently early, the SRB and the Commission should approach the legislators and the ECB, in its role as supervisor, and advocate for objective and quantified thresholds for triggering early intervention measures, and reaching the decision that a bank is failing or likely to fail;
Amendment 357 #
2020/2122(INI)
Motion for a resolution
Paragraph 35 a (new)
Paragraph 35 a (new)
35 a. Points out that risks still differ greatly between different national banking systems;
Amendment 360 #
2020/2122(INI)
Motion for a resolution
Paragraph 35 c (new)
Paragraph 35 c (new)
35 c. Stresses that risk reduction would ensure the level of protection that depositors currently enjoy, without raising the systemic risk through establishing fully mutualised EDIS;
Amendment 361 #
2020/2122(INI)
Motion for a resolution
Paragraph 35 d (new)
Paragraph 35 d (new)
35 d. Questions whether Article 114 would be an appropriate legal basis for the establishment of EDIS;
Amendment 33 #
2020/2078(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the public debt to GDP in the euro area is projected to rise from 86% in 2019 to 103% in 2020; whereas such debt levels may be unsustainable if and when interest rates return to higher levels7a ; _________________ 7a https://ec.europa.eu/commission/presscor ner/detail/en/ip_20_799
Amendment 41 #
2020/2078(INI)
Motion for a resolution
Recital C b (new)
Recital C b (new)
Cb. whereas growth has to an important degree relied upon unconventional and, in the long term, unsustainable monetary policy; whereas this monetary policy has failed to create a momentum for productivity-enhancing reforms;
Amendment 45 #
2020/2078(INI)
Motion for a resolution
Recital C c (new)
Recital C c (new)
Cc. whereas monetary policy has not been neutral and has led to large redistribution effects between deficit and surplus countries and between savers and debtors;
Amendment 46 #
2020/2078(INI)
Motion for a resolution
Recital C d (new)
Recital C d (new)
Amendment 73 #
2020/2078(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Points out that the Commission’s estimate of the investment needs of the EU for delivering the green transition and digital transformation amounts to at least EUR 595 billion per year8 ; recognises that public investments are limited as they represent scarce resources mostly funded by the taxpayers; underlines the need to prioritise the public investments which enhance economic growth; _________________ 8 Commission Staff Working Document - Identifying Europe's recovery needs, p. 16: https://ec.europa.eu/info/sites/info/files/eco nomy- finance/assessment_of_economic_and_inv estment_needs.pdf
Amendment 79 #
2020/2078(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Is concerned with the insufficient progress in trade talks between the EU and UK; urges the Commission to prepare also for the no deal scenario, which would create serious barriers to trade between EU and UK since the beginning of 2021;
Amendment 83 #
2020/2078(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Recognises that the EU faces the unprecedented challenge of mitigating the social and economic consequences of the historic recession and setting the course for a rapid economic recovery linked to a sustainable and just transition and digital transformation; is convinced that, for this, a significant increase in public and private investment compared to the 2010s is indispensable and that the increasedappropriate and efficient level of investment must be stabilised for many years to come; calls on Member States to create a regulatory framework that supports private investment;
Amendment 92 #
2020/2078(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Underlines that the backbone of the economic recovery lies in the growth- enhancing structural reforms; notes that in order to protect European taxpayer, any assistance from Recovery Plan to each Member State should be conditional on the implementation of the structural reforms recommended in the Country Specific Recommendations;
Amendment 95 #
2020/2078(INI)
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Recalls that high levels of taxation in Europe are a hindrance to investments, jobs, productivity and competitiveness;
Amendment 97 #
2020/2078(INI)
Motion for a resolution
Paragraph 4 c (new)
Paragraph 4 c (new)
4c. Stresses that the sound public finances are necessary condition for the macro-financial stability of the Eurozone;
Amendment 98 #
2020/2078(INI)
Motion for a resolution
Paragraph 4 d (new)
Paragraph 4 d (new)
4d. Recalls the positive practice of transparency in several Member States in the form of mandatory disclosure of contracts concluded by the public sector which supports the efficiency of public finances and promotes economic growth;
Amendment 102 #
2020/2078(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Welcomes the swift and strong response to the crisis in the area of monetary and fiscal policy, at both EU and Member State level, as well as the European Recovery Plan; considers it essential that the recovery package is fully aligned with the EU’s new growth strategy, i.e. in accordance with the principles of the European Green Deal (EGD), the European Pillar of Social Rights (EPSR) and the United Nations Sustainable Development Goals (SDGs), and with the aim to protect women’s rights and achieve gender equality; demands that funds and resources be directed to projects and beneficiaries that comply with our Treaty- based fundamental values and that recipient firms protect their workers, pay their fair share of taxes, and refrain from paying out dividends or offering share buy- back schemes aimed at remunerating shareholders;
Amendment 124 #
2020/2078(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Welcomes the activation of the general escape clause of the Stability and Growth Pact, and expects that it will remain activated at least until the end of 2021 in order to support the efforts of the Member States to recover from the pandemic crisis and strengthen their economic and social resilience;
Amendment 131 #
2020/2078(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Urges Commission to present a roadmap to ensure a swift retraction of the general escape clause of the Stability and Growth Pact;
Amendment 151 #
2020/2078(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Welcomes the conclusion of the European Fiscal Board (EFB)9 that the fiscal framework has to be revised, and is convinced that the deep economic crisis triggered by the pandemic further exacerbates this need; believes that the review and reform have to meet the above requirements in terms of increasing investment relating to climate change and digitalisation and stabilising the newensure vigorous enforcement of sound budgetary management and secure clear path to sustainable levels of investment, while ensuring sound budgetary managementpublic debt in Member States; _________________ 9EFB Annual report 2019, p. 71 - https:/ec.europa.eu/info/sites/infos/files/20 19-efb-annual-report_en.pdf
Amendment 154 #
2020/2078(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Regrets the poor enforcement of the EU fiscal rules before the COVID-19 pandemic;
Amendment 162 #
2020/2078(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9 a. Recalls that many growth-friendly structural reforms do not require fiscal space but rather legislative and administrative efforts aimed at strengthening market forces and private sector initiatives;
Amendment 170 #
2020/2078(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Considers it essential that the revision of the EU’s fiscal and economic policy framework should be completed by the time the escape clause is repealed and should enable fiscal policy to respond with discretion to shocks in the short term, and to reduce high public debt ratios to an agreed reference value60% GDP in the long term, while allowing a suefficient level of public investment, progressive tax policies and the repayment of loans in a cycle- comfortable manner, and the long-term modernisation of in line with EU fiscal rules, and efficient investment in public commodities;
Amendment 180 #
2020/2078(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Warns that boosting investment should not be seen as an alternative to productivity-enhancing reforms;
Amendment 182 #
2020/2078(INI)
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. Stresses that principle of value for money should represent the cornerstone of all EU funded investments; points out that EU funding should be accompanied by measurable objectives and outputs including a quantifiable and comparable evaluation mechanism that will allow to compare and rank the efficiency of individual EU programmes; underlines the importance of accountability and transparency for bodies that receive EU funding;
Amendment 189 #
2020/2078(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Proposes a combination of expenditure rules for public non- investment expenditure and a golden rule for public investment which is central to both; wishes to see a rapid recovery from the COVID-19 crisis and a transition to a cleaner, socially sustainable and more digital society;
Amendment 200 #
2020/2078(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Recalls that the European Semester cycle is a framework for EU Member States to coordinate their budgetary and economic policies;
Amendment 202 #
2020/2078(INI)
Motion for a resolution
Paragraph 11 b (new)
Paragraph 11 b (new)
11b. Recommends the necessary respect for the principles of subsidiarity and proportionality; stresses that Member States must continue to have sufficient flexibility in implementing an appropriate social policy;
Amendment 211 #
2020/2078(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Welcomes the refocus of the European Semester Spring Package aimed at providing an immediate economic policy response to tackle and mitigate the health and socio-economic impact of COVID-19 and reboot economic activity; supports the Commission’s announcement of a reform of the European Semester to convert it into a tool to coordinate the recovery measures, framed by the principles of the EGD, the EPSR and the SDGs; is convinced that this has to include the coordination of measures concerning state aid and tax policies; underlines the need for the integration of a new set of binding sustainability and wellbeing indicators and alternative measurements of growth performanceto define relevant performance indicators measuring progress of implementation of structural reforms;
Amendment 228 #
2020/2078(INI)
13. Recognises the role that the Commission has allotted to the European Semester in the Recovery Plan; notes, however, that the effectiveness and success of the alignment of Member States’ investment and reform programmes to the Semester process will depend on the progress of the Semester reform and the above-mentioned reform of the Stability and Growth Pact;
Amendment 236 #
2020/2078(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 258 #
2020/2078(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Invites the Commission to explore new policies suggested by international institutions that support and contribute to financing a just transition and sustainable growth, as well as aiming to restore Member States’ public finances; calls for the new basket of resources to include income stemming from EU policies favouring both the implementation of environmental protection and the preservation of a fair single market;
Amendment 271 #
2020/2078(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Recalls the urgent need to complete and reinforce the EMU architecture with a view to protecting citizens and reducing pressure on public finances during external shocks so as to overcome social and economic imbalances, by creating a fiscal capacity for public investment, a macroeconomic stabilisation and cohesion function for the euro area, and a European unemployment benefit reinsurance scheme;
Amendment 281 #
2020/2078(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Stresses the need to further strengthen the financial sector through the completion of the Capital Markets Union;
Amendment 283 #
2020/2078(INI)
Motion for a resolution
Paragraph 17 b (new)
Paragraph 17 b (new)
17b. Reminds that debt service costs remain low also because of ECB low interest rates policy; recommends to consider the impact of potentially rising interest rates and risks arising from further expansion of the ECB's balance sheet;
Amendment 284 #
2020/2078(INI)
Motion for a resolution
Paragraph 17 c (new)
Paragraph 17 c (new)
17c. Recalls the need to reduce the levels of public debt to help the European economies to be more resilient to shocks, especially in highly indebted countries; warns about higher financing costs in the future once monetary policy accommodation is reduced, especially in the euro area;
Amendment 92 #
2020/2075(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for a continuedUnderlines that fiscal stances must balance the long-term sustainability of public finances with short-term macroeconomic stabilisation; calls for an appropriate expansionary fiscal stance for as long as needed and for it to be shifted to support the recovery from the COVID-19 pandemic and a green, digital and inclusive transformation while ensuring fiscal sustainability;
Amendment 156 #
2020/2075(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls for an appropriate fiscal and monetary policy mix that work together towards achieving the EU’s objectivesfiscal and monetary policy to compensate for each other: an expansive monetary policy should go hand in hand with a restrictive fiscal policy and the other way around, only in crisis situations they should strengthen each other;
Amendment 161 #
2020/2075(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Recalls that both monetary and fiscal expansions work to a considerable extent by bringing spending forward in time; believes that the structural contribution that monetary policy makes to sustainable growth is limited;
Amendment 162 #
2020/2075(INI)
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. Notes that growth has in recent years to an important degree relied upon unconventional and, in the long term, unsustainable monetary policy; notes more than a decade after the outbreak of the global financial crisis that this monetary policy has failed to create a genuine momentum for productivity- enhancing reforms;
Amendment 170 #
2020/2075(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Highlights that debt levels have increased to a level that may be hard to sustain when interest rates return to normal levels and that some Member States already have a sizeable debt legacy; notes that circumstances have changed since the Maastricht criteria were defined and that inflation and interest rate levels are currently considerably lower;
Amendment 183 #
2020/2075(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that debt service costs are expected to remain low for the foreseeable future and primary deficits are likely to be offset by favourable interest-growth differentials; further considers that as long as the differenti but warns about higher financing costs in the future once monetary policy accommodation is reduced; recalls arthe negative it is possible to sustain and progressively reduce high debt leveled to reduce high deficit and debt levels and rebuild fiscal buffers to make European economies more resilient to shocks;
Amendment 193 #
2020/2075(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. RIn view of the EU's low productivity and global competitiveness, recalls the importance of gprowthductivity- enhancing policies and publicstructural reforms, responsible fiscal policies and well-targeted investment aimed at increasing growth potential and achieving other EU’s policy objectives;
Amendment 205 #
2020/2075(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Warns that boosting investment should not be seen as an alternative to productivity-enhancing reforms;
Amendment 230 #
2020/2075(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Considers that prudent fiscal policies play a fundamental role for the stability of the euro area and the Union as a whole; underlines that coordination of fiscal policies and compliance with the Union rules in this area are a legal requirement and key to the proper functioning of Economic and Monetary Union (EMU);
Amendment 247 #
2020/2075(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls for the renewed fiscal framework to promote sustainability and cyclical stabilisationinstil discipline and to improve the quality of public expenditure through sustainable investments and structural reforms; calls for well-defined, transparent, simple, flexipredictable and enforceable rules embedded in a credible and democratic framework that take into account the specificities of Member States and promote upward economic and social convergence;
Amendment 306 #
2020/2075(INI)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Recalls that public investment may crowd out private investment; recalls that private investment depends on private sector competitiveness, which in turn depends on a regulatory environment allowing for predictable rules, a level playing field, and reduced compliance costs;
Amendment 326 #
2020/2075(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Agrees with the opinion of the EFB and others21 that a deepening of the Economic and Monetary Union (EMU) would be helped by a central fiscal capacity, which could help cushion idiosyncratic shocks, whether common or country-specificrequires first and foremost sound fiscal policies and the implementation of structural reforms at national level aimed at better functioning product and factor markets, however which does not require a central fiscal capacity, sin a timely manner; _________________ 21 International Monetary Fund and the European Central Bank.ce Member States with access to financial markets can play such a counter-cyclical shock- absorbing role themselves;
Amendment 333 #
2020/2075(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Considers that due consideration should be given to the mutual spill-over effects of the EMU and non-euro area Member States;
Amendment 340 #
2020/2075(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Welcomes the creation of the NGEU, which is financed through debt issuance guaranteed by the EU budget; underlines that EU-issuance debt22 will provide a new supply of European high- quality assets, whichthe NGEU is a step towards a permanent EU safe asset; _________________ 22mporary instrument; NGEU & SURE bonds.
Amendment 346 #
2020/2075(INI)
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Highlights that there is no wide public support for establishing a formal system of fiscal transfers within the EMU;
Amendment 353 #
2020/2075(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Stresses the importance of the MIP in identifying and taking preventive and corrective actions against emerging imbalances; points out, however, that the potential of this mechanism has not been fully exploited on account of its structural weaknesses and its insufficiently specified theoretical foundations, which may be prone to confusing cause and effect;
Amendment 361 #
2020/2075(INI)
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26a. Reminds that the EMU exposed its vulnerability in the context of the global financial and economic crisis with the aggravation of unsustainable imbalances, triggered by capital flows from core euro area nations to the periphery and a rising public spending ratio in some Member States;
Amendment 362 #
2020/2075(INI)
Motion for a resolution
Paragraph 26 b (new)
Paragraph 26 b (new)
26b. Encourages all Member States to take the necessary policy action to address imbalances, in particular high levels of indebtedness, and commit to structural reforms ensuring the economic sustainability of each individual Member State, thereby ensuring the overall competitiveness and resilience of the European economy;
Amendment 380 #
2020/2075(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Underlines the importance of the EU institutional framework and of the community method to set and enforce the rules and to safeguard and enhance strong political ownership and legitimacyMember States taking responsibility for future generations and ensuring the sustainability of their public finances, and the EU institutional framework to set and enforce rules to instil fiscal discipline;
Amendment 391 #
2020/2075(INI)
Motion for a resolution
Paragraph 29 a (new)
Paragraph 29 a (new)
29a. Stresses that the subsidiarity and proportionality principles should prevail in the development of economic governance for the euro area;
Amendment 396 #
2020/2075(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Calls for a renewedonsiders the European Semester as the main economic and social policy coordination framework supporting the EU’s long-standing goals of sustainabipolitcy and upward convergenceobjectives with stronger national ownership; calls for more rigorous democratic scrutiny and for Pcloser involvement of national parliament’s full involvement in defining the overarching goals and the guidancein the European Semester process;
Amendment 430 #
2020/2075(INI)
Motion for a resolution
Paragraph 34
Paragraph 34
34. Recalls its position23 that an ‘additional budgetary capacity forBelieves that a stronger EMU requires first and foremost decisive actions at the national level; believes that far-reaching transfers of competence to the eEuro area’ should be included in the fiscal capacity; _________________ 23European Parliament resolution of 16 February 2017 on budgetary capacity for the euro area, OJ C 252, 18.7.2018, p. 235.pean level are unnecessary; underlines that a euro area fiscal capacity as a shock-absorber is not required since governments with access to financial markets can play this role themselves;
Amendment 437 #
2020/2075(INI)
Motion for a resolution
Paragraph 34 a (new)
Paragraph 34 a (new)
34a. Considers that any shock absorption capacity mechanism at euro area level, by its mere institutional set-up, risks to lack accountability and democratic legitimacy if it becomes just a new layer of governance which risks to cause moral hazard;
Amendment 438 #
2020/2075(INI)
Motion for a resolution
Paragraph 34 b (new)
Paragraph 34 b (new)
34b. Underlines that Member States need to build their own fiscal capacities on national level in order to increase stability and to counter economic shocks;
Amendment 439 #
2020/2075(INI)
Motion for a resolution
Paragraph 35
Paragraph 35
Amendment 452 #
2020/2075(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
36. Calls for the Eurogroup’s decision- making process to be reassessed to include appropriate democratic accountability; calls for the Chair of the Eurogroup to be one of the Commission Vice-Presidents;
Amendment 461 #
2020/2075(INI)
Motion for a resolution
Paragraph 37
Paragraph 37
37. Recalls its call for the ESM to be integrated into EU law under the Community methodthat the ESM is not formally under parliamentary control;
Amendment 17 #
2020/2058(INI)
Motion for a resolution
Recital -A (new)
Recital -A (new)
-A. whereas climate change is a global challenge which requires international cooperation and similar efforts from various parties; whereas in order for the Union to successfully play its role as a global leader in the transition towards climate neutrality, a realistic approach which actually fosters sustainable, competitive growth and prosperity is crucial,
Amendment 54 #
2020/2058(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Sustainable Europe Investment Plan (SEIP) as central in ensuring the success of the Green Deal and the transition towards a more sustainable and, resilient and competitive economy;
Amendment 75 #
2020/2058(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the Commission’s European Recovery Plan with the European Green Deal at its heart; endorses the underlying principle that public investments will respect the oath to ‘do no harm’; emphasises that national recovery and resilience plans should put the EU on the path to a 50 % to 55 % reduction in greenhouse gas emissions by 2030 compared to 1990 and, calls for investments to be prioritised into a sustainable transition, the digital agenda and achieving European sovereignty in strategic sectors with a consistent industrial strategy; expects therefore the European Recovery Plan to contribute to the objective of climate neutrality at EU level by 2050;
Amendment 89 #
2020/2058(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that the success of the EU’s aim to achieve climate neutrality will depend on the adequacy of the financing; considers the digital transformation, technological innovation, and research and development are the main drivers for achieving the climate-neutrality objective; stresses that it remains crucial not to exclude a priori certain technologies;
Amendment 154 #
2020/2058(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Believes that public and private finance should adhere to the EU taxonomy and to the Do Not Significantly Harm (DNSH) principle, in order to ensure that EU policies and financing, including the EU budget, the programmes financed through Next Generation EU, the European Semester and EIB financing do not contribute to objectives, projects and activities that significantly harm social or environmental objectives; believes nuclear energy plays a role in meeting the objective of climate neutrality at EU level by 2050 as the second largest source of low-carbon electricity production globally (after hydropower); considers that without investments in nuclear energy technology the low carbon transition will be significantly harder and more costly;
Amendment 295 #
2020/2058(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Reaffirms its previous position regarding candidates for new own resources, and calls on the Commission to propose new own resources which correspond to essential EU objectives including the fight against climate change and the protection of the environment; asks, therefore, for the introduction of new own resources based on the auction revenues of the Emissions Trading System, a contribution on non-recycled plastic packaging waste, the future Carbon Border Adjustment Mechanism, a Common Consolidated Corporate Tax Base or a precursor based on operations of large enterprises, a tax on digital companies, and a financial transaction taxthe list of potential candidates for new own resources as set out in the MFF interim report; recalls the GNI- based contribution is a stable, reliable and fair own resource and by definition sufficient to fund the budget;
Amendment 332 #
2020/2058(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcomes EIB's role in the European Green Deal Investment plan and the Just Transition Mechanism provided the EIB maintains its AAA rating; welcomes the efforts of the European Investment Bank (EIB) to revise its energy lending policy and to devote 50 % of its operations to climate action and environmental sustainability; calls on the EIB to commit to the sustainable transition towards climate neutrality while taking into account the different energy mixes of Member States and devoting particular attention to the sectors and regions most affected by the transition; underlines that the EIB's remains a demand driven investment bank;
Amendment 357 #
2020/2058(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recognises the important role of the national promotional banks and institutions and of international financial institutions (IFIs) in the financing of sustainable projects, thereby contributing to the achievement of the goals of the Paris Agreement; stresses that given their experience and capabilities at national and regional level, national promotional banks and institutions can be instrumental in the maximisation of the impact of public funds and may be selected as implementing partners under InvestEU to help achieve the Union's climate objectives;
Amendment 493 #
2020/2058(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Recalls that the European Semester is a framework for EU Member States to coordinate their budgetary and economic policies; believes that it could facilitate the implementation of the European Green Deal, the European Pillar of Social Rights and the UN Sustainable Development Goals (SDGs); believes that the SDGs should be at the heart of EU’s policy making processmore flexibility under the Stability and Growth Pact (SGP) is required to increase the overall level of investments in the long term;
Amendment 503 #
2020/2058(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Notes that recovery and resilience plans will be based on shared EU priorities; highlights in this context the European Green Deal and the European Pillar of Social Rightsinvestments to be prioritised into a sustainable transition, the digital agenda and achieving European sovereignty in strategic sectors, with a consistent industrial strategy; seeks the inclusion of priorities in areas such as employment, skills, education, research and innovation and health, but also in areas related to the business environment, including public administration and the financial sector;
Amendment 6 #
2020/2051(INL)
Motion for a resolution
Recital C
Recital C
C. whereas on 2 May 2018, the Commission presented a set of legislative proposals on the 2021-2027 MFF and Union Own Resources, followed by legislative proposals for the setting-up of new Union programmes and instruments; whereas this proposal entailed an overall MFF ceiling of EUR 1 134.6 billion in 2018 prices, or 1,11 % of the pre-crisis EU-27’s GNI1a (including 0,03 % from the European Development Fund), which was already lower than the estimated 1,16 % of the 2014-2020 MFF in relation to the EU- 27’s GNI (EUR 1 082.3 billion in 2018 prices), with the stated objective to provide a basis for a swift negotiation to be concluded before the Parliament elections of 2019; _________________ 1aGross National Income as forecast at the time of presentation of the MFF proposal on 2 May 2018, not taking into account subsequent and upcoming evolutions notably as a result of the Corona emergency.
Amendment 9 #
2020/2051(INL)
Motion for a resolution
Recital D
Recital D
D. whereas Parliament adopted on 14 November 2018 its interim report with detailed figures, amounting to an overall MFF ceiling of EUR 1 324.1 billion in 2018 prices (1,30 % of the EU-27’s GNI), and amendments constituting its negotiating mandate and has stood ready, since then, to enter into negotiations with the Council;
Amendment 21 #
2020/2051(INL)
Motion for a resolution
Recital K
Recital K
K. whereas the Covid-19 outbreak has overshadowed the MFF-related debate and will, despite highlighting the importance and the potential of a strong EU budget, has further delayed the European Council in reaching its conclusions’s debate and agreement on the next MFF and is affecting the conditions in which interinstitutional negotiations could be carried out;
Amendment 26 #
2020/2051(INL)
Motion for a resolution
Recital M
Recital M
M. whereas the basic acts of a considerable number of the current expenditure programmes however contain expiry dates that, together with lack of operational preparedness, might undermine the safety net provided by the TFEU; whereas those expiry dates would have to be extended or lifted in order to be brought into consistency with the principles underpinning Article 312(4) TFEU and to avoid a shutdown of the concerned programmes, which would be to the detriment of its beneficiaries and of the Union as a whole, especially in times of crisis;
Amendment 29 #
2020/2051(INL)
Motion for a resolution
Recital O a (new)
Recital O a (new)
O a. whereas the Covid-19 makes it even more compelling to eliminate any risk of discontinuity or disorderly extension of the current MFF and programmes; whereas it becomes increasingly important to guarantee that the Union will be enabled to carry out its operations and to provide an ambitious crisis response and recovery strategy despite the uncertain date of the entry into force of a new MFF; whereas the Commission should deliver to stakeholders an unequivocal message in that respect;
Amendment 31 #
2020/2051(INL)
Motion for a resolution
Recital O b (new)
Recital O b (new)
Amendment 38 #
2020/2051(INL)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Requests the MFF contingency plan to: – lift or extend the time limits laid down in the basic acts of all relevant MFF expenditure programmes; – where legally necessary notably under shared management programmes, update the relevant financial amounts on the basis of a technical prolongation of the 2020 levels; – revise the rules and objectives governing the relevant expenditure programmes so that they can be temporarily refocused on addressing the immediate economic and social consequences of the Covid-19 outbreak and on helping in the economic recovery; – allow for targeted reinforcements to this end; – allow for the setting-up of the most urgent new instruments and initiatives;
Amendment 42 #
2020/2051(INL)
Motion for a resolution
Annex I – part A – point 1
Annex I – part A – point 1
1. The MFF contingency plan aims at providing a safety net to protect the beneficiaries of the Union programmes in the event that the 2021-2027 MFF could not be agreed in time to enter into force on 1 January 2021. The MFF contingency plan should ensure a satisfactory degree of predictability and continuity in Union budget implementation; . Furthermore, it should enable the Union to provide a response to the immediate social and economic consequences of the Covid-19 outbreak and to work on the recovery;
Amendment 46 #
2020/2051(INL)
Motion for a resolution
Annex I – part A – point 2
Annex I – part A – point 2
2. The MFF contingency plan shall include one or several legislative proposal(s) to lift or extend the time limits laid down in the basic acts of all concerned expenditure programmes and, where legally necessary notably under shared management programmes, update the relevant financial amounts on the basis of a technical prolongation of the 2020 levels. The legislative proposal(s) should also include a temporary refocusing of the objectives of all the relevant expenditure programmes, so that they can best address the immediate consequences of the Covid- 19 outbreak. For the same purpose, wherever relevant, the proposal(s) should include a re-adjustment of the rules to allow for maximum flexibility in the implementation notably of shared management programmes, including the prolongation of all legislative measures adopted in 2020, in response to the crisis;
Amendment 49 #
2020/2051(INL)
Motion for a resolution
Annex I – part A – point 2 a (new)
Annex I – part A – point 2 a (new)
2 a. The MFF contingency plan should allow for targeted reinforcements of the relevant expenditure programmes in the 2021 budget and for the setting-up of the most urgent new instruments, measures and programmes, especially relating to a recovery plan after the Covid-19 outbreak;
Amendment 58 #
2020/2051(INL)
Motion for a resolution
Annex I – part A – point 4
Annex I – part A – point 4
4. The measures necessary for the implementation of the contingency plan shall be financed through the annual budget, within the limits of the MFF ceilings for 2020 and of the flexibility provisions of the 2014-2020 MFF, as extended in accordance with Article 312(4) TFEU, i.e. on the basis of a technical prolongation of the amounts already agreed by the budgetary authority in 2020, increased by the 2% deflator, and of any of the additional abovementioned initiatives. This technical prolongation should also determine the national envelopes under the shared management programmes.
Amendment 61 #
2020/2051(INL)
Motion for a resolution
Annex I – part B – point 1
Annex I – part B – point 1
1. One or several legislative proposal(s) to: – lift or extend the time limits laid down in the basic acts of all relevant MFF expenditure programmes and, – where legally necessary notably under shared management programmes, update the relevant financial amounts on the basis of a technical prolongation of the 2020 levels, – revise the rules and objectives governing the relevant expenditure programmes so that they can be temporarily refocused on addressing the immediate economic and social consequences of the Covid-19 outbreak and on helping in the economic recovery.
Amendment 6 #
2020/2036(INI)
Motion for a resolution
Citation 7 a (new)
Citation 7 a (new)
- having regard to the MiFID II/MiFIR Review Report No.1 of the European Securities and Market Authority (ESMA) on the development in prices for pre- and post-trade data and on the consolidated tape for equity instruments,
Amendment 12 #
2020/2036(INI)
Motion for a resolution
Recital A
Recital A
A. whereas bank loan financing is in itself not sufficient to provide the amount of credit needed for the EU economy to recover from the crisis, but should instead be complemented with stronger market- based financing; whereas all actions taken to create a Capital Markets Union (CMU) should therefore have improving the range of financing options offered to companies and citizens, as well as a greater range of more attractive investment offers, as their objective;
Amendment 16 #
2020/2036(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the EU's internal market is characterised by open competition, a regulatory framework, reliance on international standards and supervisory cooperation; whereas the CMU strategy should therefore be based on the same principles;
Amendment 19 #
2020/2036(INI)
Ab. whereas EU capital markets could serve the economy and the much needed economic recovery best when they are transparent, competitive, resilient, centrally cleared and supported by fair regulation,
Amendment 27 #
2020/2036(INI)
Motion for a resolution
Recital B
Recital B
B. whereas themost actions taken so far to achieve the CMU are moving in the right direction; whereas much work nevertheless remains to be done in terms of the precision, effectiveness and simplification of the measures adopted;
Amendment 32 #
2020/2036(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas ambitious next steps are needed to make the EU capital market architecture truly pan-European, competitive and attractive to both EU and international end investors,
Amendment 34 #
2020/2036(INI)
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. whereas a consensus has emerged from the experience with the Great Recession that the euro area’s institutional architecture is in need of reform to enhance its capacity to deal with large economic shocks; whereas in this respect economic literature typically finds that higher shock absorption in the United States results mainly from more effective private risk sharing via credit and capital markets;
Amendment 43 #
2020/2036(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas a single price comparison tool consolidating trading data across the EU - referred to as the Consolidated Tape (CT) - would help brokers to locate liquidity at the best price available in European markets, increase investors’ capacity to evaluate their broker’s performance in executing orders, and be a major step towards democratising access to market data as all investors could easily see the best price to buy or sell a financial product; whereas practical experience with a CT is already available in the United States, where a CT has been mandated for shares (consolidating pre- and post-trade data) and bonds (consolidating post-trade data);
Amendment 75 #
2020/2036(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls for the removal of barriers, including the simplification of legislation and more proportional application of legislation and the removal of red tape, to diversify funding sources for SMEs, in order to promote SMEs’ ability to access equity markets, and to reduce the existing debt bias; points out that the current situation makes SMEs more fragile and vulnerable;
Amendment 84 #
2020/2036(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Calls for further integration and improvement of European capital markets to make them as attractive, competitive, and resilient as possible, especially also in the context of the withdrawal of the United Kingdom from the EU;
Amendment 87 #
2020/2036(INI)
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Emphasises the fundamental importance of enhancing the euro area’s risk absorption capacity;
Amendment 89 #
2020/2036(INI)
Motion for a resolution
Paragraph 1 c (new)
Paragraph 1 c (new)
1c. Highlights that euro area countries can enhance their internal capacity to deal with macroeconomic shocks in particular by effectively reducing vulnerabilities in their economies, banking sectors, and public finances; considers further that economic resilience needs to be improved via structural reforms that support potential growth and increase flexibility;
Amendment 90 #
2020/2036(INI)
Motion for a resolution
Paragraph 1 d (new)
Paragraph 1 d (new)
1d. Stresses that efficient and integrated financial markets are a core prerequisite for efficient private risk sharing in the euro area; considers that a genuine CMU could significantly help to diversify and reduce risk;
Amendment 99 #
2020/2036(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. TNotes the declining Initial Public Offering (IPO) markets in the EU, reflecting their limited attractiveness for in particular smaller companies; highlights in this regard that SMEs face disproportionate administrative burdens and costs of compliance with listing requirements; takes the view that the efficiency of financial markets should be improved and that the listing of companies should be facilitated; encourages the creation and prioritisation of a large private pan- European fund, an Initial Public Offering (IPO)PO Fund, to support SMEs;
Amendment 102 #
2020/2036(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Agrees with the CMU High Level Forum on the importance of providing the right incentives to develop a strong “market making” capacity in the EU; considers in this regard that adequate prudential rules should strike a balance between loss absorption capacity, incentives to support a critical mass of investments, and the impact on the EU's global competitiveness;
Amendment 123 #
2020/2036(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Requests the realignment of the treatment of cash and synthetic securitisations, of the treatment of regulatory capital and liquidity with that of covered bonds and loans, as well as witha review of the disclosure and due diligence requirements for third country securitisation, covered bonds and simple, transparent and standardised (STS) securitisation; requests a clearer role for Competent Authorities in Significant Risk Transfer assessments, improved credit underwriting standards, and reduction of NPLs;
Amendment 129 #
2020/2036(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for targeted measures within securities market legislation to expedite the recovery after the COVID-19 crisis; supportsuch as changes in the Prospectus Regulation, the Markets in Financial Instruments Directive (MIFID), the Securitisation Regulation and the Market Abuse Regulation to facilitate investments in the real economy, in particular in SMEs, and to allow newcomers and new products to enter the markets, preserving consumer protection and market integrity;
Amendment 139 #
2020/2036(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Notes that levels of bilateral trading off-venue remain high despite regulatory intentions; advocates a genuine shift towards competitive and on- exchange trading in European equity and derivatives markets; considers that encouraging this shift requires a certain openness to innovative exchange trading models that can meet investors' needs while bringing trading flow on-venue;
Amendment 148 #
2020/2036(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Asks the Member States to consider amending their national tax frameworks, in order to reduce tax obstacles to cross-border investments, including withholding tax procedures, and to increase financing by investors to long- term investment opportunities thereby improving returns on long-term savings for EU citizens;
Amendment 153 #
2020/2036(INI)
7. Highlights the importance of increasing legal certainty for cross-border investments by making national insolvency proceedings more efficient and effective, thus mitigating home bias, legal risks and costs;
Amendment 165 #
2020/2036(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Supports improving transparency for end investors through the establishment of an EU Consolidated Tape (CT);
Amendment 173 #
2020/2036(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Underlines the need to promote pension provision; welcomes the Pan- European Personal Pension (PEPP) product; reminds Member States that PEPPs need to be subject to the same tax treatment as national pension products to become an option for savers; highlights the importance of a level playing field for PEPP product providers including with regard to risk-mitigation techniques in the investment process; calls for a thorough evidence-based evaluation of the launch of the PEPP market before the next legislative review of the PEPP Regulation;
Amendment 179 #
2020/2036(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Highlights that demographic developments necessitate supplementing pay-as-you-go pensions with life-long intelligent saving and investing; Encourages the Member States to promote multi-pillar pension systems, including occupational pension schemes, as a way to improve market dynamics and the incentives to invest; believes that private pensions should be revitalised and made more attractive; encourages the participation of investors in long-term products with tax reduction or exemption policies;
Amendment 203 #
2020/2036(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses the need for close cooperation between European and national supervisory authorities to overcome their differences; calls for supervisory convergence to promote a common European model, guided by the European Securities and Market Authority (ESMA), to reduce the existing obstacles to cross-border financial operations;
Amendment 207 #
2020/2036(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Highlights EU-wide competition, choice and open access among market infrastructures across the entire execution value chain as fundamental principles for the CMU; supports a diversity of trading mechanisms catering to different trading strategies, market conditions, and investment objectives, both in the EU and globally; considers that failure to uphold these principles in the upcoming discussions on the MiFID/R framework review would risk bringing back monopolistic national exchange structures, to the detriment of European economies and end investors;
Amendment 235 #
2020/2036(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. EStresses the need for a level playing field between financial services firms and technology firms; emphasises that access to financial markets should be possible for all enterprises under the ‘same business, same rules’ principle;
Amendment 242 #
2020/2036(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (PRIIPs) that should be addressed in the next reviewa comprehensive review covering Level 1 as well as Level 2 ; expects that Level 2 PRIIPs legislation on the Key Investor Document to respect lLevel 1, in particular in relation to the performance scenarios; regrets the delays in the adoption of Level 2 PRIIPs legislation that will overlap with the first review of PRIIPs, and which increases legal uncertainty and costs for stakeholders;
Amendment 250 #
2020/2036(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Urges the Commission to make clear the differentiation between professional and retail investors on all levels of MIFID, making it possible to tailor the treatment of clients according to their knowledge and experience on the markets; requests that the Commission consider the introduction of a category of semi-professional investors to better respond to the reality of participation on the financial markets;
Amendment 262 #
2020/2036(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Is of the opinion that the current reporting framework within MIFID II and the European Market Infrastructure Regulation (EMIR) is very costly and complex, hindering the effectiveness of the system; believes that a simplification thereof is necessarycalls in this regard for a simplification;
Amendment 280 #
2020/2036(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Underlines that financial education is needed to overcome lowaccelerate retail investor engagement with financial markets, based on lack ofincreased knowledge, mistrust and risk aversionwareness;
Amendment 289 #
2020/2036(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Urges the Member States, as well as, where appropriate, competent regional, local or other public authorities, to includeconsider including or expanding financial literacy programs in school curricula aimed at developing autonomy in financial matters; suggests the inclusion of this topicat such programs should at least include basic financial concepts such as compounding interest, returns and annuities and the distinction between bonds and shares; suggests the inclusion of financial literacy in the Programme for International Student Assessment (PISA) study;
Amendment 305 #
2020/2036(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Takes the view that the digitalisation of financial services can be a catalyst for the mobilisation of capital in the EU while reducing barriers and increasing supervisory efficiency; underlines that digitalisation should neither lead to regulatory arbitrage nor to lower customer protection, reduced safety or financial stability risks; emphasises that an EU framework with high standards of cybersecurity would be conducive to the CMU;
Amendment 322 #
2020/2036(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Points out that Europe competes for capital in a global market, and that, as a result, deeper, more integrated and effic, efficient and resilient European capital markets are critical to protecting Europe’s economic sovereignty, to encouraging the use of the euro in third countries, and to attracting foreign investors;
Amendment 330 #
2020/2036(INI)
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26a. Highlights that taxation remains a key driver of global capital flows; stresses therefore the importance of carefully assessing the impact of any Financial Transaction Tax (FTT) on the EU's ambitions to develop strong, globally attractive, resilient, deep and liquid capital markets;
Amendment 331 #
2020/2036(INI)
Motion for a resolution
Paragraph 26 b (new)
Paragraph 26 b (new)
26b. Recalls the need to ensure interoperability of the EU’s regulatory framework with internationally agreed principles from the Basel Committee on Banking Supervision and the Financial Stability Board;
Amendment 79 #
2020/0380(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) Prior to the payment of the pre- financing, Member States should notify the Commission of the identity of the bodies designated and of the body to which the pre-financing shall be paid, and confirm that the systems’ descriptions have been drawn up, within three months of the entry into force of this Regulation. Member States should designate the relevant bodies at the appropriate territorial level, in accordance with their institutional, legal and financial framework.
Amendment 83 #
2020/0380(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) Pursuant to paragraphs 22 and 23 of the Inter-institutional agreement for Better Law-Making of 13 April 201613 , there is a need to evaluate the Reserve on the basis of information collected through specific monitoring requirements, while avoiding overregulation and administrative burden, in particular on Member Stat on national, regional or local authorities. These requirements, where appropriate, should include measurable indicators, as a basis for the evaluation of the Reserve. _________________ 13Interinstitutional Agreement between the European Parliament, the Council of the European Union and the European Commission on Better Law-Making (OJ L 123, 12.5.2016, p. 1).
Amendment 89 #
2020/0380(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) In order to ensure the proper functioning of shared management, Member States should establish a management and control system, designate and notify the Commission of the bodies responsible for the management of the Reserve as well as a separate independent audit body. For simplification reasons, Member States may make use of existing bodies designated and systems, including on regional and local level, set up for the purpose of the management and control of cohesion policy funding or the European Union Solidarity Fund. It is necessary to specify the responsibilities of the Member States and lay down the specific requirements for the bodies designated.
Amendment 199 #
2020/0380(COD)
Proposal for a regulation
Article 13 – paragraph 1 – point a
Article 13 – paragraph 1 – point a
(a) designating a body, or when required by the Member State's constitutional framework, bodies responsible for the management of the financial contribution from the Reserve and an independent audit bodyies in accordance with Article 63(3) of the Financial Regulation, and supervising such bodies;
Amendment 201 #
2020/0380(COD)
Proposal for a regulation
Article 13 – paragraph 1 – point d
Article 13 – paragraph 1 – point d
(d) notifying the Commission of the identity of the bodies designated and of the body to which the pre-financing shall be paito which the pre- financing shall be paid and of the bodies designated, including, where applicable, the bodies to which tasks and funds from the Reserve have been delegated, and confirming that the systems’ descriptions have been drawn up, within three months of the entry into force of this Regulation;
Amendment 203 #
2020/0380(COD)
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. For the purposes of points (a) and (b) of paragraph 1, the Member States may make use of bodies and, including on regional and local level, and of management and control systems already in place for the implementation of cohesion policy funding or the European Union Solidarity Fund.
Amendment 204 #
2020/0380(COD)
Proposal for a regulation
Article 13 – paragraph 3 – introductory part
Article 13 – paragraph 3 – introductory part
3. The body or bodies responsible for managing the financial contribution from the Reserve shall:
Amendment 364 #
2020/0361(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. Providers of intermediary services shall specify in the information referred to in paragraph 2, the official language or languages of the Union, which can be used to communicate with their points of contact and which shall include at least one of the official languages of the Member State in which the provider of intermediary services has its main establishment or offers its activities or where its legal representative resides or is established.
Amendment 372 #
2020/0361(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. Providers of intermediary services shall include information on any restrictions that they impose in relation to the use of their service in respect of information provided by the recipients of the service, in their terms and conditions. That information shall include information on any policies, procedures, measures and tools used for the purpose of content moderation, including algorithmic decision-making and human review. It shall be set out in clear and unambiguous language and, shall be publicly available in an easily accessible format and shall be provided at least in the language of the linguistic region in which the providers of intermediary services are offering their services.
Amendment 384 #
2020/0361(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. Providers of hosting services shall put mechanisms in place to allow any individual or entity to notify them of the presence on their service of specific items of information that the individual or entity considers to be illegal content. Those mechanisms shall be easy to access, user- friendly, and allow for the submission of notices exclusively by electronic means in the language of the linguistic region in which the providers of hosting services are offering their services.
Amendment 403 #
2020/0361(COD)
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. Where a provider of hosting services decides to remove or disable access to specific items of information provided by the recipients of the service, irrespective of the means used for detecting, identifying or removing or disabling access to that information and of the reason for its decision, it shall inform the recipient in the language of the linguistic region in which the recipient of the service is established, at the latest at the time of the removal or disabling of access, of the decision and provide a clear and specific statement of reasons for that decision.
Amendment 423 #
2020/0361(COD)
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. Online platforms shall ensure that their internal complaint-handling systems are easy to access, user-friendly and enable and facilitate the submission of sufficiently precise and adequately substantiated complaints. The internal complaint- handling system shall be set up in the language of the linguistic region in which the online platform is offering its services.
Amendment 427 #
2020/0361(COD)
Proposal for a regulation
Article 17 – paragraph 4
Article 17 – paragraph 4
4. Online platforms shall inform complainants without undue delay, in the language of the linguistic region in which the complainant is established, of the decision they have taken in respect of the information to which the complaint relates and shall inform complainants of the possibility of out-of-court dispute settlement provided for in Article 18 and other available redress possibilities.
Amendment 435 #
2020/0361(COD)
Proposal for a regulation
Article 18 – paragraph 6
Article 18 – paragraph 6
6. This Article is without prejudice to Directive 2013/11/EU and alternative dispute resolution procedures and entities for consumers established under that Directive, and also does not affect the recipient’s right to settle disputes in court.
Amendment 446 #
2020/0361(COD)
Proposal for a regulation
Article 19 – paragraph 6
Article 19 – paragraph 6
6. The Digital Services Coordinator that awarded the status of trusted flagger to an entity shall revoke that status if it determines, following an investigation either on its own initiative or on the basis information received by third parties, including the information provided by an online platform pursuant to paragraph 5, that the entity no longer meets the conditions set out in paragraph 2. Before revoking that status, the Digital Services Coordinator shall afford the entity an opportunity to react to the findings of its investigation and its intention to revoke the entity’s status as trusted flagger in the language of the linguistic region in which the flagger is established.
Amendment 449 #
2020/0361(COD)
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Online platforms shall suspend, for a reasonable period of time and after having issued a prior warning in the language of the linguistic region in which the online platform is offering its services, the provision of their services to recipients of the service that frequently provide manifestly illegal content.
Amendment 528 #
2020/0361(COD)
Proposal for a regulation
Article 29 – paragraph 1
Article 29 – paragraph 1
1. Very large online platforms that use recommender systems shall set out in their terms and conditions, in a clear, accessibla clear, accessible and easily comprehensible manner in their terms and conditions, which shall be drawn up in the land easily comprehensible mannerguage of the linguistic region in which they are offering their services, the main parameters used in their recommender systems, as well as any options for the recipients of the service to modify or influence those main parameters that they may have made available, including at least one option which is not based on profiling, within the meaning of Article 4 (4) of Regulation (EU) 2016/679.
Amendment 572 #
2020/0361(COD)
Proposal for a regulation
Article 44 – paragraph 1
Article 44 – paragraph 1
1. Digital Services Coordinators shall draw up an annual report on their activities under this Regulation, at least in the language of the linguistic region in which the digital services are being offered. They shall make the annual reports available to the public, and shall communicate them to the Commission and to the Board.
Amendment 76 #
2020/0353(COD)
Proposal for a regulation
Citation 1
Citation 1
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 and Article 192 (1) thereof,
Amendment 129 #
2020/0353(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7 – indent 4
Article 2 – paragraph 1 – point 7 – indent 4
— is neither an electric vehicle battery, nor a light electric vehicle battery nor an automotive battery;
Amendment 131 #
2020/0353(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7 – indent 4 a (new)
Article 2 – paragraph 1 – point 7 – indent 4 a (new)
- including toys equipped with a battery as specified in the Toy Safety Directive 2009/48/EC (TSD).
Amendment 136 #
2020/0353(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 9
Article 2 – paragraph 1 – point 9
(9) ‘light means of transport’ means wheeled vehicles that have an electric motor of less than 750 watts, on which travellers are seated when the vehicle is moving and that can be powered by the electric motor alone or by a combination of motor and human power battery’ means any battery in wheeled vehicles that can be powered by the electric motor alone or by a combination of motor and human power, including vehicles of type- approved categories provided for in Regulation (EU) No 168/2013 and with a weight below 25 kg;
Amendment 140 #
2020/0353(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 12
Article 2 – paragraph 1 – point 12
(12) ‘electric vehicle battery’ means any battery specifically designed to provide traction to hybrid and electric vehicles for road transport; a vehicle of category L as provided for in Regulation (EU) No 168/2013 and with a weight above 25 kg, or to a vehicle of categories M, N or O as provided for in Directive 2007/46/EC;
Amendment 145 #
2020/0353(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 26 a (new)
Article 2 – paragraph 1 – point 26 a (new)
(26 a) 'preparing for repurposing' means any operation by which parts of or a complete waste battery is prepared so that it can be used for a different purpose or application than that which the battery was originally designed for;
Amendment 149 #
2020/0353(COD)
Proposal for a regulation
Article 7 – title
Article 7 – title
Amendment 151 #
2020/0353(COD)
Proposal for a regulation
Article 7 – paragraph 1 – introductory part
Article 7 – paragraph 1 – introductory part
1. Electric vehicle batteries and rechargeable industrial batteries with internal storage and a capacity above 2 kWh shall be accompanied by technical documentation that includes, for each battery model and batch per manufacturing plant, a carbonproduct environmental footprint declaration drawn up in accordance with the delegated act referred to in the second sub-paragraph and containing, at least, the following information:
Amendment 162 #
2020/0353(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2 – point a
Article 7 – paragraph 1 – subparagraph 2 – point a
(a) a delegated act in accordance with Article 73 to supplement this Regulation by establishing the methodology to calculate the total carbonproduct environmental footprint of the battery referred to in point (d), in accordance with the essential elements set out in Annex II;
Amendment 163 #
2020/0353(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2 – point b
Article 7 – paragraph 1 – subparagraph 2 – point b
(b) an implementing act establishing the format for the carbonproduct environmental footprint declaration referred to in the first subparagraph. That implementing act shall be adopted in accordance with the examination procedure referred to in Article 74(3).
Amendment 165 #
2020/0353(COD)
Proposal for a regulation
Article 7 – paragraph 2 – introductory part
Article 7 – paragraph 2 – introductory part
2. Electric vehicle batteries and rechargeable industrial batteries with internal storage and a capacity above 2 kWh shall bear a conspicuous, clearly legible and indelible label indicating the carbonproduct environmental footprint performance class that the individual battery corresponds to.
Amendment 170 #
2020/0353(COD)
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 2
Article 7 – paragraph 2 – subparagraph 2
The carbonproduct environmental footprint performance class requirements in the first subparagraph shall apply as of 1 January 2026 for electric vehicle batteries and for rechargeable industrial batteries.
Amendment 173 #
2020/0353(COD)
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 3 – point a
Article 7 – paragraph 2 – subparagraph 3 – point a
(a) a delegated act in accordance with Article 73 to supplement this Regulation by establishing the carbonproduct environmental footprint performance classes referred to in the first subparagraph. In preparing that delegated act, the Commission shall take into account the relevant essential elements set out in Annex II;
Amendment 174 #
2020/0353(COD)
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 3 – point b
Article 7 – paragraph 2 – subparagraph 3 – point b
(b) an implementing act establishing the formats for the labelling referred to in the first subparagraph and the format for the declaration on the carbonproduct environmental footprint performance class referred to in the second subparagraph. That implementing act shall be adopted in accordance with the examination procedure referred to in Article 74(3).
Amendment 175 #
2020/0353(COD)
3. Electric vehicle batteries and rechargeable industrial batteries with internal storage and a capacity above 2 kWh shall, for each battery model and batch per manufacturing plant, be accompanied by technical documentation demonstrating that the declared life cycle carbonproduct environmental footprint value, is below the maximum threshold established in the delegated act adopted by the Commission pursuant to the third subparagraph.
Amendment 180 #
2020/0353(COD)
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 1
Article 7 – paragraph 3 – subparagraph 1
The requirement for a maximum life cycle carbonproduct environmental footprint threshold in the first subparagraph shall apply as of 1 July 2027 for electric vehicle batteries and for rechargeable industrial batteries.
Amendment 181 #
2020/0353(COD)
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 2
Article 7 – paragraph 3 – subparagraph 2
The Commission shall, no later than 1 July 2026, adopt a delegated act in accordance with Article 73 to supplement this Regulation by determining the maximum life cycle carbonproduct environmental footprint threshold referred to in the first subparagraph. In preparing that delegated act, the Commission shall take into account the relevant essential elements set out in Annex II.
Amendment 183 #
2020/0353(COD)
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 3
Article 7 – paragraph 3 – subparagraph 3
The introduction of a maximum life cycle carbonproduct environmental footprint threshold shall trigger, if necessary, a reclassification of the carbonproduct environmental footprint performance classes of the batteries referred to in paragraph 2.
Amendment 253 #
2020/0353(COD)
Proposal for a regulation
Article 11 – paragraph 2 – point b
Article 11 – paragraph 2 – point b
Amendment 321 #
2020/0353(COD)
Proposal for a regulation
Article 46 – paragraph 1 a (new)
Article 46 – paragraph 1 a (new)
1 a. The operator carrying out repurposing or remanufacturing operations of batteries shall be obliged to register for repurposed or remanufactured batteries that he makes available on the market for the first time within the territory of a Member State. He shall to that end submit an application in the Member States where he makes repurposed or remanufactured batteries available for the first time.
Amendment 322 #
2020/0353(COD)
Proposal for a regulation
Article 47 – paragraph 1 – introductory part
Article 47 – paragraph 1 – introductory part
1. Producers of batteries shall have extended producer responsibility for batteries that they make available on the market for the first time within the territory of a Member State, to ensure the attainment ofcompliance with the wWaste management obligations set out in this Chapter. This responsibility shall include the obligation to:Directive (EU) 2018/851, notably Articles 8 and 8a thereof.
Amendment 324 #
2020/0353(COD)
Proposal for a regulation
Article 47 – paragraph 1 – point a
Article 47 – paragraph 1 – point a
Amendment 325 #
2020/0353(COD)
Proposal for a regulation
Article 47 – paragraph 1 – point b
Article 47 – paragraph 1 – point b
Amendment 326 #
2020/0353(COD)
Proposal for a regulation
Article 47 – paragraph 1 – point c
Article 47 – paragraph 1 – point c
Amendment 327 #
2020/0353(COD)
Proposal for a regulation
Article 47 – paragraph 1 – point d
Article 47 – paragraph 1 – point d
Amendment 328 #
2020/0353(COD)
Proposal for a regulation
Article 47 – paragraph 1 – point e
Article 47 – paragraph 1 – point e
Amendment 329 #
2020/0353(COD)
Proposal for a regulation
Article 47 – paragraph 6 – introductory part
Article 47 – paragraph 6 – introductory part
6. PA producer or a producer responsibility organisations shall apply for an authorisation from the competent authority. The authorisation shall be granted only where it is demonstrated that the measures put in place by the producer responsibility organisation are sufficient to meet the obligations set out in this Article with regard to the amount of batteries made available on the market for the first time within the territory of a Member State by the producers on whose behalf it acts. The competent authority shall in regular intervals, verify whether the conditions for the authorisation laid down in paragraphs 1, 3, 4 and 5 continue to be met. The competent authorities shall fix the details of the authorisation procedure and the modalities for verifying compliance, including the information to be provided by the producers or a producer responsibility organisation to that end.
Amendment 330 #
2020/0353(COD)
Proposal for a regulation
Article 47 – paragraph 7
Article 47 – paragraph 7
7. In order to demonstrate compliance with paragraph 3(a), producers or, where appointed in accordance with paragraph 2, producer responsibility organisations acting on their behalf, shall provide a guarantee which may take the form of a recycling insurance or a blocked bank account, or participation by the producer in a producer responsibility organisation. The Commission shall, by 31 December 2023, adopt an implementing act in order to establish detailed rules regarding the scope and the calculation of the guarantee.
Amendment 333 #
2020/0353(COD)
Proposal for a regulation
Article 47 – paragraph 12 a (new)
Article 47 – paragraph 12 a (new)
12 a. The operator carrying out repurposing or remanufacturing operations of batteries shall have extended producer responsibility for repurposed or remanufactured batteries that he makes available on the market for the first time within the territory of a Member State to ensure the attainment of the waste management obligations set out in this Chapter.
Amendment 334 #
2020/0353(COD)
Proposal for a regulation
Article 47 – paragraph 13
Article 47 – paragraph 13
Amendment 344 #
2020/0353(COD)
Proposal for a regulation
Article 48 – paragraph 12
Article 48 – paragraph 12
12. Every five years the Member States shall carry out a compositional survey at least at NUTS 2 level of collected mixed municipal waste and waste electric and electronic equipment streams to determine the share of waste portable batteries therein. The first survey shall be carried out by 31 December 2023. On the basis of the information obtained, the competent authorities may require, when granting or reviewing an authorisation under paragraphs 6 and 10 that the producers of portable batteries or producer responsibility organisations take corrective action to increase their network of connected collection points and carry out information campaigns in accordance with Article 60(1) in proportion to the share of waste portable batteries in mixed municipal waste and waste electric and electronic equipment streams detected in the survey.
Amendment 366 #
2020/0353(COD)
Proposal for a regulation
Article 59 – title
Article 59 – title
59 Requirements related to the repurposing and remanufacturing of light means of transport batteries, industrial batteries and electric-vehicle batteries
Amendment 398 #
2020/0353(COD)
Proposal for a regulation
Annex VI – Part A – paragraph 1 – point 6 a (new)
Annex VI – Part A – paragraph 1 – point 6 a (new)
6 a. weight of the battery;
Amendment 410 #
2020/0353(COD)
Proposal for a regulation
Annex XII – Part A – point 4 a (new)
Annex XII – Part A – point 4 a (new)
4 a. Mercury shall be separated during treatment and recycling into an identifiable stream, which is given a safe destination and can not cause adverse effects on humans or the environment.
Amendment 8 #
2020/0320(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) On 11 March 2020, the World Health Organization (WHO) declared the novel coronavirus COVID-19 outbreak a global pandemic. From the challenges experienced in responding to the pandemic it became clear that the Centre’s role in the Union’s framework for health crisis preparedness and response should be strengthened in order to better use the potential of the Union's and the Member States' capacities to respond to future pandemics.
Amendment 9 #
2020/0320(COD)
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3 a) European action is targeted to delivering added value, in support and respect of the Member States' competences. Strengthening the existing Union level structures and expertise, ensuring coherence and synergies and avoiding duplication are essential.
Amendment 10 #
2020/0320(COD)
Proposal for a regulation
Recital 3 b (new)
Recital 3 b (new)
(3 b) The relationship between the ECDC, EU4Health, the European Medicines Agency and the WHO has to be performant, coherent and seamless and needs to avoid duplication and overlap, both regarding the mandate and the budget.
Amendment 27 #
2020/0320(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EC) No 851/2004
Article 3 – paragraph 1 – subparagraph 3
Article 3 – paragraph 1 – subparagraph 3
In pursuing its mission, the Centre shall take full account of the responsibilities and competences of the Member States, the Commission and other Union bodies or agencies, and of the responsibilities of international organisations active within the field of public health, in order to ensure comprehensiveness, coherence and complementarity of action, to avoid duplication and to ensure that the principle of subsidiarity is respected.
Amendment 35 #
2020/0320(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EC) No 851/2004
Article 5 – paragraph 4 – point d
Article 5 – paragraph 4 – point d
(d) monitor and assesssupport the competent authorities in the Member States in their assessment of their health systems’ capacity for diagnosis, prevention and treatment of specific communicable diseases as well as patients’ safety;
Amendment 37 #
2020/0320(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EC) No 851/2004
Article 5a – paragraph 2
Article 5a – paragraph 2
2. TIn close cooperation with the competent authorities in the Member States, the European Medicines Agency and other relevant Union bodies and agencies, as well as with international organisations, the Centre shall develop a framework for the prevention of communicable diseases and special issues, including vaccine preventable diseases, antimicrobial resistance, health education, health literacy and behaviour change.
Amendment 38 #
2020/0320(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EC) No 851/2004
Article 5b – paragraph 1 – subparagraph 2 – point i
Article 5b – paragraph 1 – subparagraph 2 – point i
(i) support the competent authorities in the Member States to assess health systems’ capacity to detect, prevent, respond to and recover from outbreaks of communicable diseases, identify gaps and provide recommendations for the strengthening of health systems, to be implemented with Union support as appropriate;
Amendment 136 #
2020/0267(COD)
Draft legislative resolution
Citation 5
Citation 5
— having regard to the opinion of the European Central Bank of 28 April 20212 , _________________ 2 OJ C xxx, xx.x.2021, p. xx.
Amendment 137 #
2020/0267(COD)
— having regard to opinion 6/2021 of the European Data Protection Supervisor of 23 April 2021,
Amendment 150 #
2020/0267(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) In order to allow for the development of crypto-assets that qualify as financial instruments andbased on DLT, while preserving a high level of financial stability, market integrity, transparency and investor protection, it would be useful to create a pilot regime for DLT market infrastructures. A pilot regime for DLT market infrastructures should allow such DLT market infrastructures to be temporarily exempted from some specific requirements under the Union financial services legislation that could otherwise prevent them from developing solutions for the trading and settlement of transactions in crypto-assets that qualify as financial instruments. The pilot regime should also enable the European Securities and Markets Authorities (ESMA) and competent authorities to gain experience on the opportunities and specific risks created by crypto-assets that qualify as financial instruments, and by their underlying technologycreation of the pilot regime should be without prejudice to the tasks and responsibilities of the European Central Bank (ECB) and the national central banks in the European System of Central Banks (ESCB), set out in the Treaty on the Functioning of the European Union and in the statutes of the ESCB and of the ECB, to promote the smooth operation of payment systems and to ensure efficient and sound clearing and payment systems within the Union and with third countries. The pilot regime should also enable the European Securities and Markets Authorities (ESMA) and competent authorities to gain experience on the opportunities and specific risks created by crypto-assets that qualify as financial instruments, and by their underlying technology. The experience gained with the pilot regime should therefore help to identify possible practical proposals for a suitable regulatory framework in order to make targeted adjustments to existing Union law involving the issuance, safekeeping and asset servicing, trading and settlement of financial instruments based on DLT.
Amendment 161 #
2020/0267(COD)
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6 a) Where CSDs operated by members of the ESCB, by Member States’ national bodies performing similar functions, or by other public bodies charged with or intervening in the management of public debt in the Union, operate a DLT SSS, they should not be required to seek specific exemptions or permissions from a competent authority, since such CSDs are not required to report to competent authorities or to comply with their orders, and are subject to a limited set of requirements under Regulation (EU) No 909/2014, in accordance with Article 1(4) of that Regulation.
Amendment 241 #
2020/0267(COD)
Proposal for a regulation
Recital 44 a (new)
Recital 44 a (new)
(44 a) The operation of DLT market infrastructures could involve the processing of personal data. Any processing of personal data under this Regulation should be carried out in accordance with applicable Union law on the protection of personal data. This Regulation is without prejudice to the rights and obligations under Regulations (EU) 2016/6791a and (EU) 2018/17251b. _________________ 1aRegulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1). 1bRegulation (EU) 2018/1725 of the European Parliament and of the Council of 23 October 2018 on the protection of natural persons with regard to the processing of personal data by the Union institutions, bodies, offices and agencies and on the free movement of such data, and repealing Regulation (EC) No 45/2001 and Decision No 1247/2002/EC (OJ L 295, 21.11.2018, p. 39).
Amendment 316 #
2020/0267(COD)
Proposal for a regulation
Article 4 – paragraph 3 – point a
Article 4 – paragraph 3 – point a
(a) guarantees, in accordance with Article 37(2) and (3) of Regulation (EU) No 909/2014, that the number of DLT transferable securities in an issue or in part of an issue admitted by the investment firm or market operator operating the DLT MTFTSS, is equal to the sum of DLT transferable securities making up such an issue or part of an issue, recorded on the DLT, at any given time;
Amendment 319 #
2020/0267(COD)
Proposal for a regulation
Article 4 – paragraph 3 – point d
Article 4 – paragraph 3 – point d
(d) provides, in accordance with Article 39(5) of Regulation (EU) No 909/2014, clear, accurate and timely information in relation to the settlement of transactions, including settlement finality, by defining the moment from which transfer orders or other pre-identified instructions may not be revoked by a member, participant, issuer or client;
Amendment 327 #
2020/0267(COD)
Proposal for a regulation
Article 4 – paragraph 3 – point g
Article 4 – paragraph 3 – point g
(g) either prevents or, if not possible, addresses settlement fails, in accordance with Article 7 of Regulation (EU) No 909/2014 and Commission Delegated Regulation (EU) 2018/1229*. _________________ * Commission Delegated Regulation (EU) 2018/1229 of 25 May 2018 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on settlement discipline (OJ L 230, 13.9.2018, p. 1).
Amendment 341 #
2020/0267(COD)
Proposal for a regulation
Article 5 – paragraph 3 – introductory part
Article 5 – paragraph 3 – introductory part
3. At its request, a CSD operating a DLT securities settlement systemSSS may be exempted by the competent authority from the application of Article 19 and Article 30 of Regulation (EU) No 909/2014, in relation only to the outsourcing of a core service to a third party, and from Article 30 of that Regulation, provided that:
Amendment 349 #
2020/0267(COD)
Proposal for a regulation
Article 5 – paragraph 5 – subparagraph 1
Article 5 – paragraph 5 – subparagraph 1
The settlement of the payments may leg shall be carried out through central bank money, where practicable and available, or where not practicable and available, through commercial bank money, including commercial bank money in a token-based form, or in e-money tokens.
Amendment 354 #
2020/0267(COD)
Proposal for a regulation
Article 5 – paragraph 5 – subparagraph 2
Article 5 – paragraph 5 – subparagraph 2
Where settlement occurs through commercial bank money or e-money tokens, the investment firm or market operatorCSD operating thea DLT MTFSSS shall identify, measure, monitor, manage, and minimise any counterparty risk arising from the use of such money, also taking into account any risk arising from the designation or non-designation of the DLT SSS as a system for the purposes of Directive 98/26/EC and of paragraph 8 of this Article.
Amendment 372 #
2020/0267(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
They shall also have up-to-date, clear and detailed publically available written documentation, which may be made available by electronic means, defining the rules under which the DLT market infrastructures and their operators shall operate, including the agreed upon associated legal terms defining the rights, obligations, responsibilities and liabilities of the operator of the DLT market infrastructure, as well as that of the members, participants, issuers and/or clients using the DLT market infrastructure concerned. Such legal arrangements shall specify the governing law, the pre- litigation dispute settlement mechanism, any insolvency protection measures under Directive 98/26/EC and the jurisdiction for bringing legal action.
Amendment 382 #
2020/0267(COD)
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. A CSD operating a DLT securities settlement systemSSS, and an investment firm or a market operator operating a DLT MTFTSS requesting an exemption from Article 3(2) of Regulation (EU) No 909/2014, shall establish rules on the functioning of the DLT they operate, including the rules for accessing the distributed ledger technology, the participation of the validating nodes, addressing potential conflicts of interest, and risk management including any mitigation measures., or document, as appropriate:
Amendment 383 #
2020/0267(COD)
Proposal for a regulation
Article 6 – paragraph 2 – point a (new)
Article 6 – paragraph 2 – point a (new)
(a) rules on the functioning of the DLT they operate, including the rules for accessing the distributed ledger technology, the participation of the validating nodes, addressing potential conflicts of interest, and risk management including any mitigation measures; and
Amendment 384 #
2020/0267(COD)
(b) measures to mitigate the risks arising from insolvency, where insolvency protection measures under Directive 98/26/EC do not apply.
Amendment 401 #
2020/0267(COD)
Proposal for a regulation
Article 7 – paragraph 3 – introductory part
Article 7 – paragraph 3 – introductory part
3. Before deciding on an application for a specific permission to operate a DLT MTF under this Regulation, the competent authority of the home Member State shall notify and provide all relevant information on the DLT MTF to ESMA,, in the case of an application by a credit institution, to its prudential supervisor, including the ECB for significant credit institutions, and, in all cases, to ESMA, including an explanation of the exemptions requested, their justifications and any compensatory or corrective measures proposed by the applicant or required by the competent authority. In addition, where an applicant intends to provide any of the core services listed in Section A of the Annex to Regulation (EU) No 909/2014, before deciding on an application for a specific permission to operate a DLT MTF under this Regulation, the competent authority of the home Member State shall transmit all information included in the application to the relevant authorities specified in Article 12 of Regulation (EU) No 909/2014 and consult those authorities on the features of the securities settlement system operated by the applicant. A relevant authority may inform the competent authority of its views within three months of receipt of the information from the competent authority.
Amendment 416 #
2020/0267(COD)
Proposal for a regulation
Article 7 – paragraph 6 – introductory part
Article 7 – paragraph 6 – introductory part
6. Without prejudice to Article 8 and Article 44 of Directive 2014/65/EU, the competent authority which granted a specific permission under this Regulation shall withdraw such permission or any of the exemptions granted, after consultation with ESMA and informing the relevant authorities specified in Article 12 of Regulation (EU) No 909/2014 and, in the case of a specific permission granted to a credit institution, its prudential supervisor, including the ECB for significant credit institutions, in accordance with paragraph 3, if any of the following has occurred:
Amendment 432 #
2020/0267(COD)
Proposal for a regulation
Article 8 – paragraph 3 – introductory part
Article 8 – paragraph 3 – introductory part
3. Before deciding on an application for a specific permission to operate a DLT MTFSSS under this Regulation, the competent authority shall notify and provide all relevant information on the DLT securities settlement system to ESMA andSSS to the relevant authorities specified in Article 12 of Regulation (EU) No 909/2014 and shall consult those authorities on the features of the securities settlement system operated by the applicant and, in the case of an application by a credit institution, shall provide all such relevant information to the prudential supervisor, including the ECB for significant credit institutions, and, in all cases, to ESMA, including an explanation of the exemptions requested, their justification and any compensatory or corrective measures proposed by the applicant or required by the competent authority.
Amendment 437 #
2020/0267(COD)
Proposal for a regulation
Article 8 – paragraph 3 – subparagraph 1
Article 8 – paragraph 3 – subparagraph 1
Within three months of receipt of the notification, the relevant authorities specified in Article 12 of Regulation (EU) No 909/2014 may respond to the competent authority, and ESMA shall provide the competent authority with a non-binding opinion on the application and shall make any recommendations on the exemptions requested by the applicant, that are necessary to ensure investor protection, market integrity and financial stability. ESMA shall also promote the consistency and proportionality of exemptions granted by competent authorities to CSDs operating DLT securities settlement systems, across the Union. In order to do so, ESMA, shall consult the competent authorities of the other Member States in a timely manner and take the utmost account of their views in its opinion.
Amendment 438 #
2020/0267(COD)
Proposal for a regulation
Article 8 – paragraph 4 – introductory part
Article 8 – paragraph 4 – introductory part
4. Without prejudice to Article 17 of Regulation (EU) No 909/2014, and after having informed the relevant authorities specified in Article 12 of Regulation (EU) No 909/2014 and, in the case of a credit institution, its prudential supervisor, including the ECB for significant credit institutions, a competent authority shall refuse to grant a specific permission under this Regulation, if there are grounds for believing any of the following:
Amendment 450 #
2020/0267(COD)
Proposal for a regulation
Article 9 – paragraph 1 – introductory part
Article 9 – paragraph 1 – introductory part
1. Without prejudice to the application of any relevant provisions of Directive 2014/65/EU and Regulation (EU) No 909/2014, the operators of DLT market infrastructures shall cooperate with the competent authorities, including, in the case of credit institutions, their prudential supervisors, and including the ECB in the case of significant credit institutions, which are entrusted with granting specific permissions under this Regulation and with ESMA.
Amendment 453 #
2020/0267(COD)
Proposal for a regulation
Article 9 – paragraph 1 – subparagraph 1 – introductory part
Article 9 – paragraph 1 – subparagraph 1 – introductory part
In particular, immediately upon becoming aware of any of the matters listed below, the operators of DLT market infrastructures shall notify, the said competent authorities, including, in the case of credit institutions, their prudential supervisors, and including the ECB in the case of significant credit institutions, and ESMA, thereof. Such matters include, without limitation:
Amendment 457 #
2020/0267(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The operators of DLT market infrastructures shall provide the competent authority which granted the specific permission and ESMA with any relevant information they may require. In the case of a DLT SSS or a DLT TSS, the competent authority shall transmit information concerning the functioning of the securities settlement system to the relevant authorities specified in Article 12 of Regulation (EU) No 909/2014 as soon as possible.
Amendment 459 #
2020/0267(COD)
Proposal for a regulation
Article 9 – paragraph 4 – introductory part
Article 9 – paragraph 4 – introductory part
4. Every six months from the date of the specific permission, the operator of a DLT market infrastructure shall submit a report to the competent authority and ESMAies, including, in the case of a credit institution, its prudential supervisor, and including the ECB in the case of significant credit institutions, and ESMA. In the case of a DLT SSS or a DLT TSS, the competent authority shall transmit that information to the relevant authorities specified in Article 12 of Regulation (EU) No 909/2014 as soon as possible. Such report shall include, without limitation:
Amendment 70 #
2020/0106(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) The conclusions of the European Council of 17-21 July 2020 do not include the Solvency Support Instrument within the instruments forming the recovery package. This is a regrettable decision made by the Heads of State and Government, necessitated by a decision to prioritise funding elsewhere. Nevertheless, support especially for SMEs will continue to be needed in many Member States and in particular in smaller Member States, whose fiscal capacities are more limited.
Amendment 71 #
2020/0106(COD)
Proposal for a regulation
Recital 2 b (new)
Recital 2 b (new)
(2b) Businesses who find themselves in liquidity issues may find themselves unable to access public support and become targets for private equity investors from third countries. This represents a considerable threat to the strength of European economies and the innovative capacities of many Member States
Amendment 72 #
2020/0106(COD)
Proposal for a regulation
Recital 2 c (new)
Recital 2 c (new)
(2c) Solvent businesses able to withstand liquidity problems continue to face other challenges, including barriers to market access and regulatory burdens, which continue to place those companies at risk of collapse if the economic recovery falters.
Amendment 73 #
2020/0106(COD)
Proposal for a regulation
Recital 2 d (new)
Recital 2 d (new)
(2d) Given the importance of securing the competitive position of European companies, assets and innovative capacity, together with the need to support Member States across the Union in supporting their national economies and by extension the Single Market, the proposal for the Solvency Support Instrument remains a relevant intervention should the need for further instruments to bolster the recovery be identified
Amendment 183 #
2020/0104(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) Past experiences have shown that investment is often drastically cut during crises. However, it is essential to support investment in this particular situation to speed up the recovery and strengthen long- term growth potential. Investing in green and digital technologies, higher-risk activities such as research and innovation, capacities and processes aimed at assisting clean energy transition, boosting energy efficiency in housing and other key sectors of the economic are important to achieve sustainable growth and help create jobs. It will also help make the Union more resilient and less dependent by diversifying key supply chains.
Amendment 232 #
2020/0104(COD)
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10a) The Facility should not substitute recurring national spending and Member States should maintain at least the same level of its public investment compared to the average level of its public investment in the five previous years. Member States that allow significant reversals of the reforms supported by the Facility should repay the amounts it received for these reforms.
Amendment 378 #
2020/0104(COD)
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18a) In preparing and implementing their Recovery and Resilience Plans and in proposing reforms and investments Member States should consider Article 107 TFEU and the State aid framework and its restrictions. The proper functioning of the internal market and its competition and State aid rules are to the benefit of European consumers and businesses and are necessary to avoid undue distortions of competition. The Commission should therefore continue to perform its role under the Treaties to ensure a level playing field in the internal market.
Amendment 412 #
2020/0104(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) In order to ensure the national ownership and a focus on relevant reforms and investments, Member States wishing to receive support should submit to the Commission a recovery and resilience plan that is duly reasoned and substantiated, substantiated and takes into account regional and local preferences to make sure real needs on the ground are met . The recovery and resilience plan should set out the detailed set of measures for its implementation, including targets and milestones, and the expected impact of the recovery and resilience plan on growth potential, job creation and economic and social resilience; it should also include measures that are relevant for the green and the digital transitions; it should also include an explanation of the consistency of the proposed recovery and resilience plan with the relevant country-specific challenges and priorities identified in the context of the European Semester. Close cooperation between the Commission and the Member States should be sought and achieved throughout the process.
Amendment 465 #
2020/0104(COD)
Proposal for a regulation
Recital 27 a (new)
Recital 27 a (new)
(27a) Given the short-term focus and the emphasis being placed on the national envelopes in the implementation of the Recovery and Resilience Facility, there is a risk that the implementation of the funds merely to meet the deadline would be prioritised over the control and the scrutiny of the initial purpose of the Facility.
Amendment 1083 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – introductory part
Article 16 – paragraph 3 – introductory part
3. The Commission shall assess the importance and coherence of the recovery and resilience plan and its contribution to the green and digital transitions, and their contribution to the achievement of a sound medium-term budgetary position which ensures the sustainability of public finances or a rapid progress towards such sustainability and for that purpose, shall take into account the following criteria:
Amendment 1104 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point a
Article 16 – paragraph 3 – point a
(a) whether the recovery and resilience plan is expected to contribute to effectively address challenges identified in the relevant country-specific recommendations including fiscal aspects addressed to the Member State concerned or in other relevant documents officially adopted by the Commission in the European Semester;
Amendment 1182 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point e
Article 16 – paragraph 3 – point e
(e) whether the justification provided by the Member State on the amount of the estimated total costs of the recovery and resilience plan submitted is reasonable and plausible and is commensuratest-efficient with a view to the expected impact on the economy and employment;
Amendment 1438 #
2020/0104(COD)
Proposal for a regulation
Article 23 – paragraph 2
Article 23 – paragraph 2
2. The performance reporting system shall ensure that data for monitoring the implementation of the activities and results are collected efficiently, effectively, and in a timely manner. To that end, proportionate reporting requirements shall be imposed on recipientthe final beneficiaries of Union funding.
Amendment 55 #
2020/0102(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) Article 168 TFEU provides that the Union is to complement and support national health policies, encourage cooperation between Member States and promote the coordination between their programmes, in full respect of the responsibilities of the Member States for the definition ofcompetent authorities in each Member State to define their own health policiesy and theo organisation and delivery ofe, deliver and manage health services and medical care.
Amendment 57 #
2020/0102(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) While Member States are responsible for their health policies, they are expected to protect public health in a spirit of European solidarity8 . Experience from the ongoing COVID-19 crisis has demonstrated that there is a need for a further firm action at Union levelscope for the Union to better deliver on public health policy within the existing parameters of the Treaties to support cooperation and coordination among the Member States in order to improve the prevention and control of the spread of severe human diseases across borders, to develop, test and make available products for the prevention and treatment of diseases, to combat other serious cross- border threats to health and to safeguard the health and well-being of people in the Union. _________________ 8 Communication to the European Parliament, the European Council, the Council, the European Central Bank, the European Investment Bank and the Eurogroup on coordinated economic response to the COVID-19 outbreak, COM(2020)112 final of 13.03.220.
Amendment 65 #
2020/0102(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) The COVID-19 crisis has highlighted many challenges in ensuring the supply of medicines, medical devices as well as personal protective equipment needed in the Union during the pandemics. Noting, in particular, its dependency on third countries for manufacturing capacity, the supply of active pharmaceutical ingredients and starting materials. The Programme therefore should provide support to actions which foster the production, procurement and management of crisis relevant products ensuring complementarity with other Union instruments.
Amendment 71 #
2020/0102(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) The Programme will work in synergy and complementarity with other EU policies, programmes and funds such as actions implemented under the Digital Europe Programme, Horizon Europe, rescEU reserve under the Union Civil Protection Mechanism, Emergency Support Instrument, European Social Fund+ (ESF+, including as regards synergies on better protecting the health and safety of millions of workers in the EU), including the Employment and Social Innovation Strand (EaSI), the InvestEU fund, Single Market Programme, European Regional Development Fund (ERDF), Recovery and Resilience Facility including the Reform Delivery Tool, Erasmus, European Solidarity Corps, Support to mitigate Unemployment Risks in an Emergency (SURE), and EU external action instruments, such as the Neighbourhood, Development and International Cooperation Instrument and the Instrument for Pre-accession Assistance III. Where appropriate, common rules will be established in view of ensuring consistency and complementarity between funds, avoiding any overlap or duplication of financing, while making sure that specificities of these policies are respected, and in view of aligning with the strategic requirements of these policies, programmes and funds, such as the enabling conditions under ERDF and ESF+.
Amendment 74 #
2020/0102(COD)
Proposal for a regulation
Recital 25
Recital 25
(25) The Union health legislation has an immediate impact on public health, the lives of citizens, the efficiency and resilience of the health systems and the good functioning of the internal market. The regulatory framework for medical products and technologies (medicinal products, medical devices and substances of human origin), as well as for tobacco legislation, patients’ rights in cross-border healthcare and serious cross-border threats to health is essential to health protection in the Union. The Programme therefore should support the development, implementation and enforcement of Union health legislation, working in conjunction with key partners such as the European Medicines Agency and the European Centre for Disease Prevention and Control, and provide high quality, comparable and reliable data to underpin policymaking and monitoring.
Amendment 85 #
2020/0102(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point 1
Article 4 – paragraph 1 – point 1
(1) strengthen the capability of the Unionin full accordance with Article 168(5) of the Treaty on the functioning of the European Union, strengthen the capability of the Union, including the European Medicines Agency and the European Centre for Disease Control, for prevention, preparedness and response to serious cross-border threats to health, and the management of health crises, including through coordination, provision and deployment of emergency health care capacity, data gathering and surveillance;
Amendment 91 #
2020/0102(COD)
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. The Programme shall be implemented in direct management in accordance with Regulation (EU, Euratom) 2018/1046 or in indirect management with the bodies referred to in Article 62(1) (c) of Regulation (EU, Euratom) 2018/1046, to ensure there is no overlap or duplication with other funding programmes at the Union level.
Amendment 96 #
2020/0102(COD)
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
The Programme shall be implemented byCommission shall adopt, by means of implementing acts in accordance with article 23 (2), annual work programmes referred to in Article 110 of Regulation (EU, Euratom) 2018/1046. Work programmes shall set out, where applicable, the overall amount reserved for blending operations.
Amendment 89 #
2020/0066(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 575/2013
Article 500a – paragraph 1
Article 500a – paragraph 1
By way of derogation from Article 47c(3), until [date of entry into force of this amending Regulation + 7 years] the factors set out in Article 47c(4) shall also apply to the part of the non-performing exposure guaranteed or counter-guaranteed by an eligible provider referred to in points (a) to (e) of Article 201(1), where, subject to compliance with Union State aid rules, where applicable, the guarantee or counter- guarantee is provided as part of support measures to assist borrowers amid the COVID-19 pandemic. The following additional conditions apply to this derogation: (a) eligible public providers referred to in point b of art 201(1) are treated as exposures to the central government in whose jurisdiction they are established under Article 115(2) that would be assigned a 0%- risk weight under Part Three, Title II, Chapter 2; (b) eligible public providers referred to in point e of art 201(1) are treated as exposures to the central government in whose jurisdiction they are established under Article 116(4) that would be assigned a 0%- risk weight under Part Three, Title II, Chapter 2; (c) eligible guarantors referred to in points c and d of art 201(1) would be assigned a 0%- risk weight under Part Three, Title II, Chapter 2.
Amendment 93 #
2020/0066(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
1a. By way of derogation from Article 114(2), for exposures to the central governments and central banks of Member States denominated and funded in the domestic currency of another Member State: (a) until 31 December 2022, the risk weight applied to the exposure values shall be 0 % of the risk weight assigned to those exposures in accordance with Article 114(2); (b) during the period from 1 January 2023 to 31 December 2023, the risk weight applied to the exposure values shall be 20 % of the risk weight assigned to those exposures in accordance with Article 114(2); (c) during the period from 1 January 2024 to 31 December 2024, the risk weight applied to the exposure values shall be 50 % of the risk weight assigned to those exposures in accordance with Article 114(2); (d) during the period beginning 1 January 2025 and thereafter, the risk weight applied to the exposure values shall be 100 % of the risk weight assigned to those exposures in accordance with Article 114(2).
Amendment 98 #
2020/0066(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 575/2013
Article 500a – paragraph 1b (new)
Article 500a – paragraph 1b (new)
1b. By way of derogation from Articles 395(1) and 493(4), competent authorities may allow institutions to incur exposures referred to in paragraph 1 of this Article, up to the following limits: (a) 100 % of the institution’s Tier 1 capital until 31 December 2023; (b) 75 % of the institution’s Tier 1 capital until 31 December 2024; (c) 50 % of the institution’s Tier 1 capital until 31 December 2025. The limits referred to in points (a), (b) and (c) of the first subparagraph of this paragraph shall apply to exposure values after taking into account the effect of the credit risk mitigation in accordance with Articles 399 to 403.
Amendment 64 #
2020/0036(COD)
Proposal for a regulation
Citation 5 a (new)
Citation 5 a (new)
Having regard to the non-paper and the formal legal opinion of the European Parliament's Legal Service on the exercise of the delegation of power;
Amendment 86 #
2020/0036(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) Achieving climate neutrality should require a contribution from all economic sectors, including aviation and maritime transport. In light of the importance of energy production and consumption on greenhouse gas emissions, the transition to a sustainable, affordable and secure energy system relying on a well-functioning internal energy market is essential. Nuclear energy plays a role in meeting the objective of climate neutrality at EU level by 2050, as the second largest source of low-carbon electricity production globally (after hydropower). Failure to invest in this technology will make the low carbon transition significantly harder and more costly. The digital transformation, technological innovation, and research and development are also importantthe main drivers for achieving the climate-neutrality objective. It remains crucial not to exclude a priori certain technologies.
Amendment 98 #
2020/0036(COD)
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6 a) Over half of CO2 emissions are material related. The transition to a circular economy is crucial to ensure the retention of value throughout various chains and to close material loops.
Amendment 103 #
2020/0036(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) Climate change is a global challenge, which requires international cooperation and similar efforts from various parties. The Union is a global leader in the transition towards climate neutrality, and is determined to help raise global ambition and to strengthen the global response to climate change, using all tools at its disposal, including climate diplomacy. A realistic approach which actually fosters sustainable, competitive growth and prosperity is crucial.
Amendment 109 #
2020/0036(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) The European Parliament called for the necessary transition to a climate-neutral society by 2050 at the latest and for this to be made into a European success story33 and has declared a climate and environment emergency3433 . The European Council, in its Conclusions of 12 December 201935 , has agreed on the objective of achieving a climate-neutral Union by 2050, in line with the objectives of the Paris Agreement, while also recognising that it is necessary to put in place an enabling framework and that the transition will require significant public and private investment. The European Council also invited the Commission to prepare a proposal for the Union’s long- term strategy as early as possible in 2020 with a view to its adoption by the Council and its submission to the United Nations Framework Convention on Climate Change. _________________ 33European Parliament resolution of 15 January 2020 on the European Green Deal (2019/2956(RSP)). 34European Parliament resolution of 28 November 2019 on the climate and environment emergency (2019/2930(RSP)). 35 Conclusions adopted by the European Council at its meeting on 12 December 2019, EUCO 29/19, CO EUR 31, CONCL 9.
Amendment 120 #
2020/0036(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) The Union should aim to achieve a balance between anthropogenic economy- wide emissions and removals, through natural and technological solutions, of greenhouse gases domestically within the Unionat EU level by 2050. The Union-wide 2050 climate-neutrality objective should be pursued by all Member States collectively, and the Member States, the European Parliament, the Council and the Commission should take the necessary measures to enable its achievement. Measures at Union level will constitute an important part of the measures needed to achieve the objective.
Amendment 149 #
2020/0036(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) The Commission, in its Communication ‘The European Green Deal’, announced its intention to assess and make proposals for increasing the Union’s greenhouse gas emission reduction target for 2030 to ensure its consistency with the climate-neutrality objective for 2050. In that Communication, the Commission underlined that all Union policies should contribute to the climate-neutrality objective and that all sectors should play their part. By September 2020, the Commission should, based on a comprehensive and robust impact assessment, taking into account the socio- economic impact of the COVID-19-crisis and taking into account its analysis of the integrated national energy and climate plans submitted to the Commission in accordance with Regulation (EU) 2018/1999 of the European Parliament and of the Council36 , review the Union’s 2030 target for climate and explore options for a new 2030 target of 50 to 55 % emission reductions compared with 1990 levels. Where it considers necessary to amend the Union’s 2030 target, it should make proposals to the European Parliament and to the Council to amend this Regulation as appropriate. In addition, the Commission should, by 30 June 2021, assess how the Union legislation implementing that target would need to be amended in order to achieve emission reductions of 50 to 55 % compared to 1990. _________________ 36Regulation (EU) 2018/1999 of the European Parliament and of the Council of 11 December 2018 on the Governance of the Energy Union and Climate Action, amending Regulations (EC) No 663/2009 and (EC) No 715/2009 of the European Parliament and of the Council, Directives 94/22/EC, 98/70/EC, 2009/31/EC, 2009/73/EC, 2010/31/EU, 2012/27/EU and 2013/30/EU of the European Parliament and of the Council, Council Directives 2009/119/EC and (EU) 2015/652 and repealing Regulation (EU) No 525/2013 of the European Parliament and of the Council (OJ L 328, 21.12.2018, p. 1).
Amendment 154 #
2020/0036(COD)
Proposal for a regulation
Recital 17 a (new)
Recital 17 a (new)
(17 a) Member States remain responsible for their own emission reduction commitments and cost-efficient contributions to the EU's climate neutrality objective, spelled out in their long-term strategies.
Amendment 161 #
2020/0036(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) To ensure the Union and the Member States remain on track to achieve the climate-neutrality objective at EU level and progress on adaptation, the Commission should regularly assess progress. Should the collective progress made by Member States towards the achievement of the climate-neutrality objectiveir long-term strategies or on adaptation be insufficient or Union measures inconsistent with the climate- neutrality objective at EU level or inadequate to enhance adaptive capacity, strengthen resilience or reduce vulnerability, the Commission should take the necessary measures in accordance with the Treaties. The Commission should also regularly assess relevant national measures, and issue recommendations where it finds that a Member State’s measures are inconsistent with the climate-neutrality objectiveir long-term strategies or inadequate to enhance adaptive capacity, strengthen resilience and reduce vulnerability to climate change.
Amendment 180 #
2020/0036(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) In order to provide predictability and confidence for all economic actors, including businesses, workers, investors and consumers, to ensure that the transition towards climate neutrality is irreversible, to ensure gradual reduction over time and to assist in the assessment of the consistency of measures and progress with the climate- neutrality objective, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission to set out a trajectory for achieving net zero greenhouse gas emissions in the Union by 2050. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making37 . In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts. _________________ 37 OJ L 123, 12.5.2016, p. 1Commission should assess the options for a trajectory for achieving net zero greenhouse gas emissions at EU level by 2050. Consequently, the Commission can bring forward legislative proposals to the European Parliament and the Council, where appropriate.
Amendment 209 #
2020/0036(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation establishes a framework for the irreversible and gradual reduction of greenhouse gas emissions and enhancement of removals by natural or other sinks in the Unionat EU level.
Amendment 216 #
2020/0036(COD)
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
This Regulation sets out a binding objective of climate neutrality in the Unionat EU level by 2050 in pursuit of the long-term temperature goal set out in Article 2 of the Paris Agreement, and provides a framework for achieving progress in pursuit of the global adaptation goal established in Article 7 of the Paris Agreement.
Amendment 230 #
2020/0036(COD)
Proposal for a regulation
Article 2 – paragraph 2
Article 2 – paragraph 2
2. The relevant Union institutions and the Member States shall take the necessary measures at Union and national level respectively, to enable the collective achievement of the climate-neutrality objective at EU level set out in paragraph 1, taking into account the importance of promoting fairness and solidarity among Member States, the principle of cost- efficiency and Member States' potential for CO2 storage.
Amendment 239 #
2020/0036(COD)
Proposal for a regulation
Article 2 – paragraph 2 a (new)
Article 2 – paragraph 2 a (new)
2 a. Member States remain responsible for their own emission reduction commitments. Member States define their contribution to the objective of climate neutrality at EU level in their long-term strategies;
Amendment 248 #
2020/0036(COD)
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
3. By September 2020, based on a comprehensive and robust impact assessment which takes into account the socio-economic impact of the COVID-19- crisis, the Commission shall review the Union’s 2030 target for climate referred to in Article 2(11) of Regulation (EU) 2018/1999 in light of the climate-neutrality objective set out in Article 2(1), and explore options for a new 2030 target of 50 to 55% emission reductions compared to 1990. Where the Commission considers that it is necessary to amend that target, it shall make proposals to the European Parliament and to the Council as appropriate.
Amendment 263 #
2020/0036(COD)
Proposal for a regulation
Article 2 – paragraph 4
Article 2 – paragraph 4
4. By 30 June 2021, the Commission shall assess how the Union legislation implementing the Union’s 2030 target would need to be amended in order to enable the achievement of 50 to 55 % emission reductions compared to 1990 and to achieve the climate-neutrality-objective set out in Article 2(1), and consider taking the necessary measures, including the adoption of legislative proposals, in accordance with the Treaties.
Amendment 284 #
2020/0036(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The Commission is empowered to adopt delegated acts in accordance with Article 9 to supplement this Regulation by setting outshall assess the options for a trajectory at Union level to achieve the climate-neutrality objective at EU level set out in Article 2(1) until 2050 and bring forward legislative proposals where appropriate. At the latest within six months after each global stocktake referred to in Article 14 of the Paris Agreement, the Commission shall review the trajectory and bring forward legislative proposals where appropriate.
Amendment 380 #
2020/0036(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point a
Article 6 – paragraph 1 – subparagraph 1 – point a
(a) the consistency of national measures identifwith Member States' long-term strategieds, on the basis of the National Energy and Climate Plans or the Biennial Progress Reports submitted in accordance with Regulation (EU) 2018/1999, identified as relevant for the achievement of the climate-neutrality objective set out in Article 2(1) with that objective as expressed by the trajectory referred to in Article 3(1);
Amendment 389 #
2020/0036(COD)
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. Where the Commission finds, under due consideration of the collective progress assessed in accordance with Article 5(1), that a Member State’s measures are inconsistent with that objective as expressed by the trajectory referred to in Article 3(1)eir long-term strategies or inadequate to ensure progress on adaptation as referred to in Article 4, it may issue recommendations to that Member State. The Commission shall make such recommendations publicly available.
Amendment 415 #
2020/0036(COD)
Proposal for a regulation
Article 9
Article 9
Amendment 59 #
2019/2214(BUD)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Recalls the need to find a solution for a single seat for the Parliament at a vast majority of Parliament expressed in various resolutions support for a single seat to ensure efficient spending order to optimise parliamentary and institutional work and reduce significant political and financial costs and the carbon footprif Union taxpayers money and to assume its institutional responsibility to reduce its carbon footprint; notes that the Court of Auditors estimated that moving from Strasbourg to Brussels could generate annual savings of EUR 114 million plus a one-off saving of EUR 616 million if the Strasbourg buildings are successfully divested, or a one-off cost of EUR 40 million if they are not; therefore recalls the need to find a solution for a single seat for the Parliament;
Amendment 98 #
2019/2214(BUD)
Motion for a resolution
Paragraph 35 a (new)
Paragraph 35 a (new)
35 a. Notes that the voluntary pension scheme has an estimated actuarial deficit of EUR 286,1 million at the end of 2018; further notes that at the end of 2018, the amount of net assets to be taken into account and the actuarial commitment amount to EUR 112,3 million and EUR 398,4 million respectively; as such notes that the assets barely cover 28% of the commitments of the pension scheme; recalls that the projected future liabilities are spread over several decades but notes that the total amount paid by the voluntary pension fund in 2018 amounts to EUR 17,8 million;
Amendment 100 #
2019/2214(BUD)
Motion for a resolution
Paragraph 35 b (new)
Paragraph 35 b (new)
35 b. Strongly supports the results of a meeting of 10 December 2018, where the Bureau decided to modify the rules applicable to the pension scheme by increasing the retirement age from 63 to 65 years and introducing a levy of 5% to pension payments for future pensioners with a view to improve its sustainability; notes that it is estimated these rule changes adopted by the Bureau reduced the actuarial deficit by EUR 13,3 million, endorses the Bureau’s decision as a positive step;
Amendment 102 #
2019/2214(BUD)
Motion for a resolution
Paragraph 36
Paragraph 36
36. RecallsPoints out that this raises concerns about the possible exhaustion of the Voluntary Pension Fund; notes that Article 27(1) and (2) of the Statute for Members which states that “the voluntary pension fund set up by Parliament shall be maintained after the entry into force of this Statute for Members or former Members who have already acquired rights or future entitlements in that fund” and that “acquired rights and future entitlements shall be maintained in full”; calls upon the Secretary-General and the Bureau to fully respect the Statute for Members; and to establish with the pension fund a clear plan for Parliament assuming and taking overexhaust all possible avenues to find a fair solution to the problem while keeping Parliament’s liability to a minimum, as taxpayers’ money its obligations and responsibilities for its Members’ voluntary pension scheme; supports the request from the Bureau to instruct the Secretary-General to investigate ways to ensure a sustainable financing of the Voluntary Pension Fund in accordance with the provisions of the Statute foinvolved; appeals on the ethical and economic conscience and the common sense of the board of directors, the Bureau and the members of the fund; explicitly invites all members of the fund to cancel their Mmembers while ensuring full transparencyhip and have their individual contributions refunded;
Amendment 104 #
2019/2214(BUD)
Motion for a resolution
Paragraph 36 a (new)
Paragraph 36 a (new)
36 a. Recalls that the fund was set up in 1990 to provide Members with an additional pension scheme on a voluntary basis; recalls that before the Members statute, which was introduced in 2009, Members were already eligible for a pension equivalent to those of their colleagues in the national parliaments, with the exception of Italian, French and Luxemburgish Members, who could therefore contribute to a special pension scheme of the European Parliament, which was created in 1981 solely for the needs of the aforementioned three nationalities; recalls therefore that the Voluntary Pension Fund has always constituted a purely supplementary pension;
Amendment 25 #
2019/2211(INI)
Motion for a resolution
Recital -A (new)
Recital -A (new)
-A. whereas the EU’s low productivity and global competitiveness require urgent structural reforms and fiscal discipline aiming at growth, employment and increased convergence within the EU;
Amendment 26 #
2019/2211(INI)
Motion for a resolution
Recital -A a (new)
Recital -A a (new)
-A a. whereas in order to achieve sustainable growth the EU needs to shift from rather experimental, unprecedented and unsustainable monetary policies to conventional, evidence based and growth- friendly investment, a comprehensive and non-selective implementation of the SGP, and structural reforms;
Amendment 27 #
2019/2211(INI)
Motion for a resolution
Recital -A b (new)
Recital -A b (new)
-A b. whereas persisting high levels of public debt represent a drag on growth, greater risk of a fiscal crisis, lower national savings and income and lead to large tax hikes;
Amendment 28 #
2019/2211(INI)
Motion for a resolution
Recital -A c (new)
Recital -A c (new)
-A c. whereas debt reduction measures have been slow in a number of Member States;
Amendment 29 #
2019/2211(INI)
Motion for a resolution
Recital -A d (new)
Recital -A d (new)
-A d. whereas five euro area Member States with high debt-to-GDP ratios are forecast to have a sizeable structural deficit in 2020;
Amendment 37 #
2019/2211(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the improvement in the economic situationd economic discipline and stability and low interest rates provide an opportunity to implement ambitiousnecessary reforms, in particular measures aimed at encouraging effective public investment to tackle climate change and its social consequences and create full-time jobs;
Amendment 40 #
2019/2211(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas structural reforms in the Member States are needed in order to create the conditions for sustainable growth;
Amendment 42 #
2019/2211(INI)
Motion for a resolution
Recital A b (new)
Recital A b (new)
A b. whereas close to zero interest rates severely distort the intertemporal allocation of capital; whereas a flat yield curve severely damages the traditional borrowing and lending business model of banks and drives them into riskier business activities;
Amendment 44 #
2019/2211(INI)
Motion for a resolution
Recital A c (new)
Recital A c (new)
A c. whereas the unemployment rate in the EU is below the pre-crisis level and the unemployment rate in the euro area is still above the pre-crisis level;
Amendment 59 #
2019/2211(INI)
Motion for a resolution
Recital C
Recital C
Amendment 84 #
2019/2211(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes that, in view of the climate change emergency, the EU’s Annual Growth Survey (AGS) has now been renamed the Annual Sustainable Growth Survey (ASGS), and considers that this implies a change in the positioning of the report and the implementation of ecological indicators; stresses however that this change must comply with the valid fiscal rules;
Amendment 99 #
2019/2211(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Notes the role of the European Green Deal as the EU’s new strategy defining ecological issues and the wellbeing of citizens as principal goals for the Union; notes, with regard to the scope of the European Semester, the inclusion of the SDGs and of the principles of the European Pillar of Social Rights (EPSR), which will require the adjustment of existing indicators and the creation of new ones to monitor the implementation of EU economic, environmental and social policies, as well as coherence between policy goals and budgetary means; notes the need to implement long-term planning to tackle climate change;
Amendment 116 #
2019/2211(INI)
3. Considers achieving a fair transition to climate neutrality to be a major responsibility for the EU’s citizens and economy and its role in the world; calls for appropriate support and policies, with involvement for and of the public, the various sectors, regions and Member States with a view to benefiting from this transformation and making it a success; calls on the Commission to undertake an annual evaluation of the Union’s ecological debt, carbon budget and imported emissions;
Amendment 138 #
2019/2211(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that the euro area is going through a prolonged period of subdued growth (1.1 % in the euro area and 1.4% in the EU as a whole in 2019 with significant differences between Member States from 0.1 % to 5.6 %), with growth in the euro area in 2020 and 2021 forecast at 1.2 % and for the EU in 2020 and 2021 forecast at 1.4 %; also notes that the inflation rate is forecast to further slow down, to 1.2 % in 2019 and 2020, in a context of high uncertainty due to geopolitical tensions and Brexit; is concerned at the high level of both public and private debt;
Amendment 150 #
2019/2211(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Is concerned that post-crisis investment has been on a downward path in the EU in spite of historically low interest rates, currently standing at 3.4 %, with overall infrastructure investment now at about 75 % of its pre-crisis level; notes that monetary policy of low interest rates has not helped to increase the level of investments to pre-crisis level; whereas 80 % of the shortfall is the result of cutbacks in the public sector, which have occurred particularly in countries subject to adverse macroeconomic conditions and the more severe fiscal constraints imposed on disadvantaged regions already characterised by poor infrastructure quality and weak socio- economic outcomes, but also, and surprisingly, in countries with a large fiscal space;
Amendment 152 #
2019/2211(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Emphasises that reliable investment requires a regulatory environment that allows for a return on investment; considers that predictable rules, a level playing field and reduced compliance costs are crucial factors for attracting investment;
Amendment 163 #
2019/2211(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Endorses the conclusion of the European Fiscal Board (EFB) that the fiscal framework has not protected the quality of public expenditure, and welcomes the EFB’s proposal for a ‘golden rule’ to protect public investment; calls, therefore, for the reform of the Stability and Growth Pact and the introduction of a golden rule aimed at implementing sound fiscal policy on an equal footing with investment within the EU’s policy objectives; whereas this should cover the investment foreseen for the realisation of the Green Deal, the Digital Revolution, the SDGs and the EPSR Rights, including expenditure aimed at reducing poverty and inequality related to social protection, health services and long-term care, and education and training; highlights that public investments are limited as they represent scarce resources mostly funded by the taxpayers; calls on the Commission to prioritise the public investments according to their efficiency in order to support economic growth;
Amendment 189 #
2019/2211(INI)
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7 b. warns that boosting investment should not be seen as an alternative to productivity-enhancing reforms;
Amendment 190 #
2019/2211(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 205 #
2019/2211(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Notes with concern that the EU share of global foreign direct investments flows have fallen significantly since the crisis;
Amendment 206 #
2019/2211(INI)
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
Amendment 208 #
2019/2211(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 214 #
2019/2211(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9 a. Underlines that implementation of the Green deal shall not distort the long- term sustainability of public finances and shall be in full compliance with the Stability and Growth Pact and with short- term macroeconomic stabilisation;
Amendment 222 #
2019/2211(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. NoteRegrets that the debt levels of all the Member States are above the pre-crisis level and are expected to exceed 60 % GDP in 2021; further notes that in six Member States the ratio will be higher than 90 %; highlights the fact that the fiscal rules have not contributed to bringing down the debt levels of highly indebted countries but have, rather, increased them GDP; underlines that debt levels may be hard to sustain if and when interest rates return to normal levels;
Amendment 225 #
2019/2211(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10 a. Recalls the need to reduce the levels of public debt to help the European economies to be more resilient to shocks, especially in highly indebted countries; warns about higher financing costs in the future once monetary policy accommodation is reduced, especially in the euro area;
Amendment 226 #
2019/2211(INI)
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10 b. Recalls that growth-friendly structural reforms do not require fiscal space but rather political, legislative and administrative efforts aimed at strengthening market forces and private sector initiatives;
Amendment 233 #
2019/2211(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Supports flexibility in the implementation of the SGP as proposed by the Commission in 2015; considers that much more flexibility should be introduced in order to booPoints out that acquis communautaire and other common measures, including fiscal rules, shall be respected and regrets long last investment and ecological transition in the EU; calls, therefore, for the reform of the SGP and the introduction of a euro area fiscal capacityg selective non-compliance with common EU rules; calls, therefore, for the full and unambiguous implementation of the SGP;
Amendment 239 #
2019/2211(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
Amendment 258 #
2019/2211(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes that the Commission warranted in-depth reviews for 13 Member States identified as having imbalances; supports the suggestion made in the Alert Mechanism Report (AMR) 2020 that a rebalancing of current account deficits and surpluses in the euro area is needed urgently and would be beneficial for all Member Statesnotes that in such environment the required adjustment for some Member States seeking improvement of intra-EU competitiveness becomes much harder to achieve;
Amendment 269 #
2019/2211(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Is concerned about the accelerating rise in house prices as a consequence of ECB’s monetary policy;
Amendment 279 #
2019/2211(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Recalls the importance of the efficient regulation of the banking and financial sectors in order to prevent a new crisis; believes that such regulation must integrate the ecological situation; emphasises the importance of completing the Banking Union and the need to reform the European Stability Mechanism;
Amendment 308 #
2019/2211(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. CRecalls forthat qualified majority voting in Council on tax matters would infringe the sovereign Member States competence;
Amendment 313 #
2019/2211(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
Amendment 318 #
2019/2211(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Calls for the systematic inclusion of tax matters in the Country Specific Recommendations (CSRs), with the aim of ensuring economic coherence across EU Member States as well as the fairness of EU tax systems; believes that the CSRs could ensure a fair balance between sources of revenue and should also include innovative elements aiming at promoting the Green Deal; further; believes that they should also support Member States in tackling tax avoidance and aggressive tax planning;
Amendment 334 #
2019/2211(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17 a. Recalls that high levels of taxation in Europe are a hindrance to investments and jobs; supports the Commission’s initiatives to achieve increased transparency and a reformed VAT system;
Amendment 352 #
2019/2211(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses that, according to the EU Labour Force Survey, there are 8.3 million involuntary part-time workers in the EU, two thirds of them women; requests the Commission to undertake a study to analyse the impact of this development on pension systems and public finances taking into account the influence of tax wedge on the share of part-time workers;
Amendment 355 #
2019/2211(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
Amendment 370 #
2019/2211(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Agrees that it is a matter of great concern that income inequality is above pre-crisis levels in some countries, being frequently linked to unequal opportunities in access to education, training and social protection; welcomes in this regards the efforts of those Member States that are shifting away from the high tax burden on labour in Europe;
Amendment 374 #
2019/2211(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Underlines the fact that the number of people at risk of poverty or social exclusion stands, on 2017 figures, at 113 million, or 22.5 % of the population and welcomes the decrease to 21.9% in 2018;
Amendment 381 #
2019/2211(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
Amendment 385 #
2019/2211(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
Amendment 389 #
2019/2211(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24 a. Demands the necessary respect for the principles of subsidiarity and proportionality; stresses that in line with the Treaties, Member States must continue to have sufficient flexibility in implementing an appropriate social policy;
Amendment 391 #
2019/2211(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 398 #
2019/2211(INI)
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25 a. Recalls that the focus of the European Semester should be on national ownership;
Amendment 404 #
2019/2211(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Looks forward to the stronger involvement of the EP and the national parliaments and regional in the European Semester process and to the creation of an institutionalised dialogue with the Commission, the social partners, territories and civil society, at both EU and national level and relevant actors, in order to further boost the process’s democratic legitimacy;
Amendment 408 #
2019/2211(INI)
Amendment 414 #
2019/2211(INI)
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27 a. Reminds Member States of the importance of committing to and delivering on the CSRs including recommendations of the European Court of Auditors;
Amendment 14 #
2019/2131(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas a competition policy aimed at ensuring a level playing field in all sectors is a cornerstone of the European social market economy, and a key factor in guaranteeing the proper functioning of the internal market;
Amendment 17 #
2019/2131(INI)
Motion for a resolution
Recital A b (new)
Recital A b (new)
A b. whereas global cooperation on competition enforcement helps to avoid inconsistencies in remedies and outcomes of enforcement actions and helps businesses to reduce their costs of compliance;
Amendment 18 #
2019/2131(INI)
Motion for a resolution
Recital A c (new)
Recital A c (new)
A c. whereas the application of competition rules to mergers must be evaluated from the perspective of the entire internal market;
Amendment 20 #
2019/2131(INI)
Motion for a resolution
Recital B
Recital B
Amendment 34 #
2019/2131(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. CHighlights the importance of global cooperation on competition enforcement; calls on the Commission to develop the influence of competition policy in the world, in particular by stepping up cooperation with the USA and China; supports an active participation of the Commission and the national competition authorities in the International Competition Network;
Amendment 111 #
2019/2131(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Emphasises that neither an unacceptable trend towards protectionism, nor, on their own, measures to ensure fair competition can guarantee the competitiveness of the EU economy;
Amendment 131 #
2019/2131(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. CWelcomes the attention being paid to network effects and to data accumulation and analysis in identifying market power on digital markets; takes the view that data play a major role in the digital economy and should therefore be taken into account in assessment under competition rules; calls on the Commission to review merger rules and strengthen antitrust action, taking into account the effects of market and network power associated with both personal and financial data; proposes that every merger in the market for such data should be subject to prior monitoring, regardless of thresholds;
Amendment 141 #
2019/2131(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Calls on the Commission to take ambitious steps to eliminate illegitimate obstacles to online competition;
Amendment 142 #
2019/2131(INI)
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
Amendment 192 #
2019/2131(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Stresses that, while intermediation platforms play a major role in access to consumers for online services, some may abuse their privileged position by acting as gatekeepers; calls on the Commission to conclude its preliminary investigation into Spotify’s complaints about Apple’spotentially anticompetitive practices and to launch a formal procedure as soon as possible;
Amendment 238 #
2019/2131(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Deplores the fact that, despite repeated requests,Notes that the Commission has still not completed theits investigation into Google Shopping which began in 2010 but that Google is still appealing the decision; stresses that, in the absence of targeted and effective behavioural remedies that have been tested in advance with the undertaking which is the victim, a complete structural separation of general and specialised research services may be necessary;
Amendment 269 #
2019/2131(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20 a. Emphasises that the notion of selectivity in State aid is an essential criterion that needs to be investigated thoroughly; notes that this concept is not free from discussion, especially not in tax cases; believes that an exception from a tax system is not selective if it is a priori open to all tax payers;
Amendment 279 #
2019/2131(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Calls on the Commission to fully mobilise the state aid modernisation strategy, in particular for the energy transition; notes that the definition of the energy mix of Member States remains a national competence; considers that the high diversification of energy mixes across the EU contributes to the EU's energy security;
Amendment 291 #
2019/2131(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Callsonsiders that it is a priority to ensure that State aid rules are strictly and impartially adhered to when dealing with future banking crises, so that taxpayers are protected against the burden of bank rescues; calls in this regard on the Commission to examine the discrepancies between the rules on State aid in the area of liquidation aid and the resolution regime under the Bank Recovery and Resolution Directive, and following that to revise its 2013 Banking Communication accordingly;
Amendment 299 #
2019/2131(INI)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22 a. Recalls that according to the Deposit Guarantee Schemes Directive, the use of deposit guarantee schemes to prevent the failure of a credit institution should be carried out within a clearly defined framework and should in any event comply with State aid rules;
Amendment 302 #
2019/2131(INI)
Motion for a resolution
Paragraph 22 b (new)
Paragraph 22 b (new)
22 b. Calls on the Commission to re- evaluate on an annual basis whether the requirements for the application of Article107(3)(b) TFEU in the financial sector continue to be fulfilled;
Amendment 306 #
2019/2131(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Calls, without Treaty change, for regular use of the ordinary legislative procedure in competition policy, by analogy with the procedure for the ‘non- life insuranceAntitrust Damages Actions’ and ‘ECN+’ directives;
Amendment 312 #
2019/2131(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24 a. Respects the independence of the European Commission’s Directorate- General for Competition in the execution of competition policy enforcement;
Amendment 319 #
2019/2131(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Stresses the desire for a greater role for Parliament in determining and developing the general competition policy, along the lines of that played by the US Congress, which even has the power to launch investigations framework;
Amendment 322 #
2019/2131(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Calls on the Commission to systematically involve it inmaintain high transparency standards, including with regard to the work of working parties and expert groups, particularly when devising soft-law instruments;
Amendment 333 #
2019/2131(INI)
Motion for a resolution
Paragraph 28 a (new)
Paragraph 28 a (new)
28 a. Considers that resources for the Commission's Directorate General for Competition should be made adequate to its workload and range of tasks by shifting away resources from other Directorates with less European added value;
Amendment 335 #
2019/2131(INI)
Motion for a resolution
Paragraph 28 b (new)
Paragraph 28 b (new)
28 b. Recalls the commitment made by the Executive Vice-President of the European Commission for Europe Fit for the Digital Age during her confirmation hearing on 8 October 2019 to keep her digital policy and competition portfolios strictly separate;
Amendment 2 #
2019/2129(INI)
Motion for a resolution
Citation 2
Citation 2
– having regard to the Statute of the European System of Central Banks (ESCB) and of the ECB, in particular Articles 15 and 21 thereof,
Amendment 4 #
2019/2129(INI)
Motion for a resolution
Citation 3
Citation 3
– having regard to Articles 123, 127(1) and 284(3) of the Treaty on the Functioning of the European Union,
Amendment 20 #
2019/2129(INI)
Motion for a resolution
Recital C
Recital C
C. whereas according to the Eurosystem staff macroeconomic projections of September 2019, annual inflation for the euro area in the Harmonised Index of Consumer Prices (HICP) looks set to reach 1.2 %, 1.0 % and 1.5 % in 2019, 2020 and 2021, thus still falling short of the medium-term objective of 2 %; whereas inflation projections show substantial variance across the euro area;
Amendment 24 #
2019/2129(INI)
Motion for a resolution
Recital D
Recital D
D. whereas at the end of 2018 the size of the Eurosystem balance sheet had reached an all-time high of EUR 4.7 trillion, thus exceeding 40% of the euro area GDP, an increase of 0.2 trillion compared with the end of 2017;
Amendment 30 #
2019/2129(INI)
Motion for a resolution
Recital F
Recital F
F. whereas a stronger role of the euro, and its increased use as a reserve currency, wcould in the long term increase the EU’s ability to frame its policy stance independently vis-à-vis the US and the Federal Reserve and would ultimately provide protection from the risk of an uncooperative US approach;
Amendment 41 #
2019/2129(INI)
Motion for a resolution
Recital H
Recital H
H. whereas despite this positive trend, green bonds still account for only 1 % of the overall supply of euro-denominated bonds;
Amendment 45 #
2019/2129(INI)
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas Article 123 TFEU and Article 21 of the Statute of the European System of Central Banks and of the European Central Bank prohibit the monetary financing of governments;
Amendment 49 #
2019/2129(INI)
Motion for a resolution
Recital H b (new)
Recital H b (new)
Amendment 57 #
2019/2129(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the role of the ECB in safeguarding euro stability and stresses that the ECB’s independence is a requisite for fulfilling its mandate; notes that such independence requires that the ECB shall not seek or take instructions from Union institutions or bodies, from any government of a Member State or from any other body; considers that the independence of the ECB cannot in any way be reconciled with political campaigning;
Amendment 62 #
2019/2129(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Is concerned that after a short economic recovery, euro area growth momentum has slowed markedly to 1.2 % of GDP in the euro area and to 1.4 % of GDP for the EU-27; underlines, therefore, the need for monetary policy to remain accommodative for the foreseeable futurebelieves that the structural contribution that monetary policy makes to sustainable growth is limited; underlines, therefore, the need for policy makers to undertake productivity- enhancing structural reforms and pursue sound fiscal policies;
Amendment 75 #
2019/2129(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that fiscal policy is a necessary component for enhancing the impact of monetary policy and reducing possible side effects; it is not the role of fiscal policy is to enhance the impact of monetary policy or to reduce its possible side effects; considers instead that fiscal policy and monetary policy need to compensate for each other: an expansive monetary policy should go hand in hand with a restrictive fiscal policy and the other way around, only in crisis situations they should strengthen each other; emphasises that the euro area is currently not in a situation which requires such policy convergence;
Amendment 88 #
2019/2129(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. UnderlinesTakes note of the findings of the ESCB expert group on low wage growth1 , which analysed the disconnect between wage growth and labour market recovery, namely that low wage growth over recent years can be explained mainly by technology and wage bargaining shocks, the latter being impacted by changes in wage bargaining structure – reducing the bargaining power of employees – and labour market regulations – mainly in countries most affected by the global economic and financial crisis and the combination of labour underutilisation, low inflation readings and subduednamely that a combination of slack in the labour market, low inflation readings and subdued productivity growth has been holding back wage growth in the euro area; emphasises that innovation and flexibility are prerequisites for competitive labour markets; considers moreover that the ECB's very accommodative monetary policy itself is an important determinant of the subdued productivity growth, as highly indebted corporations survive thanks to low interest rates, thus compressing productivity growth; _________________ 1ECB Occasional Paper Series No 232 / September 2019: Understanding low wage growth in the euro area and European countries. https://www.ecb.europa.eu/pub/pdf/scpops/ ecb.op232~4b89088255.en.pdf
Amendment 97 #
2019/2129(INI)
Motion for a resolution
Paragraph 5 – introductory part
Paragraph 5 – introductory part
5. Underlines that strengthening the role of the euro, increasing the resilience of the euro area economy, reducing structural unemployment and boosting euro area growth potential and productivity requires the right structural conditions, among which:
Amendment 102 #
2019/2129(INI)
Motion for a resolution
Paragraph 5 – indent 1
Paragraph 5 – indent 1
- The deepening of the European Monetary Union, including a fiscal capacity for the euro area able to providing a counter-cyclical stabilisation function which requires first and foremost sound fiscal policies and the implementation of structural reforms at national level aimed at better functioning product and factor markets, however which does not require a fiscal capacity for the euro area able to providing a counter-cyclical stabilisation function since Member States with access to financial markets can play such a shock-absorbing role themselves;
Amendment 110 #
2019/2129(INI)
Motion for a resolution
Paragraph 5 – indent 2
Paragraph 5 – indent 2
- The completionreinforcement of the banking union, including a fully mutualised European deposit insurance scheme that would reduce risks, promote fair competition, facilitate the expansion of pan-European banking and reinforce the stability of the euro area as a wholeccelerated efforts by various Member States to reduce their high levels of non-performing loans (NPLs) and, following a proper clean-up of bank balance sheets, a European deposit insurance scheme that remains a fundamental objective for the euro area's financial stability;
Amendment 123 #
2019/2129(INI)
Motion for a resolution
Paragraph 5 – indent 4
Paragraph 5 – indent 4
Amendment 136 #
2019/2129(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. UnderlinNotes that the asset purchase programme (APP) has provided a substantialin the short term a contribution to a cyclical economic recovery and the formation of households’ inflation expectations, has led to a substantialn improvement in financing conditions via several transmission channels at the cost of potential and actual misallocation of real resources, and has compressed yields across a wide range of asset classes; stresses, in particular,notes further that the APP has directly improved credit conditions for the private non- financial sector with the asset-backed securities purchase programme (ABSPP) and the third covered bond purchase programme (CBPP3);
Amendment 138 #
2019/2129(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Remains extremely concerned about the real shortcomings and negative side effects in the long term of a prolonged extraordinarily expansionary monetary policy which risks jeopardising a more robust and structural recovery of the euro area, among which: - The increased distortion of financial markets through impaired risk evaluation, higher leverage and the development of various asset bubbles; - The negative effects on individual savers and pensioners; -The pressure on the profitability and long-term sustainability of financial institutions that provide long-term return guarantees, such as life insurance or pension funds; - The growth of shadow banking; - Lower productivity growth; - Distributional consequences such as exacerbated wealth inequality due to increased financial asset prices in stock, bond and real exchange markets, as financial assets are primarily held by the very wealthy; - The likelihood that some Member States are using ultra-low (negative) interest rates to defer necessary structural reforms and the consolidation of their primary public deficits, particularly at central government level; - The downward pressure on the exchange rate of the euro creating a risk of competitive devaluations which has a major impact on trade conflicts;
Amendment 140 #
2019/2129(INI)
Motion for a resolution
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Considers that the ECB bond- buying programmes violate at least the intent, if not the letter, of Article 123 TEFU; urges the ECB to refrain from assuming a political role and monetary financing government deficits;
Amendment 141 #
2019/2129(INI)
Motion for a resolution
Paragraph 6 c (new)
Paragraph 6 c (new)
6c. Warns against the risk of excessive valuations on bond markets, which risk to be difficult to handle if interest rates start to rise again, particularly for countries involved in an excessive deficit procedure or with high levels of debt;
Amendment 146 #
2019/2129(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. NoteRegrets that on 12 September 2019 the ECB announced a broad stimulus package including an open-ended quantitative easing programme that will run at a monthly pace of EUR 20 billion per month, a cut of 10 basis points in the deposit rate, a two-tier system for reserve remuneration, and easier terms for targeted longer-term refinancing operations (TLTRO-III); points out that the ECB has few instruments left to fend off adverse macroeconomic shocks; urges the ECB to normalise monetary policy as soon as possible;
Amendment 152 #
2019/2129(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
Amendment 156 #
2019/2129(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 164 #
2019/2129(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 182 #
2019/2129(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. SupporRegrets the intention of theECB Governing Council of the ECB's intention to continue reinvesting the principal payments from maturing securities for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation;
Amendment 190 #
2019/2129(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Emphasises that the ECB should not target nominal GDP since monetary policy measures cannot systematically improve the drivers of real growth;
Amendment 202 #
2019/2129(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Recalls that, as an EU institution, the ECB is bound by the Paris Agreement on climate change and that this should be reflected in its policies, with full respect for its mandate and its independencehas a narrowly defined mandate enshrined in Article 127 TFEU that should be reflected in its policies;
Amendment 213 #
2019/2129(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Takes good note of Christine Lagarde’Notes the incoming ECB President's declaration of 4 September, in which she welcomed the ECB’s collaboration in the Network for Greening the Financial System (NGFS) and of her commitment to contribute to facing the challenges which climate change poses by implementing the NGFS’s recommendations and acting on them substantively wherever possible without undermining, thus risking to jeopardise the ECB’'s primary price stability mandate and secondary other objectives;
Amendment 230 #
2019/2129(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 250 #
2019/2129(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls for the capital markets union (CMU) project to be accelerated in order to deepen financial integration, with a view to improving resilience to shocks and making the transmission of monetary policy across the monetary union more effective; believes that the fastest way to achieve a well-functioning CMU is to reduce the burden of regulations hindering well- functioning capital markets to have a broader impact all over the Union;
Amendment 258 #
2019/2129(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on the ECBall supervisory authorities to increase its monitoring of the development of crypto- currencies, crypto-assets and the increased risks in cyber- security;
Amendment 273 #
2019/2129(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Agrees with Christine Lagardethe incoming ECB President that a review of the ECB’s monetary policy framework is timely and warranted in order to ensure that the ECB has the right tools to deliver on its price stability mandate in the future; calls on the ECB to organise a public consultation as part of this process in order to ensure that the review is open to input and feedback from a broad range of diverse civil society stakeholders;
Amendment 289 #
2019/2129(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. WelcomeExpects the increase in accountability under the Presidency of Mario Draghi, and looks forward to eveoming ECB President to deliver on greater accountability, dialogue and openness in line with the incoming Presidentcommitments she made during her hearing before the European Parliament's Economic and Monetary Affairs Committee on 4 September 2019;
Amendment 294 #
2019/2129(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Recalls that the nominations of Executive Board members should be prepared carefully, with full transparency and together with Parliament in line with the Treaties; calls on the Council to draw up a gender-balanced shortlist for all current and upcoming vacancies and to share it with Parliament, thus allowing it to play a more meaningful advisory role in the appointment process; regrets that to date no satisfactory progress has been made;
Amendment 34 #
2019/2126(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Reiterates the need to reduce the inequalities inimprove the geographical distribution of EIB financing, given that 57% went to six Member States in 2018; calls for a fair and transparent geographical distribution of projects and investment, with a special focus on less- developed regions; calls for an enhanced geographical distribution of projects and investments; calls for the EIB to address systemic shortcomings that prevent certain regions or countries from taking full advantage of the EIB's financial activities considering the market and demand driven nature of EIB financing;
Amendment 43 #
2019/2126(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls on the EIB to greatlyfor adequate support to strengthen the arrangements for providing technical assistance and financial expertise to local and regional authorities before project approval, in order to improve accessibility and involve all Member States; underlines that projects are selected based on economic, environmental, technical and most of all financial merits;
Amendment 47 #
2019/2126(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
Amendment 74 #
2019/2126(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Calls for a detailed roadmap to be drawn up in 2020 to reach the overall target of 50% climate lending by 2025, as well as guarantees regarding the climate neutrality of the remaining loans, following an open and transparent public consultation procesthe EIB to extensively inform stakeholders and the wider audience on the manner in which the EIB intends to reach the overall target of 50% climate lending by 2025, as well as how the EIB will fully take on board the climate considerations of the remaining loans;
Amendment 78 #
2019/2126(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls for a strengtheningthe thorough application of the eligibility criteria for climate action in order to avert the risk of investments not resulting in significant reductions in greenhouse gases (GHG), in particular with regard to bioenergy, low-carbon gases, carbon capture and storage and compensation programmes; considers that a general anti-abuse provision should support all EIB operations and be included in its declaration on environmental and social standards, which needs to be reviewed in 2020 and aligned with the 1.5°C global warming objective;
Amendment 81 #
2019/2126(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 87 #
2019/2126(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Welcomes the new EIB carbon footprint evaluation methodology and calls for its systematican extended implementation, with a particular focus on marginal demand emissions and indirect emissions (‘type 3’); calls for projects to be evaluated comprehensively and not merely by means of an economic life-cycle analysis of their emissions;
Amendment 89 #
2019/2126(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Is of the opinion that the EIB should requirsupport and stimulate its intermediary clients to disclose their exposure to fossil fuels, and should apply restrictions to heavily exposed intermediaries; expects that, by the end of 2020, all intermediaries will have a decarbonisation plan, which is indispensable for their financing to continueevelop products that e.g. incentivise energy efficiency, renewable energy investments or circular, low carbon investments; believes the EIB should continue “greening” its SME portfolio e.g. earmarking higher shares to climate related projects;
Amendment 97 #
2019/2126(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Is of the opinion that, in line with best practices in the commercial banking sector3 ,Welcomes the fact that EIB financing ishould be subject to ambitious scientific objectives and commitments, with a view to phasing out its support to clients whose activities lead to significant GHG emissions; _________________ 3 Crédit Agricole has undertaken to end support for undertakings which develop or plan to develop their activities in the coal sector. Crédit Agricole’s zero tolerance policy applies to all enterprises which develop or plan to develop their activities in the coal sector, ranging from extraction and energy production, to trade and transport.
Amendment 103 #
2019/2126(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Welcomes the new EIB energy lending policy and the example it sets for other banks; regretwelcomes that exceptions are applicable to the approval of gas projects until the end of 2021 and that support for gas projects planned for the transport of low-carbon gases is set to continue; calls for this policy to be reviewed in the medium term (by the start of 2022) to close the gaps in gas infrastructure to bring it in line with the European Sustainable Finance Taxonomy and the European Green Pact, and to be consistent with the development of appropriate new external actions in the EU;
Amendment 104 #
2019/2126(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Welcomes the new EIB energy lending policy and the example it sets for other banks; regretwelcomes that exceptions are applicable to the approval of gas projects until the end of 2021 and that support for gas projects planned for the transport of low-carbon gases is set to continue; calls for this policy to be reviewed in the medium term (by the start of 2022) to close the gaps in gas infrastructure to bring it in line with the European Sustainable Finance Taxonomy and the European Green Pact, and to be consistent with the development of appropriate new external actions in the EU;
Amendment 107 #
2019/2126(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Insists that the EIB urgently and fully implement the principle of energy efficiency in all its energy lending, taking into account the impact of energy efficiency on future demand and its contribution to energy security;
Amendment 111 #
2019/2126(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on the EIB to make theLooks forward to the EIB's review of its transport policy a key priorityto be announced later this year; calls for a new transport financing policy to decarbonise the EU transport sector by 2050;
Amendment 112 #
2019/2126(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Calls for rigorousnew policies to be implemented in carbon-intensive industrial sectors in which the EIB is active, such as cement, petrochemicals and steel, with a view to phafocusing out all ‘brown’ loans and aln the sustainability of these sectors and carefully weignhing all sectoral loanthe consequences of any termination of ongoing contracts, focusing on the promotion of a circular economy;
Amendment 116 #
2019/2126(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17 a. Notes that the climate problem cannot be solved without support of the industry, a large scale change can only be achieved if the industry is taken on board and the necessary incentives are given for innovative climate solutions;
Amendment 118 #
2019/2126(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Reminds the EIB that biodiversity protection is a key element of adaptation to climate change and that the restoration of ecosystems is the only proven technology when it comes to negative emissions; calls on the EIB to commit to ending the financing of projects which contribute to the loss and degradation of biodiversity and ecosystems, and to increase substantially its fundingsystematically integrate biodiversity externalities into its economic appraisal and to substantially increase its commitment to achieve the EU’s objectives in this area, in particular the objective of zero net deforestation and the objectives of marine and coastal protection;
Amendment 141 #
2019/2126(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Stresses that, in order to achieve these ambitions, the EIB may need to take further risks, in addition to increasing its own funds and building expertise in innovative financing instruments; calls foron the EIBMember States to ensure ithe EIB has adequate resources, including appropriate capitalisation, to enable it to use innovative instruments to finance projects with significant potential to produce sustainable, social and innovative gains;
Amendment 146 #
2019/2126(INI)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22 a. Calls on the EIB to provide the necessary growth capital to enable SMEs to scale up their operations;
Amendment 159 #
2019/2126(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Urges the EIB, the largest multilateral lender in the world, to maintain its leading role in future EU financing mechanisms for third countries; opposnotes the recent initiatives to encourage the EIB to be more active in defence and security, migration management and border control;
Amendment 171 #
2019/2126(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
Amendment 176 #
2019/2126(INI)
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26 a. Welcomes the EIB's strong dedication to restrict its financing to projects that respect human rights; strongly supports the EIB's commitments in its Environmental and Social Framework not to tolerate any reprisals, threats, intimidation, harassment, or violence against any human rights defenders, environmental activists or indigenous people advocates voicing their opinion regarding a project financed by the EIB;
Amendment 187 #
2019/2126(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Welcomes the fact that, as recommended in the latest Parliament reports, public summaries are now to be made of Management Board meetings; stresses the need to publish the content of meetings of all the and of the EFSI operation scoreboard for projects supported by the EFSI guarantee, understands however that certain limits apply with regard to document transparency to ensure protection of confidential information provided by EIB’'s governing bodies systematicallyclients and project partners;
Amendment 190 #
2019/2126(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
Amendment 201 #
2019/2126(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
32. Calls for the EIB to ensure the highest level of integrity of its financial intermediaries, and that their loaWelcomes that intermediary operations bare subject to the same transparency requirements as other types of loans based on the EIB’s Transparency Policy; calls on the EIB to cease working with financial intermediaries with a negative track record of transparency, fraud, corruption, organised crime or money laundering;
Amendment 220 #
2019/2126(INI)
Motion for a resolution
Paragraph 39
Paragraph 39
Amendment 17 #
2019/2110(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the general government deficit is expected to rise from 0.5 % to 0.9 % in the euro area and from 0.6 % to 1.0 % in the EU28 in 2019, and to remain at that level in 2020; whereas the debt-to- GDP ratio in 2019 stands at 85.8 % in the euro area and 80.2 % in the EU28 and is forecast to decrease to 84.3 % and 78.8 % respectively in 2020; whereas such debt levels may be hard to sustain if and when interest rates return to normal levels;
Amendment 20 #
2019/2110(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas growth has to an important degree relied upon unconventional and, in the long term, unsustainable monetary policy; whereas this monetary policy has failed to create a momentum for productivity-enhancing reforms;
Amendment 21 #
2019/2110(INI)
Motion for a resolution
Recital D b (new)
Recital D b (new)
Db. whereas the stability of financial institutions in the Eurozone is still a matter of grave concern; whereas there is slight progress on reducing non- performing loans; whereas this progress is clearly insufficient;
Amendment 52 #
2019/2110(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Agrees that effective growth- enhancing structural reforms, accompanied by well-targeted investments and responsible fiscal policies, continue to provide a successful compass for preparing the EU for its future and present challenges;
Amendment 63 #
2019/2110(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Recognises that the average level of debt-to-GDP is projected to decline; notes, however, that the average level still remains significantly above the level required by the Stability and Growth Pact; points out the possibility of rising debt service costs in the future once monetary accommodation is reduced, especially in the euro area; reminds that Member States continue to significantly exceed their pre-crisis public debt levels; underlines, therefore, the importance of bringing down overall debt levels and rebuilding fiscal buffers, in line with EU fiscal rules;
Amendment 69 #
2019/2110(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Recognises that the average level of debt-to-GDP is projected to decline; notes, however, that the average level still remains significantly above the level required by the Stability and Growth Pact; points out the possibility of rising debt service costs in the future once monetary accommodation is reduced, especially in the euro area; reminds that Member States continue to significantly exceed their pre-crisis public debt levels; underlines, therefore, the importance of bringing down overall debt levels and rebuilding fiscal buffers, in line with EU fiscal rules;
Amendment 81 #
2019/2110(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes, accordingly, with great concern that the average deficit levels appear to be increasing again and that in some Member States deficits above 3 % are projected; underlines that a significant part of the expected deficit expansion originates in countries with high government debt-to- GDP ratios;
Amendment 94 #
2019/2110(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Recalls that growth-friendly structural reforms do not require fiscal space but rather legislative and administrative efforts aimed at strengthening market forces and private sector initiatives;
Amendment 95 #
2019/2110(INI)
Motion for a resolution
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Asks the Commission to not only focus on public debt levels, but also take into account the implications for sustainable economic growth of an excessive rise in household and corporate debt;
Amendment 105 #
2019/2110(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Reminds that debt service costs remain low mainly because of ECB low interest rates policy; recommends to consider the impact of potentially rising interest rates and risks arising from further expansion of the ECB's balance sheet;
Amendment 138 #
2019/2110(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
Supports shifting the tax burden away from labour and strengthening effective education and training systems and effective investment in skills; stresses the effectiveness of flexible labour market policies;
Amendment 189 #
2019/2110(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Stresses that principle of European added value should represent the cornerstone of all EU funded investments; points out that EU funding should be accompanied by measurable objectives and outputs including a quantifiable and comparable evaluation mechanism that will allow to compare and rank the efficiency of individual EU programmes; underlines the importance of accountability and transparency for bodies that receive EU funding;
Amendment 201 #
2019/2110(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Recognises that public investments are limited as they represent scarce resources mostly funded by the taxpayers; underlines the need to prioritise the public investments according to their efficiency in order to support economic growth;
Amendment 203 #
2019/2110(INI)
Motion for a resolution
Paragraph 13 b (new)
Paragraph 13 b (new)
13b. Emphasises the fiscal benefits of investment efficiency measurements and investment quality comparison; recommends the Commission to systematically monitor the value-for- money of EU funded projects and to publicise the evaluation criteria to maximise the benefits of public scrutiny;
Amendment 213 #
2019/2110(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Warns that boosting investment should not be seen as an alternative to productivity-enhancing reforms;
Amendment 215 #
2019/2110(INI)
Motion for a resolution
Paragraph 14 b (new)
Paragraph 14 b (new)
14b. Recalls that high levels of taxation in Europe are a hindrance to investments and jobs;
Amendment 260 #
2019/2110(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Reminds Member States of the importance of committing to and delivering on the CSRs and recommendations of the European Court of Auditors;
Amendment 261 #
2019/2110(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Recalls the positive practice of transparency in several Member States in the form of mandatory disclosure of contracts concluded by the public sector which supports the efficiency of public finances and promotes economic growth;
Amendment 264 #
2019/2110(INI)
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Notes the social priorities in the European semester; demands the necessary respect for the principles of subsidiarity and proportionality; stresses that Member States must continue to have sufficient flexibility in implementing an appropriate social policy;
Amendment 18 #
2017/0123(COD)
Council position
Article 2 – paragraph 1 – point 4 – point a
Article 2 – paragraph 1 – point 4 – point a
Regulation (EC) No 1072/2009
Article 8 – paragraph 2 a
Article 8 – paragraph 2 a
Amendment 21 #
2017/0123(COD)
Council position
Article 2 – paragraph 1 – point 4 – point a a (new)
Article 2 – paragraph 1 – point 4 – point a a (new)
Regulation (EC) No 1072/2009
Article 8 – paragraph 2 b (new)
Article 8 – paragraph 2 b (new)
Amendment 75 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 806/2014
Article 1 – paragraph 2 – subparagraph 1 – introductory part
Article 1 – paragraph 2 – subparagraph 1 – introductory part
2. In addition, this Regulation establishes a European Deposit Insurance Scheme ('EDIS') in three successive stagesproviding liquidity support:
Amendment 79 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 806/2014
Article 1 – paragraph2 – subparagraph 1 – indent 1
Article 1 – paragraph2 – subparagraph 1 – indent 1
Amendment 85 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 806/2014
Article 1 – paragraph 2 – subparagraph 1 – indent 2
Article 1 – paragraph 2 – subparagraph 1 – indent 2
Amendment 90 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 806/2014
Article 1 – paragraph2 – subparagraph 1 – indent 3
Article 1 – paragraph2 – subparagraph 1 – indent 3
Amendment 114 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 4 –point a
Article 1 – paragraph 1 – point 4 –point a
Regulation (EU) No 806/2014
Article 3 – paragraph 1 – point 57
Article 3 – paragraph 1 – point 57
(57) 'available financial means of the DIF' means cash, deposits and low-risk assets which can be liquidated within a period not exceeding that referred to in Article 8(1) of the Directive 2014/49/EU. The Commission shall establish the meaning of 'low-risk assets';
Amendment 122 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Part IIa –title I – chapter I –title
Part IIa –title I – chapter I –title
Chapter 1 Reinsurance
Amendment 123 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 a –title
Article 41 a –title
Article 41a Partial funding and excess loss coverLiquidity support
Amendment 126 #
2015/0270(COD)
Article 1 – paragraph 1 – point 10 Proposal for a regulation
2. In caswhere a participating DGS encounters a payout event or is used in resolution in accordance with Article 79 of this Regulation, it may claim funding from the DIF of up to 20% offor its liquidity shortfall as set out in Article 41b. The share of liquidity shortfall coverage a participating DGS may claim from the DIF is set out in paragraph 2a.
Amendment 131 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 a – paragraph 3
Article 41 a – paragraph 3
Amendment 137 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 a – paragraph 4
Article 41 a – paragraph 4
4. Neither the funding nor the excess loss coverThe liquidity support shall not exceed the lower of 20%of the initialone thirdof the target level of the DIF as set out in Article 74b(1) of this Regulation and 105 times the target level of the participating DGS as defined in the first subparagraph of Article 10(2) of Directive 2014/49/EU.
Amendment 138 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 a – paragraph 4 a (new)
Article 41 a – paragraph 4 a (new)
4a. The Member State in which the DGS is registered shall be held liable for the rest of the liquidity shortfall of the DGS concerned, when the liquidity shortfall exceeds the limits set out in paragraph 4 of this Article.
Amendment 143 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 b – paragraph 2 a (new)
Article 41 b – paragraph 2 a (new)
2a. Deposits referred to in Article 6(2) of Directive 2014/49/EU shall be excluded from the calculation of the liquidity shortfall as determined in paragraph 1 and 2. The DIF shall not provide funding for measures referred to in Article 11(3) and (6) of Directive 2014/49/EU.
Amendment 147 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 c –title
Article 41 c –title
Amendment 150 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Part II a –title I – chapter 2
Part II a –title I – chapter 2
Amendment 170 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Part II a –title I – chapter 3 –title
Part II a –title I – chapter 3 –title
Amendment 176 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Part II a –title I – chapter 4 –title
Part II a –title I – chapter 4 –title
Chapter 4 Common provisionsnditions for coverage
Amendment 179 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation No 806/2014
Article 41 i – paragraph 1 – introductory part
Article 41 i – paragraph 1 – introductory part
1. A participating DGS shall not be covered by EDIS in the reinsurance, co- insurance or full insurance phase, if the Commission, acting on its own initiative or upon a request of the Board or a participating Member State, decides and informs the Board accordingly, the DGS, the designated authority of the participating Member State within the meaning of point 18 of Article 2 of Directive 2014/49/EU, and the national competent authority or authorities,that at least one of the following disqualifying conditions is met::
Amendment 180 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 4 1i – paragraph 1 – point a
Article 4 1i – paragraph 1 – point a
(a) the participating DGS has failed to comply with the obligations under this Regulation or under Articles 4, 5, 6, 7, 8or 10 of Directive 2014/49/EU;;
Amendment 181 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 i – paragraph 1 a (new)
Article 41 i – paragraph 1 a (new)
1a. The Board shall monitor compliance with the provisions set out in paragraph 1 (a) and (b) on a continuous basis. If the Board identifies instances of non-compliance with any of the obligations under paragraph 1 (a) and (b), it shall immediately inform the Commission thereof.
Amendment 182 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 i – paragraph 1 b (new)
Article 41 i – paragraph 1 b (new)
1b. If the Commission considers that at least one of the disqualifying conditions is met, it shall deliver a letter of formal notice to the DGS concerned and to the designated authority of the participating Member State within the meaning of point 18 of Article 2 of Directive 2014/49/EU, as well as to the national competent authority or authorities. It shall also inform the Member State or Member States concerned. In that letter, the Commission shall set out the reasons for considering disqualifying the participating DGS from coverage by EDIS. Within two months of receipt of such formal notice, the designated authority, in close cooperation with the DGS concerned and the national competent authority, shall: (a) take prompt corrective action to address the shortcomings identified and to ensure that the disqualifying conditions are no longer met; (b) submit to the Commission a reply in which they set out in detail the corrective action they have taken.
Amendment 183 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 i – paragraph 1 c (new)
Article 41 i – paragraph 1 c (new)
1c. The Commission shall disqualify the participating DGS from coverage by EDIS in accordance with paragraph 1, where it, having assessed the corrective action taken and consulted with the Board, considers that the DGS or the designated national authority remain non-compliant.
Amendment 185 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 i – paragraph 2
Article 41 i – paragraph 2
2. When funding has already been obtained by a participating DGS and at least one of the disqualifying conditions referred to in paragraph 1 is met in relation to a payout event or a use in resolution, the Commission mayorder full or partial repayment of the funding to the DIFshall immediatelyorder full repayment of the funding to the DIF within two years. The Member State in which the participating DGS is registered shall be held liable for full repayment, if, within the time limit set out in the first subparagraph, the participating DGS fails to repay in full the funding obtained.
Amendment 188 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 j – paragraph 1 – introductory part
Article 41 j – paragraph 1 – introductory part
1. A participating DGS shall only be reinsured, co-insured or fully insured by EDIS during the year following any of the dates set out below, if, by that date,insured by EDIS if its available financial means raised by contributions referred to in Article 10(1) of Directive 2014/49/EU amount to at least the following percentages0.60%of the total amount of covered deposits of all credit institutions affiliated to the participating DGS:. This is without prejudice to the first subparagraph of Article 10(2) of Directive 2014/49/EU.
Amendment 190 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 j – paragraph 2
Article 41 j – paragraph 2
2. The Commission, after consulting the Board, may approve a derogation from the requirements set out in paragraph 1 for duly justified reasons linked to the business cycle in the respective Member State, the impact pro-cyclical contributions may have, or to a payout event which occurred at national levelonly where, at national level, a participating DGS has encountered a payout event or has been used in resolution in accordance with Article 109 of Directive 2014/59/EU or Article 79 of this Regulation. Thoseis derogations must be tempor shall last no longer than five yearys and may be subject to the fulfilment of certain conditions.
Amendment 192 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 k – paragraph 1
Article 41 k – paragraph 1
Where a participating DGS has been informed by the competent authority about, or has otherwise become aware of, circumstances relating to a credit institution affiliated to that participating DGS that are likely to result in a payout event or its use in resolution proceedings, it shall inform the Board about such circumstances without delay if it intends to request coverage by EDIS. In this case the participating DGS shall also provide the Board with an estimate of the expected liquidity shortfall or liquidity need.
Amendment 194 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 l – paragraph 1
Article 41 l – paragraph 1
1. In case a participating DGS encounters a payout event or is used in resolution in accordance with Article 109 of Directive 2014/59/EU or Article 79 of this Regulation, it shall immediately notify the Board and submit all necessary information in order to allow the Board to assess whether the conditions for the provision of funding and loss cover in accordance with Article 41a, 41d and 41h ofthis Regulation are met.
Amendment 202 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 n – paragraph 1 – introductory part
Article 41 n – paragraph 1 – introductory part
The Board shall provide funding under Articles 41a(2), 41d(2) and 41h(2) in accordance with the following provisions:
Amendment 205 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 n – paragraph 1 – point b a (new)
Article 41 n – paragraph 1 – point b a (new)
(ba) within 3 months of the determination referred to in Article 41m, the Board shall establish a repayment plan that ensures that the funding provided by the Board under Article 41n will be repaid in full within five years by the participating DGS.
Amendment 206 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 o –title
Article 41 o –title
Article 41o Repayment of funding and determination of excess loss and loss
Amendment 209 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 o – paragraph 1
Article 41 o – paragraph 1
1. The participating DGS shall repay , according to a repayment plan,repay in fullthe funding provided by the Board under Article 41n, less the amount of any excess loss cover in case of coverage under Article 41a or any loss cover in case of coverage under Article 41d or. The repayment plan shall also establish the refunding path for the participating DGS to return to its target level as set out in Article 41hj.
Amendment 216 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 o – paragraph 3
Article 41 o – paragraph 3
3. In case of coverage under Article 41a,tThe participating DGS shall also pay to the Board, by the end of the first calendar year after the funding was provided, an amount equal to the ex-post contributions that the participating DGS may raise within one calendar year in accordance with the first sentence of the first subparagraph of Article 10(8) of Directive 2014/49/EU, less the amount of ex-post contributions it raised in accordance with point (b) of Article 41b(1) of this Regulation. This amount of ex-post contributions to be paid to the Board by the participating DGS by the end of the first calendar year after the funding was provided shall not exceed the liquidity shortfall as set out in Article 41b.
Amendment 217 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 o – paragraph 3 a (new)
Article 41 o – paragraph 3 a (new)
3a. The Member State in which the participating DGS is registered shall be held liable for full repayment, if the participating DGS fails to repay in full the funding obtained within the time limit set out in point (b a) of Article 41n.
Amendment 218 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 o – paragraph 4
Article 41 o – paragraph 4
Amendment 235 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Regulation (EU) No 806/2014
Article 50 a – paragraph 1 –point a
Article 50 a – paragraph 1 –point a
(a) once the net accumulated use of the DIF in the last consecutive 12 months reaches the threshold of 25% of the final target level, evaluate evaluate, an annual basis,the application of EDIS, in particular the use of the DIF, and provide guidance which the executive session shall follow in subsequent payout decisions, in particular, if appropriate, differentiating between the provision of funding and loss cover;
Amendment 241 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 a – paragraph 1
Article 74 a – paragraph 1
1. The DIF is hereby established. It shall be filled by risk-based contributions owed to the Board by credit institutions affiliated to participating DGSs. The risk-based contributions shall be calculated and invoiced, on behalf of the Board, by participating DGSs by the Board.
Amendment 244 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 a – paragraph 1 a (new)
Article 74 a – paragraph 1 a (new)
1a. The risk-based contributions to be paid by credit institutions to participating DGSs shall be calculated and invoiced by the participating DGSs.
Amendment 259 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 1
Article 74 c – paragraph 1
1. Each year during the reinsurance and co-insurance period, the Board shall, after consulting the ECB and the national competent authority and in close cooperation with the participating DGSs and designated authorities, determine for each participating DGS the total amount of ex-ante contributions that it may claim from the credit institutions affiliated to the respective participating DGS in order to reach or maintainthe target levels provided for in Article 74b. The total amount of contributions shall not exceed the target levels provided for in Article 74b (1) and (2).
Amendment 265 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 4 –subparagraph 1
Article 74 c – paragraph 4 –subparagraph 1
Amendment 284 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 –subparagraph 4 – point f a (new)
Article 74 c – paragraph 5 –subparagraph 4 – point f a (new)
(fa) the level and diversification of exposure to sovereign debt by credit institutions affiliated to a participating DGS.
Amendment 305 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 g – paragraph 3
Article 74 g – paragraph 3
3. Any expenses incurred by the use of the borrowings specified in paragraph 1 shall be borne by Part III of the budget of the Board and not by the Union budget or the participating Member Statesthe DGS concerned.
Amendment 319 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 40
Article 1 – paragraph 1 – point 40
Regulation (EU) No 806/2014
Article 99 – paragraph 5 a
Article 99 – paragraph 5 a
5a. By way of derogation from paragraph 2, Article 1(2), Part IIa and Part III, Title V Chapter 2 Section 1a shall apply from [OP insertthe date of entry into force of this Regulation]e Directive on accelerated extrajudicial collateral enforcement mechanism;
Amendment 11 #
2014/0170(NLE)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Welcomes the fact that, according to the Convergence Report, there have been no tensions surrounding the litas-euro exchange rate during the two-year assessment period, and Lithuania therefore fulfils this convergence criterion;
Amendment 16 #
2014/0170(NLE)
Motion for a resolution
Paragraph 7a (new)
Paragraph 7a (new)
7a. Welcomes the fact that, according to the Convergence Report, legislation in Lithuania is fully compatible with the compliance duty under Article 131 of the Treaty on the Functioning of the European Union;
Amendment 17 #
2014/0170(NLE)
Motion for a resolution
Paragraph 7b (new)
Paragraph 7b (new)
7b. Welcomes in this regard in particular the compatibility of the law on Lietuvos bankas with the principle of central bank independence set out in Article 131 of the Treaty on the Functioning of the European Union and mirrored in Article 7 of the Statute of the European System of Central Banks and of the European Central Bank;
Amendment 16 #
2013/0186(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) Regulation (EC) No 549/2004 of the European Parliament and of the Council23 , Regulation (EC) No 550/2004 of the European Parliament and of the Council24 and Regulation (EC) No 551/2004 of the European Parliament and of the Council25 have been substantially amended. Since further amendments are to be made in order to ensure that airspace policy is future-proof and fosters the resilience, efficiency and competitiveness of the sector, those Regulations should be recast in the interests of clarity. __________________ 23 Regulation (EC) No 549/2004 of the European Parliament and of the Council of 10 March 2004 laying down the framework for the creation of the single European sky (the framework Regulation) (OJ L 96, 31.3.2004, p. 1). 24Regulation (EC) No 550/2004 of the European Parliament and of the Council of 10 March 2004 on the provision of air navigation services in the single European sky (the service provision Regulation) (OJ L 96, 31.3.2004, p. 10). 25 Regulation (EC) No 551/2004 of the European Parliament and of the Council of 10 March 2004 on the organisation and use of the airspace in the single European sky (the airspace Regulation) (OJ L 96, 31.3.2004, p. 20).
Amendment 57 #
2013/0186(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) The entry of unmanned aircraft operations must lead to a safe and shared use of the European airspace amongst unmanned and traditional operations. The integrated traffic management of unmanned aircraft requires the availability of common information services in view of a common understanding of airspace activity. In order to contain the costs of such traffic management, prices for common information services should be based on cost and a reasonable mark-up for profit, and should be subject to approval by national supervisory authorities. To enable the provision of the service, the required data should be made available by air navigation service providers.
Amendment 81 #
2013/0186(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) Article 15 of the 1944 Chicago Convention on Civil Aviation recognises that charges may be imposed or are permitted to be imposed by a contracting State for the use of air navigation facilities. The charging scheme should be based on the principle that airspace users should pay for the cost incurred for the provisionnecessary use of the services received but that only cost imputable to the use of such service and not covered otherwise should be taken into account. The costs related to the Network Manager should be included in the determined costs eligible to be charged to airspace users. Charges should encourage the safe, efficient, effective and sustainable provision of air navigation services with a view to achieving a high level of safety and cost-efficiency and meeting the performance targets and they should stimulate integrated service provision, whilst reducing the environmental impact of aviation.
Amendment 86 #
2013/0186(COD)
Proposal for a regulation
Recital 30
Recital 30
Amendment 130 #
2013/0186(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 13
Article 2 – paragraph 1 – point 13
13. ‘airspace structure’ means a specific volume and use of airspace defined with a view to ensuring the safe and optimal operation of aircraft;
Amendment 145 #
2013/0186(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 35 a (new)
Article 2 – paragraph 1 – point 35 a (new)
35a. ‘functional airspace block’ means an airspace block based on operational requirements and established regardless of State boundaries, where the provision of air navigation services and related functions are performance-driven and optimised with a view to introducing, in each functional airspace block, enhanced cooperation among air navigation service providers or, where appropriate, an integrated provider;
Amendment 146 #
2013/0186(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 38
Article 2 – paragraph 1 – point 38
38. ‘meteorological services’ means the use of facilities and services that provide aircraft with meteorological forecasts, warnings, briefings and observations for air navigation purposes , as well as any other meteorological information and data provided by States for aeronautical use;
Amendment 157 #
2013/0186(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 57 a (new)
Article 2 – paragraph 1 – point 57 a (new)
57a. “liability of ANSPs” means that ANSPs are legally responsible for costs linked to delays and cancellations due to ATM issues which fall within the control of ANSPs.
Amendment 168 #
2013/0186(COD)
Proposal for a regulation
Article 3 – paragraph 3 – introductory part
Article 3 – paragraph 3 – introductory part
3. Without prejudice to paragraph 1, the national supervisory authorities shall be legally, budgetary and financially distinct and independent from any other public or private entity in terms of their organisation, functioning, legal structure and decision- making.
Amendment 175 #
2013/0186(COD)
Proposal for a regulation
Article 3 – paragraph 3 – subparagraph 1
Article 3 – paragraph 3 – subparagraph 1
The national supervisory authorities shall also be independent in terms of their organisation, budget and financing, funding decisions, legal structure and decision-making from any air navigation service provider.
Amendment 182 #
2013/0186(COD)
Proposal for a regulation
Article 3 – paragraph 5 – introductory part
Article 3 – paragraph 5 – introductory part
Amendment 183 #
2013/0186(COD)
Proposal for a regulation
Article 3 – paragraph 5 – point a
Article 3 – paragraph 5 – point a
Amendment 184 #
2013/0186(COD)
Proposal for a regulation
Article 3 – paragraph 5 – point b
Article 3 – paragraph 5 – point b
Amendment 191 #
2013/0186(COD)
Proposal for a regulation
Article 3 – paragraph 6 – introductory part
Article 3 – paragraph 6 – introductory part
6. In addition to the requirements set out in paragraph 5, persons in charge of strategic decisions shall be appointed by an entity of the Member State concerned which does not directly exert ownership rights over air navigation service providers. Member States shall decide whether these persons are appointed for a fixed and renewable term, or on a permanent basis which only allows dismissal for reasons not related to their decision-making. Persons in charge of strategic decisions shall not seek or take instructions from any government or other public or private entity when carrying out their functions for the national supervisory authority and shall have full authority over the recruitment and management of its staffrefrain from any direct or indirect interest that may be considered prejudicial to their independence and which may influence the performance of their functions. To that effect, they shall make an annual declaration of commitment and declaration of interests indicating any direct or indirect interests.
Amendment 197 #
2013/0186(COD)
Proposal for a regulation
Article 3 – paragraph 6 – subparagraph 1
Article 3 – paragraph 6 – subparagraph 1
Amendment 214 #
2013/0186(COD)
Proposal for a regulation
Article 3 – paragraph 10
Article 3 – paragraph 10
Amendment 237 #
2013/0186(COD)
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. National supervisory authorities shall facilitate the provision of cross-border services by air navigation service providers for the purpose of improving network performance and in respect of the voluntary continuation of functional airspace blocks. In the case of provision of air navigation services in an airspace falling under the responsibility of two or more Member States , the Member States concerned shall conclude an agreement on the supervision to be carried out by them under this Regulation, of the air navigation service providers concerned . The national supervisory authorities concerned may establish a plan specifying the implementation of their co-operation with a view to giving effect to that agreement.
Amendment 280 #
2013/0186(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
The economic certificate referred to in this paragraph may be limited, suspended or revoked when the holder no longer complies with the requirements for issuing and maintaining such certificate. The NSA shall develop a contingency plan in collaboration with the Network Manager and the Agency acting as PRB in case of limitation, suspension or revocation of the economic certificate to ensure business continuation.
Amendment 286 #
2013/0186(COD)
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The economic certificate referred to in paragraph 1 and the certificate referred to in Article 41 of Regulation (EU) No 2018/1139 may be subject to one or several conditions set out in Annex I. Such conditions shall be objectively justified, non-discriminatory, proportionate and transparent. The Commission shall be empowered to adopt delegated acts in accordance with Article 36 in order to amend the list set out in Annex I for the purposes of providing for an economic level playing field and resilience of service provision.
Amendment 308 #
2013/0186(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
Amendment 387 #
2013/0186(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Where common information services are provided, the data disseminated shall present the integrity and quality necessary to enable the safe and integrated provision of services for the management of traffic of unmanned aircraft in a way that enables the shared use of the airspace together with manned aircraft.
Amendment 410 #
2013/0186(COD)
Proposal for a regulation
Article 10 – paragraph 2 – point a
Article 10 – paragraph 2 – point a
(a) Union -wide performance targets in the key performance areas of safety, the environment, capacity and cost-efficiency for each reference period;
Amendment 412 #
2013/0186(COD)
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) national performance plans or plans for functional airspace blocks, including binding performance targets in the key performance areas mentioned in point (a) for each reference period ;
Amendment 437 #
2013/0186(COD)
Proposal for a regulation
Article 10 a (new)
Article 10 a (new)
Article 10a Consultation of stakeholders The Member States, acting in accordance with their national legislation, shall establish consultation mechanisms for appropriate involvement of stakeholders, including professional staff representative bodies, in the implementation of the Single European Sky.
Amendment 467 #
2013/0186(COD)
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 1
Article 13 – paragraph 1 – subparagraph 1
The draft performance plans shall be adopted after the setting of Union-wide performance targets and before the start of the reference period concerned. They shall contain performance targets for en route air navigation services in the key performance areas of the environment, capacity and cost-efficiency, consistent with the Union- wide performance targets. Those draft performance plans shall take account of the European ATM Master Plan. The draft performance plans shall be made publicly available. In order to ensure the uniform, transparent and independent compliance with this article, airspace users shall always be involved in the development of performance plans and performance targets for en route air navigation services of designated air traffic service providers.
Amendment 558 #
2013/0186(COD)
Proposal for a regulation
Article 13 – paragraph 11 – introductory part
Article 13 – paragraph 11 – introductory part
11. The Agency acting as PRB shall issue regular reports, within the time limits referred to in the implementing acts to be adopted in accordance with Article 18, on the monitoring of performance of en route air navigation services and network functions, including regular assessments of the achievement of the en route Union- wide performance targets and of performance targets for en route air navigation services for air traffic service providers and making the results of those assessments publicly available after consultation of the airspace users.
Amendment 676 #
2013/0186(COD)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. Without prejudice to the possibility for Member States to finance the provision of air traffic services covered in this Article through public funds, charges for air navigation services shall be determined, imposed and enforced on airspace users for the use of airspace navigation services only.
Amendment 690 #
2013/0186(COD)
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
2. The determined costs referred to in paragraph 1 shall include the costs of relevantcost-efficiently include the eligible and unavoidable costs of the use of necessary facilities and services, appropriate amounts for interest on capital investment and depreciation of assets, as well as the costs of maintenance, operation, management and administration.
Amendment 714 #
2013/0186(COD)
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 1
Article 21 – paragraph 2 – subparagraph 1
Amendment 750 #
2013/0186(COD)
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
1. The Commission shall regularly review the compliance with Articles 10 to 17 and 19 to 22 and the implementing acts referred to in Articles 18 and 23, by the air traffic service providers and the Member States, as the case may be. The Commission shall act in consultation with airspace users, the Agency acting as PRB and with national supervisory authorities.
Amendment 755 #
2013/0186(COD)
Proposal for a regulation
Article 24 – paragraph 2
Article 24 – paragraph 2
2. At the request of one or more Member States, of a national supervisory authority or, of the Commission, of airspace users or a relevant group representing them, the Agency acting as PRB shall carry out an investigation into any allegation of non- compliance as referred to in paragraph 1. Where it has indications of such non- compliance, the Agency acting as PRB may initiate an investigation on its own initiative. It shall conclude the investigation within four months of receipt of a request, after having heard the Member State, the national supervisory authority concerned and the designated air traffic service provider concerned. Without prejudice to Article 41(1), the Agency acting as PRB shall share the results of the investigation with the Member States concerned, the air traffic service providers concerned and the Commission.
Amendment 764 #
2013/0186(COD)
Proposal for a regulation
Article 25 – paragraph 2
Article 25 – paragraph 2
2. National supervisory authorities, airspace users or a relevant group representing them and the Agency acting as PRB shall have the right to access the accounts of the air navigation service providers under their supervision. Member States may decide to grant access to these accounts to other supervisory authorities.
Amendment 775 #
2013/0186(COD)
Proposal for a regulation
Article 25 – paragraph 4
Article 25 – paragraph 4
4. The financial data on costs and revenues reported in accordance with Article 19(6) and other information relevant for the calculation of unit rates shall be audited or verified by the national supervisory authority or an entity independent of the air navigation service provider concerned and approved by the national supervisory authority after consultation of the airspace users. The conclusions of the audit shall be made publicly available.
Amendment 776 #
2013/0186(COD)
Proposal for a regulation
Article 25 a (new)
Article 25 a (new)
Article 25a Industrial partnerships Air navigation service providers may cooperate to set up industrial partnerships. The industrial partnerships may support one or more functional airspace blocks, or any part thereof, in order to maximise performance.
Amendment 777 #
2013/0186(COD)
Proposal for a regulation
Article 25 b (new)
Article 25 b (new)
Article 25b Functional Airspace Blocks 1. Member States may take all necessary measures in order to ensure the implementation of functional airspace blocks with a view to achieving the required capacity and efficiency of the air traffic management network within the Single European Sky and maintaining a high level of safety and contributing to the overall performance of the air transport system and reduced environmental impact. Member States may jointly execute tasks and responsibilities under this Regulation at the level of the functional airspace block. Where relevant, cooperation may also include third countries taking part in functional airspace blocks.
Amendment 780 #
2013/0186(COD)
Proposal for a regulation
Article 26 – paragraph 1
Article 26 – paragraph 1
1. The air traffic management network functions shall ensure the sustainable and efficient use of the airspace and of scarce resources. They shall also ensure that airspace users can operate environmentally optimal trajectories, while allowing maximum access to airspace and air navigation services. Those network functions , enumerated in paragraphs 2 and 3, shall support the achievement of the Union-wide performance targets and shall be based on operational requirements and be aimed at supporting initiatives at national level and at the level of functional airspace blocks and shall be executed in a manner which respects the separation of regulatory and operational tasks.
Amendment 814 #
2013/0186(COD)
Proposal for a regulation
Article 26 – paragraph 4
Article 26 – paragraph 4
4. The functions listed in paragraphs 2 and 3 shall not involve the adoption of binding measures of a general scope or the exercise of political discretion. They shall take into account proposals established at national level and at the level of functional airspace blocks. They shall be performed in coordination with military authorities in accordance with agreed procedures concerning the flexible use of airspace.
Amendment 846 #
2013/0186(COD)
Proposal for a regulation
Article 27 – paragraph 6 – point a
Article 27 – paragraph 6 – point a
(a) based on a cooperative decision- making process decide on individual measures to implement the network functions and to support the effective implementation of the binding Network Operations Plan and the achievement of the binding performance targets;
Amendment 909 #
2013/0186(COD)
Proposal for a regulation
Article 38 – paragraph 1
Article 38 – paragraph 1
1. Member States, national supervisory authorities, the Agency whether or not it is acting as PRB and the Network Manager shall establish binding and annual consultation mechanisms for appropriate consultation of stakeholders for the exercise of their tasks in the implementation of this Regulation.
Amendment 917 #
2013/0186(COD)
Proposal for a regulation
Article 38 a (new)
Article 38 a (new)
Article 38a Industry consultation body Without prejudice to the role of the Committee and of Eurocontrol, the Commission shall establish an ‘industry consultation body’, to which air navigation service providers, associations of airspace users, airport operators, the manufacturing industry and professional staff representative bodies shall belong. The role of this body shall solely be to advise the Commission on the implementation of the single European sky.