1121 Amendments of Sander LOONES
Amendment 6 #
2018/2161(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas the EIB is the only bank owned by and representing the interests of the European Union Member States;
Amendment 7 #
2018/2161(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
B a. whereas the EIB is market and demand driven and its investments are selected based on financial, economic and technical merits;
Amendment 8 #
2018/2161(INI)
Motion for a resolution
Recital B b (new)
Recital B b (new)
B b. whereas EIB's lending activities are mainly funded via bond issuance in the international capital markets; whereas its annual funding programme is around EUR 60 billion; whereas 33% (2017) and 37% (2016) of EIB bonds were issued in USD;
Amendment 9 #
2018/2161(INI)
Motion for a resolution
Recital B c (new)
Recital B c (new)
B c. whereas EIB bonds are of the highest credit quality and EIB is rated triple-A by the main three credit rating agencies owing to among other things its Member State ownership and its conservative risk management resulting in a solid loan book, with only 0.3% non- performing loans;
Amendment 10 #
2018/2161(INI)
Motion for a resolution
Recital B d (new)
Recital B d (new)
B d. whereas financial instruments and budgetary guarantees could increase the impact of the EU budget;
Amendment 11 #
2018/2161(INI)
Motion for a resolution
Recital B e (new)
Recital B e (new)
B e. whereas the EIB is the natural partner for EU to implement financial instruments, in close cooperation with national, regional or multilateral financial institutions;
Amendment 29 #
2018/2161(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Stresses the importance of preserving the non-political character of investment decisions in the EIB’s success;
Amendment 40 #
2018/2161(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Welcomes the recent improvements in transparency standards, such as the publication of the minutes of its Board of Directors and the publication of the Scoreboard of indicators for projects supported by the EFSI guarantee; understands that a bank cannot disclose commercially sensitive information
Amendment 46 #
Amendment 47 #
2018/2161(INI)
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4 b. Notes with concern the continued increase in general administrative expenses, primarily driven by the increase in staff-related costs; warns about the risk of a further increase in the cost-to-income ratio for the EIB’s capital base; asks the EIB to maintain cost discipline; asks EIB to keep its management structure lean and efficient and to prevent the evolution towards a top-heavy management structure;
Amendment 50 #
2018/2161(INI)
Motion for a resolution
Paragraph 4 c (new)
Paragraph 4 c (new)
4 c. Recalls the fact that the EIB has responded to the crisis by expanding its activities significantly; believes that the EIB has played a positive role in reducing the negative investment gap; urges the EIB to pay extra attention to the risk of crowding out private investment now that economic conditions are normalising;
Amendment 53 #
2018/2161(INI)
Motion for a resolution
Paragraph 4 d (new)
Paragraph 4 d (new)
4 d. Notes that almost a third of EIB funding is dollar denominated, exposing the bank to potential U.S. sanctions; asks the EIB to start progressively reducing its funding in dollar;
Amendment 54 #
2018/2161(INI)
Motion for a resolution
Paragraph 4 e (new)
Paragraph 4 e (new)
4 e. Welcomes the fact that the EIB has further strengthened its tax due diligence framework and applies high standards with a view to preventing tax fraud, tax evasion, aggressive tax planning, money laundering and financing of terrorism; emphasises that the EIB, when implementing these standards, has to respect the existing legislative framework, for instance regarding the EU list of non-cooperative jurisdictions for tax purposes; notes positively that the EIB applies the said EU list of non-cooperative jurisdictions in its operations;
Amendment 55 #
2018/2161(INI)
Motion for a resolution
Paragraph 4 f (new)
Paragraph 4 f (new)
4 f. Encourages the EIB to continue carrying out an enhanced due diligence on every operation with higher risk factors identified, such as a potential link to a Non-Compliant Jurisdiction (NCJ), tax risk indicators and operations with complex multi-jurisdictional structures irrespective of the existence of NCJ links;
Amendment 56 #
2018/2161(INI)
Motion for a resolution
Paragraph 4 g (new)
Paragraph 4 g (new)
4 g. Regrets the degradation of the relations between the European Commission and the EIB; suggests that the road to reconciliation lies in respecting the separation of tasks;
Amendment 57 #
2018/2161(INI)
Motion for a resolution
Paragraph 4 h (new)
Paragraph 4 h (new)
4 h. Notes that the EIB is annually audited by the European Court of Auditors; notes the debate on the possibility to introduce supervision of its lending operations by the ECB; warns that this could have a major impact on the nature, the functioning and the governance of the EIB;
Amendment 108 #
2018/2161(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Welcomes the EIB’s Economic Resilience Initiative (ERI) that helps the countries in the Western Balkans and the EU’s Southern Neighbourhood to address the challenges posed by irregular migration and forced displacement as part of the EU’s joint response to the migration and refugee crisis, with a focus on tackling the root causes of migration; insists on close coordination and complementarity with the EU External Investment Plan; notes that so far the 26 ERI projects and EUR 2.8 billion in investment are expected to benefit more than 1 500 smaller businesses and mid- caps, helping to sustain more than 100 000 jobs;
Amendment 118 #
Amendment 126 #
2018/2161(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15 a. Believes that the EIB group has been key in the successes of EFSI as the only interlocutor for beneficiaries and intermediaries and the exclusive implementing partner; believes that in any future Invest EU programme, the EIB is, in order to avoid duplication, the natural partner for the EU to carry out banking tasks (treasury, asset management, risk assessment) in relation to the implementation of financial instruments;
Amendment 162 #
2018/2161(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17 a. Considers that the UK’s withdrawal from the EIB should be set up in a way not to raise concern about the EIB’s AAA-rating;
Amendment 3 #
2018/2102(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Reminds that international trade and investment agreements should have a specific and strong competition chapter;
Amendment 5 #
2018/2102(INI)
Motion for a resolution
Citation 5 a (new)
Citation 5 a (new)
– having regard to the Commission Notice of 19 July 2016 on the notion of State aid as referred to in Article 107(1) of the Treaty on the Functioning of the European Union,
Amendment 8 #
2018/2102(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Underlines the importance of global cooperation on competition enforcement, encourages an active involvement of the Commission and the national competition authorities in the International Competition Network;
Amendment 20 #
2018/2102(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Considers that 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; Welcomes the Commission’s activities and efforts to ensure the effective application of competition rules in the Union;
Amendment 36 #
2018/2102(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Considers that the treaty-based competition rules must be interpreted in the light of the wider European values underpinning the Union’s social market economy, notably environmental and social protection, equality considerapplied in consistency with the other policies and activities of the European Union, as enshrined in article 7 TFEU; notes furthermore that article 9 TFEU states that ‘in defining and implementing its policies and activities, the Union shall take into account requirements linked to the promotion of a high level of employment, the guarantee of adequate social protection, the fight against social exclusion, and a high level of educations, consumer protection and public health, as mandated by Article 7 TFEU; takes the view,training and protection of human health’; draws attention to article 36 of the Charter of Fundamental Rights, demanding the refore, that activities which cause negative social and environmental externalities create market distortions that need to be addressed by means of competition law while, conversely, activities which bringspect for access to services of general economic interest as provided for in national laws and practices, in order to promote the social and territorial cohesion of the Union; takes the view, therefore, that social orand environmental benefits should be explicitly taken into account when assessing treaty- basedinterpreting the EU competition provisionrules;
Amendment 48 #
2018/2102(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Points out that even when products or services are supplied for free, most notably in the digital economy, consumers may still have to endure unjust behaviour, such as a degradation in quality or extortive practices; calltakes therefore, for the purposes of the cases under consideration, for the formulation of a 'theory of harm', which view that EU competition rules should transcend price- centric approaches and account for broader considerations such as the impaquality of products onr services also in view of citizens’ privacy;
Amendment 59 #
2018/2102(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. UCalls on the Commission to take ambitious steps to eliminate illegitimate obstacles to online competition; underlines the urgent need for an effective framework tailored to the challenges of the data-driven economy; notes in particular that digital platforms, in controlling ever-increasing data flows, generate considerable network externalities and economies of scale, and ultimately, by dint of excessive concentration, rent extraction and abusive market power, bring about market failures;
Amendment 82 #
2018/2102(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on the Commission, in this regard, to adjudge the control of data necessary for the creation and provision of services as a proxy for the existence of market power, including when issuing its guidance on Article 102 TFEU, and to require interoperability between online platforms and social network providers; requests that the Commission provide a dedicated chapter on these issues in its next annual report on competition policy, including case studies onand monitor price caps in sectors such as online platforms for accommodation and tourism;
Amendment 105 #
2018/2102(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Underlines the fact thatexistence of barriers to entry in the digital economy are becoming increasingly insurmountable, as the more that unjust behaviour is perpetuated, the harder it gets to revert to anti-competitive effects; affirms, in this regard; considers in this regard that interim measures can be a useful tool for competition authorities to ensure that competition is not harmed while an investigation is on-going; affirms, therefore, that the Commission should make effective use of interim measures, while ensuring due process and the right of defence of undertakings under investigation;
Amendment 110 #
2018/2102(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Welcomes the Commission's commitment that it will undertake an analysis of whether there are means to simplify the adoption of interim measures within the European Competition Network within two years from the date of transposition of the ECN+ Directive; recommends in this regard that the Commission learns from best practices in other jurisdictions;
Amendment 118 #
2018/2102(INI)
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Considers 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;
Amendment 142 #
2018/2102(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Reiterates its request for the Commission to examine whether banking institutions have, since the onset of the crisis, benefited from implicit subsidies and state aid through the provision of liquidity support from central banks; recalls the commitment made by Commissioner Vestager at the structured dialogue with Parliament’s ECON committee in November 2017 to reflect on possible distortions of competition arising from the ECB’s Corporate Sector Purchase Programme and to report back with a qualitative answer; emphasises in this regard that the notion of selectivity in State aid is an essential criterion that needs to be investigated thoroughly; further points in this regard to Article 4(3) TEU which contains the so-called principle of loyalty;
Amendment 144 #
2018/2102(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Welcomes the constant efforts of the Commission to clarify the different aspects of the definition of state aid, as demonstrated in its Notice on the notion of State aid as referred to in Article 107(1) of the TFEU; notes in particular the efforts to clarify the notions of 'undertaking' and 'economic activity’; points out that nature conservation activities, accessible to the general public free of charge or for which a monetary contribution is paid that only covers a fraction of the true costs, fulfil a purely social and cultural purpose which is non- economic in nature; observes nonetheless that it remains difficult, especially in the field of social affairs, to draw the line between economic and non-economic activities; further points out that it is the role of the European Court of Justice to ensure the proper interpretation of the Treaty;
Amendment 151 #
2018/2102(INI)
Motion for a resolution
Paragraph 9 b (new)
Paragraph 9 b (new)
9b. Underlines that the application of competition rules to mergers must be evaluated from the perspective of the entire internal market;
Amendment 158 #
2018/2102(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Is deeply alarmed at the far- reachingNotes the concentration of the food supply chain, whereby four companies, all with close financial ties, own and sell up to 60 % of the global seed market and 75 % of global pesticides, to the potential detriment of consumers, farmers, the environment and biodiversity alike; points out that such an oligopoly will make farmers even murges the Commission to remain vigilant and strictly enforce technologically and economically dependent on a few globally integrated one-stop-shop platforms, produce limited seed diversity, re-direct trends in innovation away from the adoption of a production model which is respectful of the envirarticle 102 prohibiting the abuse of a dominant position as well as its merger control procedures, enshrined in Regulation (EC) No 139/2004 on the control of conmcent and biodiversity and ultimately, as a result of reduced competition, generate less innovationrations between undertakings;
Amendment 169 #
2018/2102(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Asks the Commission to come forward with a revision of the EU Merger Regulation, so that it may be vested with the powers, much as a numbexamine the viability in the digital era of Member States are at present, to adopt measures to protect the European public order and the rights and principlesexisting competition law instruments and concepts, particularly in the field of mergers, and to come forward with a revision of the TFEU and EU Charter of Fundamental Rights, including environmental protecMerger Regulation;
Amendment 179 #
2018/2102(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Calls for Article 101(3) TFEU to be interpreted, including in the Commission’s horizontal guidelines, in a way that does not focuNotes that the European Court of Justice interprets article 101 TFEU taking into account the different aims of the Treaties; points oin narrow, price- centric consumer welfare but that considers the need for social and environmental efficiency, by encouraging horizontal coordination in orparticular to the Wouters judgment (C-309/99) in which the general interest was predominant and therefore limitations of competition were considered to improve the environmental and social sustainability of the supply chain; points out that the efficiencies generated by such agreement in a relevant market must be sufficient to outweigh the anti-competitive effects that they produce in either the same or an unrelated geographical markebe justified; welcomes and encourages that EU competition practice does not solely focus on price-centric consumer welfare; stresses the importance of the proportionality principle, meaning that limitation of competition cannot go beyond what is necessary to achieve the general interest;
Amendment 183 #
2018/2102(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Recognises that the legally binding commitments undertaken by the Member States as part of the Paris Climate Agreement will not be realised without concrete state measures to promote and finance the production and use of renewable energy; takes note of the forthcoming revision of the guidelines on state aid and energy, which will no longer exclude two of the sectors that benefit the most from state subsidies, nuclear energy and fossil fuel extraction, and which provide for greater flexibility for consumer-generated renewable energnotes 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 209 #
2018/2102(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Highlights that 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; supports an active participation of the Commission, national and where applicable regional competition authorities in the International Competition Network;
Amendment 217 #
2018/2102(INI)
Motion for a resolution
Paragraph 14 b (new)
Paragraph 14 b (new)
14b. Reiterates its support for international trade and investment agreements to include strong competition sections;
Amendment 221 #
2018/2102(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Instructs its President to forward this resolution to the Council, the Commission, the national and where applicable regional competition authorities, and the national parliaments of the Member States.
Amendment 3 #
2018/2101(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 Article 15 and article 21 thereof,
Amendment 4 #
2018/2101(INI)
Motion for a resolution
Citation 3
Citation 3
– having regard to Article 123, Article 127(1) and (2) and Article 284 (3) of the Treaty on the Functioning of the European Union,
Amendment 16 #
2018/2101(INI)
Motion for a resolution
Citation 6 a (new)
Citation 6 a (new)
– having regard to the Annual Economic Report 2017 of the Bank for International Settlements (BIS),
Amendment 37 #
2018/2101(INI)
Motion for a resolution
Recital G a (new)
Recital G a (new)
Ga. whereas the measuring of inflation used by the ECB is restricted to consumer prices and ignores the development of asset prices;
Amendment 42 #
2018/2101(INI)
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. Whereas there is still uncertainty and scepticism whether the APP falls within the scope of mandate of the ECB and constitutes de facto fiscal financing policy2a; _________________ 2a DG IPOL "Policy options and risks of an extension of the ECB’s quantitative easing programme: An analysis", PE 569.994.
Amendment 43 #
2018/2101(INI)
Motion for a resolution
Recital J
Recital J
J. whereas the ECB Governing Council confirmed its expectations to keep the key interest ratesinterest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility unchanged at 0.00%, 0.25% and - 0.40% respectively unchanged until at least the end of summer 2019, and in any event until there has been a sustained adjustment in the path of inflation consistent with its medium-term objective;
Amendment 46 #
2018/2101(INI)
Motion for a resolution
Recital K
Recital K
K. whereas at the end of 2017 the size of the Eurosystem balance sheet had reached an all-time high of EUR 4.5 trillion, growing by 0.8 trillion compared to the end of 2016; whereas concerns continue to exist that the balance sheet of the ECB contains rising levels of risk;
Amendment 51 #
2018/2101(INI)
Motion for a resolution
Recital L a (new)
Recital L a (new)
La. whereas the members of the ECB Executive Board have consistently emphasised the importance of implementing productivity-enhancing structural reforms in the euro area, as well as growth-friendly fiscal policies, within the framework of the Stability and Growth Pact;
Amendment 53 #
2018/2101(INI)
Motion for a resolution
Recital L b (new)
Recital L b (new)
Lb. 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 63 #
2018/2101(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Whereas a decade after the outbreak of the Great Financial Crisis (GFC), and after real GDP has expanded for five consecutive years, the monetary policy stance of the ECB has remained extraordinary accommodative,
Amendment 66 #
2018/2101(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Notes that the EU economy grew at its fastest rate in 10 years in 2017 and that all Member States saw their economies expand; welcomes the role ofnotes the impact of the extraordinary accommodative monetary policy pursued by the ECB and the structural reforms undertaken in some Member States as part of the ongoing cyclical recovery; regrets that the heavy reliance on monetary policy to support the post-crisis recovery has also had unintended negative consequences
Amendment 71 #
2018/2101(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Notes that the EU economy grew at its fastest rate in 10 years in 2017 and that all Member States saw their economies expand; welcomes the role of the ECB and the structural reforms undertaken in some Member States as part of the ongoing recovery;
Amendment 73 #
2018/2101(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. 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; urges policy makers to maintain the current economic upswing beyond the short term by taking productivity-enhancing structural reforms;
Amendment 81 #
2018/2101(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Warns, however, of the rise of uncertainties, which stem from the threat of increased protectionism, the Brexit negotiations and rising divergences between Member States on the future of European integrationconcerns on increased deficits and the sustainability of debt burdens in some countries, among other causes;
Amendment 85 #
2018/2101(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Emphasises the great importance, at this juncture, of maintaining a favourable environment for public and private investment, which is still lagging behind pre-crisis levels; encouragerecalls theat ECB to take the necessary measures, in line with its mandate, to help realise this objective;can have favourable effects on financing conditions and investment, but warns that credit driven expansions can lead to a costly misallocation of real resources(“malinvestments”),
Amendment 90 #
2018/2101(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Considers that monetary policy alone is not sufficient to achieve a sustainable economic recovery, and that investments should be encouraged, as well as structural reforms in the Member States;
Amendment 102 #
2018/2101(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes the ECB’s positive viewview on risk reduction and on the establishment of a European deposit insurance scheme (EDIS) as the third pillar of the banking union; recognises that risk sharing is, as ECB President Draghi has stated, an effective rreduction measures are essential building blocks laying the foundations for an EDIS; notes, in thisk reduction method and that thespect, the Commission’s more proportionate ‘new approach’ two should go hand in handan EDIS as put forward in its communication of 11 October 2017;
Amendment 106 #
2018/2101(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Regrets that the ECB has still not been able to start the normalisation of monetary policy and fears that the business cycle could turn even before interest rates have become positive; notes that the ECB has limited tools left at its disposal to fight a possible next financial crisis; warns that also governments have very limited fiscal space tools to react to it; suggests making private and public debt restructuring easier in order to cope with the next financial crisis
Amendment 112 #
2018/2101(INI)
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Warns that according to the BIS there have been signs of a build-up of financial imbalances, especially in countries largely spared by the GFC because, in contrast to countries at the heart of the turmoil, no private sector deleveraging has taken place there; notes that the imbalances have taken the form of strong increases in private sector credit, often alongside similar increases in property prices;
Amendment 120 #
2018/2101(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. StressNotes that the ECB’s non- standard monetary policy measures have proven successful in forestalling the risks of deflation that were still present at the beginning of 2016 and in initiating a recovery in credit tokept interest rates low, thereby forestalling member states and highly indebted private enterprises from defaulting on their unsustainable debts; notes that in the private sector, whose annual growth was around 3 % in mid-2018 compared to 0 % in 2015;
Amendment 123 #
2018/2101(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Stresses that the ECB’s non- standard monetary policy measures have ostensibly proven successful in forestalling the risks of deflation that were still present at the beginning of 2016 and in initiating a recovery in credit to the private sector, whose annual growth was around 3 % in mid-2018 compared to 0 % in 2015;
Amendment 129 #
2018/2101(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls for vigilance against the risk of a resurgence in real estate bubbles and excessive household and private sector indebtedness in some Member States;
Amendment 137 #
2018/2101(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Considers that the ECB bond- buying programmes violate at least the intent, if not the letter, of Article 123 TFEU; urges the ECB to refrain from assuming a political role and monetary financing government deficits;
Amendment 143 #
2018/2101(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Urges countries with high level of debts to reduce them before interest rates start to rise again, as this would reveal that the level of government debt has indeed risen to unsustainable levels, possibly leading to a new sovereign debt crisis
Amendment 154 #
2018/2101(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Welcomes the transparency provided by the ECB through its forward guidance; deems it appropriate to keep interest rates low, in the light of uncertainties in the global environmenturges the ECB to normalize interest rates as soon ats presentossible;
Amendment 155 #
2018/2101(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Welcomes the transparency provided by the ECB through its forward guidance; deems it appropriate to keep interest rates low, in the light of uncertainties in the global environmentstart normalising monetary policy as soon ats presentossible;
Amendment 157 #
2018/2101(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Recognises the existence of distributional consequences of the ECB policies; believes that wealth inequality has been exacerbated by the inflation of financial asset prices as financial assets are primarily held by the very wealthy;
Amendment 158 #
2018/2101(INI)
Motion for a resolution
Paragraph 11 b (new)
Paragraph 11 b (new)
11b. notes that the ECB's measurement of inflation is focused on consumer prices and does not take into account unsustainable asset price developments such as real estate bubbles; asks the ECB to evaluate including asset prices into its measurement of inflation; calls on Eurostat to incorporate the owner- occupied housing price index into HICP in order to make the ECB policies more responsive to development in the housing market;
Amendment 160 #
2018/2101(INI)
Motion for a resolution
Paragraph 11 c (new)
Paragraph 11 c (new)
11c. Welcomes the commitments made by Commissioner Vestager in the structured dialogue with the Committee for Economic and Monetary Affairs on 21 November 2017 to reflect on possible distortions of competition arising from the European Central Bank’s Corporate Sector Purchase Programme and to report back with a qualitative answer; emphasises, in this regard, that the notion of selectivity in state aid is an essential criterion that needs to be investigated thoroughly; further points in this regard to Article 4(3) TEU, which contains the so-called principle of loyalty;
Amendment 170 #
2018/2101(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls for the continuationphasing out of the targeted longer-term refinancing operations (TLTRO), which provide banks with medium-term financing at attractive conditions and in accordance with their efforts to grant new credit to the real economy;
Amendment 173 #
2018/2101(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Reiterates its concern about the increase in TARGET2 balances indicating continued capital outflows from the euro area periphery; and calls on the ECB to clarify the underlying factors and the potential risks relating to the imbalances that this could cause;
Amendment 174 #
2018/2101(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Is concerned that certain southern European countries have profited in a disproportionate way from the PSPP, since national central banks and the ECB have purchased Spanish and Italian government bonds whose volume exceeds Spain's and Italy's share in GDP by respectively 43 billion and 51 billion euros, well above the average of 14.4% of GDP for the entire Eurozone; stresses that this strengthens the suspicion that the main goal of the PSPP is fiscal stabilisation of southern Europe, which falls outside the scope of the mandate of the ECB.
Amendment 197 #
2018/2101(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Believes that a stronger EMU requires first and foremost decisive actions at the national level and full compliance with the Stability and Growth Pact; believes far-reaching transfers of competence to the European level are unnecessary; underlines that a fiscal capacity as a shock-absorber is not required since governments with access to financial markets can play this role themselves;
Amendment 212 #
2018/2101(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses the importance of the ECB being accountable towards Parliament; welcomes, in this respect, the permanent dialogue between the ECB and Parliament, and the regular appearances of the President of the ECB and, where applicable, other Members of the Executive Board, before the ECON committee and Plenary; encourages the ECB to continue this dialogue and, when necessary, to better explain its decisions and policies; decides to review and improve the setup of the monetary dialogue following the examples of the UK Parliament and the US Congress and the feedback provided by the monetary experts commissioned by ECON in March 2014(see PE 518.753);
Amendment 215 #
2018/2101(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Regrets the negative attitude of the ECB regarding the European Ombudsman’s case 1697/2016/ANA on the ECB President’s membership in the “Group of Thirty”; calls on the ECB to put an end to the President's membership of the G30, to re-examine the Ombudsman’s recommendations and to carefully review its internal policies in order to protect itself from potential cognitive capture by the financial sector;
Amendment 226 #
2018/2101(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Recalls the Parliaments demands that the ECB should ensure the independence of the members of its internal Audit Committee; urges the ECB, in order to prevent conflicts of interest, to publish declarations of financial interests for its Governing Council members; urges the ECB to ensure that the Ethics Committee is not chaired by a former President or other past members of the Governing Council of the ECB, nor by anyone liable to conflict of interest; calls the ECB Governing Council to follow the EU Staff Regulations and Code of Conduct and require a two-year professional abstention period for its outgoing members after the conclusion of their mandate;
Amendment 230 #
2018/2101(INI)
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21b. Calls for a full external audit of the ECB;
Amendment 2 #
2018/2100(INI)
Motion for a resolution
Citation 7 a (new)
Citation 7 a (new)
– having regard to the Commission communication on the application, from 1 August 2013, of state aid rules to support measures in favour of banks in the context of the financial crisis (‘Banking Communication’)1a, _________________ 1a OJ C 216, 30.7.2013, p. 1.
Amendment 4 #
2018/2100(INI)
Motion for a resolution
Citation 8 a (new)
Citation 8 a (new)
– having regard to the report of European Systemic Risk Board of September 2018 on ‘Approaching non- performing loans from a macroprudential angle’,
Amendment 42 #
2018/2100(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Takes note of the achievements of the Banking Union in fostering a truly single market, a level playing field and predictability for market actors; considers that a fully completed Banking Union willshould further strengthen financial stability and growth prospects in the EU;
Amendment 47 #
2018/2100(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Stresses the importance of completing the capital markets union, which will help to channel credit into the real economy, further enable private risk sharing, reduce the need for public risk- sharing and complement funding through banks;
Amendment 62 #
2018/2100(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Recalls the need for a coherent set of rules for the proper functioning of the Banking Union; calls on the Commission to prioritise regulations over directives as the legislative tool for the Banking Unthe principle of proportionality in EU banking regulation, and to make it a priority to fully ensure that all relevant legislation is fully implementeds well as the full and the correct implementation of EU financial regulation in all Member States; calls on the Commission, in cooperation with the European supervisory authorities, to identify and remove obstacles to the internal market;
Amendment 101 #
2018/2100(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Urges all negotiators to work towards the adoption of the legislative package to reduce risk in the banking system before the European elections in 2019; remains concerned, however, about the proposed changes to Articles 7 and 8 of Regulation (EU) No 575/2013, and more generally, about the proposed shift in the home-host balance, which might jeopardise financial stability in numerous Member States;
Amendment 111 #
2018/2100(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Takes note of the on-going negotiations on the NPL package; strongly warns against weakening the Commission proposals, as this would jeopardise the overarching goal of risk reduction and hinder efforts to complete the Banking Union; welcomes the ECB addendum on NPLs and the work of the EBA on guidelines on management of non- performing and forborne exposures; welcomes the reduction in volume of NPLs over the past years; stresses that the risk to financial stability posed by NPLs is still significant; agrees with the Commission that the primary responsibility for reducing NPLs lies with the Member States, notably through efficient insolvency laws, and banks themselves;
Amendment 122 #
2018/2100(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Takes note of the on-going negotiations on the European System of Financial Supervision (ESFS); believes that a single market needs appropriate supervisory powers at EU levelcalls on the Union legislators to find an appropriate equilibrium between the tasks and powers of the national competent authorities (NCAs) and the ESAs;
Amendment 130 #
2018/2100(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Remains concerned about the spread of shadow banking in the EU; recalls that the problem needs to be addressed at bothnational, EU and global level in order to ensure fair competition, transparency and financial stability; calls on the Commission to urgently identify remaining gaps in the current regulations;
Amendment 165 #
2018/2100(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Calls on the Commission to regularly assess whether the banking sector has benefited from implicit subsidies and State aid by means of the provision of unconventional liquidity support; underlines the distortive effect State aid can have on the functioning of the internal market; recalls the strict requirements for the application of Article 107(3)(b) of the Treaty on the Functioning of the European Union (TFEU);
Amendment 169 #
2018/2100(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Calls again on the Commission – as it did in the previous annual report – to re-examine on a yearly basis whether the requirements for the application of Article 107(3)(b) TFEU regarding the possibility of State aid in the financial sector continue to be fulfilled;
Amendment 176 #
2018/2100(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Takes note of the agreement reached at the Euro Summit meeting of 29 June 2018 on the European Deposit Insurance Scheme (EDIS); underlines the necessity of risk reduction in view of establishing EDIS as the third pillar of the Banking Union; believes it should be fully implemented once significant risk reduction has taken place; notes, in this respect, the Commission’s more proportionate ‘new approach’ to an EDIS as put forward in its communication of 11 October 2017;
Amendment 186 #
2018/2100(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Instructs its President to forward this resolution to the Council, the Commission, the ECB and the EBABA, the ECB, the SRB, the national parliaments and the competent authorities as defined in point (40) of Article 4(1) of Regulation (EU) No 575/2013.
Amendment 30 #
2018/2094(INI)
Draft opinion
Paragraph 6
Paragraph 6
Amendment 18 #
2018/2046(BUD)
Draft opinion
Paragraph 4
Paragraph 4
4. Notes that the citizens of the Union are asking to be more involvformed and engaged with Union trade policy and that the Commission has made this citizens’ interest a priority; considers that it is crucial that enough resources are allocated to actively involve citizens ion Union trade policy-making;
Amendment 46 #
2018/2007(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the power of finance can and should be used to facilitate the transition to a sustainable economy in the EU which extends beyond the climate transition into other areas of ecological crisisimportance;
Amendment 50 #
2018/2007(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
B a. Whereas the objective of capital requirements is to maintain financial stability by encouraging proper risk management; whereas capital requirements should reflect the risks inherent in investments; whereas capital requirements should therefore not be used to encourage green investments;
Amendment 70 #
2018/2007(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Stresses the potential of a faster green transition as an opportunity for orienting capital markets towards long- term, innovative and efficient investments; notes that environmental, social and governance (ESG) benefits and risks are not reflected in prices and that this provides a market advantage to unsustainable and short-termist geared finance; stresses that a political anwell-designed regulatory framework to govern sustainable finance is overdcould contribute to addressing this issue;
Amendment 86 #
2018/2007(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Stresses that the financial sector as a whole and its core function of allocating capital toas efficiently as possible to the benefit of society should be governed by the values of competitiveness, equity and sustainability; emphasises in that respect the instrumental role of economic, and fiscal and monetary policy in fostering sustainable finance by facilitating capital allocation to decarbonised and resource- efficient economic activities which are able to reduce the current need for future resources and thereby capable of meeting EU sustainability goals; insists that a substantial price for greenhouse gas emissions is a key component of a functioning and efficient environmental and social market economy;
Amendment 157 #
2018/2007(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Welcomes the recent inclusion of sustainability issues in the PRIIPs and STS Regulations, as well as in Shareholders Rights Directive and the NFRD; applauds the inclusion in the IORPs Directive of recognition of stranded assets; asks for the transversal, where appropriate, for the integration of sustainable finance criteria in all legislation related to the financial sector;
Amendment 249 #
2018/2007(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Notes that existing credit-rating agencies do not integrate the influence of disruptive ESG trends in issuers’ future credit-worthiness; calls for clear EU standards and supervision regarding the integration of ESG factors in ratings for all credit-rating agencies operating in the EU; calls for the establishment of an accreditation process for a ‘Green Finance Mark’ by certifying agents supervised by the European Securities and Markets Authority (ESMA);
Amendment 254 #
2018/2007(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 270 #
2018/2007(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Intends to further clarify the mandate of the ESAs so that it includes ESG risks; calls on ESMA to update its ‘suitability’ guidelines to include ESG issues and on the three ESAs to introduce a monitoring system to assess material ESG risks beginning in 2018 and with a forward-looking climate scenario analysis; favours the extension of the ESAs’ mandate to include checking portfolio alignment with the Paris Agreement and to ensure consistency with the TCFD recommendations and alignment with international standards on climate action, including the Paris Agreement;
Amendment 307 #
2018/2007(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Calls on the ECB to redesign its purchase programmes in order to rebalance and align its portfolio with an investment policy that is consistent with the Paris Agreement and ESG goals; underlines that such redesign may act Believes that the ECB's purchase programmes, which are to be phased out, should not favour specific sectors and should in any case a pilot for establishing a future sustainability taxonomyvoid market distortions;
Amendment 313 #
2018/2007(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19 a. Recalls that the primary objective of the ECB's monetary policy is to maintain price stability;
Amendment 145 #
2018/0229(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) With 1.8% of EU GDP, down from 2.2% in 2009, infrastructure investment activities in the Union in 2016 were about 20% below investment rates before the global financial crisis. Thus, while a recovery in investment-to-GDP ratios in the Union can be observed, it remains below what might be expected in a strong recovery period and is insufficient to compensate years of underinvestment. More importantly, the current investment levels and forecasts do not cover the Union’s structural investment needs in the face of technological change and global competitiveness, including for innovation, skills, infrastructure, small and medium- sized enterprises ('SMEs') and the need to address key societal challenges such as sustainability or population ageing. Consequently, continued support is necessary to address Union-wide and/or Member State specific market failures and sub-optimal investment situations to reduce the investment gap in targeted sectors to achieve the Union's policy objectives.
Amendment 243 #
2018/0229(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) The EU guarantee of EUR 38 001 250 000 000 (current prices) at Union level is expected to mobilise more than EUR 65EUR 600 000 000 000 of additional investment across the Union increasing the impact of the EU budget by "doing more with less". The EU guarantee and should be indicatively allocated between the policy windows.
Amendment 282 #
2018/0229(COD)
Proposal for a regulation
Recital 29
Recital 29
(29) In selecting implementing partners for the deployment of the InvestEU Fund, the Commissrelevant considerations should consiincluder the counterpart's capacity to fulfil the objectives of the InvestEU Fund and to contribute its own resources to the fund, in order to ensure adequate geographical coverage and diversification, to crowd-in private investors and to provide sufficient risk diversification as well as new solutions to address Union-wide and/or Member State specific market failures and sub- optimal investment situations. Given its role under the Treaties, its capacity to operate in all Member States and the existing experience under the current financial instruments and the EFSI, the European Investment Bank (‘EIB’) Group should remain a privileged implementing partner under the InvestEU Fund's EU compartment. In addition to the EIB Group, nindirectly manage the EU guarantee for the EU compartment and the Member State compartment. The implementing partners are as follows: (i) the EIB Group under the EIB Window of the EU compartment (ii) the National pPromotional bBanks or iInstitutions should be able to offer a(NPBIs) with whom a guarantee agreement is signed under the NPBI Window of the EU compleartmentary financial product range given that their experience and capabilities at regional level could be beneficial. In line with its role in the Treaties, the EIB provides all strategic banking competences for the maxiCommisatsion of and other impact of public funds on the territory of the Union. Moreover, it should be possible to have other international financial institutions as implementing partners, in particular when they present a comparative advantage in terms of specific expertise and experience in certain Member States. It should also be possiblelementing partners. In addition to the EIB Group, national and regional promotional banks or institutions, where they are implementing partners, should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for other entities fulfilling the criteria laid down in the Financial Regulation to act as implementing partners. maximisation of the impact of public funds on the territory of the Union.
Amendment 296 #
2018/0229(COD)
Proposal for a regulation
Recital 30
Recital 30
(30) In order to ensure that interventions under bothe EU compartments of the InvestEU Fund focus on Union-wide and/or Member State specific market failures and sub- optimal investment situations at Union level, but, at the same time, satisfy the objectives of best possible geographic outreach, the EU guarantee should be allocated to implementing partners, which alone or together with other implementing partners, can cover at least threone or more Member States. However, it is expected that around 75 % of the EU guarantee under the EU compartment would be allocated to implementing partner or partnersEIB group that can offer financial products under the InvestEU Fund in all Member States.
Amendment 323 #
2018/0229(COD)
Proposal for a regulation
Recital 47
Recital 47
(47) The InvestEU Programme should address EUnion-wide and/or Member State specific market failures and sub- optimal investment situations and provide for Union-wide market testing of innovative financial products, and systems to spread them, for new or complex market failures. Therefore, action at Union level is warranted,
Amendment 340 #
2018/0229(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
(7) 'implementing partner' means the (i) the EIB Group under the EIB Window of the EU compartment (ii) the National Promotional Banks or Institutions (NPBI) with whom a guarantee agreement is signed under the NPBI Window of the EU compartment or (iii) eligible counterpart such as a financial institution or other intermediary with whom the Commission signs a guarantee agreement and/or an agreement to implement the InvestEU Advisory Hubis signed under the Member State compartment;
Amendment 358 #
2018/0229(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point a a (new)
Article 3 – paragraph 1 – point a a (new)
(aa) support the Member States' economic capacity, including strategic investments in Member States' specific areas;
Amendment 366 #
2018/0229(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point c
Article 3 – paragraph 1 – point c
(c) the social infrastructure, resilience and inclusiveness of the Union including health and long-term care;
Amendment 385 #
2018/0229(COD)
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 1
Article 4 – paragraph 1 – subparagraph 1
The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 8(1) shall be EUR 38 001 250 000 000 (current prices). It shall be provisioned at the rate of 40 %.
Amendment 398 #
2018/0229(COD)
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. The financial envelope for the implementation of the measures provided in Chapters V and VI shall be EUR 5225 000 000 (current prices).
Amendment 417 #
2018/0229(COD)
Proposal for a regulation
Article 7 – paragraph 1 – point c
Article 7 – paragraph 1 – point c
(c) SMEs policy window: access to and availability of finance for SMEs and, in duly justified cases, for small mid-cap companies; designing products which respond to particular challenges faced by SMEs in need of capital to expand their operations ;
Amendment 442 #
2018/0229(COD)
Proposal for a regulation
Article 7 – paragraph 6
Article 7 – paragraph 6
6. The Commission is empowered to adopt delegated acts in accordance with Article 26 to define the investment guidelines for each of the policy windows. Prior to the adoption of any delegated act, the Commission shall gather all necessary expertise, including through the consultation of Member States' experts, in particular national promotional banks or institutions, and the EIB.
Amendment 443 #
2018/0229(COD)
Proposal for a regulation
Article 7 – paragraph 6 a (new)
Article 7 – paragraph 6 a (new)
6a. Whenever the Commission provides additional information on the interpretation of the investment guidelines, the Commission shall make the same information available to the InvestEU Advisory Hub, the implementing partners and the Investment Committee.
Amendment 448 #
2018/0229(COD)
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Article 7a Additionality For the purposes of this Regulation, 'additionality' means support by the InvestEU Fund for operations which address Union wide or (sub)national market failures or sub-optimal investment situations and which could not have been carried out during the period in which the EU guarantee can be used, or not to the same extent, by implementing partners without InvestEU Fund support.
Amendment 458 #
2018/0229(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point a – introductory part
Article 8 – paragraph 1 – point a – introductory part
(a) the EU compartment shall consist of two investment windows, the EIB window and NPBI window, and shall address any of the following situations:
Amendment 508 #
2018/0229(COD)
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. The EU guarantee under the EU compartment shall be allocated to implementing partners. At least 75% of the EU guarantee under the EU compartment shall be allocated to the EIB Group under the EIB Window of the EU compartment. Amounts exceeding 75% of the EU guarantee may be made available to the EIB Group in the event that national promotional banks or institutions cannot fully use the remaining share of the guarantee. National promotional banks or institutions may fully benefit from the EU guarantee also in case they decide to access it through the EIB or the European Investment Fund.
Amendment 512 #
2018/0229(COD)
Proposal for a regulation
Article 10 – paragraph 1 b (new)
Article 10 – paragraph 1 b (new)
1b. In addition, the EU guarantee should be managed by the EIB Group in close cooperation and partnership with the European Commission; therefore: (a) a separate entity should be set up within the EIB to avoid any potential conflict of interests between the tasks as EU guarantee administrator and as implementing partner; and (b) the EIB should work to ensure direct access to the EU guarantee for the other implementing partners
Amendment 513 #
2018/0229(COD)
Proposal for a regulation
Article 10 – paragraph 1 c (new)
Article 10 – paragraph 1 c (new)
1c. In addition, the EU guarantee should provide for: (a) a robust mechanism for its prompt utilisation; (b) a duration consistent with the final maturity of the last receivable from the final beneficiary; (c) an adequate risk and guarantee portfolio monitoring; (d) a reliable mechanism for the estimation of expected cash-flows in case it is availed of; (e) adequate documentation regarding risk management decisions; (f) adequate flexibility regarding the way the guarantee is used, allowing implementing partners to benefit directly from the guarantee when/if needed, in particular in the absence of an additional guarantee scheme; (g) the fulfilment of all the additional requirements requested by the relevant regulatory supervisor, if any, for being considered as an effective full risk mitigation.
Amendment 538 #
2018/0229(COD)
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 2
Article 12 – paragraph 1 – subparagraph 2
For the EU compartment, the eligible counterparts shall have expressed their interest and shall be able to cover financing and investment operations in at least threone or more Member States. The implementing partners may also cover together financing and investment operations in at least three Member States by forming a group.
Amendment 547 #
2018/0229(COD)
Proposal for a regulation
Article 12 – paragraph 2 – point f
Article 12 – paragraph 2 – point f
(f) promotes innovating financial and risk solutions to address Union-wide and/or Member State specific market failures and sub-optimal investment situations.
Amendment 558 #
2018/0229(COD)
Proposal for a regulation
Article 12 – paragraph 4
Article 12 – paragraph 4
4. NOnly national promotional banks or institutions may be selected as implementing partners, subject to fulfilling the requirements laid down in this Article and in the second subparagraph of Article 14(1).
Amendment 587 #
2018/0229(COD)
Proposal for a regulation
Article 17 – paragraph 5 – point a – point ii
Article 17 – paragraph 5 – point a – point ii
(ii) provide advice to the Commission about Union-wide and/or Member State specific market failures and sub-optimal investment situations and market conditions;
Amendment 605 #
2018/0229(COD)
Proposal for a regulation
Article 18
Article 18
Amendment 643 #
2018/0229(COD)
Proposal for a regulation
Article 19 – paragraph 1 – point c a (new)
Article 19 – paragraph 1 – point c a (new)
(ca) calls on the Commission to amend the investment guidelines and/or draft additional guidelines when it deems necessary.
Amendment 645 #
2018/0229(COD)
Proposal for a regulation
Article 19 – paragraph 2 – subparagraph 2
Article 19 – paragraph 2 – subparagraph 2
Each configuration of the Investment Committee shall be composed of sixtwelve remunerated external experts. The independent experts shall be selected in accordance with [Article 237] of the [Financial Regulation] and. Six of them will be appointed by the Commission, six of them by the implementing partners through a rotation system between the EIB national promotional banks or institutions for a fixed term of up to four years. Their term shall be renewable but shall not exceed seven years in total. The Commission and the implementing partners may decide to renew the term of office of an incumbent member of the Investment Committee without availing itself of the procedure laid down in this paragraph.
Amendment 655 #
2018/0229(COD)
Proposal for a regulation
Article 19 – paragraph 2 – subparagraph 6
Article 19 – paragraph 2 – subparagraph 6
The Commission shall adopt the rules of procedure and the EIB shall manage the secretariat for the Investment Committee.
Amendment 698 #
2018/0229(COD)
Proposal for a regulation
Article 20 – paragraph 2 – point f a (new)
Article 20 – paragraph 2 – point f a (new)
(fa) dissemination to authorities and project promoters of all available additional information regarding the investment guidelines and the interpretation of these guidelines.
Amendment 708 #
2018/0229(COD)
Proposal for a regulation
Article 20 – paragraph 6
Article 20 – paragraph 6
6. The InvestEU Advisory Hub shall have local presence, where necessary. It shall be established in particular in Member States or regions that face difficulties in developing projects under the InvestEU Fund. The InvestEU Advisory Hub shall assist in the transfer of knowledge to the regional and local level with a view to building up regional and local capacity and expertise for support referred to in paragraph 1. In Member States where national promotional banks or institutions exist, Member States may designate the implementation of the InvestEU Advisory Hub on the ground to these national promotional banks or institutions.
Amendment 713 #
2018/0229(COD)
Proposal for a regulation
Chapter 7 – title
Chapter 7 – title
monitoring and reporting, revaluationiew and control
Amendment 724 #
2018/0229(COD)
Proposal for a regulation
Article 22 – paragraph 5 a (new)
Article 22 – paragraph 5 a (new)
5a. All information on the risk and guarantee portfolio monitoring and the estimation of expected cash-flows shall be shared with the Advisory Board.
Amendment 725 #
Amendment 726 #
2018/0229(COD)
Proposal for a regulation
Article 23 – paragraph 2
Article 23 – paragraph 2
2. By 30 September 20254, the Commission shall carry out an interim revaluationiew on the InvestEU Programme, in particular on the use of the EU guarantee. The interim review shall contain an extensive assessment of the performance of the InvestEU advisory hub. The results of this review should be taken into account in any revision of this Regulation.
Amendment 812 #
2018/0229(COD)
Proposal for a regulation
Annex III – point 2 – point 2.1 a (new)
Annex III – point 2 – point 2.1 a (new)
2.1a Volume of operations signed per implementing partner
Amendment 19 #
2018/0005(CNS)
Proposal for a directive
Recital 4
Recital 4
(4) In a definitive VAT system all Member States should be treated equally and should therefore have the same restrictions in applying reduced VAT rates, which should remain an exception to the standard rate. Such equal treatment without restricting Member States current flexibility in setting VAT can be achieved by enabling all of them to apply a reduced rate for which the minimum requirement does not apply, as well as an exemption with the right to deduct input VAT, in addition to a maximum of two reduced rates of a minimum of 5%with the purpose of making the consumption of certain goods and services more affordable in view of goals of general interest such as public health care, public housing policy, spatial planning, job preservation, cultural, social or environmental goals, as well as an exemption with the right to deduct input VAT, in addition to a maximum of two reduced rates of a minimum of 5%. This directive will increase subsidiarity in the VAT system, making it possible for Member States to accommodate local conditions, preferences and traditions or choose a simple and uniform tax rate.
Amendment 31 #
2018/0005(CNS)
Proposal for a directive
Recital 6 a (new)
Recital 6 a (new)
(6a) With particular focus on the needs of SMEs and 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 multilingual 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 47 #
2018/0005(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2006/112/EC
Article 98 – paragraph 3 – subparagraph 1
Article 98 – paragraph 3 – subparagraph 1
Reduced rates and exemptions applied pursuant to paragraphs 1 and 2 shall only benefit the final consumer and shall be applied to pursue, in a consistent manner, an objective of general interest.
Amendment 56 #
2018/0005(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Directive 2006/112/EC
Article 99a – paragraph 1
Article 99a – paragraph 1
While setting the rates referred to in Articles 97 and 98, Member States shall ensure that the weighted average rate, calculated in accordance with Article 4 of Council Regulation (EEC, Euratom) No 1553/89 (*), exceeds 120 % at any given time.
Amendment 62 #
2018/0005(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 5 a (new)
Article 1 – paragraph 1 – point 5 a (new)
Directive 2006/112/EC
Article 100 a (new)
Article 100 a (new)
(5a) The following Article is inserted: 'Article 100a The Commission, in cooperation with the Member States, shall establish a Union VAT Web information portal for businesses in order to provide quick and accurate access to the relevant information about the implementation of the definitive VAT system in the different Member States.';
Amendment 44 #
2017/2226(INI)
Motion for a resolution
Recital D
Recital D
D. whereas employment is expected to continue to expand, while some labour market indicators and the relatively high level of ‘involuntary’ part-time work, suggest persistent labour market difficulties aggravating inequalitiin some member states;
Amendment 49 #
2017/2226(INI)
Motion for a resolution
Recital E
Recital E
E. whereas both employment and unemployment rates are still higher than in 2008; whereas hidden unemployment (unemployed, willing to work, but not actively searching for employment) stood at 20 % in 2016;
Amendment 63 #
2017/2226(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
F a. 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 69 #
2017/2226(INI)
F 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 71 #
2017/2226(INI)
Motion for a resolution
Recital F c (new)
Recital F c (new)
F c. whereas public debt levels have increased further in most member states and may be hard to sustain when interest rates return to normal levels;
Amendment 130 #
2017/2226(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Welcomes the improvements in public finances, in particular the gradually declining debt/GDP ratios for the EU and euro area and falling headline budget deficits; recalls that, while many Member States have limited fiscal leeway for implementing sustainable, growth-friendly structural reforms, some Member States still have large surpluses which should be used to sustain investments and growth across the EU 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 158 #
2017/2226(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Recalls the importance of well- targeted public investment for raising competitiveness and boosting and leveraging investment in the EU; warns that boosting investment should not be seen as an alternative to productivity- enhancing reforms; considers that the policy mix proposed in the AGS 2018 should be further developed to remedy the current decrease in public investment in the EU; highlights that this decrease also affects local and regional authorities, threatening their ability to deliver quality public services;
Amendment 192 #
2017/2226(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Underlines that economic policy and social rights fall in the exclusive competence of the Member States;
Amendment 211 #
2017/2226(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Welcomes the fact that the AGS 2018 acknowledges the need for efficient and fair tax systems to ensure sustainable finance and reverse the current fall in capital income taxation; recalls that high levels of taxation in Europa are a hindrance to investments and jobs; supports the Commission’s initiatives to achieve increased transparency, and a reformed VAT system and a common consolidated corporate tax base;
Amendment 273 #
2017/2226(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 288 #
2017/2226(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Underlines that a fiscal capacity – on top of existing capacities, and not through redeployments that woulddoes not fall undermine the vital role currently played by structural funds and cohesion policy – represents a necessary tool for increasing incentives for convergence and to counter asymmetric or symmetric economic shocksEU’s competences as defined in Article 3 TFEU;
Amendment 339 #
2017/2226(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
Amendment 2 #
2017/2191(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Emphasises the overriding importance of consistency between commercial policy, competition policy and all other Union policies; adds that EU competition policy must take account of developments in international competition; Encourages the Commission to conclude bilateral cooperation agreements with third countries on the enforcement of competition rules, along the lines of the second-generation cooperation agreement of 2013 between the EU and Switzerland;
Amendment 2 #
2017/2191(INI)
Motion for a resolution
Citation 6 a (new)
Citation 6 a (new)
– having regard to the Commission Notice of 19 July 2016 on the notion of State aid as referred to in Article 107(1) of the Treaty on the Functioning of the European Union3a, _________________ 3a OJ C 262, 19.7.2016, p. 1
Amendment 8 #
2017/2191(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Calls for trade defence instruments to be updated to make them stronger, faster and more effective; stresses the importance of the Union devising a reliable new method of calculating anti-dumping duties; that succeeds in safeguarding at least the same effectiveness as previously imposed anti-dumping measures in full compliance with our WTO-obligations;
Amendment 11 #
2017/2191(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Emphasises that reciprocity must be one of the key principles underpinning Union commercial policy, with a view to ensuring that our trading partners open up their markets more toa level playing field for EU firms, in particular in the area of public procurement; emphasises the importance for the Union of an international instrument on public procurement; takes the view that the Commission proposal on the monitoring of foreign investment should make for greater reciprocity in the area of access to markets; stresses, in this regard, that these proposals should address the benefits of foreign direct investment, and that the EU should remain in principle open as such, to avoid retaliatory measures, and to address the negative impact of economic slowdown;
Amendment 20 #
2017/2191(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Believes that a strict and impartial enforcement of competition policy can make a significant contribution to key political priorities such as a deeper and fairer internal market, a connected Digital Single Market, and an integrated and climate-friendly Energy Union;
Amendment 22 #
2017/2191(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Draws attention to the importance of effective, harmonised EU customs checks in combating unfair competition;
Amendment 24 #
2017/2191(INI)
Draft opinion
Paragraph 8
Paragraph 8
8. Calls on the Union to continue to promote fair competition rules at international level; calls for fresh progress to be made at the 11th WTO Ministerial Conference towards guaranteeing fair international competition, although account should also be taken of the sensitive nature of certain sectors, in particular agriculture. Stresses that global cooperation on the enforcement of competition rules helps resolve inconsistencies and improve the outcomes of enforcement, and helps businesses to reduce their compliance costs;
Amendment 34 #
2017/2191(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on the Commission to monitor the implementation of directives linked to the completion of the single market, particularly in the digital, energy and transport sectors, and to enhance thesure a strict and impartial enforcement of EU competition rules in order to avoid uneven application thereof in the Member States;
Amendment 48 #
2017/2191(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Calls on the Commission to reallocate adequatmake financial and human resources tofor its Directorate-General for Competition in order to cope withadequate to this DG’s increasing workload and range of tasks by shifting away resources from other Directorates with less European added value;
Amendment 62 #
2017/2191(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Calls on the Commission to adopt guidelines to limit the duration ofconsider ways to accelerate antitrust investigations, in order to avoid uncertainty or excessive burden for businesses and shape a competitive landscape which is not detrimentbeneficial to consumers;
Amendment 63 #
2017/2191(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Underlines that whilee policy objective to find an adequate balance between the speed of investigations has to be balanced withand the need to adequately preserve the rights of defence, clear time frames would help the antitrust authorities to make more efficient use of their resources;
Amendment 76 #
2017/2191(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Takes note that most of the decisions concerning antitrust issues and State aid are taken at national level, and believes that the Commission should guarantee; calls on the Commission to monitor the global consistency and independence of competition policy measuresenforcement within the internal market, with the support of the European Competition Network (ECN);
Amendment 89 #
2017/2191(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls on the Commission to send Parliament regularly information Parliament on the activities of the ECN and to include in its; calls on the Member States to ensure that NCAs make public annual reports containing statistics and a reasoned synthesis of their activities conducted by the NCAs;
Amendment 91 #
2017/2191(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Highlights that 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; supports an active participation of the Commission, national and where applicable regional competition authorities in the International Competition Network;
Amendment 94 #
2017/2191(INI)
Motion for a resolution
Paragraph 13 b (new)
Paragraph 13 b (new)
13b. Reiterates its support for international trade and investment agreements to include strong competition sections;
Amendment 96 #
2017/2191(INI)
Motion for a resolution
Paragraph 13 c (new)
Paragraph 13 c (new)
13c. Welcomes the constant efforts of the Commission to clarify the different aspects of the definition of state aid, as demonstrated in its Notice on the notion of State aid as referred to in Article 107(1) of the TFEU which constitutes an important building block of the State Aid Modernisation initiative; notes in particular the efforts to clarify the notions of 'undertaking' and 'economic activity’; observes nonetheless that it remains difficult, especially in the field of social affairs, to draw the line between economic and non-economic activities; further points out that is the role of the European Court of Justice to ensure the proper interpretation of the Treaty;
Amendment 101 #
2017/2191(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Reiterates that all market players should pay their fair share of tax; welcomes the Commission’s in-depth investigations intofair tax competition is essential for the integrity of the internal market and that all market players should pay their fair share of tax to compete on equal terms; emphasises the need to eliminate distortive anti-competitive practices such as selective tax advantages and excess profit ruling systemswelcomes the Commission's in-depth investigations in this regard; stresses that the reduction ofackling tax fraud and aggressive tax avoidance is fundamental in order to consolidate sound public budgetsensure a level playing field;
Amendment 108 #
2017/2191(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. 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 128 #
2017/2191(INI)
15. Welcomes the Commission decision taken against Luxembourg on the illegal tax benefits granted to Amazon (around EUR 250 million); notes that both Luxembourg and Amazon could appeal the decision;
Amendment 143 #
2017/2191(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Underlines that the bailout of Veneto Banca and Banca Popolare di Vicenza was based on the assumption that these were systemic banks in their region, and calls on the Commission to developexplain this line of thinking in compliance with EU rules and the bail-in principle;
Amendment 144 #
2017/2191(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. 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 147 #
2017/2191(INI)
Motion for a resolution
Paragraph 16 b (new)
Paragraph 16 b (new)
16b. 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 153 #
2017/2191(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Believes that following the financial crisis has increased concentration in the banking sector and calls on the Commission to carry out a region-by-region study at European level to examine this phenomenon andhas increased in some Member States and regions; calls on the Commission to monitor this phenomenon region-by-region and to examine its effects on competition;
Amendment 156 #
2017/2191(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Welcomes the commitments made by the Commissioner for Competition in the structured dialogue with the Committee for Economic and Monetary Affairs on 21 November 2017 to reflect on possible distortions of competition arising from the European Central Bank's Corporate Sector Purchase Programme and to report back with a qualitative answer; emphasises in this regard that the notion of selectivity in State aid is an essential criterion that needs to be investigated thoroughly; further points in this regard to Article 4(3) TEU which contains the so-called principle of loyalty;
Amendment 164 #
2017/2191(INI)
Motion for a resolution
Paragraph 17 b (new)
Paragraph 17 b (new)
17b. Considers 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;
Amendment 170 #
2017/2191(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Notes that, following the Commission decision, Google’s shopping comparison serviTakes note of the Commission's antitrust decision to fine Google EUR 2.42 billion for abusing its dominance has been judged illegal and the company is now a dominant player subject to specific obligations; search engine by giving illegal advantages to another Google product, i.e. its shopping comparison service; notes that Google appealed the decision but meanwhile implements the remedies requested by the Commission;
Amendment 177 #
2017/2191(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Calls on the Commission to ensure that Google implements this remedy effectively; believes that the greatest danger now would be if the Commission were to settle for aremedies are implemented fully and effectively; warns in particular against partially effective remedy,ies that failing to truly restore the level playing field required for competition and innovation to thrive;
Amendment 180 #
2017/2191(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
Amendment 185 #
2017/2191(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
Amendment 191 #
2017/2191(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Warmly invites the Commission and the Google CEO to attend a joint public hearing of the Committees on Economic and Monetary Affairs (ECON) and the Iinformation and communications technology sector to closely cooperate with the European Parliament, intern al Market and Consumer Protection (IMCO)ia by attending public hearings;
Amendment 194 #
2017/2191(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Calls onTakes note of the Commission to speed up and conclude the Android investigation by the spring of 2018; stresses that Google is accused of's Statement of Objections of 20 April 2016 and its preliminary conclusion that Google has abusinged its dominant position as a search engine by imposing restrictions on Android device manufacturers and mobile network operators, and that Google Search is pre- installed and set as the default or the only search engine on most Android devices sold in Europe;
Amendment 232 #
2017/2191(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Welcomes the revision ofCommission's proposal to revise Regulation (EC) No 868/2004 on safeguardaddressing unfair competition, aimed at ensuring reciprocity and eliminating unfair practices, including alleged State aid to airlines from certain third countries; belieurrent practices, such as selective State aid, which are neither adequate nor effectives, that transparency in the fair competition clause is an essential element to guarantee a level playing fieldus shedding light on major concerns surrounding potential distortions of competition;
Amendment 235 #
2017/2191(INI)
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Stresses, however, that neither an unacceptable trend towards protectionism, nor, on their own, measures to ensure fair competition can guarantee the competitiveness of the EU aviation sector;
Amendment 254 #
2017/2191(INI)
Amendment 256 #
2017/2191(INI)
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
30a. Notes the importance of a favourable regulatory framework for airports to attract and mobilise private investment; considers that the Commission's evaluation of the Airport Charges Directive, in conjunction with effective airline/airport consultation, should help clarify whether the current provisions are an effective tool to promote competition and to further the interests of European consumers, or whether a reform is needed;
Amendment 264 #
2017/2191(INI)
Motion for a resolution
Paragraph 31 a (new)
Paragraph 31 a (new)
31a. Considers that ensuring a level playing field for companies in the internal market also depends on decisively combating social dumping;
Amendment 266 #
2017/2191(INI)
Motion for a resolution
Paragraph 31 b (new)
Paragraph 31 b (new)
31b. Underlines that the application of competition rules to mergers must be evaluated from the perspective of the entire internal market;
Amendment 292 #
2017/2191(INI)
Motion for a resolution
Paragraph 33
Paragraph 33
33. Instructs its President to forward this resolution to the Council, the Commission and, the national parliaments of the Member Statand where applicable regional competition authorities.
Amendment 3 #
2017/2124(INI)
Motion for a resolution
Citation 5
Citation 5
Amendment 6 #
2017/2124(INI)
Motion for a resolution
Citation 6
Citation 6
Amendment 7 #
2017/2124(INI)
Motion for a resolution
Citation 7
Citation 7
Amendment 15 #
2017/2124(INI)
Motion for a resolution
Citation 15 a (new)
Citation 15 a (new)
- having regard to the Treaty on the Functioning of the European Union (TFEU), and in particular Articles 123, 127(1) and (2) thereof,
Amendment 28 #
2017/2124(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
C a. whereas concerns continue to exist that the balance sheet of the ECB contains rising levels of risk;
Amendment 29 #
2017/2124(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the ECB has missed its 2 % inflation target in each of the four years since 2013 and forecasts thprimary objective of the ESCB is to maintain price stability, defined by the ECB’s Governing Council as a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below but close to, 2% over the medium term; whereas the inflation rate it will not reach this target before 2020;n the euro area is, since 2015, on an upward path reaching levels close to 2% within a medium-term horizon
Amendment 35 #
2017/2124(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
D a. whereas the measuring of inflation used by the ECB is restricted to consumer prices and ignores the development of asset prices;
Amendment 41 #
2017/2124(INI)
Motion for a resolution
Recital E
Recital E
E. whereas in 2016, the ECB’s net profit stood at EUR 1.19 mbillion compared with EUR 1.08 mbillion in 2015;
Amendment 52 #
2017/2124(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
F a. whereas the ECB’s president has continued to stress the urgency of much- needed structural reforms in the different countries of Eurozone;
Amendment 55 #
2017/2124(INI)
Motion for a resolution
Recital F b (new)
Recital F b (new)
F b. 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 57 #
2017/2124(INI)
Motion for a resolution
Recital F c (new)
Recital F c (new)
F c. whereas nearly a decade after the outbreak of the financial crisis, monetary policy continues to be very accommodative ;
Amendment 62 #
2017/2124(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Underlines the federal naturindependence of the ECB, which rules out national vetoes, enabling it to act decisively in addressing the crisismeaning that the ECB shall not seek or take instructions from Community institutions or bodies, from any government of a Member State or from any other body;
Amendment 69 #
2017/2124(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Underlines the federal naturindependence of the ECB, which in its ruoles out national vetoes, enabling it to act decisively in addressing the crisis as the euro area´s monetary authority;
Amendment 79 #
2017/2124(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Gives a positive assessment of thBelieves that the very accommodative monetary policy pursued by the ECB sin the period 2012-2016 in terms of its contribution to economic recovery by preventing deflation, preserving favourable financing conditions and maintaining financial stability and the proper functioning of the payment systemsce 2014 - together with the collapse in oil prices in 2014-15 - has had a short term stimulating impact on the European economies resulting in a cyclical recovery; is however cautious about the potential unintended and unforeseen consequences of ultra-low interest rate policy in the long run;
Amendment 107 #
2017/2124(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Recalls that, according to Eurostat, average inflation was just 0.2 % in 2016, while inflation excluding energy prices stood at 0.9 %;
Amendment 111 #
2017/2124(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
Amendment 125 #
2017/2124(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Considers that the ECB bond- buying programmes violate at least the intent, if not the letter, of Article 123 TFEU;urges the ECB to refrain from assuming a political role and monetary financing government deficits;
Amendment 133 #
2017/2124(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Agrees with the ECB that in order to reach the infturn the current, cyclical recovery of the euro area into lastion target, supportive fiscal policing a robust, structural recovery, a more growth- friendly composition of public finances and socially balanced productivity- enhancing reforms are required;
Amendment 140 #
2017/2124(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Notes that the ECB’s APP has lowered bond yields in most Member States to unprecedented levels;warns against the risk of too-high valuations on the bond markets, which would be difficult to handle if interest rates start to rise again, particularly for the countries involved in the excessive deficit procedure or with high levels of debt;
Amendment 147 #
2017/2124(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 159 #
2017/2124(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Welcomes the ECB's announcement to begin discussions on monetary policy rate normalization and a strategy for winding down the APP;
Amendment 167 #
2017/2124(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 178 #
2017/2124(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Notes that the ECB's measurement of inflation is focused on consumer prices and does not take into account unsustainable asset price developments such as real estate bubbles;asks the ECB to actively monitor asset price developments and evaluate including asset prices into its measurement of inflation;
Amendment 181 #
2017/2124(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Recalls that, in accordance with Article 32 of its Statute, the ECB must support ‘the general economic policies of the Union’, including, as stated in Article 3 of the TEU, ‘the sustainable development of Europe based on balanced economic growthshall, without prejudice to the primary objective of price stability, support ‘the general economic policies of the Union’;
Amendment 205 #
2017/2124(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Underlines the positive effect of the ECB's very accommodative monetary policy on cyclical growth, employment and the financing costs of Member States, non- financial companies and households; emphasises its concern about the negative side-effects on individual savers and the financial equilibrium of pension schemes and in terms of the development of asset bubbles; warns that keeping the interest rate at an artificially low level causes malinvestment;
Amendment 217 #
2017/2124(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12 a. Recognises the existence of distributional consequences of the ECB policies;regrets that ultra-low interest rate policy risks raising inequality;
Amendment 218 #
2017/2124(INI)
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12 b. Underlines that a prolonged period of ultra-low (negative) interest rate policy creates risks for financial stability and ultimately the whole economy;
Amendment 224 #
2017/2124(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes that according to the ECB, the current cyclical economic recovery in the Eurozone has relied on the fall in oil prices and the ECB’s monetary policy, which will add a cumulative 1.7 % to growth in the period 2016-2019, with no sizable positive contribution from fiscal policy so far;
Amendment 231 #
2017/2124(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Considers that monetary policy alone is not sufficient to achieve a sustainable and more even and inclusive economic recovery, and that public and private investments should therefore be encouraged in the context of a moderately positive fiscal stance in the Eurozone as proposed by the Commissionthe appropriate tool to solve the structural problems of the European economy; emphasises that sound fiscal policies and the implementation of structural reforms are key to increase resilience, reduce structural unemployment and boost euro area growth potential and productivity;
Amendment 247 #
2017/2124(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Recognises that the implementation of structural reforms must be stepped up substantially to increase the resilience of the Member States' economy, reduce structural unemployment and boost euro area growth potential and productivity;
Amendment 250 #
2017/2124(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 272 #
2017/2124(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 317 #
2017/2124(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Agrees with the ECB that a bank’s profitability depends on its business model, low interest rates notwithstanding;Underlines that a prolonged period of a flat yield curve could diminish the profitability of banks, especially if they do not adjust their business models; warns that this could ultimately compromise financial stability resulting in significant economic and social costs
Amendment 325 #
2017/2124(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20 a. Agrees with the ECB's president that the protracted low interest rate environment puts pressure on the profitability of financial institutions that provide long-term return guarantees, such as life insurance or pension funds;
Amendment 328 #
2017/2124(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
Amendment 351 #
2017/2124(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 356 #
2017/2124(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
Amendment 389 #
2017/2124(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
Amendment 413 #
2017/2124(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
Amendment 424 #
2017/2124(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
Amendment 453 #
2017/2124(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
32. Takes note of the ongoing discussion about a ‘central bank digital currency’ or ‘digital base money’; encourages the Commission and the ECB to look into the potential of such schemes;
Amendment 462 #
2017/2124(INI)
Motion for a resolution
Paragraph 33
Paragraph 33
Amendment 482 #
2017/2124(INI)
Motion for a resolution
Paragraph 34
Paragraph 34
34. Calls on the ECB to assess all the consequences of the UK’s withdrawal from the EU and to stand ready to support banks in case they decide to relocatinge their activities in the euro area; considers the strengthening of oversight for euro- clearing outside the euro area to be of the utmost importance;
Amendment 489 #
2017/2124(INI)
Motion for a resolution
Paragraph 35
Paragraph 35
Amendment 503 #
2017/2124(INI)
Motion for a resolution
Paragraph 35 a (new)
Paragraph 35 a (new)
35 a. Asks the ECB to better explain to the public where and how its actions affect the economies of the member states, particularly in view of recent unorthodox monetary policy measures;
Amendment 518 #
2017/2124(INI)
Motion for a resolution
Paragraph 36 a (new)
Paragraph 36 a (new)
36 a. Is concerned by the lack of independence of the internal Audit Committee, which is composed of current and former members of the ECB’s highest governing bodies;asks therefore the Commission to propose an amendment to the Statute of the ESCB and of the ECB to ensure a full, independent and external audit of the ECB including an assessment of the levels of risk related to the ECB’s balance sheet;
Amendment 524 #
2017/2124(INI)
Motion for a resolution
Paragraph 36 b (new)
Paragraph 36 b (new)
36 b. Urges the ECB, in order to prevent conflicts of interest, to publish declarations of financial interests for Governing Council members and to ensure that the Ethics Committee is not chaired by a former President or other past members of the Governing Council of the ECB;
Amendment 1 #
2017/2072(INI)
Motion for a resolution
Citation 2
Citation 2
— having regard to the feedback of the Commission and the European Central Bank (ECB) on Parliament’s resolution of 10 March5 February 20167 on ‘Banking Union – Annual Report 2016’,
Amendment 6 #
2017/2072(INI)
Motion for a resolution
Citation 6 a (new)
Citation 6 a (new)
- having regard to the Commission's Consultation document of 10 November 2017 on statutory prudential backstops addressing insufficient provisioning for newly originated loans that turn non- performing,
Amendment 28 #
2017/2072(INI)
Motion for a resolution
Recital A
Recital A
A. whereas at the end of 2016on an unconsolidated basis, the total number of credit institutions in the euro area stood at 5 ,073 on an unconsolidated basisat the end of 2016, down from 5 ,475 in 2015, 5 614 in4 at the end of 20145 and 6 767 in 20083 ; _________________ 3 For the data on 2015, 2014 and 2008, see: ECB, Report on Financial Structures, October 2016, p. 22. The data for 2016 have been sent to us by the ECB and are based on the SDW (http://sdw.ecb.europa.eu/). They can be updated once thefrom 6,768 at the end 2008, amounting to a 25% decrease over the period from 2008 to 2016; whereas on a consolidated basis, the total number of credit institutions in the euro area stood at 2,290 at the end of 2016, down from 5,474 at the end of 2015 and 6,768 at the end of 20083a; _________________ 3a European Central Bank, Report on Ffinancial Sstructures for 2017 is available, October 2017, pp. 23- 24.
Amendment 54 #
2017/2072(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
C a. whereas risks in certain national banking systems remain insufficiently addressed;
Amendment 63 #
2017/2072(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the Banking Union remains incomplete, which is at least partially due to insufficient progress in risk reduction;
Amendment 101 #
2017/2072(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Notes with concern that there are strong indications that Banca Popolare di Vicenza and Veneto Banca were treated as solvent, merely for the purpose of and in need of a precautionary recapitalization in one week, and then as ‘failing or likely to fail’ the next week, without this being due to sudden changes in their capital or liquidity position;
Amendment 111 #
2017/2072(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Notes the ECB’s determination in the context of the precautionary recapitalisation of Monte dei Paschi di Siena that the bank is solvent and meets the capital requirements; notes, in this regard, that the determination of solvency leaves room for an element of subjectivity, which may be filled in by political considerations, as this determination greatly depends on how a bank’s assets are valued; points, in this regard, to the Banca Popolare di Vicenza and Veneto Banca cases; calls, therefore, on the Commission, the SSM and the SRB to reflect on ways to increase transparency when assessing the solvency of credit institutions and considering resolution decisions;
Amendment 135 #
2017/2072(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Reiterates its concerns about the high level of non-performing loans (NPLs) in certain jurisdictions; agrees with the Commission that ‘Member States and banks themselves have a primary responsibility in tackling non-performing loans’4 ; welcomes, nonetheless, the work done by different EU institutions and bodies on this issue; welcomes, in particular, the Commission’s ongoing work on statutory prudential backstops for new loans that turn non-performing, as well as the ECB’s draft addendum to its guidance to banks on NPLs; calls on these actors and the Member States to duly implement the Council conclusions of 11 July 2017 on the action plan to tackle non- performing loans in Europe; _________________ 4 Commission communication on completing the Banking Union, 11 October 2017, p. 15 (COM(2017)0592).
Amendment 158 #
2017/2072(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Recalls that there are risks associated with sovereign debt; notes that in some Member States financial institutions have overly invested in bonds issued by their own governments, constituting excessive ‘home bias’; takes note, in this respect, ofcalls, in this respect, for EU or Eurozone measures to address concentration risk, including a large-exposure limit, possibly combined with the introduction of non- zero risk weights, to be introduced; notes, in this respect, the idea of a Sovereign Concentration Charges Regulation (SCCR); expresses its concerns, however, about the Commission’s ongoing work on the idea of so-called sovereign bond- backed securities (SBBS);
Amendment 183 #
2017/2072(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Stresses the need to introduce a more robust leverage ratio, especially for global systemically important institutions (G-SIIs);asks the Union legislators to speed up its work on the leverage ratio and not to await the finalisation of technical talks at Basel level on this issue;
Amendment 204 #
2017/2072(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Welcomes the banking reform package proposed by the Commission in November 2016; underlines the importance of the fast-track procedure for the phasing- in of International Financial Reporting Standard (IFRS) 9 in order to avoid cliff effects on the regulatory capital of credit institutions; supports the efforts made to reduce the reporting burden for smaller banks; is concerned, however, about the proposed amendments to the waivers in Articles 7 and 8 of the CRR, and more generally, about the proposed shift in the home-host balance; considers the Commission’s remarks on this issue in the 11 October Banking Communication to be insufficient4a; _________________ 4aCommission communication on completing the Banking Union, 11 October 2017, p. 9 (COM(2017)05920).
Amendment 229 #
2017/2072(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Takes note of the proposals on the review of the ESFS, including the ‘omnibus’ proposal amending the ESAs’ governance, funding and powers; calls on the Union legislators to find an appropriate equilibrium between the tasks and powers of the national competent authorities (NCAs) and the ESAs;
Amendment 262 #
2017/2072(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Is concerned about the high number of legal applications lodged before the General Court of the EU in relation to the Banco Popular Español S.A. case and the opaque nature of its sale to Banco Santander; invites the Commission and the SRB to jointly publish a summary of the issues most criticized by the legal applications; asks the Commission to assess whether this could endanger the effectiveness of the new resolution regime; calls on the SRB and the Commission to provide more transparency in future resolution decisions;
Amendment 280 #
2017/2072(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls on the Commission to undertake as soon as possible the review referred to in the last subparagraph of Article 32(4) of the BRRD, taking into account the interplay between the NPL problem and the BRRD and State Aid rules, as well as the interplay between the new resolution regime and the 2013 Banking Communication, in order to draw lessons from the 2017 banking cases; calls on the Commission to pay particular attention in its evaluation to the condition that the precautionary recapitalisation ‘shall not be used to offset losses that the institution has incurred or is likely to incur in the near future’, as this condition seems difficult to fulfil in reality, especially when dealing with banks suffering from a high stock of NPLs;
Amendment 287 #
2017/2072(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Calls on the Commission to re- examine on a yearly basis whether the requirements for the application of Article 107(3)(b) TFEU regarding the possibility of State Aid in the financial sector continue to be fulfilled;
Amendment 392 #
2017/2072(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Instructs its President to forward this resolution to the Council, the Commission, the ECB and the SRBBA, the ECB, the SRB, the national parliaments and the competent authorities as defined in point (40) of Article 4(1) of Regulation (EU) No 575/2013.
Amendment 1 #
2017/2066(INI)
Motion for a resolution
Citation 12 a (new)
Citation 12 a (new)
– having regard to the Commission consultation document on the review of the ESAs of 21 March 2017;
Amendment 17 #
2017/2066(INI)
Motion for a resolution
Recital B
Recital B
B. whereas a European retail financial services market would only be viable if it represented real added value for consumers and financial services providers by ensuring effective competition and consumer protection, notably in relation to products necessary for participation in economic life and for vulnerable consumers;
Amendment 32 #
2017/2066(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission Action Plan on consumer financial services as a means of addressing some of the challenges raised by Parliament in its report on the Green Paper on retail financial services, with the aim of striving towards a genuine technology-enabled single market for retail financial services, while protecting consumers, encouraging competition, lowering prices and fighting against tax fraud, tax evasion and tax avoidance;
Amendment 50 #
2017/2066(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Believes that the Commission should play a more proactive role in using the capital markets union, while closely involving Parliament as part of the implementation of the Paris agreement to support the growing sustainable and responsible investment (SRI) market by promoting sustainable investments; encourages, the Commission, furthermore, to promote environmental, social and governance (ESG) ‘rating services’ and a consistentassess the framework for the green bonds market, building on the relevant Commission study and the work of the G20 study group on green finance;
Amendment 84 #
2017/2066(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Approves of the Commission’s ambition to incorporate the achievements of the Payment Accounts Directive to make it easier to change financial services providers and products; calls onencourages the Commission to present legislativeconsider targeted initiatives designed specifically targeted atfor the financial sector in order to end unjustified geo- blocking in orderand to facilitate switching by customers to more advantageous retail financial services in other Member States;
Amendment 92 #
2017/2066(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Urges the Commission to set up promptly a well-organised and easy-to-use EU comparison portal covermap, based on predetermined quality criteria, private cross-border comparison websites ing the European retail financial marketsfinancial services sector, and to explore ways to encourage these in its entiretyiatives;
Amendment 101 #
2017/2066(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Takes the view that subsequent to the Commission’s REFIT review of the Motor Insurance Directive, amendments to it will be vital to ensure compensation for traffic accident victims and to safeguardfacilitate the cross-border portability and recognition of no-claims bonuses;
Amendment 112 #
2017/2066(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. AskNotes the Commission to assess carefully whether national rules and practices are motivated by consumer protection concern's commitment to examine national consumer protection and conduct rules to assess whether they create unjustified barriers to cross-border business; underlines, however, that the dismantling of national barriers should not be to the detriment of consumer protection;
Amendment 5 #
2017/2053(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. WelcomesTakes note of the work of the High Level Group on Own Resources, and in particular the measures aimed at reducing the share of the GNI-based contribution, which is residual in nature; argues that this reduction should be compensated for by the use of genuine own resources;
Amendment 21 #
2017/2053(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Considers that preference should be given to genuine European own resources, such as a tax based on the common consolidated corporate tax base (CCCTB) and a contribution based on a definitive VAT system, thereby delivering a fairer system for European citizens with respect to the EU budgetthe right to tax European citizens should remain an exclusive competence of the Member States;
Amendment 36 #
2017/2053(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Advocates the establishment of a budgetary capacity for the Eurozone that would perform functions of macroeconomic Rejects the proposal to estabilisation and bring about economic and social convergence; considers, moreover, that this capacity should be financed through own resources specific toh a budgetary capacity for the eEuro area, such as a tax on financial transactions, a bank levy and a share of the ECB’s profitszone;
Amendment 53 #
2017/2053(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. ConsiderEmphasizes that the EU should be able to issue zero-risk debt assets in order to offset the volatility in own resources’ revenues;must not issue any type of public debt, since Article 310 (1) TFEU requires revenue and expenditure in the annual budget to be in balance.
Amendment 65 #
2017/2053(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Stresses, with a view to achieving common EU and Eurozone economic governance objectives, the need for adequate financial support, which should bimportance of the no-bailout principle financed by genuine own resources in order to ensure democratic legitim Article 125 TFEU and strict adherence to the Stability and Growth Pacyt;
Amendment 66 #
2017/2053(INI)
Draft opinion
Paragraph 6
Paragraph 6
Amendment 79 #
2017/2053(INI)
Draft opinion
Paragraph 7
Paragraph 7
Amendment 93 #
2017/2053(INI)
Draft opinion
Paragraph 8
Paragraph 8
Amendment 19 #
2017/2044(BUD)
Draft opinion
Paragraph 2
Paragraph 2
2. Welcomes the inclusion of adequate resources in the 2018 budget to support the European Supervisory Authorities (ESAs); underlines that the role of the ESAs is essential in fostering the consistent application of Union law and better coordination between national authorities, and in ensuring financial stability, better integrated financial markets and, consumer protection and supervisory convergence; emphasises that the ESAs must stick strictly to the tasks assigned to them by the European Parliament and the Council and must not seek to broaden their mandate beyond those assignments;
Amendment 21 #
2017/2044(BUD)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Believes that the budget of the ESAs still has rationalisation potential;stresses, therefore, that any potential increases in the means of the ESAs should be accompanied by adequate rationalisation measures;
Amendment 34 #
2017/2044(BUD)
Draft opinion
Paragraph 5
Paragraph 5
5. Reiterates that the financing of the ESAs should be reviewed; calls on the Commission to examine the possibility of introducing appropriately and proportionately calibrated fees for market participants partly replacing the contributions of national competent authorities;
Amendment 40 #
2017/2044(BUD)
Draft opinion
Paragraph 6
Paragraph 6
6. Underlines that the costs forincurred by moving the European Banking Authority (EBA) from London should be borne by the UKallocated appropriately;
Amendment 51 #
2017/2044(BUD)
Draft opinion
Paragraph 7
Paragraph 7
7. Points out that considerable efficiency gains could be achieved by merging EBA with at least one of the two other ESAsConsiders that efficiency must be the critical criterion in the decision- making process on EBA relocation.
Amendment 27 #
2017/0810(COD)
Proposal for a decision
Recital 8
Recital 8
Bank (8) Article 22 of the Statute of the ESCB is part of Chapter IV ‘Monetary functions and operations of the ESCB’. The tasks conferred therein should accordingly only be used for monetary policy purposes. and should be limited to tasks set out in the legislative acts adopted by the European Parliament and the Council as well as measures adopted under such acts.
Amendment 31 #
2017/0810(COD)
Proposal for a decision
Recital 8 a (new)
Recital 8 a (new)
Bank (8a) The powers conferred under Article 22 of the Statute of the ESCB should only be exercised in a manner which fully respects the legislative acts adopted by the European Parliament and the Council as well as measures adopted under such acts.
Amendment 41 #
2017/0810(COD)
Proposal for a decision
Article 1 – paragraph 1
Article 1 – paragraph 1
Statute of the European System of Central Banks and of the European Central Bank
Article 22
Article 22
Bank The ECB and national central banks may provide facilities, and the ECB may make regulations, to ensure efficient and sound clearing and payment systems, and within the Union and with other countries. In order to achieve the objectives of the ESCB and perform its tasks, the ECB may make regulations concerning clearing systems for financial instruments, within the Union and with other countriethird countries, provided that it does not broaden the powers conferred upon it by legislative acts adopted by the European Parliament and the Council in this area as well as measures adopted under such acts.
Amendment 6 #
2017/0326(COD)
Draft legislative resolution
Citation 4 a (new)
Citation 4 a (new)
- having regard to the Procedure leading up to a decision on the relocation of the European Medicines Agency and the European Banking Authority in the context of the United Kingdom's withdrawal from the Union, as endorsed in the margins of the European Council (Article 50 TEU format) on 22 June 2017;
Amendment 12 #
2017/0326(COD)
Draft legislative resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Underlines that the revised Joint Statement on decentralised agencies of 19 July 2012 and any stronger role of the European Parliament provided by the Joint Statement should adequately respect the principle of geographical distribution as well as the equilibrium between large and small Member States;
Amendment 13 #
2017/0326(COD)
Draft legislative resolution
Paragraph 6 b (new)
Paragraph 6 b (new)
6 b. Notes that taken together, the six largest Member States currently hold more than 56% of the seats in the European Parliament; notes, as a consequence, that a stronger role for the European Parliament might negatively affect the chances for smaller Member States of hosting Union agencies;
Amendment 40 #
2017/0251(CNS)
Proposal for a directive
Recital 7
Recital 7
(7) The creation of the certified taxable person status is needed for the efficient application of the improvements to the Union VAT rules for cross-border transactions as well ascould be used for the gradual transition towards the definitive system for intra-Union trade.
Amendment 52 #
2017/0251(CNS)
Proposal for a directive
Recital 11
Recital 11
(11) Call-off stock refers to the situation where at the time of transport of goods to another Member State, the supplier already knows the identity of the person acquiring the goods to whom they will be supplied at a later stage and after arrival of the goods in the Member State of destination. This currently gives rise to a deemed supply (in the Member State of departure of the goods) and a deemed intra-Community acquisition (in the Member State of arrival of the goods), followed by a 'domestic' supply in the Member State of arrival and requires the supplier to be identified for VAT purposes in that Member State. To avoid this, these transactions, where they take place between two certified taxable persons should be, under certain conditions, considered as giving rise to one exempt supply in the Member State of departure and one intra-Community acquisition in the Member State of arrival.
Amendment 53 #
2017/0251(CNS)
Proposal for a directive
Recital 14
Recital 14
(14) Since the objectives of this Directive – improved operation of the VAT arrangements in the context of cross border B2B trade and definition of the principles of the definitive VAT system- cannot be sufficiently achieved by the Member States and can therefore 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 55 #
Amendment 77 #
2017/0251(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2006/112/EC
Article 17 a – paragraph 1
Article 17 a – paragraph 1
1. The transfer by a certified taxable person of goods forming part of his business assets to another Member State under call-off stock arrangements shall not be treated as a supply of goods for consideration.
Amendment 78 #
2017/0251(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2006/112/EC
Article 17 a – paragraph 2 – point a
Article 17 a – paragraph 2 – point a
(a) goods are dispatched or transported by a certified taxable person, or by a third party on behalf of that certified taxable person, to another Member State with a view that those goods shall be supplied there, at a later stage and after arrival, to another certified taxable person;
Amendment 79 #
2017/0251(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2006/112/EC
Article 17 a – paragraph 2 – point b
Article 17 a – paragraph 2 – point b
(b) the certified taxable person dispatching or transporting the goods is not established in the Member State to which the goods are dispatched or transported;
Amendment 80 #
2017/0251(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2006/112/EC
Article 17 a – paragraph 2 – point c
Article 17 a – paragraph 2 – point c
(c) the certified taxable person to whom the goods are supplied is identified for VAT purposes in the Member State to which the goods are transported or dispatched and both his identity and the VAT identification number assigned to him by that Member State are known to the certified taxable person referred to in point (b) at the time when the dispatch or the transport begins;
Amendment 81 #
2017/0251(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2006/112/EC
Article 17 a – paragraph 2 – point d
Article 17 a – paragraph 2 – point d
(d) the certified taxable person dispatching or transporting the goods has recorded the dispatch or transport in the register provided for in Article 243(3) and has included the identity of the certified taxable person acquiring the goods and the VAT identification number assigned to him by the Member State to which the goods are dispatched or transported in the recapitulative statement as provided for in Article 262.
Amendment 82 #
2017/0251(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2006/112/EC
Article 17 a – paragraph 3 – introductory part
Article 17 a – paragraph 3 – introductory part
3. Where the conditions laid down in paragraph 2 are met, at the time of the transfer of the right to dispose of the goods to the certified taxable person referred to in point (c) of that paragraph, the following rules shall apply:
Amendment 83 #
2017/0251(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2006/112/EC
Article 17 a – paragraph 3 – point a
Article 17 a – paragraph 3 – point a
(a) a supply of goods, exempt from VAT in accordance with Article 138(1) shall be deemed to be made by the certified taxable person that dispatched or transported the goods either by himself or by a third party on his behalf in the Member State from which the goods were dispatched or transported;
Amendment 84 #
2017/0251(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2006/112/EC
Article 17 a – paragraph 3 – point b
Article 17 a – paragraph 3 – point b
(b) an intra-Community acquisition of goods shall be deemed to be made by the certified taxable person to whom those goods are supplied in the Member State to which the goods were dispatched or transported.
Amendment 87 #
2017/0251(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Directive 2006/112/EC
Article 243 – paragraph 3 – subparagraph 1 – introductory part
Article 243 – paragraph 3 – subparagraph 1 – introductory part
Every certified taxable person who transfers goods under the call-off stock arrangements referred to in Article 17a shall keep a register of the following:
Amendment 88 #
2017/0251(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Directive 2006/112/EC
Article 243 – paragraph 3 – subparagraph 2
Article 243 – paragraph 3 – subparagraph 2
Every certified taxable person to whom goods are supplied under the call-off stock arrangements referred to in Article 17a shall keep a register of those goods.
Amendment 89 #
2017/0251(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2006/112/EC
Article 262 – paragraph 2
Article 262 – paragraph 2
Amendment 1103 #
Amendment 1109 #
Amendment 1141 #
Amendment 1169 #
2017/0230(COD)
Proposal for a regulation
Article 9 – paragraph 1 – point 1 – point b
Article 9 – paragraph 1 – point 1 – point b
Regulation (EU) 2017/1129
Article 2 – paragraph 1 – points za to zd
Article 2 – paragraph 1 – points za to zd
Amendment 1181 #
2017/0230(COD)
Proposal for a regulation
Article 9 – paragraph 1 – point 10
Article 9 – paragraph 1 – point 10
Regulation (EU) 2017/1129
Article 31a – paragraph 1 – point c
Article 31a – paragraph 1 – point c
Amendment 229 #
2017/0143(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) PEPP providers should have access to the whole Union market with one single product authorisation issued by the European Insurance and Occupatia national competent authority, on the basis of a single set of rules. National competent authorities are responsible for the supervision of PEPP providers and already existing personal Ppensions Authority (“EIOPA”), on the basis of a single set of rul products, and are therefore best placed to assess the authorisation. Furthermore, national competent authorities are most suited to analyse national social, fiscal, contract and consumer protection law applicable to a PEPP. Lastly, as a general rule, retail financial products such as the PEPP should be authorised and supervised by national competent authorities.
Amendment 236 #
2017/0143(COD)
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14a) Upon product authorisation, national competent authorities should send all relevant information related to the authorisation to EIOPA in view of enabling EIOPA to conduct peer reviews and in order to ensure a consistent application of the Regulation across Member States.
Amendment 241 #
2017/0143(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) In the case of the establishment of a branch or a permanent presence in another Member State, it is appropriate to distribute responsibility for enforcement between home and host Member States. While responsibility for compliance with obligations affecting the business as a whole – such as the rules on professional requirements – should remain with the competent authority of the home Member State under the same regime as in the case of provision of services, the competent authority of the host Member State should assume responsibility for enforcing the rules on information requirements, advertisements and conduct of business with regard to the services provided within its territory. However, where the competent authority of a host Member State becomes aware of any breaches of obligations occurring within its territory with respect to which this Directive does not confer responsibility on the host Member State, a close cooperation demands that that authority informs the competent authority of the home Member State so that the latter takes the appropriate measures. Such is the case in particular as regards breaches of the rules on good repute, professional knowledge and competence requirements. Moreover, in view of protecting consumers, the competent authority of the host Member State should be entitled to intervene if the home Member State fails to take appropriate measures or if the measures taken are insufficient.
Amendment 335 #
2017/0143(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 1 – point a a (new)
Article 2 – paragraph 1 – point 1 – point a a (new)
(aa) is neither directly nor indirectly linked to the occupation or the employment status of the individual saver;
Amendment 391 #
2017/0143(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point c – point ii
Article 3 – paragraph 1 – point c – point ii
(ii) the provisions of Member States’ laws which would apply to a comparable personal pension product manufactured and distributed in accordance with the law of the Member State in which the manufacturwhere the PEPP saver has its rlegistered offial residence.
Amendment 395 #
2017/0143(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. A PEPP may only be manufactured and distributed in the Union where it has been authorised by EIOPAthe competent authority of the home Member State of the PEPP provider in accordance with this Regulation.
Amendment 404 #
2017/0143(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point c
Article 5 – paragraph 1 – point c
Amendment 470 #
2017/0143(COD)
Proposal for a regulation
Article 6 – paragraph 6 a (new)
Article 6 – paragraph 6 a (new)
6a. EIOPA shall organise and conduct peer reviews in accordance with Article 30 of Regulation (EU) No 1094/2010 in order to strengthen the consistency of the authorisation processes carried out by competent authorities pursuant to this Regulation.
Amendment 22 #
2017/0116(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) Neither an unacceptable trend towards protectionism, nor, on their own, measures to ensure fair competition can guarantee the competitiveness of the EU aviation sector.
Amendment 38 #
2017/0116(COD)
Proposal for a regulation
Article 3 – paragraph 5
Article 3 – paragraph 5
5. Where the evidence presented is insufficient for the purposes of paragraph 1, the Commission shall inform the complainant about the insufficiency within 630 days of the date on which the complaint was lodged. The complainant shall be given 30 days to provide additional evidence. Where the complainant fails to do so within that time limit, the Commission may decide not to initiate the investigation.
Amendment 40 #
2017/0116(COD)
Proposal for a regulation
Article 3 – paragraph 6
Article 3 – paragraph 6
6. The Commission shall decide on the initiation of an investigation in accordance with paragraph 1 within 6three months of the lodging of the complaint.
Amendment 47 #
2017/0116(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The proceedings shall be concluded within twoone years. That period may be prolonged in duly justified cases.
Amendment 49 #
2017/0116(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. In case of urgency, such as in situations where there is a risk of immediate and irreversible injury to Union air carrier(s), the proceedings may be shortened to one yearsix months.
Amendment 58 #
2016/2306(INI)
Motion for a resolution
Recital E
Recital E
E. whereas growth has to an important degree relied upon unconventional and, in the long term, unsustainable monetary policies; whereas this monetary policy failed to create a momentum for reform; whereas this supports the call for a three- pronged policy approach of growth- friendly investment, a full and consistent implementation of the Stability and Growth pact across Member States, and a particular focus on structural reforms;
Amendment 177 #
2016/2306(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes that the financial system and its institutions are crucial for investment and growth in the European economy; stresses that the current financial system is characterised by increased safety and stability;
Amendment 209 #
2016/2306(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Stresses that a step-by-step completion of the Banking Union after overall risks have been reduced, shall aim at increasing resilience in the banking sector and contributing to financial stability;
Amendment 253 #
2016/2306(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Is aware that while the high current account surpluses of some of the members of the euro area are considered an imbalance, these surpluses go together with positive spill over effects across the value chain which benefit other Member States in various ways;
Amendment 436 #
2016/2306(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Takes note ofRegrets the Commission’s communication on a fiscal stance; questions the usefulness of an aggregate target, given the lack of significant spill- over effects of domestic demand between Member States; recalls that the Member States must comply with the Stability and Growth Pact, regardless of aggregate recommendations;
Amendment 20 #
2016/2301(INI)
Motion for a resolution
Recital B
Recital B
B. whereas global value chains (GVCs) have become a key feature of today’s global economy; whereas, on the one hand, GVCs offer new prospects for growth, development and jobs, but on the other hand, their complex nature, lack of transparency and dilution of liabilities has in some cases led to a higher risk of human rights violations;
Amendment 59 #
2016/2301(INI)
Motion for a resolution
Recital H
Recital H
H. whereas a global holistic approach to corporate liability for human rights abuses is needed in the context of GVCsocial responsibility is needed where all stakeholders have a role to play in mitigating the risks of violating human, labour and environmental rights;
Amendment 97 #
2016/2301(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Emphasises that trade policy must ensureshall aim to provide leverage as well as creating a level playing field for European businesses andwhich facilitate upward convergence on standards; calls on the Commission to ensure coherence between the EU’s trade and industrial policies, and to promote the European reindustrialisation strategy and the transition towards a low- carbon economy;
Amendment 109 #
2016/2301(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Calls on the Commission to actively promote further reforms of the WTO in order to define and enforce multilateral rules for the sustainable managementto promote sustainability of GVCs;
Amendment 117 #
2016/2301(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Welcomes the ongoing negotiations con a binding UN Treaty for Transnational Corporations and Human Rights;cerning the improvement of Human Rights at an UN level and calls for the EU to engage constructively in these negotiationdebates;
Amendment 129 #
2016/2301(INI)
5. Acknowledges the smart mix of regulatory and voluntary action, but recalls that voluntary corporate social responsibility (CSR) creates unfair competition for suppliers that have chosen to comply with international labour and environmental standards; reiterates its call for the systematic inclusion of binding and enforceable rules, associated sanctions, remediess and reiterates the call for the systematic inclusion of provisions on sustainable development supported by efficient and independent monitoring mechanisms;
Amendment 136 #
2016/2301(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Believes that an effective approach includes the active engagement with all stakeholders and with all parts of the supply chain. Furthermore, local governments should be encouraged to work with stakeholders and to arrive at viable solutions to mitigate the risk of human and labour rights violations; is convinced that the EU approach needs to build on, enhance, and bring together existing initiatives at both an EU and international level, as well as harnessing other policy tools in order to contribute to increasing efficiency over the long term;
Amendment 139 #
2016/2301(INI)
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5 b. Stresses the importance of implementation, enforcement or transposition of already existing legislation at regional, national and international levels;
Amendment 147 #
2016/2301(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Welcomes the green card initiative launched by some national parliaments following the adoption of the French bill on MNCs’ duty of care; calls on the Commission to work on a legislative proposal for mandatory corporate due diligence for EU companies operating both in and outside the EU;
Amendment 170 #
2016/2301(INI)
Motion for a resolution
Paragraph 9 – point a
Paragraph 9 – point a
a) implementing fully Parliament’s recommendations of 2010 and 2016 with respect to TSD chapters in FTAs, including by developing an upgraded TSD chapter model with binding and enforceable provisionss, more effective monitoring and implementation of these chapters is crucial;
Amendment 180 #
2016/2301(INI)
Motion for a resolution
Paragraph 9 – point c
Paragraph 9 – point c
Amendment 204 #
2016/2301(INI)
Motion for a resolution
Subheading 4 a (new)
Subheading 4 a (new)
Creating more prominent role for private sector initiatives
Amendment 205 #
2016/2301(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
Amendment 206 #
2016/2301(INI)
Motion for a resolution
Paragraph 9 b (new)
Paragraph 9 b (new)
9b. Stresses the crucial role of consumer (and effects of bad publicity);no consumer wants continue buying products made by children, exploited men and women or products that caused major environmental damage;
Amendment 207 #
2016/2301(INI)
Motion for a resolution
Paragraph 9 c (new)
Paragraph 9 c (new)
9c. Calls on the European Commission to find new ways how to support private sector efforts to make global value chains more sustainable, to develop inclusive business models and related private sector multi- stakeholder partnerships;
Amendment 208 #
Amendment 209 #
2016/2301(INI)
Motion for a resolution
Paragraph 9 d (new)
Paragraph 9 d (new)
9d. Emphasises that smart mix between private and public funding is needed to promote sustainable global value chains: this should build on the existing structures and programmes that have proven successful in promoting responsible business conduct.
Amendment 217 #
2016/2301(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls the EU to work towards the introduction of a mandatory ‘social and environmental traceability’ labelling system along the entire production chain for products sold on the EU market, in compliance with the WTO TBT Agreement;
Amendment 246 #
2016/2301(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Deplores the fact that gender is not mentionedHighlights the necessity of introducing a gender perspective and focusing on women empowerment in particular in the Trade for All strategy; calls on the Commission to ensure that gender perspective is included and mainstreamed in trade policy, the Aid for Trade strategy, and all future FTAs and impact assessments; calls on the Commission to collect gender- disaggregated data and take gender into account in GVC analysis;
Amendment 266 #
2016/2301(INI)
Motion for a resolution
Subheading 8
Subheading 8
Amendment 271 #
2016/2301(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes that GVCs are an opportunity for firms in developing countries to develop a link withUnderlines the contribution of sustainable global value chains to the prosperity of developing countries and their integration in the global economy; stresses that complementary policies and accompanying measures are key to making this a reality;
Amendment 12 #
2016/2247(INI)
Motion for a resolution
Citation 9 a (new)
Citation 9 a (new)
- having regard to the EBA report of July 2016 on the dynamics and drivers of non-performing exposures in the EU banking sector,
Amendment 17 #
2016/2247(INI)
Motion for a resolution
Citation 13 a (new)
Citation 13 a (new)
- having regard to the EBA report of August 2016 on the Leverage Ratio requirements under Article 511 of the CRR,
Amendment 22 #
2016/2247(INI)
Motion for a resolution
Citation 22 a (new)
Citation 22 a (new)
- having regard to the Commission's supplementary analytical report of October 2016 on the effects of the proposal for a European Deposit Insurance Scheme (EDIS),
Amendment 55 #
2016/2247(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the capital and liquidity ratios of EU banks have in general steadily improved over the last years; whereas risks to financial stability nevertheless remain paramount; whereas the current situation calls for caution when introducing extensive regulatory changes;
Amendment 70 #
2016/2247(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the objective of the new resolution regime that entered into force in January 2016 representedis to bring about a change of paradigm from bail-out to bail-in; whereas market participants need to fully undstill need clarification with regard to cerstand andin issues in order to be able to fully adapt to the new system;
Amendment 79 #
2016/2247(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas the European Central Bank might in specific occasions suffer from conflict of interests due to its dual responsibilities as both a monetary policy authority and a banking supervisor;
Amendment 92 #
2016/2247(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes the high level of non- performing loans (NPLs) in some jurisdictions; considers that this issue is crucial andis a crucial issue that has yet to be solved; welcomes the wEBA's reporkt ofn the SSM and its draft guidance on this issue; looks forward to the results of the work on a minimum EU insolvency framework; calls on Member States to improve their insolvency legislation and to stimulate growth in order to tackle NPLdynamics and drivers of non-performing exposures in the EU banking sector and the ECB's consultation on draft guidance to banks on non-performing loans; notes the Commission's proposal on business insolvency, including early restructuring and second chance, in the framework of the CMU; considers, however, that more work needs first and foremost to be done at national level, especially with regard to the length of recovery procedures, and more generally, the functioning of judicial systems;
Amendment 119 #
2016/2247(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Considers that there are risks associated with sovereign debt; notes, however, that modifying its prudential treatment could have a significant effect on the financial sector, which calls for caution in reform efforts; considers that the introduction of non-zero risk weights for sovereign bonds or measures to address concentration risk, including large exposure limits, would create incentives for banks to better manage their sovereign exposures, helping them to limit the impact of sovereign stress on their balance sheets; awaits with interest the results of the international work on this issue; considers that, in the end, a better regulatory framework, be it European or international, will beis needed;
Amendment 148 #
2016/2247(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Considers it essential for depositors, investors and supervisors to ensure the comparability of risk-weighted assets across institutions in order to allow for effective supervision; welcomes; welcomes, in this respect, the work done on internationally to streamline the resort to internal models, as well as thel models by the Basel Committee, the EBA and the ECB; stresses, nonetheless, the absolute necessity of introduction ofing a leverage ratio to act as a backstop; recalls, however, that the regulatory changes planned should not result in significant increases in capital requirements, nor harm the ability of banks to finance the real economy, in particular SMEsas a sufficiently robust backstop, in particular for global systemically important institutions (G-SIIs); notes, in this respect, the Commission proposal amending Regulation (EU) No 575/2013;
Amendment 163 #
2016/2247(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Points out that guidanceRecalls that standards provided by international fora should be used in order to avoiavoid regulatory fragmentation and the risk of regulatory fragmentationlp to promote a level playing field for all internationally active banks;
Amendment 167 #
2016/2247(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Calls on the Commission to duly take into account the proportionality principle and the existence of different banking models when assessing the impact of future legislation implementing internationally agreed standards;
Amendment 193 #
2016/2247(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Recalls the need to clarify the objectives ofNotes the clarifications with regard to Pillar 2 and its place within the stacking order of capital requirements; is of the view that the use of capital guidance is a relevant way forward in order to balance financial stability concerns with flexibility needn the Commission proposal amending Directive (EU) 2013/36/EU; believes that the use of capital guidance should not lead to lower capital requirements;
Amendment 209 #
2016/2247(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes that the ‘'too-big-to-fail’' issue still needs to be addressed; considers that the implementation of the TLAC standard in EU legislation is a necessary but not sufficient measure to be taken in this regard;
Amendment 232 #
2016/2247(INI)
9. Recalls the need to find, in regulation as well as in the exercise of supervision, a balance between the need for proportionality and the need for a consistent approach; notes, in this respect, the changes put forward regarding reporting and remuneration requirements in the Commission proposal amending Directive 2013/36/EU;
Amendment 234 #
2016/2247(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
Amendment 251 #
2016/2247(INI)
Motion for a resolution
Paragraph 9 b (new)
Paragraph 9 b (new)
9b. Insists on a more thorough organisational separation of the ECB's supervisory and monetary policy responsibilities;
Amendment 278 #
2016/2247(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. RecallsConsiders that it is a priority to ensure that State aid rules are strictly adhered to at all times when dealing with future banking crises; recalls, in particular, the need to adhere to State aid rules in the context of bank resolution; taknotes the view that enough flexibility is embedded within the current framework to address specific sat the use of deposit guarantee schemes to prevent the failure of a credit instituations and might be better exploited, in particular in the case of preventive measures involving the use of DGS fund should be carried out within a clearly defined framework and should in any event comply with State aid rules;
Amendment 303 #
2016/2247(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. TNotes the Commission proposals implementing the TLAC standard in EU legislation; takes note of the differences between the FSB TLAC standard and the MREL; stresses, however, that both standards share the same objective; concludes therefore that anotes the Commission's holistic approach to loss- absorption can be reached by combining the two; highlights that due consideration should be given to retaining the two criteria of size and risk- weighted assets;
Amendment 304 #
2016/2247(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. TNotes the Commission proposals implementing the TLAC standard in EU legislation; takes note of the differences between the FSB TLAC standard and the MREL; stresses, however, that both standards share the same objective; concludes therefore that anotes the Commission's holistic approach to loss- absorption can be reached by combining the two; highlights that due consideration should be given to retaining the two criteria of size and risk- weighted assetsin combining the two;
Amendment 318 #
2016/2247(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Stresses that it is crucial to harmonise the hierarchy of claims in bank insolvency across Member States in order to make the implementation of the BRRD more consistent and effective; considers a common approach to bank creditor hierarchy a necessary precondition for the introduction of any deposit insurance scheme at Banking Union level;
Amendment 334 #
2016/2247(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recalls that the substance of the IGA on the SRF is to be ultimately incorporated into the Union legal framework; calls on the Commission to reflect on ways of doing so; stresses that the upcoming incorporation of the fiscal compact into EU law could provide a usefTakes note of the Statement of the ECOFIN Ministers of 8 December 2015 on the system of bridge financing arrangements for the SRF; notes, in this respect, that 15 out of 19 euro area Member States have already signed a harmonised Loan Facility Agreement with the SRB; recalls that these individual credit lines will only be available as a last resort; stresses that any form of common fiscal backstop neglects that the bulk of economic policy measures and all fiscal policy measures are, in accordance with the Treaties, taken at national level; believes, therefore, that any form of fiscal backstop should be set up at the level of the individual Member States, should templatehey wish to do so;
Amendment 346 #
2016/2247(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Regrets that the Commission did not allow for more time to assess the implementation of the DGSD before proposing the EDIS and did not conduct a proper impact assessment of the proposal; stands ready, however, to seize the opportunity generated by the proposal to discuss the DGSD and address some of the options and discretions it includes; questions the objectivity of the effects analysis, of which the main objective seems to have been to describe the possible benefits of an EDIS, without objectively studying all risks connected to it; remains convinced that an objective assessment of all deposit guarantee schemes recognised as such by competent authorities in accordance with the DGSD, including their responsibilities under national law and their available means, should have been part of the effects analysis published by the Commission in October 2016; believes that such an objective assessment remains necessary;
Amendment 362 #
2016/2247(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Is aware ofNotes the potential benefitrisks of an EDIS; is nevertheless of the opinion that risk reduction measures are an indispensable counterparty to its establishment in order to prevent moral hazard, and that such measures should preferably precede risk sharing, in particular those related to moral hazard; recalls that the large majority of national economic and fiscal policy measures eventually affect banks' balance sheets and the national banking systems as a whole; points out that risks still differ greatly between different national banking systems, as some of them are still in a very precarious situation; deems, therefore, that the current EDIS proposal is as much about legacy sharing, considering the high level of non- performing loans in some Member States, as it is about risk sharing; highlights, in this respect, that risk reduction should precede any form of legacy sharing and risk sharing; considers that, in the end, a fair deposit insurance system at European level should not harm the level of protection that depositors currently enjoy and can only be established when participating banks are all in a similar, financially stable position;
Amendment 384 #
2016/2247(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Welcomes aConsiders that the current European approach to deposit insurance, which must make it possible to address outstanding DGSD implementation issues and phase in the should focus on DGSD implementation and evaluation, as well as on risk reduction measures;
Amendment 396 #
2016/2247(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Recommends that the Commission, the ECB and the EBA study the possibility and suitability of accompanying the introduction of the EDIS with an assessment ofnecessity of, on the one hand, adopting measures aimed at reducing overall risks in the Banking Union and risks specific to national banking systems, and on the other hand, assessing the capital and liquidity situation of banks in order to better quantify the risks to be insured, before any form of a deposit insurance scheme is established;
Amendment 409 #
2016/2247(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. HighlightNotes that Article 114 seems to be an appropriate legal basis for the establishment of both the EDIS and the DIF;
Amendment 413 #
2016/2247(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Stresses that the introduction of the EDIS and discussions on this project should not lead to a weakening of the efforts towards improving the implementshould be preceded by the implementation and evaluation of the DGSD; welcomes the work done recently by the EBA to promote convergence in this field;
Amendment 418 #
Amendment 420 #
2016/2247(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
Amendment 437 #
2016/2247(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Instructs its President to forward this resolution to the Council, the Commission, the ECB and the SRB, the SRB, the national parliaments and the competent authorities as defined in point (40) of Article 4(1) of Regulation (EU) No 575/2013.
Amendment 118 #
2016/2243(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that legislation in the financial domain should be proportionate, frequently reviseduture proof and in accordance with the ‘Innovation Principle’, so that potential effects on innovation will be part of the impact assessment;
Amendment 137 #
2016/2243(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Recommends that the competent authorities allow controlled experimentation with new technologies, distribution methods and business models both for new entrants and existing market participants; believes that a regulatory sandbox can be helpful in achieving this; highlights that a pro-active dialogue with market participants can help supervisors and regulators to develop technological expertise;
Amendment 149 #
2016/2243(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Highlights that some central banks are already experimenting with virtucentral bank digital currenciesy (CBDC) as well as other new technologies; encourages the relevant authorities in Europe to experiment as well, in order to keep up with market developments; recommends that the European Central Bank conduct experiments with a ‘virtual euro’Central Banks explore the advantages and disadvantages of issuing CBDC; notes the potential negative effects on privacy and the risk of financial repression (e.g. negative interest rates on savings);
Amendment 153 #
2016/2243(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Highlights that some central banks are already experimenting with virtucentral bank digital currenciesy (CBDC) as well as other new technologies; encourages the relevant authorities in Europe to experiment as well, in order to keep up with market developments; recommends that the European Central Bank conduct experiments with a ‘virtual euro’Central Banks explore the advantages and disadvantages of issuing CBDC;
Amendment 160 #
2016/2243(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Stresses that the current emergence of currency competition between national currencies and private virtual currencies could benefit innovation and price stability,
Amendment 259 #
2016/2243(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Notes that costs of compliance with regulations such as AMLD should not stymie growth and scaling in the European FinTech sector. The Commission should assess how the costs of compliance can be reduced whilst maintaining market integrity.
Amendment 269 #
2016/2243(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Acknowledges the importance of application programming interfaces (APIs) in providing new actors with access to financial infrastructure; recommends thresearch into the possible creation of a set of standardised APIs to be used by providers, for example in the area of open banking;
Amendment 281 #
2016/2243(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Calls on the NCAs in cooperation with the ESAs to develop technology- neutral standards and licences for know- your-customer techniques, for example based on biometric criteria, which respects the privacy of users;
Amendment 313 #
2016/2243(INI)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Recalls the Commission's forecast that by 2020 Europe might be facing a shortage of up to 825 000 ICT professionals; believes that more computer scientists are needed and encourages the member states to prepare for changes in the labour market that go much quicker than we might expect today;
Amendment 16 #
2016/2188(DEC)
Draft opinion
Paragraph 3
Paragraph 3
3. Welcomes the initiative reducing the 2015 budget through two subsequent budget amendments, thereby using Union funds rationally; believes that ESMA’s budget still has rationalisation potential; stresses, therefore, that any potential increases in ESMA’s means should be accompanied by adequate rationalisation measures; suggests that, as ESMA's workload is increasingly shifting from legislative tasks to supervisory convergence and enforcement, ESMA's budget and manpower should shift accordingly;
Amendment 24 #
2016/2188(DEC)
Draft opinion
Paragraph 4
Paragraph 4
4. Concludes that ESMA’s financing arrangement is to be reviewed; calls on the Commission to examine the possibility of modifying the current financing arrangement by introducing additional appropriately and proportionately calibrated fees for directly supervised market participants, possibly replacing in part the contributions of national competent authorities;
Amendment 20 #
2016/2187(DEC)
Draft opinion
Paragraph 4
Paragraph 4
4. Believes that the EIOPA budget still has rationalisation potential; stresses, therefore, that any potential increases in EIOPA's means should be accompanied by adequate rationalisation measures; suggests that, as EIOPA's workload is increasingly shifting from legislative tasks to supervisory convergence and enforcement, EIOPA's budget and manpower should shift accordingly;
Amendment 13 #
2016/2186(DEC)
Draft opinion
Paragraph 3
Paragraph 3
3. Believes that the initial budget cuts should not have been implemented by postponing the publication of standards and guidelines or by cutting attendance in BCBS working groups, but by ending financing of non-core related activities; stresses, therefore, that any potential increases in EBA's means must be accompanied by adequate rationalisation measures; suggests that, as EBA's workload is increasingly shifting from legislative tasks to supervisory convergence and enforcement, EBA's budget and manpower should shift accordingly;
Amendment 112 #
2016/2101(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Fully supports the efforts made to ensure greater natensure less complexity, more transparency and greater national and where applicable regional ownership in the formulation and implementation of CSRs asin an ongoing reform process;
Amendment 9 #
2016/2100(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Encourages the Commission to conclude bilateral cooperation agreements with third countries on the enforcement of competition rules, along the lines of the second-generation cooperation agreement of 2013 between the EU and Switzerland;
Amendment 10 #
2016/2100(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Welcomes the Commission’s active participation in multilateral competition organisations such as the International Competition Network, the Organisation for Economic Cooperation and Development, the UN Conference for Trade and Development, and the World Trade Organization; stresses that global cooperation on the enforcement of competition rules helps resolve inconsistencies and improve the outcomes of enforcement, and helps businesses to reduce their compliance costs;
Amendment 17 #
2016/2100(INI)
Motion for a resolution
Recital A
Recital A
A. whereas a strong and effective EU competition policy has always been a cornerstone of the European projectinternal market, as it encourages economic efficiency and creates a favourable climate for growth, innovation and technological progress while pushing down prices;
Amendment 20 #
2016/2100(INI)
Motion for a resolution
Recital B
Recital B
B. whereas EU competition policy is an essential instrument for a properly functioning internal market in the Unionfighting fragmentation of the internal market and thus creating and maintaining a level playing field for businesses throughout the EU;
Amendment 52 #
2016/2100(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. 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 53 #
2016/2100(INI)
Motion for a resolution
Recital F b (new)
Recital F b (new)
Fb. whereas the case law of the ECJ and the decision making practice of the Commission give a different interpretation to the notion of 'economic activity' depending on whether the internal market rules or the competition rules are involved; whereas this confusing practice troubles the already burdensome notion of 'economic activity' even further;
Amendment 59 #
2016/2100(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the annual report by the Commission on competition policy, which caand its focus on thelp to restore a sufficient level of investment and innovation by creating a fair competition environmen contribution of competition policy to eliminating barriers and distortive state aid measures for the benefit of the internal market; also reiterates that Europe’'s future should be based on innovation;
Amendment 62 #
2016/2100(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Considers that ensuring a level playing field for companies in the internal market also depends on decisively combating social dumping;
Amendment 81 #
2016/2100(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Reiterates that all market players should pay their fair share of tax; Welcomes the Commission’s in-depth investigations into anti-competitive practices such as selective tax advantages or excess profit ruling systemsconsiders that healthy tax competition is one of the constitutive elements of the internal market; emphasises therefore the need to eliminate distortive anti-competitive fiscal state aid measures; welcomes the Commission’s in-depth investigations in this regard;
Amendment 109 #
2016/2100(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
Amendment 134 #
2016/2100(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Welcomes the Commission’s Digital Single Market Strategy; reiterates thatemphasises that, according to the Commission's estimates, a unified digital single market could create hundreds of thousands of new jobs and could contribute EUR 415 billion per year to the EU economy by breaking down regulatory barriers;
Amendment 145 #
2016/2100(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Calls on the Commission to take more ambitious steps to eliminate obstacles to online competition, in order to ensure barrier-free online shopping for EU consumers purchasing from sellers who are based in another Member State;
Amendment 164 #
2016/2100(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Stresses that the sharing economy is offerings EU consumers numerous innovative products and services; reiterates that beside the taxation and security aspects, the Commission should also examincontinue to scrutinize its competition aspects; underlines that national or EU rules must not impose the same conditions for different kinds of services;
Amendment 180 #
2016/2100(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Welcomes the Commission’s investigations into certain anti-competitive practices by a number of companies, in particularly Google, Amazon, Qualcomm by internet and telecom giants and other media companies, film studios and TV distributors; calls on the Commission to speed up all procedures against anticompetitive behaviour which infringes EU antitrust rules;
Amendment 237 #
2016/2100(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Stresses that – as the Commission has stated for the sixth time in its annual competition report – the temporary state aid granted in the financial sector was necessary for the stabilisation of the global financial system, but must quickly be reduced, or totally removed and scrutinised, onceCalls for the sixth consecutive year in its annual competition report for a swift end to the temporary state aid crisis regime for the Bbanking Union is completedsector;
Amendment 253 #
2016/2100(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls on the Commission to clarify the rules and procedures that apply to state aid in the financial sector by taking account of the difference in timing between the recent rules in the banking sector on burden-sharing and those on the full bail-in; invites the Commission, together with the SRB and the SRM, to conduct a careful assessment of the transition period and to ensure that, in line with the requirements of the legislation, the new rules are implemented with the necessary proportionality and fairness; calls on the Commission and the European Securities and Markets Authority (ESMA) to guarantee appropriate investor protectionState aid in the financial sector;
Amendment 269 #
2016/2100(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Considers that it is a priority to ensure that State aid rules are adhered to when dealing with future banking crises, so that taxpayers are protected against the burden of bank rescues;
Amendment 274 #
2016/2100(INI)
Motion for a resolution
Paragraph 14 b (new)
Paragraph 14 b (new)
14b. 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 278 #
2016/2100(INI)
Motion for a resolution
Paragraph 14 c (new)
Paragraph 14 c (new)
14c. 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 291 #
2016/2100(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on the Commission to keep its cartel enforcement record strong and effective in all cases where it has sufficient evidence of infringement; welcomestakes note of last year’'s five decisions relating to a total of approximately EUR 365 million in fines;, also calls, however, for extra vigilance regarding airlines’ ‘anti-competitives documented in the Commission staff working document accompanying its report on coomperatition practices’olicy 2015;
Amendment 294 #
2016/2100(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Believes that the use of ever higher fines as the sole antitrust instrument may be too blunt; emphasises that a policy of high fines should not be used as an alternative budget financing mechanism; favours a 'carrot-and-stick' approach with penalties that serves as an effective deterrent, in particular for repeat offenders, while encouraging compliance;
Amendment 303 #
2016/2100(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Underlines that the application of competition rules to mergers must be evaluated from the perspective of the entire internal market;
Amendment 409 #
2016/2100(INI)
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Highlights the importance of global cooperation on competition enforcement; supports an active participation of the Commission and the national competition authorities in the International Competition Network;
Amendment 412 #
2016/2100(INI)
Motion for a resolution
Paragraph 25 b (new)
Paragraph 25 b (new)
25b. Considers that international trade and investment agreements should have a strong competition section;
Amendment 415 #
2016/2100(INI)
Motion for a resolution
Paragraph 25 c (new)
Paragraph 25 c (new)
25c. Would like to see restraint exercised in the next Commission's overall budget; recognises moreover that resources for the Commission's Directorate General for Competition should be made adequate to its increased workload and range of tasks by shifting away resources from other Directorates with less European added value;
Amendment 416 #
2016/2100(INI)
Motion for a resolution
Paragraph 25 d (new)
Paragraph 25 d (new)
25d. Welcomes the Commission's more economic approach in competition law, also in the field of services of general economic interest (SGEI); shares the Commission's view that market failure is an inherent condition for the existence of a service of general economic interest; notes, however, the on-going debate in academic circles on what kind of market failure can justify a qualification as SGEI;
Amendment 417 #
2016/2100(INI)
Motion for a resolution
Paragraph 25 e (new)
Paragraph 25 e (new)
25e. Observes that the Treaty rules on competition know different varieties of the notion of 'the common European interest', which are equally vague; calls on the Commission to work on a better understanding and, where appropriate, a better alignment of these concepts;
Amendment 418 #
2016/2100(INI)
Motion for a resolution
Paragraph 25 f (new)
Paragraph 25 f (new)
25f. Notes the efforts of the European Commission to clarify the notions of 'undertaking' and 'economic activity'; observes nonetheless that it remains difficult, especially in the field of social affairs, to draw the line between economic and non-economic activities; believes, furthermore, that it is not clear to what extent the Poucet-case law applies to matters other than social security and what the relation is between the general Höfner-rule and the Poucet-line;
Amendment 433 #
2016/2100(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Stresses that Parliament should also be granted codecision powers in the field of competition policy, and regrets that this area of Union policy has not been strengthened in its democratic dimension in recent treaty amendmentsfor fundamental legislative Regulations and Directives in the field of competition policy; calls for the treaties to be amended accordingly;
Amendment 439 #
2016/2100(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Instructs its President to forward this resolution to the Council and, the Commission, the national and where applicable regional competition authorities.
Amendment 11 #
2016/2099(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Reiterates that all EIB activities should take account of the need for detailed and constant stakeholder involvement as well as the highest levels of transparency. It is essential that the funds provided by EU Member State governments be subject to the highest standards regarding effectiveness and accountability;
Amendment 26 #
2016/2099(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Underlines that more must be done by the EIB to ensure that SME finance is geared at ensuring that these firms can integrate into global supply chains. This is especially important for SMEs in those countries which have preferential trading regimes with the EU so that preferences can be taken advantage of, providing valuable opportunities for economic growth and job creation;
Amendment 30 #
2016/2099(INI)
Draft opinion
Paragraph 5 b (new)
Paragraph 5 b (new)
5 b. Urges that EIB funds are directed not only towards SMEs, but also towards sensible infrastructure development, the lack of which in many partner countries can act as a serious impediment to the growth in trade and their people's ability to buy and sell goods and services into the EU;
Amendment 32 #
2016/2099(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Calls for a political debate involving Parliament on the EIB´s envisaged cooperation with the Asian Infrastructure Investment Bank and that the EIB continues to build links with the African and Asian Development Banks, so that synergies can be established and possible pooling of resources achieved in order to ensure that the activities of these institutions are not in competition, but work together to ensure that creation of prosperity for all; .
Amendment 9 #
2016/2064(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Takes note of the large investment gap in Europe, which the Commission estimates at a minimum of EUR 200-300 billion a year; , highlights in particular, against this backdrop, the market needs in Europe for high-risk financing, for instance in the fields of R&D, energy and ICT; is concerned by the fact that the most recent data on national accounts do not indicate any surge in investment since the European Fund for Strategic Investments (EFSI) was launched, leading to risks of continued subdued growth and continuing high, although generally falling, unemployment rates; stresses that closing this investment gap is key to reviving growth, fighting unemployment and attaining long-term EU policy objectives; further stresses that the macroeconomic data on growth and investment levels in the EU-28 and EU-17 countries should be assessed by taking into account ongoing disparities between the various EU’s countries and regions;
Amendment 19 #
2016/2064(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Notes with interestWelcomes the proposal Commission President Juncker made during his 2016 State of the Union address to give the EFSI an external element in order to mobilise between EUR 44 and 88 billion in investments in Africa and the Neighbourhood acknowledging so the private sector as a true partner in our development strategies; stresses that these investments should not take the place of existing investments, must comply with the additionality principle in respect to projects that are already being financed and should be targeted towards risky and, where possible, small-scale projects; emphasizes the necessary connection that must be introduced between development and migration, including the link with areas such as return and readmission support;
Amendment 28 #
2016/2064(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Takes the view that tools of that kind should be compatible with the principles and objectives of EU external action as set out under Article 21 TEU and Article 208 TFEU, and that compliance with those principles should be one oftogether with achieved results among the most important criteria in the assessment of the efficiency of the EFSI in reports on its implementation; stresses that the future exterior EFSI should tackle the underlying causes of migrationencourage private investment in Africa and Neighbourhood countries in order to contribute to tackle the root causes of fragility and migration - deteriorating economic situation and extreme poverty.
Amendment 28 #
2016/2064(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Emphasises that EFSI was launched to help mobilising, resolve difficulties and remove obstacles to financing as well as to implement strategic, transformative and productive investments that provide a high level of added value to the economy, the environment and society and to encourage private investment in all regions of the EU;
Amendment 43 #
2016/2064(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Recalls the role of Parliament as foreseen in the regulation, in particular in relation to the monitoring of EFSI implementation; acknowledges, however, that even though it is too early to finalise a comprehensive assessment of the functioning of EFSI and its impact on the EU economy, the general direction and trends of the Fund are becoming increasingly clear; but is of the opinion that a preliminary evaluation is crucial in order to identify possible areas of improvement for EFSI 2.0 and thereafter;
Amendment 71 #
2016/2064(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Notes that, while all projects approved under EFSI are presented as ‘special activities’, an independent evaluation has found that some projects could have been financed otherwise; further notes that as every EFSI project is first approved by the EIB board and subject to the Bank’s standard due diligence process, the EIB needs to demonstrate that EFSI projects – past and future – would not have benefitted from EIB funding if EFSI guarantee was not available;
Amendment 103 #
2016/2064(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Believes that the fulfilment of the additionality criteria is dependent upon region specific economic conditions, as a project may be additional in one region but not in another; asks the EIB, where appropriate in cooperation with the EIF, to include an evaluation of the degree of additionality obtained at the level of each Member State in its annual report to the European Parliament and the Council;
Amendment 174 #
2016/2064(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Notes with concern that small projects are deterred from applying for EFSI financing based on their size; points to the significant impact that a small project might nevertheless have on a national or regional scale which has resulted in a low success rate of the EU’s geographically small countries with below-average GDP per capita; believes that EFSI should seek to encourage private investment in all regions of the EU; points to the significant impact that a small project might nevertheless have on a national or regional scale, especially since often the smaller-scale projects in these Member States are relatively large when measured as percent of GDP; believes that the European Investment Advisory Hub (EIAH) is instrumental in advising and accompanying promoters of small-scale projects in the structuring and bundling of projects via investment platforms or framework agreements; calls on the Steering Board to look into this issue and put forward proposals to correct this situation;
Amendment 211 #
2016/2064(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Notes that on 30 June 2016, 63.4% of the IIW portfolio is concentrated in just three countries – Italy, Spain and the UK – thus exceeding the geographical concentration level of 45%; further notes that 54% of the SMEW portfolio is concentrated in three EU-15 countries: Italy, France and Germany;
Amendment 230 #
2016/2064(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Recalls that the IC experts are responsible for EFSI project selection, granting the EU guarantee and for approving operations with investment platforms and National Promotional Banks (NPBs) or institutions; recalls further that they are independent; considers that project selection is not transparent enough and that decisions have to be accounted for; stresses that the EIB should make improvements to the disclosure of information about the projects it approves under EFSI, with a proper justification of additionality and the scoreboard as well as the projects’ contribution in achieving the EFSI objectives; is concerned about documented conflicts of interest on the part of IC members;
Amendment 272 #
2016/2064(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Welcomes that by the end of 2016, all 28 countries received EFSI funding; underlines, however, that as of 30 June 2016, EU-15 had received 91% whereas EU-13 had only received 9% of EFSI support; regrets that EFSI support has mainly benefitted a limited number of countries; acknowledges however that the distribution of the total EFSI-related investment appears much less concentrated, once either the size of the economy or the population is accounted for;
Amendment 293 #
2016/2064(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Acknowledges that GDP and the number of projects approved are linked; recognises that larger Member States are able to take advantage of more developed capital markets and are therefore more likely to benefit from a market-driven instrument such as EFSI; underlines that lower EFSI support in EU- 13 may partly be attributable to other factors, such as the small size of projects, and competition from the European Structural and Investment Funds (ESIF); observes with concern, however, the disproportionate benefit to certain countries and underlines the need to diversify geographical distribution further, especially in crucial sectors such as modernising and improving the productivity and sustainability of economies;
Amendment 322 #
2016/2064(INI)
Motion for a resolution
Paragraph 42
Paragraph 42
42. Recalls that the EU Guarantee Fund is predominantly funded from the EU budget, the bulk of which was taken by cutting the budget of Horizon 2020 and the Connecting Europe Facility programmes; notes the trend whereby the EU money is taken from the existing programmes in favour of financing public-private partnership (PPP) investment programmes; takes account of all relevant evaluations suggesting that the current provisioning rate of the Guarantee Fund of 50% appears to be cautious and prudent in terms of covering potential losses and that the Union budget would already be shielded by an adjusted target rate of 35%; intends to examine whether proposals for a lower target rate would have repercussions on the quality and nature of the projects selected; stresses that, so far, there have been no calls as a result of defaults of EIB or EIF operations;
Amendment 323 #
2016/2064(INI)
Motion for a resolution
Paragraph 43
Paragraph 43
43. Notes that the Commission has proposed an extension of EFSI, both in terms of duration and financial capacity, and that this would have an impact on the EU budget; expresses its intention to put forward alternative financing proposals; recalls the opinion of the European Court of Auditors which notes that the original amount of EFSI guarantee was sufficient to finance the Fund’s activities for the next two years and that there is little evidence that the proposed increase of EFSI budget is justified, other than for the SMEW;
Amendment 57 #
2016/2063(INI)
Motion for a resolution
Recital J b (new)
Recital J b (new)
Jb. whereas the ECB's president has continued to stress the urgency of much- needed structural reforms in the Eurozone;
Amendment 59 #
2016/2063(INI)
Motion for a resolution
Recital J c (new)
Recital J c (new)
Jc. whereas Article 123 TFEU and Article 21 of Statute of the European System of Central Banks and of the European Central Bank prohibit the monetary financing of governments;
Amendment 81 #
2016/2063(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Acknowledges that, confronted with this very complex environment and the risks of a prolonged period of low inflationIs concerned that, the ECB was not within the terms of its mandate iwhen adopting extraordinary measures to lift inflation back up to the medium-term objective of 2 %; points out that the ECB bond-buying programmes violates at least the intent, if not the letter, of Article 123 TFEU; urges the ECB to refrain from assuming a political role and monetary financing government deficits; notes that, since the launching of the APP in March 2015, and owing to targeted long-term refinancing operation (TLTRO) programmes targeted at the real economy, financialng conditions have improved, which has promoted a recovery in lending to firms and households in the euro area slightly;
Amendment 110 #
2016/2063(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Agrees with ECB President Mario Draghi that the singleConsiders that monetary policy canis not stimulate aggregate demand unless it is complemented by sound fiscal policies and ambitious structural reform programmes at Member State level; recalls that the main benefit of monetary policy is to safeguard price stability in order to guarantee a stable environment for investment; considers that monetary policy is not the appropriate tool to solve the structural problems of the European economythe appropriate tool to solve the structural problems of the European economy; Believes that non-standard monetary policy must not be used as a pretext for Member states to defer fiscal consolidation and structural reforms;
Amendment 129 #
2016/2063(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Underlines that structural reforms in the economy and the labour market should also fully take into account the demographic trends in Europe, in order to create incentives for a more balanced demographic structure that would make it easier to maintain an inflation target of around 2 %; urges the ECB to contribute to creating conditions incentivising Member States to implement ambitious structural reforms to enhance flexibility and competition in product and labour markets;
Amendment 236 #
2016/2063(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Asks the European Central Bank to specifically identify and measure the effects of the central bank's actions throughout the economy;
Amendment 241 #
2016/2063(INI)
Motion for a resolution
Paragraph 16 b (new)
Paragraph 16 b (new)
16b. Asks the European Central Bank to better explain to the public where and how its actions affect the economies of the member states, particularly in view of recent unorthodox monetary policy measures;
Amendment 151 #
2016/2056(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that frontline employees at financial institutions and other financial services providers have a crucial role to play in opening up retail services to all strands of society and to consumers all over Europe; points out that such employees should, in principle, be given the training and time necessary to be able to serve their customers accurately, and should not be made subject to sales targets or inducements that could bias or distort their advice;
Amendment 196 #
2016/2056(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls for the Commission to intensify its work against discrimination on grounds of residence in the European market on retail financial services and, if necessarypossible, to complement the planned generalrecently published proposals to end unjustified geo- blocking with further legislativetargeted initiatives targetdesigned specifically atfor the financial sector;
Amendment 207 #
2016/2056(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Urges the Commission, inter alia on the basis of the structure of the Payment Accounts Directive (PAD) and the European Insurance and Occupational Pensions Authority’'s analysis of the insurance sector, to put together a step-by- step action plan for buildingset up a well- organised and easy-to-use EU comparison portal covering most or all parts of the retail financial services market; considers that this portal should map, based on predetermined quality criteria, successful private cross border comparison websites;
Amendment 161 #
2016/2032(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Calls on the Member States to foster a risk-taking and capital market culture; reiterates that financial education for SMEs is not only key to increasing bank lending but also to expanding the use and acceptance of capital market solutions, allowing for a better assessment of costs, benefits and the associated risks; calls on the Member States to enhance the financial literacy of SMEs; however, points out that SMEs themselves also bear a responsibility in this regard;
Amendment 201 #
2016/2032(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Underlines the potential of new innovative financial technology (FinTec) for the better matching of SMEs with potential investors; calls on the Commission to explore potential risks and the need for an appropriate harmonised EU regulatory frameworkways to encourage the development of FinTec initiatives in Europe;
Amendment 22 #
2016/0374(CNS)
Proposal for a directive
Recital 6 a (new)
Recital 6 a (new)
(6 a) In the Commission Action Plan on VAT the Commission indicates its intention to make a legislative proposal in 2017 for a reform to give more freedom to Member States in setting up rates.
Amendment 184 #
2016/0362(COD)
Proposal for a directive
Article 1 – paragraph 22 a (new)
Article 1 – paragraph 22 a (new)
Directive 2014/59/EU
Article 44 – paragraph 2 – subparagraph 1 – point g a (new)
Article 44 – paragraph 2 – subparagraph 1 – point g a (new)
Amendment 419 #
2016/0362(COD)
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g – paragraph 2
Article 45g – paragraph 2
Amendment 442 #
2016/0362(COD)
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g – paragraph 4
Article 45g – paragraph 4
Amendment 141 #
2016/0361(COD)
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12 h – paragraph 2
Article 12 h – paragraph 2
Amendment 146 #
2016/0361(COD)
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Regulation (EU) No 806/2014
Article 12h – paragraph 4
Article 12h – paragraph 4
Amendment 177 #
2016/0361(COD)
Proposal for a regulation
Article 1 – paragraph 9 a (new)
Article 1 – paragraph 9 a (new)
Regulation (EU) No 806/2014
Article 27 – paragraph 3 – point g a (new)
Article 27 – paragraph 3 – point g a (new)
9a. in Article 27(3), the following point is added: (ga) liabilities to institutions or relevant entities that are part of the same resolution group without being themselves resolution entity, regardless of their maturities except where these liabilities rank below ordinary unsecured liabilities under the relevant national law setting the hierarchy of claims applicable on the date of entry into force of this Regulation. Where the previous subparagraph applies, the Board shall assess whether the amount of instruments complying with Article 45g(3) is sufficient to support the implementation of the preferred resolution strategy.
Amendment 220 #
2016/0360A(COD)
Proposal for a regulation
Recital 56
Recital 56
Amendment 261 #
2016/0360A(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 575/2013
Article 7 – paragraphs 1 and 2
Article 7 – paragraphs 1 and 2
Amendment 275 #
2016/0360A(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
(b) the parent institution on a consolidated basis or the subsidiary institution on a sub-consolidated basis monitors and has oversight at all times over the liquidity positions, and the funding positions where the NSFR set out in Title IV of Part Six is waived, of all institutions within the liquiditygroup or sub- group, that are subject to the waiver in accordance with this paragraph and ensures a sufficient level of liquidity, and of stable funding where the NSFR set out in Title IV of Part Six is waived, for all of those institutions;
Amendment 286 #
2016/0360A(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 575/2013
Article 8 – paragraph 2 – point c
Article 8 – paragraph 2 – point c
(c) the distribution of amounts, location and ownership of the required liquid assets to be held within the single liquidity sub-group where the LCR as defined in Delegated Regulation (EU) 2015/61 is waived and the distribution of amounts and location of available stable funding within the single liquidity sub- group where the NSFR set out in Title IV of Part Six of this Regulation is waived;
Amendment 287 #
2016/0360A(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 575/2013
Article 8 – paragraph 2 – point d
Article 8 – paragraph 2 – point d
(d) the determination of minimum amounts of liquid assets to be held by institutions for which the application of Part Six will bethe LCR as defined in Delegated Regulation (EU) 2015/61 is waived and the determination of minimum amounts of available stable funding to be held by institutions for which the application of the NSFR set out in Title IV of Part Six of this Regulation is waived;
Amendment 65 #
2016/0359(COD)
Proposal for a directive
Recital 2
Recital 2
(2) Restructuring should enable enterprises in financial difficulties to continue business in whole or in part, by changing the composition, conditions or structure of assets and liabilities or of their capital structure, including by sales of assets or parts of the business. Preventive restructuring frameworks should above all enable the enterprises to restructure at an early stage and to avoid their insolvency. Those frameworks should maximise the total value to creditors, owners and the economy as a whole and should prevent unnecessary job losses and losses of knowledge and skills. They should also prevent the build-up of non-performing loans, which today represent a challenge to several national banking systems. In the restructuring process the rights of all parties involved should be protected. At the same time, non-viable businesses with no prospect of survival should be liquidated as quickly as possible.
Amendment 72 #
2016/0359(COD)
Proposal for a directive
Recital 7
Recital 7
(7) Those differences lead to uneven conditions for access to credit and to uneven recovery rates in the Member States. A higher degree of harmonisation in the field of restructuring, insolvency and second chance is thus indispensablecould thus be beneficial for a well- functioning single market in general and for a working Capital Markets Union in particular, but it is essential to leave sufficient flexibility to Member States that have already introduced well-functioning restructuring, insolvency and second chance regimes.
Amendment 84 #
2016/0359(COD)
Proposal for a directive
Recital 15
Recital 15
(15) Consumer over-indebtedness is a matter of great economic and social concern and is closely related to the reduction of debt overhang. Furthermore, it is often not possible to drawwhile in some jurisdictions a clear distinction is made between the consumer and business debts of an entrepreneur. A, in other jurisdictions making this distinction is more difficult and not common practice. In these jurisdictions, a second chance regime for entrepreneurs wouldmight not be effective if the entrepreneur had to go through separate procedures, with different access conditions and discharge periods, to discharge his business personal debts and his non-business personal debts. For these reasons, although this Directive does not include binding rules on consumer over- indebtedness, Member States should be able to also apply the discharge provisions to consumers.
Amendment 86 #
2016/0359(COD)
Proposal for a directive
Recital 16
Recital 16
(16) The earlier the debtor can detect its financial difficulties and can take appropriate action, the higher the probability of avoiding an impending insolvency or, in case of a business whose viability is permanently impaired, the more orderly and efficient the winding-up process. Clear information on the available preventive restructuring procedures as well as early warning tools should therefore be put in place to incentivise debtors who start to experience financial problems to take early action. Possible early warning mechanisms should include accounting and monitoring duties for the debtor or the debtor's management as well as reporting duties under loan agreements. In addition, third parties with relevant information such as accountants, tax and social security and tax authorities could be incentivised or obliged under national law to flag a negative developmentto entrepreneurs any worrying developments concerning their business debts or the viability of their business as soon as possible.
Amendment 91 #
2016/0359(COD)
Proposal for a directive
Recital 18
Recital 18
(18) To promote efficiency and reduce delays and costs, national preventive restructuring frameworks should include flexible procedures limiting the involvement of judicial or administrative authorities to where it is necessary and proportionate in order to safeguard the interests of creditors and other interested parties likely to be affected. To avoid unnecessary costs and reflect the early nature of the procedure, debtors should in principle be left in control of their assets and the day-to-day operation of their business. The appointment of a restructuring practitioner, whether a mediator supporting the negotiations of a restructuring plan or an insolvency practitioner supervising the actions of the debtor, should not be mandatory in every case, butas such a requirement may not always be relevant, necessary, useful or in the interest of the debtor, especially in straightforward cases with few creditors involved, and may impose a disproportionately high administrative burden on some jurisdictions. Instead, it should be made on a case-by-case basis depending on the specific circumstances of the case or on the debtor's specific needs. Furthermore, there should not necessarily be a court order for the opening of the restructuring process which may be informal as long as the rights of third parties are not affected. Nevertheless, a degree of supervision should be ensured when this is necessary to safeguard the legitimate interests of one or more creditors or another interested party. This may be the case, in particular, when a general stay of individual enforcement actions is granted by the judicial or administrative authority or where it appears necessary to impose a restructuring plan on dissenting classes of creditors.
Amendment 107 #
2016/0359(COD)
Proposal for a directive
Recital 37
Recital 37
(37) The different second chance possibilities in the Member States may incentivise over-indebted entrepreneurs to relocate to Member States in order to benefit from shorter discharge periods or more attractive conditions for discharge, leading to additional legal uncertainty and costs for the creditors when recovering their claims. Furthermore, the effects of bankruptcy, in particular the social stigma, legal consequences such as disqualifying entrepreneurs from taking up and pursuing entrepreneurial activity and the on-going inability to pay off debts constitute important disincentives for entrepreneurs seeking to set up a business or have a second chance, even if evidence shows that entrepreneurs who have gone bankrupt have more chance to be successful the second time. Steps should therefore be taken to reduce the negative effects of over-indebtedness and bankruptcy on entrepreneurs, in particular by allowing for a full discharge of debts after a certain period of time and by limiting the length of disqualification orders issued in connection with the debtor's over-indebtedness. In addition, Member States should ensure that second chance entrepreneurs have access to up-to-date information about the availability of administrative, legal, business or financial support tailored to them and any means available to them to facilitate the set-up of a new business.
Amendment 112 #
2016/0359(COD)
Proposal for a directive
Recital 40
Recital 40
(40) Member States should also ensure that the practitioners in the field of restructuring, insolvency and second chance which are appointed by judicial or administrative authorities are properly trained and supervised in the carrying out of their tasks, that they are appointed in a transparent manner with due regard to the need to ensure efficient procedures and that they perform their tasks, whether these entail restructuring or liquidation, with integrity. Practitioners should also adhere to voluntary codes of conduct aiming at ensuring an appropriate level of qualification and training, transparency of the duties of such practitioners and the rules for determining their remuneration, the taking up of professional indemnity insurance cover and the establishment of oversight and regulatory mechanisms which should include an appropriate and effective regime for sanctioning those who have failed in their duties. Such standards may be attained without the need in principle to create new professions or qualifications.
Amendment 141 #
2016/0359(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 15 a (new)
Article 2 – paragraph 1 – point 15 a (new)
(15a) 'viable' means able to provide an appropriate projected return on capital after having covered all its costs including depreciation and financial charges.
Amendment 144 #
2016/0359(COD)
Proposal for a directive
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2a. Member States shall communicate to the Commission on a yearly basis the information to be provided under paragraph 2.
Amendment 145 #
2016/0359(COD)
Proposal for a directive
Article 3 – paragraph 2 b (new)
Article 3 – paragraph 2 b (new)
2b. The Commission shall publish the information to be provided under paragraph 2 and received according to paragraph 2a in a user-friendly way on its website.
Amendment 148 #
2016/0359(COD)
Proposal for a directive
Article 3 – paragraph 3
Article 3 – paragraph 3
3. Member States may limit the access provided for in paragraphs 1 and 2 to small and medium sized enterprises or to entrepreneurs.
Amendment 150 #
2016/0359(COD)
Proposal for a directive
Article 3 – paragraph 3 a (new)
Article 3 – paragraph 3 a (new)
3a. Member States may ensure that accountants and tax authorities have sufficient legal or non-legal means to be able to flag to entrepreneurs any worrying developments concerning their business debts or the viability of their business as soon as possible.
Amendment 164 #
2016/0359(COD)
Proposal for a directive
Article 5 – paragraph 3 – introductory part
Article 5 – paragraph 3 – introductory part
3. Member States may require the appointment by a judicial or administrative authority of a practitioner in the field of restructuring in the following cases:
Amendment 267 #
2016/0359(COD)
Proposal for a directive
Article 22 – paragraph 1 – introductory part
Article 22 – paragraph 1 – introductory part
1. By way of derogation from Articles 19, 20 and 21, Member States mayshall maintain or introduce provisions restricting access to discharge or laying down longer periods for obtaining a full discharge or longer disqualification periods in certainwhere the over-indebted entrepreneur acted dishonestly or in bad faith towards the creditors when becoming indebted or during the collection of the debts, and may maintain or introduce provisions restricting access to discharge or laying down longer periods for obtaining a full discharge or longer disqualification periods in other well- defined circumstances and where such limitations are justified by a general interest, in particular where:
Amendment 268 #
2016/0359(COD)
Proposal for a directive
Article 22 – paragraph 1 – point a
Article 22 – paragraph 1 – point a
Amendment 272 #
2016/0359(COD)
Proposal for a directive
Article 23 – paragraph 1
Article 23 – paragraph 1
1. Member States shallmay ensure that, where an over-indebted entrepreneur has professional debts incurred in the course of his or her trade, business, craft or profession as well as personal debts incurred outside those activities, all debts are treated in a single procedure for the purposes of obtaining a discharge.
Amendment 276 #
2016/0359(COD)
Proposal for a directive
Article 25 – paragraph 1 a (new)
Article 25 – paragraph 1 a (new)
1a. The Commission shall facilitate the sharing of best practices between Member States in view of improving the quality of training across the Union, including by means of networking and the exchange of experiences and capacity building tools.
Amendment 277 #
2016/0359(COD)
Proposal for a directive
Article 25 – paragraph 2
Article 25 – paragraph 2
2. Member States shall encourage, by any means which they consider appropriate, the development of, and adherence to, minimum professional standards pertaining to training, professional qualifications and voluntary codes of conduct by practitioners in the field of restructuring, insolvency and second chance, as well as other effective oversight mechanisms concerning the provisions of such services.
Amendment 282 #
2016/0359(COD)
Proposal for a directive
Article 27 a (new)
Article 27 a (new)
Article 27a Information available to second chance entrepreneurs 1. Member States shall ensure that second chance entrepreneurs have access to relevant, up-to-date, clear, concise and user-friendly information about the availability of administrative, legal, business or financial support tailored to them and any means available to them to facilitate the set-up of a new business. 2. Member States shall communicate to the Commission on a yearly basis the information to be provided under paragraph 1. 3. The Commission shall publish the information to be provided under paragraph 1 and received according to paragraph 2 in a user-friendly way on its website.
Amendment 285 #
2016/0359(COD)
Proposal for a directive
Article 29 – paragraph 1 – subparagraph 1 – point g a (new)
Article 29 – paragraph 1 – subparagraph 1 – point g a (new)
(ga) the number of debtors who, after having undergone a procedure referred to in points (a) (ii) and (iii), launched a new business;
Amendment 287 #
2016/0359(COD)
Proposal for a directive
Article 29 – paragraph 1 – subparagraph 1 – point g b (new)
Article 29 – paragraph 1 – subparagraph 1 – point g b (new)
(gb) for debtors who launched a new business after having undergone a procedure referred to in points (a) (ii) and (iii), the average time between the end of the procedure and the launch of the new business;
Amendment 289 #
2016/0359(COD)
Proposal for a directive
Article 29 – paragraph 1 – subparagraph 1 – point g c (new)
Article 29 – paragraph 1 – subparagraph 1 – point g c (new)
(gc) the work carried out by each practitioner, including with respect to data referred to in points (a), (b), (c), (d) and (e) of this paragraph;
Amendment 290 #
2016/0359(COD)
Proposal for a directive
Article 29 – paragraph 3
Article 29 – paragraph 3
3. Member States shall compile statistics from the aggregate data referred to in paragraphs 1 and 2 for full calendar years ending on 31 December of each year, starting with data collected for the first full calendar year following [the date of start of application of implementing measures]. These statistics shall be communicated to the Commission on the basis of a standard data communication form annually, by 31 March of the calendar year following the year for which data is collected. Member States shall make these statistics publicly available and present them by means of a user-friendly website.
Amendment 25 #
2016/0351(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) In the light of experience gained in past proceedings, it is appropriate to clarify the circumstances in which significant distortions affecting to a considerable extent free market forces may be deemed to exist. In particular, it is appropriate to clarify that this situation may be deemed to exist, inter alia, when reported prices or costs, including the costs of raw materials and other factors of production, are not the result of free market forces because they are affected by government intervention. It is further appropriate to clarify that in considering whether or not such a situation exists regard may be had, inter alia, to the potential impact of the following: the market in question is to a significant extent served by enterprises which operate under the ownership, control or policy supervision or guidance of the authorities of the exporting country; state presence in firms or other circumstances allowing the state to interfere with respect to prices or costs;, including through the allocation of resources and decisions taken by enterprises, public policies or measures discriminating in favour of domestic suppliers or otherwise influencing free market forces; and access to finance granted by institutions implementing public policy objectives. It is further appropriate to provide that the Commission services may issue a report describing the specific situation concerning these criteria in a certain country or a certain sector; that such report and the evidence on which it is based may be placed on the file of any investigation relating to that country or sector; and that interested parties should have ample opportunity to comment on the report and the evidence on which it is based in each investigation in which such report or evidence is used.
Amendment 32 #
2016/0351(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) It is further appropriate to recall that costs should normally be calculated on the basis of records kept by the exporter or producer under investigation. However, where there are significant distortions in the exporting country with the consequence that costs reflected in the records of the party concerned are artificially low, such costs may be adjusted or established on any reasonable basis, including information from other representative markets or from international prices or benchmarks. In the light of experience gained in past proceedings, it is appropriate to further clarify that, for the purposes of applying the provisions introduced by this regulation, due account should be taken of all relevant evidence, including relevant assessment reports regarding the circumstances prevailing on the domestic market of the exporting producers and the evidence on which they are based, which has been placed on the file, and upon which interested parties have had an opportunity to comment. Indications as to the existence of significant distortions may also be proffered by Union industry. Such indications should be considered when deciding on producing or updating the relevant reports.
Amendment 47 #
2016/0351(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU) 2016/1036
Article 2 – paragraph 6a – point a
Article 2 – paragraph 6a – point a
(a) In case it is determined, when applying this provision or any other relevant provision of this Regulation, that it is not appropriate to use domestic prices and costs in the exporting country due to the existence of significant distortions in the economy as a whole or in sectors of the economy, the normal value shall be constructed on the basis of costs of production and sale reflecting undistorted prices or benchmarks. For this purpose, the sources that may be used include undistorted international prices, costs, or benchmarks, or corresponding costs of production and sale in an appropriate representative country with a similar level of economic development as the exporting country, provided the relevant cost data are readily available. T, including those of a Member State, provided the relevant data are readily available. The constructed normal value shall include an undistorted and a reasonable amount for administrative, selling and general costs and for profits. The existence of significant distortions in the economy as a whole or in a sector of the economy of the exporting country shall lead automatically to the use of undistorted international, third country or Union prices, costs or benchmark for each and every factor of production in the construction of the normal value. If exporting producers from a country or a sector in which there exist significant distortions conclusively demonstrate that the costs of one or more individual factors of production are not distorted for the industry as a whole, those costs shall be used in the construction of thed normal value shall include a reasonable amount for administrative, selling and general costs and for profits. The absence of distortions of the exporting producers' costs of a given factor and the reliability thereof shall be assessed, inter alia, by reference to the quantities involved, their proportion in relation to the total costs of that factor, and actual use in production. In order to allow the Commission to respect the overall procedural deadlines, and to respect the rights of defence of all stakeholders, the Commission shall set deadlines for the submission of evidence with regard to the various elements described above. In particular, further evidence can be accepted by the Commission after those deadlines only when it is possible to be properly and adequately verified by the Commission, and other parties would be able to have sufficient time to comment.
Amendment 72 #
2016/0351(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU) 2016/1036
Article 2 – paragraph 6a – point b
Article 2 – paragraph 6a – point b
(b) Significant distortions for the product concerned within the meaning of point (a) mayshall be deemed to exist, inter alia, when reported prices or costs, including the costs of raw materials and other factors of production, are not the result of free market forces as they are affected by government intervention. In considering whether or not significant distortions exist regard mayshall be had, inter alia, to the potential impact of the following: the market in question is to a significant extent served by enterprises which operate under the ownership, control or policy supervision or guidance of the authorities of the exporting country; state presence in firms or other circumstances allowing the state to interfere with respect to prices or costs, including through the allocation of resources and decisions taken by enterprises; public policies or measures discriminating in favour of domestic suppliers or otherwise influencing free market forces; and access to finance granted by institutions implementing public policy objectives.
Amendment 94 #
2016/0351(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU) 2016/1036
Article 2 – paragraph 6a – point c
Article 2 – paragraph 6a – point c
(c) When appropriate, tThe Commission services mayshall issue a detailed report describing the specific situation concerning the criteria listed inmarket circumstances as per point (b) in a certain country or a certain sector. Such report and the evidence on which it is based mayshall be placed on the file of any investigation relating to that country or sector. Interested parties shall have ample opportunity to supplement, comment or rely on the report and the evidence on which it is based in each investigation in which such report or evidence is used. The determinations made shall take into account all of the relevant evidence on the fileas to the existence of significant distortions for a country or a sector shall take into account all of the relevant evidence on the file and shall be made definitely by the Commission no later than three months following the initiation of investigation.
Amendment 109 #
2016/0351(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU) 2016/1036
Article 2 – paragraph 6a – point d
Article 2 – paragraph 6a – point d
(d) The Union industry may rely on evidence in the report referred to in point (c) for the calculation of normal value when filing a complaint in accordance with Article 5 or a request for a review in accordance with Article 11 or in a request for an investigation in accordance with Article 12.
Amendment 148 #
2016/0351(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 5 a (new)
Article 1 – paragraph 1 – point 5 a (new)
Regulation (EU) 2016/1036
Article 23 – paragraph 1 a (new)
Article 23 – paragraph 1 a (new)
(5a) In Article 23, a new paragraph is inserted: 1a. The Commission shall include reporting on the implementation of the provisions of Article 2 and Article 11 in its annual report to the Parliament on its activities with regard to trade defence investigations and measures. Five years after the entry into force of the above provisions, the Commission shall review and report to the Parliament in detail specifically on the experience of implementation during that period.
Amendment 70 #
Amendment 31 #
Amendment 111 #
2016/0295(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 1 – point b
Article 2 – paragraph 1 – point 1 – point b
(b) cyber-surveillance technology which can be usis designed for the commission of serious violations of human rights or international humanitarian law, or can pothe freedom of expression, the freedom of assembly and the right to privacy in countries where internal repression and the absence of functioning rule of law mechanisms is assessed a threat to international securitynd reported on by the Commission, or violations orf the essential security interestssecurity of the Union and its Member States.;
Amendment 136 #
2016/0295(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 20
Article 2 – paragraph 1 – point 20
Amendment 161 #
2016/0295(COD)
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. An authorisation shall be required for the export of specific dual-use items not listed in Annex I to specific end-users if the exporter has been informed by the competent authority of the Member State where the exporter is resident or established or, in case when the exporter is a person resident or established outside the Union, by the competent authority of the Member State where the items are located, that the items in question are or may be intended, in their entirety or in part:
Amendment 164 #
2016/0295(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point b
Article 4 – paragraph 1 – point b
(b) for a military end-use if the purchasing country or country of destination is subject to an arms embargo;. For the purposes of this paragraph, 'military end-use' shall mean: (i) incorporation into military items listed in the military list of Member States; (ii) use of production, test or analytical equipment, and components therefor, for the development, production or maintenance of military items listed in the abovementioned list; (iii) use of any unfinished products in a plant for the production of military items list in the abovementioned list.
Amendment 169 #
2016/0295(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point d
Article 4 – paragraph 1 – point d
(d) for use by persons complicit in or responsible for directing or committing serious violations of human rights laws or international humanitarian law in situations of armed conflict or internal repression in the country of final destination, as identified by relevant public international institutions, orcountries where serious violations of human rights have been established by the competent bodies of the UN, the Council of Europe, the European Union or national competent authorities, and where there is evidence of the use of this or similar items for directing or implementing such serious violations by the proposed end-user;
Amendment 178 #
2016/0295(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point e
Article 4 – paragraph 1 – point e
(e) for use in connection with acts of terrorismby persons, groups and entities involved in terrorist acts and subject to restrictive measures as laid down in Common Position 2001/931/CFSP1a. _______________________ 1a Council Common Position 2001/931/CFSP of 27 December 2001 on the application of specific measures to combat terrorism (OJ L 344, 28.12.2001, p. 93–96).
Amendment 184 #
2016/0295(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. If an exporter, under his obligation to exercise due diligence, is aware that dual-use items which he proposes to export, not listed in Annex I, are intended, in their entirety or in part, for any of the uses referred to in paragraph 1, he must notify the competent authority, which will decide whether or not it is expedient to make the export concerned subject to authorisation.
Amendment 192 #
2016/0295(COD)
Proposal for a regulation
Article 4 – paragraph 4 – subparagraph 1
Article 4 – paragraph 4 – subparagraph 1
A Member State which imposes an authorisation requirement, in application of paragraphs 1, 2 and 3 on the export of a dual-use item not listed in Annex I, shall immediately inform the other Member States and the Commission and provide them with the relevant information, in particular concerning the items and end- users concerned. The other Member States shall give all due consideration to this information and shall make known within 10 working days any objections they may have to the imposition of such an authorisation requirement. In exceptional cases, any Member State consulted may request an extension of the 10-day period. However, the extension may not exceed 30 working days.
Amendment 214 #
2016/0295(COD)
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 2 – introductory part
Article 6 – paragraph 2 – subparagraph 2 – introductory part
Amendment 233 #
2016/0295(COD)
Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 2
Article 10 – paragraph 2 – subparagraph 2
Amendment 240 #
2016/0295(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. Individual export authorisations and global export authorisations shall be valid for onetwo years, and may be renewed by the competent authority. Global export authorisations for large projects shall be valid for a duration to be determined by the competent authority.
Amendment 248 #
2016/0295(COD)
Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 3 – introductory part
Article 10 – paragraph 4 – subparagraph 3 – introductory part
Global export authorisations shall be subject to the implementation, by the exporter, of an effective internal compliance programme. The exporter shall also report to the competent authority, at least once a year, or on request of the competent authority, on the use of this authorisation; the report shall include at least the following information:
Amendment 257 #
2016/0295(COD)
Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 3 – point d a (new)
Article 10 – paragraph 4 – subparagraph 3 – point d a (new)
(da) the date on which the export took place;
Amendment 258 #
2016/0295(COD)
Proposal for a regulation
Article 10 – paragraph 5
Article 10 – paragraph 5
5. The competent authorities of the Member States shall process requests for individual or global authorisations within a period of time to be determined by national law or practice. The competent authorities shall provide to the Commission all information on the average times for processing applications for authorisations relevant for the preparation of the annual report referred to in Article 24(2).
Amendment 266 #
2016/0295(COD)
Proposal for a regulation
Article 14 – paragraph 1 – introductory part
Article 14 – paragraph 1 – introductory part
1. In deciding whether or not to grant an individual or global export authorisation or to grant an authorisation for brokering services or technical assistance under this Regulation, or to prohibit a transit, the competent authorities of the Member States shall take into account the following criteria all relevant considerations including:
Amendment 267 #
2016/0295(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point a
Article 14 – paragraph 1 – point a
(a) Union and Member States’ international obligations and commitments, in particular the obligations and commitments they have each accepted as members of the relevant international non- proliferation regimes and export control arrangements, or by ratification of relevant international treaties and their obligations under sanctions imposed by 2 a decision or a common position adopted by the Council or by a decision of the OSCE or by a binding resolution of the Security Council of the United Nations;
Amendment 269 #
2016/0295(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point b
Article 14 – paragraph 1 – point b
(b) respect for human rights intheir obligations under sanctions imposed by a decision or a common position adopted by the cCountry of final destination as well as respect by that country of international humanitarian lawcil or by a decision of the OSCE or by a binding resolution of the Security Council of the United Nations;
Amendment 271 #
2016/0295(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point c
Article 14 – paragraph 1 – point c
Amendment 273 #
2016/0295(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point d
Article 14 – paragraph 1 – point d
Amendment 275 #
2016/0295(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point e
Article 14 – paragraph 1 – point e
(e) considerations of national foreign and security policy, including security of Member States and of territories whose external relations those covered by Council Common Position 2008/944/CFSP1a defining common rules governing control of exports of militarey the responsibility of a Member State, as well as that of friendly and allied countries ;echnology and equipment; _______________________ 1aCouncil Common Position 2008/944/CFSP of 8 December 2008 defining common rules governing control of exports of military technology and equipment (OJ L 335, 13.12.2008, p. 99).
Amendment 277 #
2016/0295(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point f
Article 14 – paragraph 1 – point f
(f) considerations about intended end use and the risk of diversion , including existence of a risk that the dual-use items will be diverted or re-exported under undesirable conditions .
Amendment 279 #
2016/0295(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point f – point i (new)
Article 14 – paragraph 1 – point f – point i (new)
(i) the direct impact of the products on respect for human rights in the country of destination or of international humanitarian law by that country;
Amendment 280 #
2016/0295(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point f – point ii (new)
Article 14 – paragraph 1 – point f – point ii (new)
(ii) diversion to unintended military end use;
Amendment 281 #
2016/0295(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point f – point iii (new)
Article 14 – paragraph 1 – point f – point iii (new)
(iii) diversion to terrorism;
Amendment 282 #
2016/0295(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point f – point iv (new)
Article 14 – paragraph 1 – point f – point iv (new)
(iv) possible re-export under undesirable conditions;
Amendment 286 #
2016/0295(COD)
Proposal for a regulation
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
1a. In addition to the criteria set in paragraph 1, when assessing an application for a global export authorisation Member States shall take into consideration the application by the exporter of proportionate and adequate means and procedures to ensure compliance with the provisions and objectives of this Regulation and with the terms and conditions of the authorisation.
Amendment 302 #
2016/0295(COD)
Proposal for a regulation
Article 16 – paragraph 2 – point b
Article 16 – paragraph 2 – point b
(b) The list of dual-use items set out in Section B of Annex I may be amended if this is necessary due to risks that the export of such items may pose as regards the commission ofand serious violations of human rights or international humanitarian law or the essential security intereststhe freedom of expression, the freedom of assembly and the right to privacy in countries where internal repression and the absence of functioning rule of law mechanisms as listed by the Commission, or violations of the security of the Union and its Member States. Any such update should also take due account of the Union's and its Member States.' relevant international obligations and should happen in close consultation with industry;
Amendment 305 #
2016/0295(COD)
Proposal for a regulation
Article 16 – paragraph 2 – point b a (new)
Article 16 – paragraph 2 – point b a (new)
Amendment 314 #
2016/0295(COD)
Proposal for a regulation
Article 20 – paragraph 2 – introductory part
Article 20 – paragraph 2 – introductory part
2. Member States, in cooperation with the Commission, shall take all appropriate measures to establish direct cooperation and exchange of information between the competent authorities with a view to enhance the efficiency of the Union export control regime and to ensure the consistent and effective implementation and enforcement of control throughout the EU. Such information shall includeMember States shall exchange the details of exporters deprived of the right to use the national or Union general export authorisations. Member States shall exchange, where available and relevant:
Amendment 315 #
2016/0295(COD)
Proposal for a regulation
Article 20 – paragraph 2 – point a
Article 20 – paragraph 2 – point a
(a) information regarding the application of controls, including licensing data (number, value and types of licences and related destinations, number of users of general and global authorisations, number of operators with ICPs, processing times, volume and value of trade subject to intra-EU transfers etc), and, where available, data on exports of dual-use items carried out in other Member States;
Amendment 317 #
2016/0295(COD)
Proposal for a regulation
Article 20 – paragraph 2 – point b
Article 20 – paragraph 2 – point b
(b) information regarding the enforcement of controls, including details of exporters deprived of the right to use the national or Union general export authorisations 1 , reports of violations, seizures and the application of other penalties reports of violations;
Amendment 320 #
2016/0295(COD)
Proposal for a regulation
Article 20 – paragraph 2 – point c
Article 20 – paragraph 2 – point c
(c) data on sensitive end users, actors involved in suspicious procurement activities, and, where available, routes taken.
Amendment 321 #
2016/0295(COD)
Proposal for a regulation
Article 21 – paragraph 2
Article 21 – paragraph 2
2. The Chair of the Dual-Use Coordination Group shall, whenever it considers it to be necessary, consult exporters, brokers and other relevant stakeholders concerned by this Regulation.
Amendment 322 #
2016/0295(COD)
Proposal for a regulation
Article 21 – paragraph 3
Article 21 – paragraph 3
3. The Dual-Use Coordination Group shall, where appropriate, set up technical expert groups composed of experts from Member States to examine specific issues relating to the implementation of controls, includingthemes or issues relating to the updimplementationg of the Union control lists in Annex Icontrols. Technical expert groups shall, where appropriate, consult exporters, brokers, civil society organisations and other relevant stakeholders concerned by this Regulation.
Amendment 323 #
2016/0295(COD)
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
1. Each Member State shall take appropriate measures to ensure proper enforcement of all the provisions of this Regulation. In particular, it shall lay down the penalties applicable to infringements, circumvention, and the facilitations of infringements of the provisions of this Regulation or of those adopted for its implementation. Those penalties must be effective, proportionate and dissuasive.
Amendment 327 #
2016/0295(COD)
Proposal for a regulation
Article 22 – paragraph 2
Article 22 – paragraph 2
2. The Dual-Use Coordination Group shall set up an Enforcement Coordination M mechanism with a view to establish direct cooperation and exchange of information between competent authorities and enforcement agencies.
Amendment 328 #
2016/0295(COD)
Proposal for a regulation
Article 23
Article 23
Amendment 71 #
2016/0276(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) That positive momentum should be maintained and efforts need to be continued to bring investment back to its long-term sustainable trend. The mechanisms of the Investment Plan work and should be reinforcedinvestment environment within the Union should continue to be improved by carrying out the necessary structural reforms, removing barriers to investment, completing the Single Market and the Capital markets union, actively pursuing the Commission's better regulation agenda and by reducing regulatory red tape. Also the functioning of the Investment Plan should be improved in order to continue the mobilisation of private investments in sectors important to Europe's future and where market failures or sub-optimal investment situations remain.
Amendment 76 #
2016/0276(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) On 1 June 2016 the Commission Although according to article 18 paragraph 6 and 7 of Regulation (EU) 2015/1017 the Commission should have submitted to the European Parliament and the Council by 5 July 2018 a report containing an independent evaluation of the application of this Regulation, and the Commission should have submitted a legislative proposal to amend this Regulation only in the event this report concluded that maintaining a scheme for supporting investment is warranted, the Commission issued a Communication entitled ‘'Europe investing again – Taking stock of the Investment Plan for Europe and next steps’' already on 1 June 2016, just one year after the entry into force of this regulation and before the publication of the independent evaluation, outlining the achievements of the Investment Plan so far and the envisaged next steps, including the premature extension of the European Fund for Strategic Investments (EFSI) beyond its initial three-year period, the scaling-up of the Small and Medium- sized Enterprises (SME) Window within the existing framework and the enhancement of the European Investment Advisory Hub (EIAH).
Amendment 94 #
2016/0276(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) The EFSI was established for an initial period of three years and with the aim of mobilising at least EUR 315 billion in investments. Given its success, tThe drive to meet this quantitative target has sometimes prevailed over the additionality of the projects selected. The Commission is therefore committed to the doubling of the EFSI, both in terms of duration and financial capacextend the investment period of EFSI and raise the level of additionality. The legal extension covers the period of the current Multiannual Financial Framework and should provide a total of at least half a trillion euro investments by 2020. In order to enhance the firepower of the EFSI even further and reach the aim of doubling the investment target,. In order to enhance the firepower of the EFSI. Member States shcould also contribute as a matter of priority.
Amendment 101 #
2016/0276(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) For the period after 2020, the Commission inteThe EFSI is meant to tackle the investment gap and is therefore by nature a temporary instrument, discussions on the extension or smooth termination of the Fund after 2020 should be based on reports submitted by the Commission to the European Parliament ands to put forwardhe Council with independent evaluations on the nesuccessary proposals to ensure that strategic investment will continue at a sustainable level of EFSI, in particular with regard to the additionality of the projects, and the wider investment situation in the EU.
Amendment 143 #
2016/0276(COD)
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9 a) The fulfilment of the additionality criteria is dependent upon region specific economic conditions, as a project may be additional in one region but not in another. The Investment Committee, therefore should take into account region specific conditions when assessing compliance with the additionality criterion.
Amendment 183 #
2016/0276(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) It is expected that when the EU guarantee is combined with the EUR 7 500 000 000 to be provided by the EIB, the EFSI support should generate EUR 100 000 000 000 additional investment by the EIB and EIF. The amount of EUR 100 000 000 000 supported by the EFSI is expected to generate at least EUR 500 000 000 000 ofn order to remove any incentive to select investments that are not fully additional merely to make the quantitative goals, EFSI will no longer have an investment target. EFSI should lead to a high quality and innovative additional investment in the real economy by the end of 2020.
Amendment 221 #
2016/0276(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) The European Investment Advisory Hub (EIAH) should be enhanced and its activities should focus on needs not covered adequately under current arrangemenshould make efforts to contribute actively where possible towards sectorial and geographic diversification of the EFSI and support the EIB where needed in originating projects. It should pay particular attention to supporting the preparation of projects involving two or more Member States and projects that contribute to achieving the objectives of COP21. Notwithstanding its objective to build upon existing advisory services of the EIB and the Commission, so to act as a single technical advisory hub for project financing within the Union, the EIAH should also contribute actively to the objective of sectorial and geographical diversification of the EFSI and support the EIB where needed in originating projects. It should also actively contribute to the establishment of investment platforms and provide advice on the combination of other sources of Union funding with the EFSI.
Amendment 449 #
2016/0276(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10 – point -a (new)
Article 1 – paragraph 1 – point 10 – point -a (new)
Regulation (EU) No 2015/1017
Article 18 – paragraph 3 – point a
Article 18 – paragraph 3 – point a
(-a) In paragraph 3, point (a) is replaced by the following: ‘(a) the EIB shall publish a comprehensive report on the functioning of the EFSI, which shall include an evaluation of the impact of the EFSI on investment in the Union, employment creation and access to financing for SMEs and mid-cap companies; and an evaluation of the degree of additionality obtained at the level of each Member State and each region;’
Amendment 494 #
2016/0276(COD)
Proposal for a regulation
Annex II – point 2 a (new)
Annex II – point 2 a (new)
Regulation (EU) No 2015/1017
Annex II – section 3 – point d a (new)
Annex II – section 3 – point d a (new)
(2 a) in Section 3, point (da) is added: ‘(d a) attention shall be paid to region specific conditions when assessing the additionality.’
Amendment 12 #
2016/0275(COD)
Proposal for a decision
Recital 2
Recital 2
(2) A new results-oriented partnership framework with third countries which takes account of all Union policies and instruments should be developed. As part of that new partnership framework, the External Investment Plan should be established in order to support investments in regions outside the Union, while contributing to inclusive and sustainable development, wealth creation and to the achievement of the sSustainable dDevelopment gGoals (SDGs). It should also fulfil the objectives of the 2030 Agenda for Sustainable Development and the objectives pursued by the other financing instruments for external action.
Amendment 19 #
2016/0275(COD)
Proposal for a decision
Recital 15
Recital 15
(15) The EIB should develop and implement a set of indicators in its Results Measurement framework for projects in the public sector and in the private sector directed to refugees and host communities. Therefore, an assessment of the contribution of EIB financing operations addressing root causes of migration should be included in the Commission's annual reporting to the European Parliament and to the Council on EIB financing operations; ensuring full accountability and transparency.
Amendment 21 #
2016/0275(COD)
Proposal for a decision
Recital 17
Recital 17
(17) The list of eligible regions and countries and potentially eligible regions and countries should be designed in order to achieve the greatest development impact and modified in order to exclude high income countries with high credit rating (Brunei, Iceland, Israel, Singapore, Chile and South Korea). In addition, Iran is to be added to the list of potentially eligible regions and countries.
Amendment 25 #
2016/0275(COD)
Proposal for a decision
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Decision No 466/2014/EU
Article 3 – paragraph 5 – subparagraph 1
Article 3 – paragraph 5 – subparagraph 1
To ensure that private sector investments have the greatest development impact, the EIB shall endeavour to strengthen the local private sector and contribute to creating favourable conditions for private enterprise and investment in beneficiary countries through support to local investment as provided for in point (a) of paragraph 1. EIB financing operations supporting the general objectives set out in paragraph 1 shall endeavour to also enhance its support to investment projects run by SMEs from the Union. EIB financing operations shall contribute to improving market access for SMEs in Union third country partner countries and their integration into global value chains and shall further contribute to enhancing Union companies’ internationalisation and competitiveness. In order to effectively monitor the use of funds for the benefit of the SMEs concerned, the EIB shall establish and maintain adequate contractual provisions imposing standard reporting obligations on both the financial intermediaries and the beneficiaries;
Amendment 31 #
2016/0275(COD)
Proposal for a decision
Article 1 – paragraph 1 – point 2 – point c
Article 1 – paragraph 1 – point 2 – point c
Decision No 466/2014/EU
Article 5 – paragraph 8
Article 5 – paragraph 8
EIB financing operations supporting the general objectives set out in point (d) of paragraph 1 shall back investment projects that address root causes of the migration and contribute to long-term economic resilience and safeguard sustainable development in beneficiary countries. EIB financing operations shall, in particular, address increased needs for infrastructure and related services to cater for the migrants influx, and, energy and access to energy and telecommunications, but also tap the potential in sectors such as agriculture, green technologies, research and innovation and property rights. EIB shall provide support mechanisms for businesses, technical assistance and related services to boost employment opportunities for host and refugee communities to foster economic integration and enable refugees to become self-reliant.
Amendment 18 #
2016/0208(COD)
Proposal for a directive
Recital 37 a (new)
Recital 37 a (new)
(37a) In its trade and partnership agreements, the Union should strengthen good governance clauses and clauses on capacity building by providing trade partners technical assistance to develop transparency, anti-money laundering, and anti-corruption legal frameworks and to implement them effectively.
Amendment 79 #
2016/0208(COD)
Proposal for a directive
Recital 14 a (new)
Recital 14 a (new)
(14a) Competent authorities supervising credit and financial institutions for compliance with this Directive should be able to cooperate and exchange confidential information, regardless of their respective nature or status. To this end, such competent authorities should have an adequate legal basis for exchanging confidential information and cooperate to the widest extent possible, consistent with the applicable international standards in this field.
Amendment 80 #
2016/0208(COD)
Proposal for a directive
Recital 14 b (new)
Recital 14 b (new)
(14b) Information of a prudential nature relating to credit and financial institutions, such as information relating to fit and properness of directors and shareholders, the internal control mechanisms, the governance or the compliance and risk management, is often indispensable for an adequate AML/CFT supervision of such institutions. Vice- versa, AML/CFT information is also important for the prudential supervision of these institutions. Therefore, exchange of confidential information and collaboration between AML/CFT competent authorities of credit and financial institutions and prudential supervisors should not be hampered unintentionally by legal uncertainty which may stem from a lack of explicit provisions in this field. Such clarification of the legal framework is even more important since prudential supervision has, in a number of cases, been entrusted to non-AML/CFT supervisors, such as the European Central Bank.
Amendment 95 #
2016/0208(COD)
Proposal for a directive
Recital 22
Recital 22
(22) Public access by way of compulsory disclosure of certain information on the beneficial ownership of companies provides additional guarantees to third parties wishing to do business with those companies. Certain Member States have taken steps or announced their intention to make information contained in registers of beneficial ownership available to the public. The fact that not all Member States would make information publicly available or differences in the information made available and its accessibility may lead to different levelCertain Member States have taken steps or announced their intention to make information contained in registers of beneficial ownership available to the public. This may enhance public scrutiny, but may also give rise to innocent citizens being unjustly publicly associated with wrongdoing and causing irreparable damage to their reputation and business interest. Therefore, access to beneficial ownership information should only be granted to competent authorities ofr protection of third parties in the Union. In a well- functioning internal market, there is a ersons with a legitimate interest who can guarantee a high level of data protection, while any further access should be determineed for coordination to avoid distortionby Member States.
Amendment 97 #
2016/0208(COD)
Proposal for a directive
Recital 23
Recital 23
(23) Public access alsoAccess granted on behalf of legitimate interests allows greater scrutiny of information by civil society, including by the press or civil society organiszations, and contributes to preserving trust in the integrity of business transactions and of the financial system. It can contribute to combating the misuse of legal entities and legal arrangements both by helping investigations and through reputational effects, given that anyone who could enter into transactions with them is aware of the identity of the beneficial owners. It also facilitates the timely and efficient availability of information for financial institutions as well as authorities, including authorities of third countries, involved in the fight against these offenc. On the other hand, proper protection of privacy precludes or limits opportunities for abuse of vulnerable persons and misuse of private information for commercial purposes.
Amendment 98 #
2016/0208(COD)
Proposal for a directive
Recital 26
Recital 26
(26) A fair balance should be sought in particular between the general public interest in corporate transparency, law enforcement demands and in the prevention of money laundering and the data subjects' fundamental rights. The set of data to be made available to the public should be limited, clearly and exhaustively defined, and should be of a general nature, so as to minimize the potential prejudice to the beneficial owners. At the same time, informationan individual´s right to self-determine data release. The set of data to be made accessible ton the public should not significantly differ from the data currently collected. In order to limit the interference with the right to respect for their private life in general and to protection of their personal data in particular, that that information should relate essentially to the status of beneficial owners of businesses and trustsbasis of legitimate interest should be comprehensive, clearly and exhaustively defined, and should strictly concern the sphere of economic activity in which the beneficial owners operate.
Amendment 275 #
2016/0208(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 9 – point a a (new)
Article 1 – paragraph 1 – point 9 – point a a (new)
Directive 2015/849/EU
Article 30 – paragraph 5 a (new)
Article 30 – paragraph 5 a (new)
(aa) the following paragraph 5a is inserted: 5a. The information held in the register referred to in paragraph 3 of this article on any corporate and legal entities other than those referred to in Article 1a(a) of directive (EC) 2009/101 shall be accessible to public authorities only. For the purpose of this paragraph, access to the information on beneficial ownership shall be in accordance with data protection laws. Member States shall not introduce a fee to cover the administrative cost. For the purpose of this directive a legitimate interest shall be documented by either (a) statutes or mission statements of non-governmental organizations with a positive track record of actions aimed at money laundering, tax evasion or financial criminal activities including terrorism or (b) a positive track record of previous activities relevant to the fight against money laundering, tax evasion or financial criminal activities including terrorism.
Amendment 409 #
2016/0208(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 21 a (new)
Article 1 – paragraph 1 – point 21 a (new)
Amendment 445 #
2016/0208(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
Directive 2009/101/EC
Article 7 b – paragraph 3
Article 7 b – paragraph 3
Amendment 456 #
2016/0208(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
Directive 2009/101/EC
Article 7 b – paragraph 5
Article 7 b – paragraph 5
Amendment 461 #
2016/0208(COD)
Proposal for a directive
Article 2 a (new)
Article 2 a (new)
Directive 2013/36/EU
Article 56 – paragraph 1 – point f a (new)
Article 56 – paragraph 1 – point f a (new)
Amendment 463 #
2016/0208(COD)
Proposal for a directive
Article 2 b (new)
Article 2 b (new)
Directive 2009/138/EC
Article 68 – paragraph 1 – point b – point iii a (new)
Article 68 – paragraph 1 – point b – point iii a (new)
Amendment 52 #
2016/0107(COD)
Proposal for a directive
Recital 4
Recital 4
(4) Calling for a globally fair and modern international tax system in November 2015, the G20 endorsed the OECD ‘Action Plan on Base Erosion and Profit Shifting’ (BEPS) which aimed at providing governments with clear international solutions to address the gaps and mismatches in existing rules which allow corporate profits to shift to locations of no or low taxation, where no real value creation may take place. In particular, BEPS Action 13 introduces a country-by- country reporting by certain multinational undertakings to national tax authorities on a confidential basis. The globally-agreed standard thus rejected public disclosure of this sensitive commercial information that would allow foreign companies to draw conclusions on trade secrets and the potential of market exploitations of their competitors. On 27 January 2016, the Commission adopted the ‘Anti-Tax Avoidance Package’, going beyond the OECD BEPS framework. One of the objectives of that package is to transpose into Union law, the BEPS Action 13 by amending Council Directive 2011/16/EU20. __________________ 20 Council Directive 2011/16/EU of 15 February 2011 on administrative cooperation in the field of taxation and repealing Directive 77/799/EEC (OJ L 64, 11.3.2011, p. 1).
Amendment 56 #
2016/0107(COD)
Proposal for a directive
Recital 4 a (new)
Recital 4 a (new)
(4a) In a globalised world, it is sensible to reach agreements on tackling tax evasion internationally. This should first and foremost be done through the OECD and the G20. A common international tax framework is a more desirable outcome than EU specific measures which may put the European business community at a competitive disadvantage at the time when the Commission is trying to boost investment in the EU through the Capital Markets Union (CMU) and the Fund for Strategic Investments (EFSI).
Amendment 65 #
2016/0107(COD)
Proposal for a directive
Recital 5
Recital 5
Amendment 116 #
2016/0107(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2013/34/EU
Chapter 10 a – Article 48 b – paragraph 1 – subparagraph 1
Chapter 10 a – Article 48 b – paragraph 1 – subparagraph 1
Member States shall require ultimate parent undertakings governed by their national laws and having a consolidated net turnover exceeding EUR 750 000 000 as reflected in their consolidated financial statements as well as undertakings governed by their national laws that are not affiliated undertakings and having a net turnover exceeding EUR 750 000 000 as reflected in their consolidated financial statements to draw up and publish a report on income tax information on an annual basisas regards the last financial year.
Amendment 129 #
2016/0107(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2013/34/EU
Chapter 10 a – Article 48 b – paragraph 1 – subparagraph 2 a (new)
Chapter 10 a – Article 48 b – paragraph 1 – subparagraph 2 a (new)
Member States shall not apply the rules set out in this paragraph where such undertakings operate only within the territory of one single Member State and in no other tax jurisdiction.
Amendment 139 #
2016/0107(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2013/34/EU
Chapter 10 a – Article 48 b – paragraph 3 – subparagraph 1
Chapter 10 a – Article 48 b – paragraph 3 – subparagraph 1
Member States shall require the medium- sized and large subsidiary undertakings referred to in Article 3(3) and (4) which are governed by their national laws and controlled by an ultimate parent undertaking which has a consolidated net turnover exceeding EUR 750 000 000 and which is not governed by the law of a Member State, to publish the report on income tax information of that ultimate parent undertaking on an annual basisf the last financial year to the extent that the information is available to the subsidiary undertaking.
Amendment 147 #
2016/0107(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2013/34/EU
Chapter 10 a – Article 48 b – paragraph 4 – subparagraph 1
Chapter 10 a – Article 48 b – paragraph 4 – subparagraph 1
Member States shall require branches which are opened in their territories by an undertaking which is not governed by the law of a Member State to publish on an annual basis the report on income tax information of the ultimate parent undertaking referred to in point (a) of paragraph 5 of this Article to the extent that the information is available.
Amendment 225 #
2016/0107(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2013/34/EU
Chapter 10 a – Article 48 c – paragraph 3 a (new)
Chapter 10 a – Article 48 c – paragraph 3 a (new)
3a. Member States may allow information required to be disclosed under paragraphs 2 and 3 of this Article to be omitted when its nature is such that it would be seriously prejudicial to the commercial position of the undertakings to which it relates. Any such omission shall be disclosed in the report.
Amendment 251 #
2016/0107(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2013/34/EU
Chapter 10 a – Article 48 g
Chapter 10 a – Article 48 g
Amendment 271 #
2016/0107(COD)
Proposal for a directive
Article 2 – paragraph 1 – subparagraph 1
Article 2 – paragraph 1 – subparagraph 1
Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by [Publications Office - set the date = onetwo years after entry into force] at the latest. They shall forthwith communicate to the Commission the text of those provisions.
Amendment 40 #
2016/0011(CNS)
Draft legislative resolution
Paragraph 2
Paragraph 2
2. Calls on the Commission to alter its proposal accordingly, in accordance with Article 293(2)withdraw its proposal and submit, following an extensive and independent impact assessment, a new proposal fully implementing the OECD's anti-BEPS measures; insists thereby that such a proposal fulfils all the following criteria: - The proposal should provide measures to counter harmful tax practices, to prevent Treaty abuse and to improve effectiveness of dispute resolution; - The proposal should only go beyond the OECD's anti-BEPS action plan after an extensive and independent impact assessment unambiguously demonstrates no adverse impact of the proposed measures on the competitiveness of the Union economies especially in relation to third countries, nor ofn the Treaty onopportunities to attract investment in the Union - The proposal should reinforce the Ffunctioning of the European Union;internal market; - The proposal should strictly respect the fundamental principles of subsidiarity and proportionality.
Amendment 127 #
2015/2344(INI)
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas there is little public support for permanent fiscal transfers and federal decision making structures within the Economic and Monetary Union;
Amendment 622 #
2015/2344(INI)
Motion for a resolution
Paragraph 29 a (new)
Paragraph 29 a (new)
29a. Warns that the set-up of a euro area fiscal capacity even in the form of an insurance system could result in permanent transfers ;
Amendment 35 #
2015/2285(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the euro area’s current account surplus continues to rise, while the European Union still faces an important investment gap mainly because of a lack of meaningful institutional and structural reform;
Amendment 49 #
2015/2285(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas the lack of meaningful structural reform and budgetary discipline in the Member States has pressured the European Central Bank to pursue an accommodating monetary policy which is endangering monetary stability;
Amendment 55 #
2015/2285(INI)
Motion for a resolution
Recital D b (new)
Recital D b (new)
Db. whereas the euro area still lacks a procedure that provides for an orderly exit of its members, which has intensified centrifugal forces within the Economic and Monetary Union;
Amendment 89 #
2015/2285(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Notes that the European Union’s global competitiveness remains an important objective, while the worsening global outlook calls for strengthening domestic sources of growth, e.g. by meaningful structural reform, and better, as well as less, regulation;
Amendment 113 #
2015/2285(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Is encouraged byTakes note of some mild improvements in labour market indicators; calls for more effort to reduce poverty, social exclusion and growing inequalitieis concerned by high youth unemployment in economies with rigid labour markets;
Amendment 291 #
2015/2285(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Insists on implementation of the Stability and Growth Pact, while making use of available fiscal space, inter alia, to deal with security threats and refugee inflows and establishing a procedure to exit the euro area to be used in the event of non-compliance; considers creating a European mechanism for sovereign defaults inside and outside of the euro area;
Amendment 4 #
2015/2233(INI)
Motion for a resolution
Citation 6 a (new)
Citation 6 a (new)
- having regard to the Commission's Communication of 14 October 2015 entitled "Trade for All: Towards a More Responsible Trade and Investment Policy",
Amendment 5 #
2015/2233(INI)
Motion for a resolution
Citation 8 a (new)
Citation 8 a (new)
- having regard to 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,
Amendment 10 #
2015/2233(INI)
Draft opinion
Paragraph 1 – point a a (new)
Paragraph 1 – point a a (new)
(aa) to ensure that the agreement contains ambitious yet balanced disciplines and provisions covering the supply of insurance and insurance related services as well as banking and other financial services across all modes of supply;
Amendment 12 #
2015/2233(INI)
Draft opinion
Paragraph 1 – point a b (new)
Paragraph 1 – point a b (new)
(ab) to negotiate provisions that ensure that financial service suppliers of any one Party established in its territory of another are accorded most favoured nation treatment and national treatment as regards the purchase or acquisition of financial services by public entities;
Amendment 17 #
2015/2233(INI)
Motion for a resolution
Recital -A (new)
Recital -A (new)
-A. whereas the European Union is still struggling to overcome to the effects of the financial crisis, with low growth compounded by slowing growth rates in the largest emerging economies, low total factor productivity, significantly decreased volumes of investment, all compounded by weak demographics, including not only rising median age but also increasing dependency rates;
Amendment 18 #
2015/2233(INI)
Motion for a resolution
Recital -A a (new)
Recital -A a (new)
-Aa. whereas TiSA in it is current form and with it is existing negotiating Members is a plurilateral agreement, with the ambition that a concluded deal could eventually reach the critical mass to enable it to become a multilateral deal within the WTO framework; whereas nothing included in TiSA should prevent its compliance with the existing WTO system;
Amendment 20 #
2015/2233(INI)
Draft opinion
Paragraph 1 – point b a (new)
Paragraph 1 – point b a (new)
(ba) considers that the GATS prudential carve out contained in the annex on financial services has functioned well and without issue in ensuring that governments retain the ability to take actions necessary to maintain the stability and integrity of the financial system and should, notwithstanding any other provision of the agreement, be mirrored by provisions in TiSA;
Amendment 22 #
2015/2233(INI)
Draft opinion
Paragraph 1 – point b b (new)
Paragraph 1 – point b b (new)
(bb) to include provisions covering Mode IV supply that allow for the temporary movement of highly qualified professionals across borders for a specific purpose, for a limited period of time, and under condition stipulated by a contract and domestic legislation, while recognising that TiSA does not apply to measures affecting natural persons seeking access to the employment market of a party, nor measures regarding citizenship residence or employment on a permanent basis;
Amendment 27 #
2015/2233(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the TiSA negotiations are aimed at not only increasing market access and trade and investment but also achieving better international regulation, not lower domestic regulation, shaping globalisation to ensure that it reflects EU values and principles;
Amendment 32 #
2015/2233(INI)
Draft opinion
Paragraph 1 – point c
Paragraph 1 – point c
(c) to put stronger pressure on other negotiating parties to accept China’s request to join the negotiations, provided that China is prepared to match the ambition of the parties and agree to provisions already agreed and to continue offering this path to other BRICS countries;
Amendment 40 #
2015/2233(INI)
Draft opinion
Paragraph 1 – point d
Paragraph 1 – point d
(d) to ensure that the TiSA in no way hinders the negotiating agenda of the WTO, but, rather, fosters a valuable discussion on establishing ‘gold standards’ for tackling trade obstacles and developing regulatory best practices for financial services, and also prepares the ground for its possible adoption at multilateral level, provided that China is prepared to match the ambition of the parties and agree to provisions already agreed;
Amendment 48 #
2015/2233(INI)
Motion for a resolution
Recital C
Recital C
C. whereas any trade agreement must be a market opener for our companies abroad and a safety net for our citizens at homellowing them to develop their businesses and take an increasingly active role in developing global value chains;
Amendment 61 #
2015/2233(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas the EU is the world's largest importer and exporter of goods and services put together, with services accounting for 70% of total EU employment, 90% of EU job creation and 40% of the value of goods exported from Europe; whereas jobs in export industries pay higher salaries;
Amendment 65 #
2015/2233(INI)
Motion for a resolution
Recital E
Recital E
E. whereas the value of EU exports in services has doubled over the last 10 years to reach a value of €728bn in 2014; whereas TiSA is an opportunity for the EU to consolidate its position as the world leader in the field, with 24 % of global trade in services;
Amendment 67 #
2015/2233(INI)
Motion for a resolution
Recital F
Recital F
Amendment 91 #
2015/2233(INI)
Motion for a resolution
Recital H
Recital H
H. whereas non-tariff barriers, which on average represent more than 50 % of the cost of cross-border services, disproportionately affect small and medium-sized enterprises, which make up one third of EU service exports and which often lack the human and financial resources necessary to overcome those obstacles; whereas the elimination of unnecessary barriers would facilitate their internationalisation;
Amendment 110 #
2015/2233(INI)
Motion for a resolution
Recital J
Recital J
J. whereas citizens’' trust in the EU’'s trade policy is a mustessential, which can only be restoredmaintained and increased by ensuring not only beneficial outcomes in terms of employment and wealth creation for citizens and businesses, but also by ensuring the highest level of transparency, by maintaining constant dialogue with civil society, and by setting clear guidelines in the negotiations;
Amendment 145 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point a – point i
Paragraph 1 – point a – point i
i. to consider the TiSA negotiations as a stepping-stone towards renewed ambitions at WTO level, and to reinvigorate the discussions on services in the Doha Development Round; stresses therefore that nothing should be included in TiSA that would prevent its later integration into the WTO system;
Amendment 163 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point a – point ii
Paragraph 1 – point a – point ii
ii. to reiterate its support for an ambitious comprehensive and balanced agreement, which should unleash the untapped potential of a more integrated global services market, while fully guaranteeing compliance with the EU acquis; to shape globalisation and to create international standards, while fully preserving the right to regulate; to secure increased market access for European services suppliers in key sectors of interest, while accommodating specific carve-outs for sensitive sectorsecure substantially increased market access for European services suppliers in key sectors of interest, while accommodating specific carve-outs for sensitive sectors; to shape globalisation and to create international standards, while fully preserving the right to regulate and pursue legitimate public policy objectives such as public health, safety, environment, public morals and the promotion of cultural diversity;
Amendment 176 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point a – point iii
Paragraph 1 – point a – point iii
iii. to push for multilateralisation by crafting GATS-compatible provisions and by accepting new parties conditional on their acceptance of the already agreed rules and level of ambitions; to incentivise wider participation in the talks by granting interested parties observer status; to note that both the highest barriers and the highest growth potential regarding trade in services are to be found in the BRICS and the MINT countries; to recognise the importance of those countries for the EU, as export destinations with a rising middle class, as sources of intermediate inputs and as key hubs in global value chains; to open the way for the participation of China and other large emerging and dynamic economies;
Amendment 183 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point a – point iv
Paragraph 1 – point a – point iv
iv. to carry out the negotiations on a preferential basis and to limit the benefits of the agreement to TiSA parties until it is multilateralised, with the Most Favoured Nation (MFN) not applying to TiSA until that critical mass has been reached;
Amendment 185 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point a – point v
Paragraph 1 – point a – point v
Amendment 242 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point b – point ii
Paragraph 1 – point b – point ii
ii. to ensure reciprocityproportionate commitments among the parties at all levels; to condition any further commitments beyond the EU’'s current level of openness on the other parties’' proportionate offers across all sectors and modes; to support the use of horizontal commitment- related provisions as a means to set a common level of ambitions, and to take note that such minimum requirements would set clear parameters for countries interested in participating;
Amendment 246 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point b – point iii
Paragraph 1 – point b – point iii
iii. to exclude the provision of new services from the EU’s commisupport the Commission's mixed list approach to market access and national treatments;
Amendment 253 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point b – point iv
Paragraph 1 – point b – point iv
iv. to acknowledge that standstill and ratchet clauses do not apply to market access commitments, while supporting the use of standstill clauses in terms of national treatment to ensure that EU service providers continue to be protected from discrimination;
Amendment 264 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point b – point v
Paragraph 1 – point b – point v
v. to undertake limitedambitious commitments in Mode 1 so as to avoid regulatory arbitrage and social dumping; to, or the cross border supply of services, while ensureing that European rules are fully respected when a company provides a service from abroad to European consumers;
Amendment 273 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point b – point vi
Paragraph 1 – point b – point vi
vi. to take an ambitious approach in Mode 3 by seeking the removal of third-country barriers to commercial presence and establishment, such as foreign equity caps and joint venture requirements which is of crucial relevance in terms of increasing growth of services delivered through modes 1 and 4;
Amendment 329 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point c – point i
Paragraph 1 – point c – point i
i. to ensure cross-border data flows in compliance with the universal right to privacyEU data protection laws;
Amendment 349 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point c – point iii
Paragraph 1 – point c – point iii
iii. to ensure that European citizens’' personal data flow globally in full compliance with the data protection and security rules in force in Europe; to ensure that citizens remain in control of their own data; to reject, therefore, any ‘'catch-all’' provisions on data flows which are disconnected from any reference to the necessary compliance with data protection standards; to mirror the language used in the WTO Understanding on financial services;
Amendment 355 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point c – point iv
Paragraph 1 – point c – point iv
iv. to ensure that language on the national security clauses are grounded in appropriate necessity criteria; to firmly reject, therefore, any extension of the scope of the national security exemption enshrined in GATS Article XIVa exemption mirrors the GATS Article XIVa, so as to ensure that nothing in the agreement shall be construed as limiting the parties from taking action to ensure their essential security interests and those of their citizens;
Amendment 364 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point c – point v
Paragraph 1 – point c – point v
v. to recognise that digital innovation is ahas become a key driver of economic growth and productivity in the entire economy, underlining the need to ensure that TiSA contains modern and future orientated rules and disciplines concerning e- commerce preventing fragmentation and the establishment of new barriers to digital trade; to recognise the need for data flows; to seek, therefore, a comprehensive prohibition of forced data localisation requirements;
Amendment 388 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point d – point i
Paragraph 1 – point d – point i
i. to ensure that nothing in TiSA will prevent the EU and its Member States from maintaining and applying their labour and social regulations, as well as their legislation on entry and temporary staor applying measures to regulate the entry of natural persons into, or temporary stay in, its territory including those measures necessary to ensure the orderly movements of natural persons across its borders such as, inter alia, admission or conditions for admission for entry;
Amendment 406 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point d – point iii
Paragraph 1 – point d – point iii
iii. to recognise this chapter as an offensive interest for Europe, given that EU professionals are well-educated and mobile and that EU companies increasingly require the specific skills of foreign professionals inside Europe and their personnel outside Europe, in order to support the establishment of new business activities and that the benefits of TiSA on covered sectors would be enhanced if qualified professionals are able to move seamlessly among the parties;
Amendment 410 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point d – point iv
Paragraph 1 – point d – point iv
iv. to oppose any provisions regarding visas and other entry procedures except those aimed at increasing transparency and streamlining administrative procedures so that TiSA does not apply to measures affecting natural persons seeking access to the employment market of a party, nor measures regarding citizenship residence or employment on a permanent basis; to set requirements to ensure that temporary service providers return home;
Amendment 453 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point e – point v
Paragraph 1 – point e – point v
v. while stressing the need to increase worldwide access to financial services, to excludensure that any commitments in cross- border financial services from the EU’s commitments until there is convergence in financial regulation at the highest level, except in very limited and justified casesservices do not undermine the integrity and security of financial regulatory systems in the EU;
Amendment 489 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point g – point i
Paragraph 1 – point g – point i
i. to fully preserve European, national and local authorities’' right to regulate in pursuit of legitimate public policy objectives;
Amendment 498 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point g – point ii
Paragraph 1 – point g – point ii
ii. to promote good governance and transparency and to foster good practices in administrative and legislative processes, by encouraging the wide take-up of measures that strengthen the independence of decision-makers, increase the transparency of decisions, and reduce red tape; to stress that consumer protection and safety must be at the centre of regulatory endeavours;
Amendment 519 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point g – point v
Paragraph 1 – point g – point v
v. to request and publish a legal opinion prior to Parliament’'s vote on the final agreement, with a view to thoroughly assessing the two Annexes on domestic regulation and transparency in light of EU law, EU principles and international jurisprudence, and to assess whether the legal obligations set in these chapters are already respected in the EU;
Amendment 525 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point g – point vii
Paragraph 1 – point g – point vii
vii. to make information on trade-related regulations and how they are administered publicly available online; to place the emphasis on rules governing licensing and authorisations; to specifically push for the creation of a web-based one-stop shop information mechanism for SMEs and to include SMEs in it is conception;
Amendment 528 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point g – point viii
Paragraph 1 – point g – point viii
viii. to ensure that administrative fees charged to foreign companies are fair, tha and proportionate, that sufficient remedies making it possible to file a complaint in national courts exist, and that rulings are delivered in a reasonable period of time;
Amendment 533 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point g – point x
Paragraph 1 – point g – point x
x. to oppose any proposals callensure that nothing forin the mandatory submission of legislative proposals to third parties prior to their publicationagreement prevents the EU from taking decisions in the context of its better regulation agenda;
Amendment 539 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point h – point i
Paragraph 1 – point h – point i
i. to acknowledge that TiSA is an opportunity to ensure a competition by the rules, not for the rulesve level playing field among the parties by creating common disciplines and provisions aimed at ensuring a minimum level of best regulatory practice;
Amendment 549 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point h – point ii
Paragraph 1 – point h – point ii
ii. to endeavour to include a regulatory chapter on government procurement with a view to maximising the participation of European companies in foreign tenders; to deplorovercome the lack of transparency and market entry barriers regarding non- European calls for tenders and to denounce the lack of reciprocity in this area, as illustrated by the preferential treatment granted to domestic companies in several countries; to encourage the ratification and implementation by those parties who have not yet done so of the WTO Government Procurement Agreement and its 2011 revision; to call upon the Member States to reinvigorate discussions on the proposed international public procurement instrument;
Amendment 556 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point h – point iii
Paragraph 1 – point h – point iii
iii. to lower barriers to trade in energy- and environment-related services, given that an increasing number of services, such as installation, management and repairs, are sold together with products in these two areas; to acknowledge the explicit recognition of each party’'s sovereignty over energy resources in line with Treaty provisions and to preserve the EU’'s right to regulate, in particular so as to meet the European objectives of sustainability, security and affordability;
Amendment 562 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point i – point i
Paragraph 1 – point i – point i
i. to ensure the highest level of transparency, dialogue and accountability in line with existing WTO rules;
Amendment 570 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point i – point ii
Paragraph 1 – point i – point ii
ii. to ensure that the members of Parliament’'s Committee on International Trade receive all the negotiating documents related to TiSA where appropriate, ensuring that the negotiating position of the EU is not compromised; calls on Members to take full responsibility when handling such documents to ensure that the Parliament can continue to push for transparency across trade agreements;
Amendment 574 #
2015/2233(INI)
Motion for a resolution
Paragraph 1 – point i – point iii
Paragraph 1 – point i – point iii
iii. to welcome the substantial push for public transparency vis-à-vis the public since the 2014 European elections, including the publication of EU market access offers and the mandate granted by the Council; to further these efforts by providing fact sheets forexplaining in a clear and comprehensible way each part of the agreement and by publishing factual round- by-round feedback reports on the Europa website;
Amendment 330 #
2015/2221(INI)
Motion for a resolution
Paragraph 40
Paragraph 40
Amendment 352 #
2015/2221(INI)
Motion for a resolution
Paragraph 40 a (new)
Paragraph 40 a (new)
40a. Notes the Commission's proposal for a European Deposit Insurance Scheme; stresses, however, that risk reduction in the banking sector should precede risk sharing and that European banking legislation, in particular the DGSD and the BRRD, should be fully implemented by all Member States prior to the possible establishment of a Deposit Insurance Scheme at European level;
Amendment 360 #
2015/2221(INI)
Motion for a resolution
Paragraph 40 b (new)
Paragraph 40 b (new)
40b. Stresses that a possible Deposit Insurance Scheme at European level should focus on preventing moral hazard and reducing systemic risk;
Amendment 253 #
2015/2210(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Affirms that a credible commitment to the principle of no-bailout would reinstall ownership on national level without much need of further rules of economic governance, thus reinforcing the sovereignty and responsibility of Member States in terms of economic and fiscal policies;
Amendment 274 #
2015/2210(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Underlines the destructive impact of an overvalued currency on exports, production, employment, wages, income, government revenue and social security systems; calls on the Commission to explore innovative ways of lessening the need for painful internal devaluation;
Amendment 275 #
2015/2210(INI)
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Emphasizes that a currency union - in a currency area which is far from optimal - necessarily leaves some Member States trapped with a currency which is overvalued vis-à-vis other members in the currency union; deplores that no easy remedy for the disadvantaged members of the currency union exists and that internal devaluation implies great and long-lasting sacrifices of people living in these Member States;
Amendment 276 #
2015/2210(INI)
Motion for a resolution
Paragraph 18 c (new)
Paragraph 18 c (new)
18c. Calls on the Commission to openly acknowledge the fact that some problems of the weaker euro area economies are due to the impossibility of a nominal depreciation in the Eurosystem;
Amendment 277 #
2015/2210(INI)
Motion for a resolution
Paragraph 18 d (new)
Paragraph 18 d (new)
18d. Insists that European Semester documents be intellectually honest by discussing the full range of policy options available to tackle problems related to the overvaluation of a currency and to lessen the effects of austerity policies on ordinary people;
Amendment 290 #
2015/2210(INI)
Motion for a resolution
Paragraph 19 b (new)
Paragraph 19 b (new)
19b. Emphasizes that the European Fiscal Board will not have any more competences than are already with the Commission today, hence warns that the EFB may be a completely superfluous body whose only effect is additional costs for the taxpayer;
Amendment 7 #
2015/2190(DEC)
Draft opinion
Paragraph 3
Paragraph 3
3. Points out that ESMA when carrying out its activities needs to pay particular attention to the issue of proportionality and must strive to achieve outcomes that are unambiguous, coherent and free of superfluous complexity; recalls that the ESAs are responsible for micro- prudential supervision, whereas day-to- day supervision is conducted at national level;
Amendment 12 #
2015/2190(DEC)
Draft opinion
Paragraph 5
Paragraph 5
5. Acknowledges that the setting-up phase of ESFS has still not been completed and therefore notes that the tasks already entrusted to ESMA, as well as additional tasks envisaged in on-going legislative work, require an adequate level of staff and budget to allow for satisfactory supervision; suggests that, as EIOPA's workload is increasingly shifting from legislative tasks to supervisory convergence and enforcement, EIOPA's budget and manpower should shift accordingly; emphasises however that any potential increases in ESMA's means must be explained thoroughly and accompanied by rationalisation measures wherever possible;
Amendment 18 #
2015/2190(DEC)
Draft opinion
Paragraph 6
Paragraph 6
6. Stresses that given its limited resources, ESMA must stick strictly to the tasks assigned to it by the Union legislator and must not seek to broaden its mandate beyond those assignments; suggests that using national secondees on short-term contracts could assist permanent staff with legislative workload in times of high demand; stresses that while carrying out its work and in particular when drafting implementing legislation, ESMA needs to regularly and comprehensively inform the Union legislator about its activities; regrets that ESMA has in the past not always met that standard;
Amendment 23 #
2015/2190(DEC)
Draft opinion
Paragraph 7
Paragraph 7
Amendment 7 #
2015/2189(DEC)
Draft opinion
Paragraph 3
Paragraph 3
3. Points out that EIOPA when carrying out its activities needs to pay particular attention to the issue of proportionality and must strive to achieve outcomes that are unambiguous, coherent and free of superfluous complexity; recalls that the ESAs are responsible for micro- prudential supervision, whereas day-to- day supervision is conducted at national level;
Amendment 12 #
2015/2189(DEC)
Draft opinion
Paragraph 5
Paragraph 5
5. Acknowledges that the setting-up phase of ESFS has still not been completed and therefore notes that the tasks already entrusted to EIOPA, as well as additional tasks envisaged in on-going legislative work, require an adequate level of staff and budget to allow for satisfactory supervision; suggests that, as EIOPA's workload is increasingly shifting from legislative tasks to supervisory convergence and enforcement, EIOPA's budget and manpower should shift accordingly; emphasises however that any potential increases in EIOPA's means must be explained thoroughly and accompanied by rationalisation measures wherever possible;
Amendment 18 #
2015/2189(DEC)
Draft opinion
Paragraph 6
Paragraph 6
6. Stresses that given its limited resources, EIOPA must stick strictly to the tasks assigned to it by the Union legislator and must not seek to broaden its mandate beyond those assignments; suggests that using national secondees on short-term contracts could assist permanent staff with legislative workload in times of high demand; stresses that while carrying out its work and in particular when drafting implementing legislation, EIOPA needs to regularly and comprehensively inform the Union legislator about its activities; regrets that EIOPA has in the past not always met that standard;
Amendment 23 #
2015/2189(DEC)
Draft opinion
Paragraph 7
Paragraph 7
Amendment 8 #
2015/2188(DEC)
Draft opinion
Paragraph 3
Paragraph 3
3. Points out that EBA, when carrying out its activities, needs to pay particular attention to the issue of proportionality and must strive to achieve outcomes that are unambiguous, coherent and free of superfluous complexity; recalls that the ESAs are responsible for micro- prudential supervision, whereas day-to- day supervision is conducted at national level;
Amendment 13 #
2015/2188(DEC)
Draft opinion
Paragraph 5
Paragraph 5
5. Acknowledges that the setting-up phase of ESFS has still not been completed and therefore notes that the tasks already entrusted to EBA, as well as additional tasks envisaged in ongoing legislative work, require an adequate level of staff and budget to allow for satisfactory supervision; suggests that, as EBA's workload is increasingly shifting from legislative tasks to supervisory convergence and enforcement, EBA's budget and manpower should shift accordingly; emphasises, however, that any potential increases in EBA’'s means must be explained thoroughly and accompanied by rationalisation measures wherever possible;
Amendment 19 #
2015/2188(DEC)
Draft opinion
Paragraph 6
Paragraph 6
6. Stresses that, given its limited resources, EBA must stick strictly to the tasks assigned to it by the Union legislator and must not seek to broaden its mandate beyond those assignments; suggests that using national secondees on short-term contracts could assist permanent staff with legislative workload in times of high demand; stresses that, while carrying out its work and in particular when drafting implementing legislation, EBA needs to regularly and comprehensively inform the Union legislator about its activities; regrets that EBA has in the past not always met that standard;
Amendment 24 #
2015/2188(DEC)
Draft opinion
Paragraph 7
Paragraph 7
Amendment 14 #
2015/2140(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Encourages the Commission to conclude bilateral cooperation agreements with third countries on preserving competition, along the lines of the second-generation cooperation agreement of 2013 between the EU and Switzerland;
Amendment 17 #
2015/2140(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Encourages the Commission and the competition authorities of the Member States to participate actively in the International Competition Network;
Amendment 21 #
2015/2140(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Calls on the Commission to support developing countries in their efforts to promote fair competition and to further develop technical cooperation with the competition authorities of the emerging economies;
Amendment 40 #
2015/2127(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Calls on the EIB to pay special attention to private sector development in its lending outside the EU;
Amendment 43 #
2015/2127(INI)
Draft opinion
Paragraph 5 b (new)
Paragraph 5 b (new)
5 b. Calls on the EIB to leverage financial resources by partnering with others and by blending EU grants with EIB lending;
Amendment 33 #
2015/2095(INI)
Motion for a resolution
Citation 20 a (new)
Citation 20 a (new)
- having regard to articles 33 in juncto 35 of the Asylum Procedures Directive 2013/32/EU, and notably the principle of the first country of asylum;
Amendment 87 #
2015/2095(INI)
Motion for a resolution
Recital F
Recital F
F. whereas solidarity can take the forms of internal and external solidarity; and whereas relocation, mutual recognition of asylum decisions, operational support measures, a pro-active interpretation of the current Dublin Regulation and the Temporary Protection Directive are all tools for internal solidarity, while resettlement, humanitarian admission and search and rescue at sea promote external solidarity;
Amendment 112 #
2015/2095(INI)
Motion for a resolution
Recital H
Recital H
H. whereas the fight against migrant smuggling, trafficking and labour exploitation necessitates both short, medium and long-term responses, including measures to disrupt criminal networks and to bring criminals to justice, the gathering and analysis of data, measures to protect victims and to return irregularly staying migrants, and all asylum seekers who have irregularly crossed the EU's borders, as well as cooperation with third countries and longer-term strategies to address the demand for trafficked and smuggled persons and the root causes of migration which force people into the hands of criminal smugglers;
Amendment 129 #
2015/2095(INI)
Motion for a resolution
Recital J a (new)
Recital J a (new)
J a. whereas ineffective management of external borders should invoke automatic sanctions, i.e. the suspension, and where appropriate the loss, of Schengen membership of the EU Member State involved;
Amendment 130 #
2015/2095(INI)
Motion for a resolution
Recital K
Recital K
K. whereas the current Visa Code already allows Member States to deviate from the normal admissibility criteria for a vissue visas based ‘on humanitarian grounds’ (Articles 19 and 25); however, notes that there is a application ‘on humanitarian grounds’ (Articles 19 and 25)clear distinction between legal and economic migration, on the one side, and those seeking refuge and asylum, on the other side;
Amendment 133 #
2015/2095(INI)
Motion for a resolution
Recital K a (new)
Recital K a (new)
K a. whereas, unless the EU Coast and Border Guard's Return Office systematically performs push-backs to safe harbours, the EU's external borders would not actually be guarded and the influx would not be stemmed;
Amendment 137 #
2015/2095(INI)
Motion for a resolution
Recital L
Recital L
L. whereas 86 % of the world’s refugee population is hosted by non-industrialised countries; and whereas criminal networks and smugglers exploit the desperation of people trying to enter the EU while fleeing persecution or war, and of people seeking a better life;
Amendment 142 #
2015/2095(INI)
Motion for a resolution
Recital M
Recital M
M. whereas safe and legal routes for refugees to access the EU are limited, and many continue to take the risk of embarking on dangerous routes; and whereas the creation of new safe and lawful routes for asylum seekers and refugees to enter the EU, building on existing legislation and practices, would allow the EU and the Member States to have a better overview of the protection needs and of the inflowmassive and uncontrolled influx of economic migrants and asylum seekers needs to be addressed first, before new legal routes into the EU cand to undermine the business model of the smugglers be explored;
Amendment 155 #
2015/2095(INI)
Motion for a resolution
Recital N
Recital N
N. whereas EU-third country cooperation is developed through political instruments such as regional dialogues, bilateral dialogues, common agendas for migration and mobility and mobility partnerships, through legal instruments such as migration clauses in ‘global agreements’, readmission agreements, visa facilitation agreements and visa exemption agreements, and through operational instruments such as Regional Protection Programmes (RPP), Regional Development and Protection Programmes (RDPP), Frontex working arrangements and EASO cooperation with third countries; notes that at present readmission agreements with a number of third countries are proving to be ineffective, and the EU should seek to be more ambitious in their implementation and the creation of further agreements following the Valletta Summit;
Amendment 175 #
2015/2095(INI)
Motion for a resolution
Recital P a (new)
Recital P a (new)
P a. whereas many Syrian, Eritrean and other asylum seekers had de facto protection in Turkey, before coming to the EU;
Amendment 176 #
2015/2095(INI)
Motion for a resolution
Recital P b (new)
Recital P b (new)
P b. whereas, according to articles 33 in juncto 35 of the Asylum Procedures Directive 2013/32/EU, i.e. the principle of the first country of asylum, the application of an asylum seeker who had de jure or de facto protection outside the EU can be declared inadmissible, in order to return this person back to that host country;
Amendment 179 #
2015/2095(INI)
Motion for a resolution
Recital Q
Recital Q
Q. whereas the working-age population in the EU is projected to decline by 7.5 million by 2020; whereas projecird-country nationals face many difficulties in obtaining recognitions onf the development of labour market needs in the EU points to emerging and future shortages in specific fields; and whereas third-country nationals face many difficulties in obtainingir skills and foreign qualifications, whereas a better recognition of their foreign qualifications, and therefore tend to be over-qualified for their job goes hand in hand with the screening of skills;
Amendment 183 #
2015/2095(INI)
Motion for a resolution
Recital R
Recital R
Amendment 192 #
2015/2095(INI)
Motion for a resolution
Recital T
Recital T
T. whereas the existing fragmentation of budget lines and responsibilities can make it difficult to provide a comprehensive overview of how funds are used, and even to quantify exactly how much the EU spends on migration; notes that EU funds often can be slow to access for Member States in crisis situations; notes that Member States should look to make contributions through allocating experts and assets on a bilateral basis in order support frontline Member States;
Amendment 200 #
2015/2095(INI)
Motion for a resolution
Recital U
Recital U
U. whereas the CEAS includes a set of common rules for a common asylum policy, a uniform asylum status and common asylum procedures valid throughout the Union; whereas, however, many alerts, including the infringement decisions adopted by the Commission, show that the CEAS has not been fully implemented in many Member States; whereas implementation is essential in order to harmonise national laws and promote solidarity among Member States, and to create a system which is fair, effective, and discourages secondary movement across the EU; whereas Member States can seek supporting assistance from EASO to meet the standards required by the CEAS; whereas harmonisation of reception conditions and asylum procedures can avoid stress on countries offering better conditions and are key to responsibility sharing;
Amendment 207 #
2015/2095(INI)
Motion for a resolution
Recital V
Recital V
V. whereas the current mechanisms of the Dublin system have failed to be objective, to establish fair criteriaDublin system is the fundamental basis for allocating responsibility for applications for international protection and to provide swift access to protection; whereas the Dublin system is not being applied in practice, and explicit derogations have been adopted with two Council decisions on temporary relocation; and whereas the Commission has announced a proposal for a proper revision of the Dublin III Regulation by March 2016; whereas a good functioning Dublin Regulation with EU Member States being able to take on their responsibilities, is an essential component of the EU's asylum system;
Amendment 214 #
2015/2095(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Points out that solidarity must be the principle upon which Union action on migration is based; notes thatNotes the principle of solidarity, as set out in Article 80 TFEU, which covers asylum, immigration and border control policies; takes the view that Article 80 provides a legal basis ‘jointly’ with Articles 77-79 TFEU to implement the principle of solidarity in those areastresses that solidarity goes hand in hand with the responsibility of Member States to ensure that all EU rules which have been adopted are efficiently implemented; asks the European Commission to ensure that Member States are applying the EU acquis and asks, when necessary, that the Commission makes swift and effective use of infringement procedures; stresses that good implementation of the entire EU acquis is essential to stabilize the current crisis situation within the EU, and will be more effective than ad hoc decision- making regarding the implementation of EU law, or the creation of any new "magic bullet" laws;
Amendment 232 #
2015/2095(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Starts from the premise that stabilizing the current crisis and saving lives and must be a firstA priority, and that proper funding, at Union and Member State level, for search and rescue operations is essential is essential in order to carry out search and rescue operations, and operations to combat human traffickers; notes that there has been an increase in the number of irregular arrivals by sea and an alarming increase in the number of deaths at sea, and that a better European response is still required;
Amendment 243 #
2015/2095(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Takes the view that a permanent,at a robust and effective Union response into search and rescue operations at sea is crucial to preventing an escalating death toll of migrants attempting to cross the Mediterranean Sea;
Amendment 248 #
2015/2095(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Takes the view that these search and rescue operations should be accompanied by a systematic pushback policy that brings back all intercepted migrants to safe harbours outside the EU's external borders, where their applications will be processed and from where all asylum seekers that had de facto protection outside the EU can be returned to these safe havens, in full respect of EU secondary law, the Geneva Convention 1951, the prohibition of collective expulsion and the principle of non- refoulement;
Amendment 257 #
2015/2095(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Suggests, in that respect, that search and rescue capacities must be strengthened, and that Member States’' governments mustshould deploy more resources – in terms of financial assistance and assets – in the context of a Union-wide humanitarian operation, dedicated to finding, rescuing and assisting migrants in peril and bringreturning them to the closest place of safety;
Amendment 263 #
2015/2095(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Points out that private shipmasters or non-governmental organisations (NGOs) who genuinely assist persons in distress at sea should not risk punishment for providing such assistance; believes that merchant shipping should cannot provide an structural option in lieu of Member States and the Union fulfilling their obligations in terms of search and rescue;
Amendment 283 #
2015/2095(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Holds that any holistic approach to migration must necessarily contain measures aimed at disrupting, preventing, prosecuting and punishing the activities of criminal networks involved in the trafficking and smuggling of people; stresses that a robust EU standard should be established in order to avoid forum shopping on the part of smugglers and traffickers;
Amendment 307 #
2015/2095(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9 a. Calls urgently for progress to be made in order to initiate the third and final phase of EUNAVFOR Med (Operation Sophia);
Amendment 322 #
2015/2095(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10 a. Stresses that the EU must take action in order to disrupt human traffickers; but also the flow of money made as a consequence of this exploitative crime; notes that it is estimated that profits in excess of 20 billion euros are made from trafficking annually which often feeds into other kinds of criminality; notes that it is unfortunate that in a small number of cases, trafficking and smuggling of persons facilitates the entry of criminals; and therefore, it is essential that upon arrival all asylum seekers are fingerprinted under the EURODAC system and processed as soon as possible;
Amendment 346 #
2015/2095(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Stresses that Member States and the EU should continue to find ways to work with third countries, EUROPOL, and the EEAS in order to identify the modus operandi an routes of criminal groups; encourage third countries to lay down the strongest possible criminal sanctions against human traffickers and smugglers; and find effective ways of patrolling international waters and preventing the departure of trafficked vessels by assisting in their legal destruction;
Amendment 378 #
2015/2095(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Takes the view that relocation mechanisms need to be subject to strict conditions, i.e. effectively protecting the E.U.'s external borders and a fair redistribution key, and be accompanied by E.U. policy allowing Member States to conduct an effective national activation and integration policy;
Amendment 388 #
2015/2095(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recalls that, for the purposes of the Relocation Decisions, relocation will cover only those nationalities for which the proportion of positive decisions granting international protection in the Union has been 75 % or more for the preceding three months, on the basis of Eurostat data; notes that the Relocation Decisions will affect a relatively small number of people, and will leave out the large numbers of applicants originating from other third countries who cannot be relocated under those decisions; stresses therefore that it is essential that all other elements of the EU's asylum system operate effectively, and that all those individuals who do not qualify to stay in the EU are returned immediately in line with due legal process and the EU acquis;
Amendment 419 #
2015/2095(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Is of the opinion that, in addition to the criteria contained in the Relocation Decisions, namely the GDP of the Member State, the population of the Member State, the unemployment rate in the Member State, and the past numbers of asylum seekers in the Member State, consideration should be given to two other criteria, namely, the size of the territory of the Member State and, the population density of the Member State and its historical migration flows;
Amendment 444 #
2015/2095(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Takes the view that resettlement is one of the preferred options for granting safe and lawful access to the Union for refugees and those in need of international protection, wherin case the refugees can neither return to their home countries nor receive effective protection or be integrated into the host countryhad safe residence in a third-country of transit;
Amendment 461 #
2015/2095(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Points out that, given the unprecedented flows of migrants that have reached and continue to reach the Union’s external borders, and the steady increase in the number of people asking for international protection, the Union needs a binding and mandatory legislative approach to resettlement, as set out in the Commission’s agenda for migration; recommends that, to have an impact, such an approach must provide for resettlement of a meaningfulaximum number of refugees, with regard to the overall numbers of refugees seeking international protection in the Unionto be determined in advance;
Amendment 467 #
2015/2095(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Underlines that there is a need for a permanenta Union-wide resettlement programme, with mandatory participation by Member States, providing resettlement for a meaningfulaximum number of refugees, having regard to the overall number of refugees seeking protection can only be effective if accompanied by a systematic push-back policy in the Union;
Amendment 488 #
2015/2095(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Points out that humanitarian admission can be used as a complement to resettlement in order to give urgent protection, often on a temporary basis, to the most vulnerable where needed, e.g. unaccompanied minors or refugees with disabilities; calls upon Member States to look to national provisions to provide temporary humanitarian protection;
Amendment 490 #
2015/2095(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 502 #
2015/2095(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Points out that humanitarian visas provide persons in need of international protection with means of accessing a third country in order to apply for asylum; calls on the Member States to make use of any existing possibilities to provide for humanitarian visas at Union embassies and consular offices in countries of origin or transit countries; however, stresses that humanitarian visas should be dealt with in a separate instrument, and not included in EU Visa laws;
Amendment 516 #
2015/2095(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Points out that further steps and better implementation are necessary to ensure that the CEAS becomes a truly uniform system;
Amendment 525 #
2015/2095(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Recalls that a comprehensive assessment (in the form of the Commission’'s evaluation reports) of the implementation of this package, followed by a speedy follow-up in case implementation is unsatisfactory in certain Member States, is absolutely necessary in order to improve harmonisationthe asylum systems across all EU Member States;
Amendment 544 #
2015/2095(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Observes that the operation of the Dublin III Regulation10 has raised many questions linked to fairness and solidarity in the allocation of the Member State responsible for examining an application for international protection; notes that the current system does not take into sufficient consideration the particular migratory pressure faced by Member States situated at the Union’s external borders; believes that the European Union needs to accept the on-going difficulties with the Dublin logic, and to develop options for solidarity both among its Member States and the migrants concernedis under revision in order to increase its effectiveness and practicality during crisis situation; stresses however, that the basic principles of Dublin should not be changed regarding that an asylum seekers should be processed in the first Member State entered; stresses that this is essential in order to ensure proper processing, fingerprinting, the prevention of forum shopping and any possible pull factors; __________________ 10 Regulation (EU) No 604/2013 of the European Parliament and of the Council of 26 June 2013 establishing the criteria and mechanisms for determining the Member State responsible for examining an application for international protection lodged in one of the Member States by a third-country national or a stateless person (recast) (OJ L 180, 29.6.2013, p. 31).
Amendment 552 #
2015/2095(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
31. Points out that the pressure placed on the system – as established by the Dublin Regulation – by the rising number of migrants arriving in the Union has shown that, as implemented,some frontline E.U. Member States failed to take responsibility in putting the system – as established by the Dublin Regulation – in practice, and therefore theis system has largely failed to achieve its two primary goals of establishing objective and fair criteria for allocation of responsibility and of providing swift access to international protection;
Amendment 557 #
2015/2095(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
32. Further points out that, at the same time, the incidence of secondary movements across the Union remains high; views it as self-evident that, since its creation, the Dublin system was not designed to share responsibility among Member States, but that its main purpose was to assign swiftly responsibility for processing an asylum application to a single Member State;
Amendment 568 #
2015/2095(INI)
Motion for a resolution
Paragraph 33
Paragraph 33
33. Recommends that the criteria on which the Relocation Decisions are based should be built directly into the Union’s standard rules for allocating responsibility; emphasises that, in reviewing the Dublin Regulation, it is important to reflect on the value of describing certain asylum seekers as ‘applicants in clear need of international protection’, since those migrants and refugees who do not fall into that category would still – at least under the current system – have to be dealt with by the Member State of first arrivalRelocation Decisions and the Dublin Regulation are two separate instruments which should be undertaken at two separate stages; this is essential if both the Dublin Regulation and Relocation are to work effectively and expediently;
Amendment 582 #
2015/2095(INI)
Motion for a resolution
Paragraph 34
Paragraph 34
34. Takes the view that the European Union should support thfrontline Member States receiving the most asylum claims with proportionate and adequate financial and technical support; considers that the rationale of using solidarity and responsibility-sharing measures is to enhwith financial and technical support; and that Member States should ensure meaningful and sufficient assets, expertise, and finances the quality and functioning of the CEASo Agencies supporting frontline Member States; such as EASO and FRONTEX, especially in light of FRONTEX's proposed increased mandate;
Amendment 585 #
2015/2095(INI)
Motion for a resolution
Paragraph 34 a (new)
Paragraph 34 a (new)
34a. Takes the view that frontline Member States in peril having been offered such support, and refusing it to the disadvantage of other Member States, should be sanctioned;
Amendment 591 #
2015/2095(INI)
Motion for a resolution
Paragraph 35
Paragraph 35
Amendment 615 #
2015/2095(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
Amendment 630 #
2015/2095(INI)
Motion for a resolution
Paragraph 39
Paragraph 39
39. Believes that the asylum systems of some frontline Member States are already clearly overburdened and that the Temporary Protection Directive should – under its own logic – have been triggered; calls, in any case, for a clear definition of ‘mass influx’ to be established upon revision of this directive; understands that such a revision of the Temporary Protection Directive can form part of the review of the Dublin system;
Amendment 639 #
2015/2095(INI)
Motion for a resolution
Paragraph 40
Paragraph 40
40. Emphasises that hosting Member States must offer refugees support and opportunities to integrate and build a life in their new society and – as provided for in the Qualifications Directive12 – this should also include effective access to democratic structures in society; emphasises that integration is a two-way process and that respect for the values upon which the EU is built must be an integral part of the integration process; __________________ 12 Directive 2011/95/EU of the European Parliament and of the Council of 13 December 2011 on standards for the qualification of third-country nationals or stateless persons as beneficiaries of international protection, for a uniform status for refugees or for persons eligible for subsidiary protection, and for the content of the protection granted (OJ L 337, 20.12.2011, p. 9).
Amendment 657 #
2015/2095(INI)
Motion for a resolution
Paragraph 40 a (new)
Paragraph 40 a (new)
40 a. Emphasises that reception of asylum seekers in their region of origin could better contribute to their integration in a new community;
Amendment 658 #
2015/2095(INI)
Motion for a resolution
Paragraph 40 b (new)
Paragraph 40 b (new)
40 b. Calls on the Commission to review the Qualifications Directive in line with the Convention of Geneva of 1951, so that EU Member States can establish and conduct effective national activation and integration policies, taking into account inter alia the 'unemployment trap' caused by having to provide refugees with a minimum subsistence allowance;
Amendment 672 #
2015/2095(INI)
Motion for a resolution
Paragraph 42
Paragraph 42
Amendment 685 #
2015/2095(INI)
Motion for a resolution
Paragraph 43
Paragraph 43
43. Reaffirms that better recognition of foreign qualifications is one practical way of ensuring that those third-country nationals already present in the Union can integrate better, and; calls on the Commission to come forward with appropriate proposals in that regardwhich assess the skills of refugees and third country nationals, and how this can address skills shortages of the individual Member States;
Amendment 690 #
2015/2095(INI)
Motion for a resolution
Paragraph 43 a (new)
Paragraph 43 a (new)
43 a. Underlines that such an individual examination of the application can be achieved by applying articles 33 in juncto 35 of the Asylum Procedures Directive 2013/32/EU;
Amendment 704 #
2015/2095(INI)
Motion for a resolution
Paragraph 45
Paragraph 45
45. Encourages the Member States to seek to keep familiimmediate family relatives together, which will assist integration prospects in the long-term as the focus can be directed towards the establishment of a new life instead of concerns towards family members that are still in insecure situations;
Amendment 739 #
2015/2095(INI)
Motion for a resolution
Paragraph 48
Paragraph 48
48. Understands that the safeStresses that at present the rate of return of s for those people who, following an individual assessment of their asylum application, are determined not to be eligible for protection in the Union is something that must be carried out as part of the proper implementation of the CEASrsons who do not qualify for asylum or refuge in the EU is far too low; thus overburdening the system and preventing genuine asylum seekers from receiving assistance and causing shortages in services and reception facilities in Member States; stresses that the safe return of individuals is part of EU law, as much as any other legal instrument which forms part of the EU acquis; calls for any practical obstacles in place to be removed, in order to better assist returns;
Amendment 784 #
2015/2095(INI)
Motion for a resolution
Paragraph 51
Paragraph 51
51. Suggests that any attempt by Member States to ‘push back’ migrants who have not been given the opportunity to present asylum claims runs contrary toNotes that Member States who return migrants from the EU's external border should do so in compliance with Union and international law, and that the Commission should take appropriate action against any Member State that attempts such ‘push backs’international agreements, which entails inter alia the possibility of push backs to safe harbours where asylum applications can be treated;
Amendment 801 #
2015/2095(INI)
Motion for a resolution
Paragraph 52
Paragraph 52
52. Acknowledges the recent Commission proposal for a Union list of safe countries of origin, amending the Asylum Procedures Directive13 ; observes that if such a Union list would become obligatory for Member States it could, in principle, be an important tool for facilitatinghaving a common approach to returns and speeding up the asylum process, including return; __________________ 13 Directive 2013/32/EU of the European Directive 2013/32/EU of the European Parliament and of the Council of 26 June 2013 on common procedures for granting and withdrawing international protection (OJ L180, 29.6.2013, p. 60).
Amendment 814 #
2015/2095(INI)
Motion for a resolution
Paragraph 53
Paragraph 53
53. Regrets the current situation in which Member States apply different lists, containing different safe countries, hampering uniform application and incentivising secondary movemenWelcomes a uniform approach to safe third countries; but stresses that in addition to an EU list, Member States must also be able to keep national lists;
Amendment 851 #
2015/2095(INI)
Motion for a resolution
Paragraph 58 a (new)
Paragraph 58 a (new)
58 a. Stresses that EASO and FRONTEX should be able to independently assist in Member States failing to fulfil their legal obligations to ensure a functioning asylum system and external border control, under the instruction and monitoring of the Council and the European Commission, and that failure by the Member State involved to accept such assistance should lead to sanctions;
Amendment 854 #
2015/2095(INI)
Motion for a resolution
Paragraph 59
Paragraph 59
59. Observes that the EASO budget for 2015 for relocation, resettlement and the external dimension was a mere EUR 30 000; reiterates that this very small budget cannot be taken seriously in the light of current events in the Mediterranean and in the light of the multiple references made to EASO in the Relocation Decisions; recalls that significant increases in the budget of EASO, in its human resources and in the amounts it allocates in respect of relocation and resettlement, will be needed in the short, medium and long term; calls upon Member States to increase their contribution of resources and expertise;
Amendment 876 #
2015/2095(INI)
Motion for a resolution
Paragraph 61 a (new)
Paragraph 61 a (new)
61 a. Stresses that, in order to avoid free- riding, invoking the EU. Coast and Border Guard, in case EU Member States fall short in protecting the EU's common borders, should be disincentivised by invoking legal or financial sanctions;
Amendment 877 #
2015/2095(INI)
Motion for a resolution
Paragraph 61 b (new)
Paragraph 61 b (new)
61 b. Believes that, in line with the Geneva Convention 1951 and the principle of non-refoulement, the EU Coast and Border Guard's Return Office should focus on returning all intercepted asylum seekers that found de facto or legal protection outside the EU back to these safe havens, effectively applying the first country of asylum principle as inscribed in EU secondary law;
Amendment 880 #
2015/2095(INI)
Motion for a resolution
Paragraph 62
Paragraph 62
62. Looks forward to negotiations on the proposal within and between the co- legislators in the context of the ordinary legislative procedure, in accordance with Article 294 TFEU; and calls for any European Border Guard to be sufficiently equipped with resources and a mandate which can effectively manage the deficiencies of guarding the external border at a Member State level;
Amendment 944 #
2015/2095(INI)
Motion for a resolution
Paragraph 72 a (new)
Paragraph 72 a (new)
72 a. Regrets that the hotspots, called an essential part of the relocation mechanism by the European Commission, are still not fully operational, demonstrating the reluctance by both the European Commission and some front-line EU Member States to tackle secondary movements across the Schengen Area;
Amendment 981 #
2015/2095(INI)
Motion for a resolution
Paragraph 77
Paragraph 77
77. Notes that the Commission is considering a revision of Council Directive 2002/90/EC defining the facilitation of unauthorised entry, transit and residence; takes the view that anyone who provides dlifferent formse saving ofr humanitarian assistance to those in need should not be criminalised and that Union law should reflect that principle; but that individuals and organizations must not facilitate the illegal smuggling of individuals into the EU;
Amendment 987 #
2015/2095(INI)
Motion for a resolution
Paragraph 78
Paragraph 78
78. Underlines that another crucial step in dismantling criminal smuggling and trafficking networks is to prioritise financial investigations, as tracking and confiscating the profits of those criminal networks is essential if they are to be weakened and eventually dismantled; calls, in this regard, for the Member States to transpose swiftly and effectively the fourth Anti-Money Laundering Directive; and calls upon the European Commission to come forward with robust proposals in order to prevent, detect, and interrupt the flow of illicit money;
Amendment 1006 #
2015/2095(INI)
Motion for a resolution
Paragraph 81
Paragraph 81
81. Acknowledges that the basic instrument that sets out the objectives of the Union’s external policies on migration, asylum and borders is the GAMM; takes note that various instruments exist under that umbrella, including regional dialogues, bilateral dialogues, mobility partnerships, common agendas for migration and mobility, readmission agreements, visa facilitation agreements, visa exemption agreements, RPPs and RDPPs; notes that the EU must be more ambitious in securing and implementing returns and readmission agreements, and leveraging its resources, such as expenditures under the European Neighbourhood Policy (ENP), in order to have third countries cooperating in taking back their own nationals who do not qualify for asylum in the EU;
Amendment 1046 #
2015/2095(INI)
Motion for a resolution
Paragraph 86 a (new)
Paragraph 86 a (new)
86a. Stresses that the EU needs to encourage wealthy countries in conflict regions; and third countries across the globe, to offer resettlement and assist in providing aid and resources to those countries offering refugee in conflict regions; in order to discourage human trafficking; and prevent further loss of life through onward movement;
Amendment 1047 #
2015/2095(INI)
Motion for a resolution
Paragraph 86 b (new)
Paragraph 86 b (new)
86b. Stresses that the EU needs to act on supporting third countries offering refuge in conflict regions; both in terms of expertise and resources in order to ensure that there is not a "lost generation" of young people with no education or training;
Amendment 1083 #
2015/2095(INI)
Motion for a resolution
Paragraph 91
Paragraph 91
91. Highlights that the recent increase in arrivals of refugees and economic migrants into the Union has shown that, on their own, preventive measures are not sufficient for managing the current migration phenomena;
Amendment 1095 #
2015/2095(INI)
Motion for a resolution
Paragraph 92
Paragraph 92
92. Understands that, in the long term, greater impetus is needed in solving the geo-political issues that affect the root causes of migration, as war, poverty, corruption, hunger and a lack of opportunities means that people will still feel forced to flee to Europe unless Europe looks at how to help re-build those countries; points out that this means that the Commission and the Member States must put up the money to help build capacity in third countries, such as by facilitating investment and education, strengthening and enforcing asylum systems, helping to manage borders better, and reinforcing legal and judicial systems there; stresses that such investment is important in order to prevent "brain drain" from these countries; and to ensure that there is a young, educated, and ambitious workforce and society in the future;
Amendment 1131 #
2015/2095(INI)
Motion for a resolution
Paragraph 97 a (new)
Paragraph 97 a (new)
97a. Stresses that there should be a full and on-going assessment as to the effectiveness of EU funding and aid given to the third countries; and that the Commission should fully assess the impact of the money given in terms of stabilising the migrant crisis; stresses that there must be a clear and objective benefit for the EU and for asylum seekers;
Amendment 1132 #
2015/2095(INI)
Motion for a resolution
Paragraph 97 b (new)
Paragraph 97 b (new)
97b. Believes that a lack of asylum solidarity should lead to sanctions such as the suspension of socio-economic funds;
Amendment 1142 #
2015/2095(INI)
Motion for a resolution
Paragraph 101 a (new)
Paragraph 101 a (new)
101a. Notes that outside of the formal budget structures of the EU; Member States should look to support each other through the donation of assets and expertise;
Amendment 1155 #
2015/2095(INI)
Motion for a resolution
Paragraph 104
Paragraph 104
Amendment 1162 #
2015/2095(INI)
Motion for a resolution
Paragraph 105
Paragraph 105
Amendment 1167 #
2015/2095(INI)
Motion for a resolution
Paragraph 106
Paragraph 106
Amendment 1183 #
2015/2095(INI)
Motion for a resolution
Paragraph 110
Paragraph 110
Amendment 1191 #
2015/2095(INI)
Motion for a resolution
Paragraph 111
Paragraph 111
Amendment 1201 #
2015/2095(INI)
Motion for a resolution
Paragraph 111 a (new)
Paragraph 111 a (new)
111a. Takes the view that legal and economic migration and the EU jobs market should be dealt with entirely separately from the instruments intended to deal with asylum seekers and refuges; stresses that in order to have a quick and well-functioning system for both these areas it should be a two layered approach; points out that economic migrants and asylum seekers are two very different categories, which required individual and nuanced responses;
Amendment 1228 #
2015/2095(INI)
Motion for a resolution
Paragraph 117
Paragraph 117
117. Reiterates that special procedures to ensure facilitation of complaints foreseen by Directive 2009/52/EC providing for minimum standards on sanctions and measures against employers of illegally staying third-country nationals (the ‘Employers’ Sanctions Directive’) should be fully implemented and correctly applied in practice; believes that increased protection for those victims of trafficking, and for those smuggled into the Union, who cooperate and facilitate prosecution of traffickers and/or criminal smugglers, is necessary; suggests that, in addition, support should be given for the setting up of a European Business Coalition against Trafficking in Human Beings (as mooted in the 2014 Strategy against Trafficking in Human Beings) with the purpose of developing supply chains that do not involve trafficking in human beings;
Amendment 1233 #
2015/2095(INI)
Motion for a resolution
Paragraph 120
Paragraph 120
Amendment 1236 #
2015/2095(INI)
Motion for a resolution
Paragraph 120 a (new)
Paragraph 120 a (new)
120a. Stresses the importance of being respectful of Member States' competences;
Amendment 1238 #
2015/2095(INI)
Motion for a resolution
Paragraph 121
Paragraph 121
121. Believes, moreover, that it is clear that the directive should focus not just on the highly-qualified, but also on targeted high- qualification occupations where there are proven labour shortages; believes, in addition, that the revision of the Blue Card should be both ambitious and targeted, and should seek to remove the inconsistencies of the existing directive, particularly as regards parallel national schemes; recommends that thought be given to revising the scope to include those third-country nationals who could help tackle the gaps identified in EU labour markets;
Amendment 104 #
2015/0270(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) While key steps have been made towards ensuring the efficient functioning of the Banking Union, with the Single Supervisory Mechanism (the 'SSM') established by Council Regulation (EU) No 1024/201311 ensuring that the Union's policy relating to the prudential supervision of credit institutions in the euro area Member States and those non euro area Member States who choose to participate in the SSM (the 'participating Member States') is implemented in a coherent and effective manner and with the Single Resolution Mechanism (the ‘SRM’) established by Regulation (EU) No 806/2014 ensuring a consistent framework for the resolution of banks that are failing or likely to fail in the participating Member States, further steps are still needed to complete the Banking Unionreduce overall risks and risks specific to national banking systems before the Banking Union could be completed. __________________ 11 Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).
Amendment 114 #
2015/0270(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) In June 2015, the Five Presidents Report on Completing Europe’'s Economic and Monetary Union pointed out that a single banking system can only be truly single if confidence in the safety of bank deposits is the same irrespective of the Member State in which a bank operates. This requires single bank supervision, single bank resolution and single deposit insurance. The Five Presidents report therefore proposed to complete the Banking Union by establishing a European Deposit Insurance Scheme (EDIS), the third pillar of a fully-fledged Banking Union alongside bank supervision and resolution. Concrete steps in that direction should already be taken as a priority, with a re-insurance system at the European level for the national deposit guarantee schemeonly if and when conditions set out in this Regulation have been met. In other words, only if and when sufficient progress has a first step towards a fully mutualised approach. The scope of this reinsurance system should coincide with that of the SSMbeen made with respect to risk reduction and all banks in the Banking Union are deemed to be in a comparable, financially stable position, could a fair EDIS be established.
Amendment 125 #
2015/0270(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The great disparity in risks specific to national banking systems and the absence of a homogenous level of depositor protection can distort competition and create an effective barrier for the freedoms of establishment and free provision of services by credit institutions within the internal market. A commoOnly if and when sufficient progress has been made with respect to risk reduction and all banks in the Banking Union are deemed to be in a comparable, financially stable position, can a European deposit insurance scheme is therefore essbe instrumential forto the completion of the internal market in financial services.
Amendment 134 #
2015/0270(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) AlthoughWhile Directive 2014/49/EU already significantly improves the capacity of national schemes to compensate depositors, more efficient deposit guarantee arrangements are neededdesirable at the level of the Banking Union to ensure sufficient financial means to underpin the confidence of all depositors and thereby safeguard financial stability. EDIS wouldA well- designed deposit insurance system should not harm the level of protection that depositors currently enjoy and has the potential to increase the resilience of the Banking Union against future crises by sharing risk more widely and wouland offer equal protection for insured depositors, supporting the proper functioning of the internal market.
Amendment 144 #
2015/0270(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) The establishment of an well- designed EDIS, with decision-making, monitoring and enforcement powers centralised and entrusted to the Single Resolution and Deposit Insurance Board ("the Board"), will be esscould be instrumential in achieving the objective of a more harmonised deposit guarantee framework. The uniform application of the deposit guarantee requirements in the participating Member States willcould be enhanced as a result of it being entrusted to such a central authority. In this way, the operation of EDIS shcould facilitate, by supporting and providing a framework for the establishment and subsequent implementation of uniform rules on deposit guarantee arrangements, the harmonisation process in the field of financial services.
Amendment 145 #
2015/0270(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) Furthermore, EDIS is part of the wider EU rules harmonising prudential supervision and recovery and resolution, which are complementary aspects of the internal market for banking services. Supervision can onpotentially be more effective and meaningful if an adequate deposit insurance scheme, corresponding to the developments in the field of supervision well-designed EDIS, preceded by measures aimed at reducing overall risks in the Banking Union and risks specific to national banking systems, is created. EDIS is thereforcould be instrumental to a wider process of harmonisation and its objectives are closely linked to the Union framework on prudential supervision and recovery and resolution whose centralised application are mutually dependant. For instance, adequate coordination at the level of supervision and deposit guarantee is needed in cases where the European Central Bank (ECB) envisages withdrawing an authorisation to a credit institution or where a credit institution does not comply with the obligation to be a member of a DGS. A similar high level of integration is needed between the resolution actions and the deposit insurance tasks attributed to the Board.
Amendment 147 #
2015/0270(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) This Regulation applies only in respect of banks whose home supervisor is the ECB or the national competent authority in Member States whose currency is the euro or in Member States whose currency is not the euro which have established a close cooperation in accordance with Article 7 of Regulation (EU) No 1024/2013. The scope of application of this Regulation is linked to the scope of application of Regulation (EU) No 1024/2013. Indeed, bearing in mind the significant level to which the supervisory tasks attributed to the SSM and deposit guarantee actions are interwoven, the establishment of a centralised system of supervision operated under Article 127(6) of the Treaty on the Functioning of the European Union is fundamentally important to the process of harmonisation of deposit guarantee in participating Member States. The fact of being subject to supervision by the SSM constitutes a specific attribute that places the entities falling within the scope of application of Regulation (EU) No 1024/2013 in an objectively and characterised distinct position for deposit guarantee purposes. It is necessary to adopt measures to create a single deposit insurance scheme aimed at reducing overall risks in the Banking Union and risks specific to national banking systems, before all Member States participating in the SSM in order to more harmonised deposit insurance scheme, potentially facilitateing the proper and stable functioning of the internal market, could be established.
Amendment 163 #
2015/0270(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) EDIS should progressively evolve from a reinsurance scheme into a fully mutualised co-insurance scheme over a number of years. In the context of efforts to deepen the EMU, together with the work on the establishment of bridge- financing arrangements for the Single Resolution Fund (SRF) and on developing a common fiscal backstop, this step is necessary to reduce the bank/The establishment of EDIS balances, on the one hand, the objective of breaking the bank-sovereign link, and on the other hand, the objective of preventing risks and perverse incentives related to moral hazard. A single European deposit insurance scheme could indeed potentially lead to more risks, in particular those related to moral hazard, since the large majority of national economic and fiscal policy measures may affect banks' balance sheets and national banking systems as a whole. For this reason, EDIS provides only liquidity support. Also, in order to assist in the achievement of the objective to break the bank-sovereign link, it is necessary to make sure that the insolvereign links in individual Member States by means of steps towards risk sharing among all the Member States in the Banking Union, and thereby to reinforce the Banking Union in achieving its key objective. However, such risk sharing implied by steps to reinforce Banking Union must proceed in parallel with risk reducing measures designed to break the bank-sovereign link more directly. ncy of a Member State does not immediately result in the insolvency of the banks in the Member State concerned, and hence in recourse to EDIS because of sovereign default. That is why one of the conditions that need to be fulfilled prior to the establishment of EDIS should be the application of legislation introducing non-zero risk weights for sovereign exposures or measures to address concentration risks, such as large exposure limits. Moreover, as risks, for instance those related to non-performing loans, still differ greatly between different national banking systems, it is essential to prevent legacy sharing, which is unfair to the depositors that currently enjoy high levels of protection, by making sufficient progress with respect to measures aimed at reducing overall risks and risks specific to national banking systems before a more harmonised European deposit insurance scheme could be established.
Amendment 175 #
2015/0270(COD)
Proposal for a regulation
Recital 18
Recital 18
Amendment 188 #
2015/0270(COD)
Proposal for a regulation
Recital 19
Recital 19
(19) In the reinsurance stage, and in order to limit the liability for the European Deposit Insurance Fund (“the Deposit Insurance Fund”) and tEDIS shall cover a gradually increasing share of the liquidity shortfall of participating DGSs. To reduce moral hazard risk at the national level, assistance from the European Deposit Insurance Fund can only be requested if the national DGS has raised ex-ante contributions in accordance with a precise funding path, and if it("the Deposit Insurance Fund") will only be available if the national DGS has raised a sufficient amount of ex-ante contributions, and if the national DGS first depletes theseits own funds. However, to the extent that a national DGS has collected funds over and above that which is required by the funding path, it only needs to use up the funds it had to collect to comply with the funding pathrequirement before being able to receive coverage by EDIS. Therefore, DGSs which have collected more funds than is needed to comply with the funding pathrequirement should not be in a worse position than those which have collected funds not exceeding the levels set out in the funding pathfunding requirement.
Amendment 194 #
2015/0270(COD)
Proposal for a regulation
Recital 20
Recital 20
Amendment 205 #
2015/0270(COD)
Proposal for a regulation
Recital 21
Recital 21
Amendment 212 #
2015/0270(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) Safeguards should be built into EDIS so as to limit moral hazard risk and to ensure that the coverage by EDIS is only provided where nationals DGSs act in a prudent manner. Firstly, national DGSs should comply with their obligations under this Regulation, the Directive 2014/49/EU and other relevant EU law, in particular their obligation to build up their funds in accordance with Article 10 of Directive 2014/49/EU as further specified in this Regulation. In order to benefit from coverage by EDIS, participating DGSs need to raise a sufficient amount of ex- ante contributions in accordance with a precise funding pathrequirement. This also implies that the possibility of a target level reduction in accordance with Article 10(6) of Directive 2014/49/EU is no longer available if the DGS wants to benefit from EDIS. Secondly, in case of a pay-out event or where its funds are used in resolution, a national DGS should bear athe fairst share of the loss themselves. It should thereforealso be required to collect ex-post contributions from its members to replenish its fund and to repay EDIS to the extent that the initially received funding exceeds the share of loss to be borne by EDIS. Thirdly, following a pay- out event, the national DGS should maximise the proceeds from the insolvency estate and repay the Board and the Board should have sufficient powers to safeguards its rights. Fourthly, the Board should have the powers to recover all or part of funding in case of a participating DGS did not comply with key obligations.
Amendment 219 #
2015/0270(COD)
Proposal for a regulation
Recital 23
Recital 23
Amendment 229 #
2015/0270(COD)
Proposal for a regulation
Recital 24
Recital 24
(24) The Deposit Insurance Fund should be financed by direct contributions from bankparticipating DGSs. Decisions taken within the EDIS, requiring the use of the Deposit Insurance Fund or of a national deposit guarantee scheme should not impinge on the fiscal responsibilities of the Member States. In that regard, only extraordinary public financial support should be considered to be an impingement on the budgetary sovereignty and fiscal responsibilities of the Member States.
Amendment 237 #
2015/0270(COD)
Proposal for a regulation
Recital 26
Recital 26
(26) Contributions would be directly levied on bankparticipating DGSs to finance the Deposit Insurance Fund. The Board would collect the contributions and administer the Deposit Insurance Fund, while national DGSs would continue to collect national contributions and administer national funds using their own methodology. In order to ensure fair and harmonised contributions for participating bankDGSs and provide incentives to operate under a model which presents less risk, both contributions to EDIS and to national DGS should be calculated on the basis of covered deposits and a risk-adjustment factor per bank. During the re-insurance period tparticipating DGS. The risk-adjustment factor should consider the degree of risk incurred by a bank relative to all other banks affiliated to the same participating DGS. Once the stage of co-insurance is reached, the risk- adjustment factor should consider the degree of risk incurred by a bank relative to all other bankparticipating DGS and its affiliated credit institutions relative to all other participating DGSs and their affiliated credit institutions established in the participating Member States. This would ensure that, overall, EDIS is cost- neutral for banks and national DGSs and avoid any redistribution of contributions during the build-up phase of the Deposit Insurance Fund.
Amendment 245 #
2015/0270(COD)
Proposal for a regulation
Recital 27
Recital 27
(27) In principle, contributions should be collected from the industry prior to, and independently of, any deposit insurance action. When prior funding of the participating DGS is insufficient to cover the losses or costs incurred by the use of the Deposit Insurance Fund, additional contributions should be collected to bear the additional cost or loss. Moreover, the Deposit Insurance Fund shouldiquidity shortfall, additional contributions should be collected. Moreover, the Board should, to a certain extent, be able to contract borrowings or other forms of support from credit institutions, financial institutions or other third parties in the event that the ex- ante and ex post contributions are not immediately accessible or do not cover the expenses incurred by the use of the Deposit Insurance Fund in relation to deposit insurance actions in accordance with this Regulation.
Amendment 253 #
2015/0270(COD)
Proposal for a regulation
Recital 29
Recital 29
(29) The initial and final target level of the Deposit Insurance Fund should be established as a percentage of the total minimum target levels of participating DGS. It should progressively reach 20% of four ninth of the total minimum target levels by the end of the reinsurance period and the sum of all minimum target levels by the end of the co-insurance period5 % of the aggregated minimum target level that participating DGSs shall reach in accordance with the first subparagraph of Article 10(2) of Directive 2014/49/EU. The possibility to apply for approval to authorise a lower target level in accordance with Article 10(6) of Directive 2014/49/EU should not be considered when setting the initial or final target levels of the Deposit Insurance Fund. An appropriate time frame should be set to reach the target level for the Deposit Insurance Fund.
Amendment 271 #
2015/0270(COD)
Proposal for a regulation
Recital 34
Recital 34
(34) In order to guarantee its full autonomy and independence when undertaking deposit insurance actionsng under this Regulation, the Board should have an autonomous budget with revenues from obligatory contributions from the institutions in the participating Member States. This Regulation should be without prejudice to the ability of Member States to levy fees to cover the administrative expenses of their national DGSs or designated authorities.
Amendment 274 #
2015/0270(COD)
Proposal for a regulation
Recital 36
Recital 36
(36) The Board should operate in joint- plenary, plenary and executive sessions. The Board, in its executive session, should prepare all decisions concerning pay-out procedures and, to the fullest extent possible, adopt those decisions. Regarding the use of the Deposit Insurance Fund, it is important that there is no first-mover advantage and that the outflows of the Deposit Insurance Fund are monitored. Once the net accumulated use of the Deposit Insurance Fund in the previous consecutive 12 months reaches the threshold of 25% of the final target levelFor this reason, the plenary session should evaluate, on an annual basis, the application of the deposit insurance actions or the participations in resolution actions and the use of the Deposit Insurance Fund, and. It should also provide guidance which the executive session should follow in subsequent decisions. Guidance to the executive session should, in particular, focus on ensuring the non-discriminatory application of deposit insurance actions or participation in resolution actions, on measures to be taken to avoid a depletion of the Deposit Insurance Fund.
Amendment 287 #
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 stages:that provides a gradually increasing level of liquidity support for participating deposit guarantee schemes in accordance with Article 41a. The establishment shall be contingent upon the fulfilment of the conditions set out in paragraph 2a of this article.
Amendment 298 #
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 1
Article 1 – paragraph 2 – subparagraph 1 – indent 1
Amendment 303 #
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 308 #
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 3
Article 1 – paragraph 2 – subparagraph 1 – indent 3
Amendment 313 #
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 a (new)
Article 1 – paragraph 2 a (new)
2a. Part IIa and Section 1a and 2 of Chapter 2 of Title V of Part III of this Regulation shall apply from no earlier than the fulfilment of the following conditions: (a) the application, immediately or where relevant after the expiry of the transposition period, of the international standard for Total Loss Absorbing Capacity (TLAC) for Global Systemically Important Banks (G-SIBs), and of revised rules in relation to a minimum requirement for own funds and eligible liabilities (MREL), for all credit institutions affiliated to the participating DGSs; (b) the application, immediately or where relevant after the expiry of the transposition period, of an insolvency ranking for credit institutions, harmonised at Union level, in relation to subordinated debt; (c) the application, immediately or where relevant after the expiry of the transposition period, of a Union framework for business insolvency in relation to the early restructuring of companies in order to prevent and better handle the pressing issue of non- performing loans; (d) the application, immediately or where relevant after the expiry of the transposition period, of an act amending Regulation (EU) No 575/2013 and Directive 2013/36/EU, resulting in a binding leverage ratio requirement with additional requirements for G-SIBs; (e) the application of legislation introducing moratorium powers for supervisors and resolution authorities in respect of credit institutions affiliated to the participating DGSs; (f) the application of legislation introducing non-zero risk weights for sovereign exposures or measures to address concentration risks, such as large exposure limits; (g) adherence by all credit institutions to the minimum capital requirements in the baseline scenario of an Asset Quality Review (AQR) for all credit institutions affiliated to the participating DGSs, to be conducted between 1 January 2020 and 31 December in 2022. Without prejudice to subparagraph 1, the European Parliament and the Council shall, on the basis of verification by the Commission of compliance with the conditions in subparagraph 1, to be conducted no earlier than 1 January 2023, adopt a legislative act in order to establish the exact date of application of Part IIa and Section 1a and 2 of Chapter 2 of Title V of Part III of this Regulation.
Amendment 315 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 806/2014
Article 2 – paragraph 2 – subparagraph 1 – point b
Article 2 – paragraph 2 – subparagraph 1 – point b
(b) credit institutions affiliated to participating deposit-guarantee schemes, excluding the entities referred to in Article 2(5) of Directive 2013/36/EU and branches of credit institutions established in third countries referred to in Article 15 of Directive 2014/49/EU.
Amendment 344 #
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 - title
Part IIa - title I - title
TITLE I: ESTAGESBLISHMENT OF EDIS
Amendment 348 #
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 1 – title
Part IIa – title I – chapter 1 – title
Reinsurance Insurance
Amendment 355 #
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 41a – title
Article 41a – title
Amendment 364 #
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 41a – paragraph 1
Article 41a – paragraph 1
1. As from the date of application set out inby the legislative act referred to in subparagraph 2 of Article 99(51 (2 a), participating DGSs are reinsured by EDIS in accordance with this Chapter for a period of three years (‘reinsurance period’).
Amendment 369 #
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 41a – paragraph 2
Article 41a – paragraph 2
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 374 #
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 41a – paragraph 2 a (new)
Article 41a – paragraph 2 a (new)
2a. The share of coverage under the second paragraph shall increase as follows: - in the first year it shall be 40 %; - in the second year it shall be 70 %; - in the third and subsequent years it shall be 100 %.
Amendment 378 #
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 41a – paragraph 3
Article 41a – paragraph 3
Amendment 387 #
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 41a – paragraph 4
Article 41a – paragraph 4
4. Neither the funding nor the excess loss coverThe liquidity support shall not exceed the lower of 20% of the initialone third of 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 388 #
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 41a – paragraph 4 a (new)
Article 41a – 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 394 #
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 41b – paragraph 2 a (new)
Article 41b – 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 397 #
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 41c
Article 41c
Amendment 409 #
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 2
Part IIa – title I – chapter 2
Amendment 425 #
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 3
Part IIa – title I – chapter 3
Amendment 453 #
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 4 – title
Part IIa – title I – chapter 4 – title
Common provisions Conditions for coverage
Amendment 458 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation No 806/2014
Article 41i – paragraph 1 – introductory part
Article 41i – 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 464 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation No 806/2014
Article 41i – paragraph 1 – point a
Article 41i – 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, 8 or 10 of Directive 2014/49/EU;
Amendment 468 #
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 41i – paragraph 1 a (new)
Article 41i – 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 469 #
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 41i – paragraph 1 b (new)
Article 41i – 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 470 #
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 41i – paragraph 1 c (new)
Article 41i – 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 471 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation No 806/2014
Article 41i – paragraph 2
Article 41i – 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 may order full or partial repayment of the funding to the DIFshall immediately order 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 486 #
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 41j – paragraph 1
Article 41j – paragraph 1
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: – by 3 July 2017: 0.14%; – by 3 July 2018: 0.21%; – by 3 July 2019: 0.28%; – by 3 July 2020: 0.28%; – by 3 July 2021: 0.26%; – by 3 July 2022: 0.20%; – by 3 July 2023: 0.11%; – by 3 July 2024: 0%. This is without prejudice to the first subparagraph of Article 10(2) of Directive 2014/49/EU.
Amendment 502 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation No 806/2014
Article 41j – paragraph 2
Article 41j – 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 509 #
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
Article 41 k
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 511 #
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 of this Regulation are met.
Amendment 523 #
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
Article 41 n – paragraph 1
The Board shall provide funding under Articles 41a(2), 41d(2) and 41h(2) in accordance with the following provisions:
Amendment 528 #
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 532 #
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 534 #
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 in full the 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 Article 41h.
Amendment 536 #
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 a (new)
Article 41 o – paragraph 1 a (new)
Amendment 537 #
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 b (new)
Article 41 o – paragraph 1 b (new)
1b. The following conditions for the repayment plan shall apply: (a) the minimum annual repayment by the participating DGS shall be 15 % of the funding provided by the Board under Article 41n; and (b) each year, the Board shall reassess the level of expected recoveries and recalibrate the repayment plan for the remaining years in accordance with that assessment.
Amendment 538 #
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 2
Article 41 o – paragraph 2
2. Until the termination of the insolvency or resolution procedure, the Board shall determine, on an annual basis, the amount the participating DGS has already recovered from the insolvency procedure or has already been paid in accordance with Article 75 of Directive 2014/59/EU. The participating DGS shall provide to the Board all information necessary to make this determination. The participating DGS shall pay to the Board a share of that amount which corresponds to the share that is covered by EDIS in accordance with Article 41a, Article 41d or Article 41h.
Amendment 541 #
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 544 #
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 repayment plan shall also establish the refunding path for the participating DGS to return to its target level as set out in Article 41j. The minimum yearly refunding of the participating DGS to return to its target level shall be 0.05 % of covered deposits or the amount remaining until the target level has been reached. In the event of insufficient funds, the repayment plan shall provide that the repayment of the funds provided by the DIF to the participating DGS shall take priority over the refunding of the participating DGS.
Amendment 545 #
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 b (new)
Article 41 o – paragraph 3 b (new)
3b. 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 546 #
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 558 #
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, evaluateevaluate, 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 565 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 24 – point b
Article 1 – paragraph 1 – point 24 – point b
Regulation (EU) No 806/2014
Article 54 – paragraph 2 – point g
Article 54 – paragraph 2 – point g
Amendment 572 #
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 576 #
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 1a (new)
Article 74 a – paragraph 1a (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 578 #
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 2
Article 74 a – paragraph 2
2. The Board shall use the DIF only in order to provide the funding to, and cover the losses of, participating DGS in the different stages set out in Article 1(2) andliquidity support to participating DGS in accordance with the objectives and the principles governing EDIS referred to in Article 6. Under no circumstances shall the Union budget or the national budgets be held liable for expenses or losses of the Fund.
Amendment 581 #
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 3
Article 74 a – paragraph 3
3. The owner of the DIF shall be the Board. The Board's activities under this Regulation may under no circumstances engage the budgetary liability of the Member States. This is without prejudice to Articles 41a (4 a), 41i (2), 41o (3 b) and 74g (3 a).
Amendment 585 #
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 3 a (new)
Article 74 a – paragraph 3 a (new)
3a. The DIF shall consist of: (a) individual risk-based subfunds, which are to be filled by each participating DGS; (b) a joint European risk-based subfund, which is to be filled by all participating DGSs.
Amendment 588 #
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 3b (new)
Article 74 a – paragraph 3b (new)
3b. When liquidity shortfall as set out in Article 41b is made available to a participating DGS, this shall be financed from: (a) in the first instance, the individual risk-based subfund of the participating DGS that receives the support; (b) in the second instance and after the individual risk-based subfund is exhausted, the joint risk-based subfund; (c) in the third instance and after the joint risk-based subfund is exhausted, the individual risk-based subfunds of all other participating DGSs, proportionate to the level of covered deposit of the participating DGSs.
Amendment 593 #
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 b – paragraph 1
Article 74 b – paragraph 1
1. By the end of the re3 July of the third year following the date of application set by the legislative act referred to in surance periodbparagraph 2 of Article 1 (2 a), the available financial means of the DIF shall reach an initial target level of 205 % of four ninth of the sum of thethe aggregated minimum target levels that participating DGSs shall reach in accordance with the first subparagraph of Article 10(2) of Directive 2014/49/EU.
Amendment 602 #
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 b – paragraph 1 a (new)
Article 74 b – paragraph 1 a (new)
1a. The target level for each individual risk-based subfund shall be equal to 12.5% of the minimum target level that participating DGSs shall reach in accordance with the first subparagraph of Article 10(2) of Directive 2014/49/EU.
Amendment 605 #
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 b – paragraph 1 b (new)
Article 74 b – paragraph 1 b (new)
Amendment 608 #
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 b – paragraph 1 c (new)
Article 74 b – paragraph 1 c (new)
1c. The individual risk-based subfunds and the joint risk-based subfund shall each adhere to the following funding path as a percentage of covered deposits: – by 3 July of the first year following the date of application set by the legislative act referred to in subparagraph 2 of Article 1 (2 a): 0,04%; – by 3 July of the second year following the date of application set by the legislative act referred to in subparagraph 2 of Article 1 (2 a): 0,07%; – by 3 July of the third year following the date of application set by the legislative act referred to in subparagraph 2 of Article 1 (2 a): 0,1%.
Amendment 615 #
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 b – paragraph 2
Article 74 b – paragraph 2
Amendment 621 #
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 b – paragraph 3
Article 74 b – paragraph 3
Amendment 628 #
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 b – paragraph 4
Article 74 b – paragraph 4
Amendment 632 #
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 b – paragraph 5
Article 74 b – paragraph 5
Amendment 639 #
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 maintain the 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 648 #
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 2 – subparagraph 1
Article 74 c – paragraph 2 – subparagraph 1
Amendment 651 #
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 2 – subparagraph 2
Article 74 c – paragraph 2 – subparagraph 2
After the reinsurance period, the Board itself shall calculate the contribution of each credit institution affiliated to a participating DGS. The Board shall apply the risk-based method established by the delegated act according to the third subparagraph of paragraph 5s regards the individual risk-based subfund, participating DGSs may collect the required amount of risk-based contributions from affiliated credit institutions using their own methodology.
Amendment 655 #
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 2 – subparagraph 3
Article 74 c – paragraph 2 – subparagraph 3
Amendment 663 #
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
Article 74 c – paragraph 4
Amendment 670 #
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 1
Article 74 c – paragraph 5 – subparagraph 1
The Commission ishall be empowered to adopt a delegated acts in accordance with Article 93 in order to specifyupplement this Regulation by specifying, in accordance with this paragraph, a risk-based method for the calculation of risk-based contributions in accordance withof participating DGSs to the joint risk-based subfund as referred to in paragraph 2 of this Article.
Amendment 677 #
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 2
Article 74 c – paragraph 5 – subparagraph 2
It shall adopt onethat delegated act specifying the method for the calculation of risk- based contributions payable toby participating DGSs and, for the reinsurance period only, to the DIFto the joint risk-based subfund. In thisat delegated act the calculation of these contributions shall be based on the amount of covered deposits and the degree of risk incurred by each credit institutionparticipating DGS relative to all other credit institutions affiliated to the same participating DGSs.
Amendment 678 #
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 2 a (new)
Article 74 c – paragraph 5 – subparagraph 2 a (new)
The risk-based contributions to be paid by participating DGSs to the joint risk-based subfund shall range between 50 % and 200 % aggregate risk weighting (ARW) of covered deposits.
Amendment 680 #
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 2 b (new)
Article 74 c – paragraph 5 – subparagraph 2 b (new)
On the basis of that delegated act and in accordance with the criteria laid down in subparagraph 4, the Board shall place participating DGSs in one of the following seven different ARW categories: (a) 50% ARW of risk-based contributions to the joint risk-based subfund; (b) 75% ARW of risk-based contributions to the joint risk-based subfund; (c) 100% ARW of risk-based contributions to the joint risk-based subfund; (d) 125% ARW of risk-based contributions to the joint risk-based subfund; (e) 150% ARW of risk-based contributions to the joint risk-based subfund; (f) 175% ARW of risk-based contributions to the joint risk-based subfund; (g) 200% ARW of risk-based contributions to the joint risk-based subfund.
Amendment 681 #
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 2 c (new)
Article 74 c – paragraph 5 – subparagraph 2 c (new)
The Board may set a wider interval upon the duly justified grounds that the limitation of the interval to 50%-200% does not sufficiently reflect the differences in business models and risk profiles of participating DGSs and would artificially group together participating DGSs with very different risk profiles.
Amendment 683 #
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 3
Article 74 c – paragraph 5 – subparagraph 3
Amendment 686 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Amendment 691 #
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 a
Article 74 c – paragraph 5 – subparagraph 4 – point a
(a) the level of loss absorbing capacity of thecredit institutions affiliated to a participating DGS;
Amendment 692 #
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 b
Article 74 c – paragraph 5 – subparagraph 4 – point b
(b) the ability of credit institution’s abffilityated to a participating DGS to meet its their short- and long-term obligations;
Amendment 694 #
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 c
Article 74 c – paragraph 5 – subparagraph 4 – point c
(c) the stability and variety of the institutions sources of funding and itssources of funding of credit institutions affiliated to a participating DGS and their unencumbered highly liquid assets’;
Amendment 698 #
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 d
Article 74 c – paragraph 5 – subparagraph 4 – point d
(d) the quality of the assets of credit institution’s assetsffiliated to a participating DGS;
Amendment 701 #
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 e
Article 74 c – paragraph 5 – subparagraph 4 – point e
(e) the institution’s business model and management of credit institutions affiliated to a participating DGS;
Amendment 704 #
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
Article 74 c – paragraph 5 – subparagraph 4 – point f
(f) the degree to which the assets of credit institution’s assetsffiliated to a participating DGS are encumbered.;
Amendment 709 #
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 potential for a participating DGS to achieve a full and timely recovery from insolvency procedures;
Amendment 714 #
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 b (new)
Article 74 c – paragraph 5 – subparagraph 4 – point f b (new)
(fb) the level and diversification of exposure to sovereign debt by credit institutions affiliated to a participating DGS.
Amendment 721 #
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 d
Article 74 d
Amendment 730 #
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 d a (new)
Article 74 d a (new)
Article 74da Attribution of repaid funding to subfunds 1. The Board shall attribute the received repayments of the funding provided to a participating DGS for a particular insolvency or resolution case to the different subfunds of the DIF. 2. To the extent necessary, received repayments will first be used to repay any alternative funding that was contracted by the Board for the purpose of providing funding to a participating DGS for a particular insolvency or resolution case. 3. Once all alternative funding is repaid, the allocation of the received repayments shall occur in the reverse order of the hierarchy established by Article 74a(3b). This allocation shall be based on the amount of funding provided from each subfund to a participating DGS for a particular insolvency or resolution case.
Amendment 739 #
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 1
Article 74 g – paragraph 1
1. The Board may contract for the DIF borrowings or other forms of support from institutions, financial institutions or other third parties, which offer better financial terms, at the most appropriate time so as to optimise the cost of funding and preserve its reputation. The proceeds of such borrowings shall be used exclusively to meet payment obligations towards participating DGSs, in the event that the amounts raised in accordance with Articles 74c and 74d are not immediately accessible or do not cover the amounts claimed from the DIF in relation to payout events.
Amendment 742 #
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 1 a (new)
Article 74 g – paragraph 1 a (new)
Amendment 747 #
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 1 b (new)
Article 74 g – paragraph 1 b (new)
1b. The total amount of outstanding borrowings or other forms of support contracted by the Board for the DIF in accordance with paragraphs 1 and 1a shall not be higher than 25% of the aggregated minimum target level that participating DGSs shall reach in accordance with the first subparagraph of Article 10(2) of Directive 2014/49/EU.
Amendment 748 #
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 2
Article 74 g – paragraph 2
2. The borrowing or other forms of support referred to in paragraph 1 shall be fully recoupepaid in accordance with paragraph 1a and Articles 74c and 74da.
Amendment 749 #
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 StatesDGS concerned.
Amendment 751 #
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 a (new)
Article 74 g – paragraph 3 a (new)
3a. The Member State in which the participating DGS is registered shall be liable for the liquidity shortfall of the participating DGS, when all available financial means of the DIF have been depleted, and when the DIF has, in accordance with paragraph 1b, exhausted the measures set out in paragraph 1 and 1a.
Amendment 371 #
2015/0268(COD)
Proposal for a regulation
Article 7 – paragraph 3 – point b
Article 7 – paragraph 3 – point b
(b) be written in a language and a style that facilitate the understanding of the information, in particular, in language that is clear, non-technical, succinct and comprehensible. regardless of the type of investors concerned.
Amendment 35 #
2015/0263(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) Several Member States have been undergoing and continue to undergo adjustment processes to correct macroeconomic imbalances accumulated in the past and many are facing the challenge of low potential growth. The Union has identified the implementation of structural reforms among its policy priorities to set the recovery on a sustainable path, unlock the growth potential to strengthen the adjustment capacity, boost competitiveness and support the process of convergence.
Amendment 50 #
2015/0263(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) Member States may benefit from technical support in addressing challenges as regards the design and implementation of structural reforms. These challenges may arise from, or have an impact on, cross-border or Union-wide challenges and may be dependent on various factors, including limited administrative and institutional capacity or inadequate application and implementation of Union legislation.
Amendment 56 #
2015/0263(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) The Union has a long-lasting experience on providing specifictechnical support to national administrations and other authorities of Member States as regards capacity building and similar actions in certain sectors (e.g. taxation, customs, support to small and medium-sized enterprises) and in relation to the implementation of cohesion policy. The experience gained by the Union in assisting national authorities carrying out structural reforms should be used in order to enhance the capacity of the Union to provide support to Member States. Comprehensive and integrated action is indeed necessary in order to providetechnical support to those Member States that are undertaking growth- enhancing structural reforms and request assistance from the Union in this respect.
Amendment 61 #
2015/0263(COD)
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6a) Efforts for growth-enhancing structural reforms should be continued with determination in order to ensure the effectiveness of such reforms and to build on the progress made.
Amendment 69 #
2015/0263(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) Against this background, it is necessary to establish a Structural Reform Support Programme ('the Programme') with the objective of strengthening the capacity of Member States to preparedesign and implement growth-enhancing administrative and structural reforms, including through assistance for the efficient and effective use of the Union funds. The Programme is intended to contribute to the achievement of common goals towards obtaining economic recovery, job creation, boosting Europe's competitiveness and stimulating investment in the real economy.
Amendment 75 #
2015/0263(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) STechnical support under the Programme should be provided by the Commission upon request by a Member State, in areas such as budget and taxation, public function, institutional and administrative reforms, the justice system, anti-fraud, anti-corruption and anti-money laundering, business environment, private sector development, investment, competition, public procurement, privatization and liberalisation processes, access to finance, investment, trade, sustainable development, innovation, education and training, labour policies, public health, asylum, migration policies, agriculture and rural development, statistics and financial sector policies.
Amendment 81 #
2015/0263(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) Member States should be able to request technical support from the Commission under the Programme in relation to the design and implementation of structural reforms in the context of economic governance processes, in particular of Country Specific Recommendations in the context of the European Semester, to actions related to the implementation of Union law, as well as in relation to the implementation of economic adjustment programmes. They should also be able to request technical support in relation to structural reforms undertaken at their own initiative, in order to achieve sustainable investment, enhance growth and job creation and boost competitiveness.
Amendment 89 #
2015/0263(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) Further to a dialogue with the requesting Member State, including in the context of the European Semester, the Commission should analyse the request, taking into account the principles of transparency, equal treatment, subsidiarity and sound financial management and determine the technical support to be provided based on urgency, breadth and depth of the problems as identified, support needs in respect of the policy areas envisaged, analysis of socioeconomic indicators, the added value of the envisaged structural reforms for the Union as a whole and the general administrative capacity of the Member State. The Commission should also, in close cooperation with the Member State concerned, identify the priority areas, the scope of the support measures to be provided and the global financial contribution for such support, taking into account the existing actions and measures financed by Union funds or other Union programmes.
Amendment 93 #
2015/0263(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) The Commission Communications ‘The EU Budget Review’13 and ‘A budget for Europe 2020’14 underline the importance of focusing funding on activities with clear European added value, i.e. where the Union intervention can bring additional value compared to action of Member States alone. Against this background, the support actions carried out under the Programme should ensure complementarity and synergy with other programmes and policies at national, Union and international level. The actions under the Programme should allow elaborating and implementing solutions that address national challenges which have impact on cross-border or Union-wide challenges and achieve a consistent and coherent implementation of Union law. In addition, they should contribute to further develop trust and promote cooperation with the Commission and among Member States. Moreover, the Union is in a bettergood position than Member States to provide a platform for the provision and sharing of good practices from peerbetween Member States as well as to mobilise expertise. _________________ 13 14COM(2010)700 of 19 October 2010. COM(2010)700 of 19 October 2010. 14 COM(2011)500 final of 29 June 2011. COM(2011)500 final of 29 June 2011.
Amendment 104 #
2015/0263(COD)
Proposal for a regulation
Recital 17
Recital 17
Amendment 110 #
2015/0263(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) Since the objective of this Regulation, namely to contribute to the institutional, administrative and structural reforms in the Member States by providing technical support to national and, where appropriate, regional authorities for measures aimed at structurally reforming institutions, governance, administration, economic and social sectors, including through assistance for the efficient and effective use of the Union funds cannot be sufficiently achieved by the Member States alone, but can rather, by reason of their scale and effects, 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 European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve that objective, since the scope of the support would be mutually agreed with the Member State or the region with vested legislative and executive powers concerned.
Amendment 113 #
Amendment 114 #
2015/0263(COD)
Proposal for a regulation
Article 2 – paragraph 1 – introductory part
Article 2 – paragraph 1 – introductory part
For the purposes of this Regulation, the following definitions and principles shall apply:
Amendment 116 #
2015/0263(COD)
1 a. 'Member State' means one or more Member States of the European Union and includes regions with vested legislative and executive powers;
Amendment 121 #
2015/0263(COD)
Proposal for a regulation
Article 3 – paragraph 2 – point a
Article 3 – paragraph 2 – point a
(a) the development and implementation of solutions that address national challenges which arise from or have impact on cross-border or Union-wide challenges;
Amendment 128 #
2015/0263(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
The general objective of the Programme shall be to contribute to institutional, administrative andgrowth- friendly structural reforms in the Member States by providing technical support to national authorities fornd, where applicable, regional authorities upon their request for policy measures aimed at reforming institutions, governance, administration, economic and social sectors in response to economic and social challenges with a view to enhancing competitiveness, growth, jobs, and investment, in particular in the context of economic governance processes, including through assistance for the efficient and effective use of the Union funds.
Amendment 136 #
2015/0263(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point a
Article 5 – paragraph 1 – point a
(a) to assist the initiatives of national authorities to design and implement their reforms according to priorities, taking into account initial conditions and expected socio- economic impacts;
Amendment 141 #
2015/0263(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point c
Article 5 – paragraph 1 – point c
(c) to support the efforts of national authorities to definesign and implement appropriatetheir processes and methodologies by, taking into account good practices and lessons learned by other countries in addressing similar situations;
Amendment 145 #
2015/0263(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point d
Article 5 – paragraph 1 – point d
(d) to assist the national authorities to enhance the efficiency and effectiveness of human resources management, where appropriate,ir human resources, including through definition of clear responsibilities and increase of professional knowledge and skills.
Amendment 152 #
2015/0263(COD)
Proposal for a regulation
Article 5 – paragraph 2 – introductory part
Article 5 – paragraph 2 – introductory part
2. The specific objectives set out in paragraph 1 shall refer to the following policy areas related to competitiveness, growth, jobs and investment, in particular to the following:
Amendment 159 #
2015/0263(COD)
Proposal for a regulation
Article 5 – paragraph 2 – point c
Article 5 – paragraph 2 – point c
(c) business environment, private sector development, investment, privatization and liberalisation processes, trade and foreign direct investment, competition and public procurement, sustainable sectoral development and support for innovation;
Amendment 163 #
2015/0263(COD)
Proposal for a regulation
Article 5 – paragraph 2 – point e a (new)
Article 5 – paragraph 2 – point e a (new)
(ea) the production, provision and quality monitoring of data and statistics;
Amendment 165 #
2015/0263(COD)
Proposal for a regulation
Article 6 – paragraph 1 – introductory part
Article 6 – paragraph 1 – introductory part
With a view to pursuing the objectives set out in Articles 4 and 5, the Programme may finance in particular the following types of action:
Amendment 166 #
2015/0263(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point e
Article 6 – paragraph 1 – point e
(e) organisation of local operational support in areas such as asylum, migration, border control;
Amendment 167 #
2015/0263(COD)
Amendment 168 #
2015/0263(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point i
Article 6 – paragraph 1 – point i
(i) compilation and publication of materials to disseminate information as well as results of the Programme: development, operation and maintenance of systems and tools using information and communication technologies;
Amendment 169 #
2015/0263(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point j
Article 6 – paragraph 1 – point j
Amendment 170 #
Amendment 174 #
2015/0263(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. A Member State wishing to receive technical support under the Programme shall submit a request for technical support to the Commission, identifying the policy areas and the priorities for support within the scope of the Programme as set out in Article 5(2). This request shall be submitted at the latest by 31 October of each calendar year.
Amendment 178 #
2015/0263(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. Taking into account the principles of transparency, equal treatment, subsidiarity and sound financial management, further to a dialogue with the Member State, including in the context of the European Semester, the Commission shall analyse the request for support referred to in paragraph 1 based on the urgency, breadth and depth of the problems identified, support needs in respect of the policy areas concerned, analysis of socioeconomic indicators, Union added value and general administrative capacity of the Member State. Taking into account the existing actions and measures financed by Union funds or other Union programmes, the Commission in close cooperation with the Member State concerned shall identify the priority areas for support, the scope of the support measures to be provided and the global financial contribution for such support.
Amendment 181 #
2015/0263(COD)
Proposal for a regulation
Article 7 – paragraph 3 – point a
Article 7 – paragraph 3 – point a
(a) the implementation of structural reforms in the context of economic governance processes, in particular of the relevant Country Specific Recommendations issued in the context of the European Semester or of relevant actions related to the implementation of Union law;
Amendment 185 #
2015/0263(COD)
Proposal for a regulation
Article 7 – paragraph 3 – point c
Article 7 – paragraph 3 – point c
(c) the implementation of structural reforms by Member States, undertaken at their own initiative, notably to achieve sustainable investment, growth and job creation.
Amendment 187 #
Amendment 188 #
2015/0263(COD)
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. The Commission may define the technical support envisaged for Beneficiary Member States in cooperation with other Member States or international organisations.
Amendment 189 #
2015/0263(COD)
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. The Beneficiary Member State, in coordinperation with the Commission, may enter into partnership with one or more other Member States which shall act as Reform Partners in respect of specific areas of reform. A Reform Partner shall, in coordinperation with the Commission, help formulate strategy, reform roadmaps, design high-quality assistance or oversee implementation of strategy and projects.
Amendment 190 #
2015/0263(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The financial allocation of the Programme may also cover expenses pertaining to preparatory, monitoring, control, audit and evaluation activities which are required for the management of the Programme and the achievement of its objectives, in particular studies, meetings of experts, information and communication actions, including corporate communication of the political priorities of the Union, as far as they are related to the general objectives of this Regulation, expenses linked to IT networks focusing on information processing and exchange, together with all other technical and administrative assistance expenses incurred by the Commission for the management of the Programme.
Amendment 192 #
2015/0263(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. In addition to the financial envelope set out in Article 9, the Programme may be financed through additional voluntary contributions from Member States.
Amendment 195 #
2015/0263(COD)
Amendment 142 #
2015/0226(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) The ability of investors to exercise due diligence and thus make an informed assessment of the creditworthiness of a given securitisation instrument depends on their access to information on those instruments.. Based on the existing acquis, it is important to create a comprehensive system under which investors will have access to all the relevant information over the entire life of the transactions and to reduce originators, sponsors and SSPEs reporting tasks and to facilitate investors' continuous; easy and free access to reliable information on securitisations. To enhance market transparency in the Union, a data repository for underlying exposures in securitisations should be established. Similar non-mandatory initiatives already exist, which have led to the establishment of infrastructures such as the European DataWarehouse. The information required to be disclosed under that requirement should therefore be based on existing templates for disclosures to such infrastructures. If ESMA chooses to delegate the responsibility of managing such infrastructure, then the data repository should be established along the lines of the Global LEI Foundation (GLEIF), and could build further on the European DataWarehouse.
Amendment 311 #
2015/0226(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
Originators, sponsors and SSPE's shallmay only use the designation "STS" or "simple, transparent and standardised" or a designation that refers directly or indirectly to these terms for their securitisation only where: (a) the securitisation meets all the requirements of Section 1 or Section 2 of this RegulationChapter, and they have notified ESMA pursuant to Article 14 (1). (1); and (b) the relevant securitisation is included in the list referred to in Article 14(4). Where points (a) and (b) are satisfied, a securitisation shall be considered STS. The originator, sponsor and SSPE involved in a securitisation considered STS shall be established within the Union.
Amendment 331 #
2015/0226(COD)
Proposal for a regulation
Article 8 – paragraph 4
Article 8 – paragraph 4
4. The securitisation shall be backed by a pool of underlying exposures that are homogeneous in terms of asset type, currency and Member State legal system to which they are subject. Pools of residential loans, pools of business property loans, pools of corporate loans, leases and credit facilities of the same category, pools of auto loans and auto leases, and pools of credit facilities to individuals for personal, family or household consumption purposes shall be understood as being homogeneous in terms of asset type. The underlying exposures shall be contractually binding and enforceable obligations with full recourse to debtors, with defined periodic payment streams relating to rental, principal, interest payments, or related to any other right to receive income from assets warranting such payments. The underlying exposures shall not include transferable securities, as defined in Directive 2014/65/EU.
Amendment 428 #
2015/0226(COD)
Proposal for a regulation
Article 14 – paragraph 5 a (new)
Article 14 – paragraph 5 a (new)
5a. The originator, sponsor or SSPEs shall not legally transfer the STS certification of securitisations to a third party. They may consult a third party to determine whether or not a securitisation may be qualified as STS, but that advice shall not alter in any way the liability of the issuer, nor that of the investor for the legal obligations following from this Regulation.
Amendment 482 #
2015/0226(COD)
Proposal for a regulation
Article 30 – paragraph 1
Article 30 – paragraph 1
By [four... [three years after entry into force of this Regulation], the Commission shall present a report to the European Parliament and the Council on the functioning of this Regulation, accompanied, where appropriate, by a legislative proposal. That report shall take into consideration international developments in the area of securitisation and assess whether in the area of STS securitisations an equivalence regime could be introduced for third country originators, sponsors and SSPEs.
Amendment 144 #
2015/0225(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 575/2013
Article 254 a (new)
Article 254 a (new)
Article 254 a Hierarchy of methods for STS securitisations and STS ABCPs Institutions shall apply one of the methods set out in subsection 3 to calculate risk-weighted exposure amounts in relation to securitisation positions in STS securitisations and STS ABCP programmes and transactions in accordance with the following hierarchy: (a) where the conditions set out in Article 258 are met, an institution shall use the Securitisation Internal Ratings-Based Approach (SEC-IRBA) in accordance with Article 260; (b) where the SEC-IRBA may not be used, institutions shall use the Securitisation Standardised Approach (SEC-SA) in accordance with Article 264 where the conditions set out in Article 258a are met; (c) in all other cases, a risk weight of 1,250 % shall be assigned to securitisation positions.
Amendment 4 #
2015/0218(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) Following the terrorist attack of 26 June 2015 in Sousse, Tunisia, the Council of the European Union, in its Conclusions of 20 July 2015, stated that the Union, in consultation with its Member States, would explore the option of taking exceptional and temporary measures to support the Tunisian economy.
Amendment 49 #
2015/0218(COD)
Proposal for a regulation
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
1a. The preferential arrangements introduced by this Regulation must be of equal benefit to all Tunisian producers, and import licences must be distributed transparently by the Board of Olive Oil (ONH);
Amendment 50 #
2015/0218(COD)
Proposal for a regulation
Article 6 a (new)
Article 6 a (new)
Article 6a 1. The Commission shall conduct an assessment of the impact on the Union olive oil market at mid-term following the entry into force of this Regulation. 2. If it is found that the Union market is affected by the provisions of this Regulation, the Commission shall be empowered to adopt an implementing act in order to propose corrective measures aimed at restoring the situation on the Union market. This implementing act shall be adopted in accordance with the procedure referred to in Article 6(2).
Amendment 28 #
2015/0068(CNS)
Proposal for a directive
Recital 1
Recital 1
(1) The challenge posed by cross-border tax avoidance, aggressive tax planning and harmful tax competition has increased considerably and has become a major focus of concern within the Union and at global level. . Tax base erosion is considerably reducing national tax revenues, which hinders Member States in applying growth- friendly tax policies. In particularHowever, in specific cases, rulings concerning tax-driven structures have lead to a low level of taxation of artificially high amounts of income in the country givissuing, amending or reviewing the advance ruling and may leavehave left artificially low amounts of income to be taxed in any other countries involved. An increase in targeted transparency is therefore urgently required in accordance with OECD standards. The tools and mechanisms established by Council Directive 2011/16/EU13 need to be enhanced in order to achieve this. __________________ 13 Council Directive 2011/16/EU of 15 February 2011 on administrative cooperation in the field of taxation and repealing Directive 77/799/EEC (OJ L 64 of 11.3.2011, p. 1).
Amendment 44 #
2015/0068(CNS)
Proposal for a directive
Recital 5 a (new)
Recital 5 a (new)
(5a) Advanced tax rulings facilitates the consistent and transparent application of the law.
Amendment 53 #
2015/0068(CNS)
Proposal for a directive
Recital 8
Recital 8
(8) Member States should exchange the basic information to be communicated also with the Commission. This would enable the Commission at any point in time to monitor and evaluate the effective application of the automatic exchange of information on advance cross-border rulings and advance pricing arrangements. The information received by the Commission should only be used for these purposes. Such communication will not discharge a Member State from its obligations to notify any state aid to the Commission.
Amendment 107 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2011/16/EU
Article 8a – paragraph 2
Article 8a – paragraph 2
2. The competent authority of a Member State shall also communicate information to the competent authorities of all other Member States as well as to the European Commission on advance cross-border rulings and advance pricing arrangements issued within a period beginning tenfive years before the entry into force but still valid on the date of entry into force of this Directive;
Amendment 168 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Directive 2011/16/EU
Article 23a – paragraph 1
Article 23a – paragraph 1
1. Information communicated to the Commission pursuant to this Directive shall be kept confidential by the Commission in accordance with the provisions applicable to Union authorities and may not be used for any purposes other than those required to determine whether and to what extent Member States comply with this Directive..
Amendment 79 #
2015/0009(COD)
Proposal for a regulation
Title 1
Title 1
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the European FundGuarantee for Strategic Investments and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013, the European Investment Advisory Hub and the European Investment Project Directory and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013 (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 98 #
2015/0009(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) The economic and financial crisis has led to a lowering of the level of investments within the Union. Investment has fallen by approximately 15% since its peak in 2007. The Union suffers in particular from a lack of investment as a consequence of market uncertainty regarding the economic future and the fiscal constraints on Member Statecompetitiveness. This lack of investmentcompetitiveness slows economic recovery and negatively affects job creationinvestment, long-term growth prospects and competitivenessjob creation.
Amendment 111 #
2015/0009(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) Comprehensive action is required to reverse the vicious circle created by a lack of competitiveness and thus investment. Structural reforms and fiscal responsibility are necessary preconditions for stimulating investmentcompetitiveness. Along with a renewed impetus towards investment financing, these necessary preconditions can contribute to establishing a virtuous circle, where investment projects help support employment and demand and lead to a sustained increase in growth potential.
Amendment 126 #
2015/0009(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) Throughout the economic and financial crisis, the Union has made efforts to promote growth, in particular through the focus on the necessity of structural reforms and through initiatives set out in the Europe 2020 strategy that put in place an approach for smart, sustainable and inclusive growth. The European Investment Bank ('EIB') has also strengthened its role in instigating and promoting investment within the Union, partly by way of an increase in capital in January 2013. FurtherAlongside structural reforms, further specific and temporary action is required to ensure that the investment needs of the Union are addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of viable investment projects.
Amendment 133 #
2015/0009(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) On 26 November 2014, the Commission presented a communication entitled ‘An Investment Plan for Europe’1 that envisaged the creation of a European Fund for Strategic Investments ('EFSI'), a transparent pipeline of investment projects at European level, the creation of an advisory hub (European Investment Advisory Hub – 'EIAH') and emphasised an ambitious agenda to remove obstacles to investment and complete the Single Market. __________________ 1 Communication to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee, the Committee of the Regions and European Investment Bank entitled ‘An Investment Plan for Europe’. COM(2014) 903 final
Amendment 148 #
2015/0009(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) The EFSI is part of a comprehensive approach to address uncertaintystrategy designed to address competitiveness. Issues surrounding public and private investments. The strategy has three pillars: mobilising finance for investment in close to market projects, making investment reach the real economy and most importantly by improving the investment environment in the Union by focusing structural reforms.
Amendment 161 #
2015/0009(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) The investment environment within the Union should be improved by carrying out necessary structural reforms, removing barriers to investment, reinforccompleting the Single Market, actively pursuing the Commission's better regulation agenda and by enhancing regulatory predictability and reducing regulatory red tape. The work of the EFSI, and investments across Europe generally, should benefit from this accompanying work.
Amendment 163 #
2015/0009(COD)
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9a) The EFSI should be in accordance with Article 101 of the Treaty on the Functioning of the European Union which states that the following should be prohibited as incompatible with the single market: all agreements between undertakings, decisions by associations of undertakings and concerted practices which may affect trade between Member States and which have as their object or effect the prevention, restriction or distortion of competition within the single market.
Amendment 164 #
2015/0009(COD)
Proposal for a regulation
Recital 9 b (new)
Recital 9 b (new)
(9b) The EFSI is meant to tackle the investment gap and is therefore by nature a temporary instrument.
Amendment 178 #
2015/0009(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) The purpose of the EFSI should be to help resolve the difficulties in financing and implementing productive investments in the Union and to ensure increased access to financing. It is intended that increased access to financing of profitable investment projects should be of particular benefit to small and medium enterprises. It is in the same degree also appropriate to extend the benefit of such increased access to financing to mid- cap companies, which are companies havingas well as other entities with up to 3000 employees. Overcoming Europe's current investment difficulties should contribute to strengthening the Union's competitiveness, growth potential and economic, social and territorial cohesion.
Amendment 199 #
2015/0009(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high economic value added contributing to achieving Union policy objectives, such as the criteria mentioned in the Amsterdam Special Action Programme of 1997 and the development of infrastructure; research, development and innovation; health; information and communications technology; developing and modernising the energy sector; improving access to finance for SMEs and mid-cap companies.
Amendment 263 #
2015/0009(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high societal and economic value. In particular, the EFSI should target projects that promote job creation, long- term growth and, competitiveness and thus job creation,. The EFSI should support a wide range of financial products, including equity, debt or guarantees, to best accommodate the needs of the individual project. This wide range of products should allow the EFSI to adapt to market needs whilst encouraging private investment in the projects. The EFSI should not be a substitute for or crowd out private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money. The requirement for consistency with State aid principles should contribute to such effective and strategic use.
Amendment 295 #
2015/0009(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) The EFSI should target projects with a higher risk-return profile than existing EIB and Union instruments to ensure additionality over existing operations. The EFSI should finance projects across the Union, including in the countries most affected by the financial crisisguarantee the financing of projects across the Union. The EFSI should only be used where financing is not available from other sources on reasonable terms.
Amendment 312 #
2015/0009(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should only target investments that are expected to be economically and technically viable, which and are thus are expected to repay creditors in order to avoid the socialisation of losses and the privatisation of gains. Such investments may entail a degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing.
Amendment 318 #
2015/0009(COD)
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16a) The EFSI should be endowed with an appropriate governance structure whose function should be commensurate to the sole purposes of ensuring the appropriate use of the EU guarantee. That governance structure should not encroach upon or interfere with the decision making of the EIB, or be a substitute of the governing bodies of the latter. It should be composed of a Managing Director and an Investment Committee. The Managing Director should be responsible for the daily management of the EFSI and carry out the preparatory work of the meetings of the Investment Committee.
Amendment 337 #
2015/0009(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) Decisions on the use of the EFSI support for infrastructure and large mid- cap projectsguarantee should be made by anthe Investment Committee, in conformity with the objectives laid down in this Regulation. The Investment Committee should be composed of independent experts who are knowledgeable and experienced in the areas of investment projects. The independence of the Investment Committee should be accountable to a Steering Board of the EFSI, who should supervise the fulfilment of the EFSI's objectivesis a key factor in ensuring the trust and the participation of the private sector in the Investment Plan. To effectively benefit from the experience of the EIF, the EFSI should support funding to the EIF to allow the EIF to undertake individual projects in the areas of small and medium enterprises and small mid- cap companies.
Amendment 354 #
2015/0009(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) In order to enable the EFSI to support investments, the Union should grant a temporary guarantee of an amount equal tono more than EUR 16 000 000 000 at any point in time. When provided on a portfolio basis, the guarantee coverage should be capped depending upon the type of instrument, such as debt, equity or guarantees, as a percentage of the volume of the portfolio of outstanding commitments. It is expected that when the guarantee is combined with EUR 5 000 000 000 to be provided by the EIB, that the EFSI support should generate EUR 60 800 000 000significant additional investment by the EIB and EIF. This EUR 60 800 000 000lending, supported by the EFSI is expected by the Commission to generate a total of EUR 315 000 000 000 in additional investment in the Union within the period 2015 to 2017of three years from the entry into force of this regulation.. Guarantees that are attached to projects which are completed without a call on a guarantee are available for supporting new operations.
Amendment 375 #
2015/0009(COD)
Proposal for a regulation
Recital 19
Recital 19
(19) In order to allow for further increase in its resources, participadirect contribution in the EFSI should be open to third parties, including Member States, national promotional banks or public agencies owned or controlled by Member States, private sector entities and entities outside the Union subject to the consent of existing contributors. Third parties may contribute directly to the EFSI and take part in the EFSI governance structure.
Amendment 407 #
2015/0009(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) In accordance with the Treaty on the Functioning of the European Union, Infrastructure and project investments supported under EFSI should be consistent with State aid rules. To that end, the Commission has announced that it will formulate a set of core principles, for the purpose of State aid assessments, which a project will have to meet to be eligible for support under the EFSI. If a project meets these criteria and receives support from the EFSI, the Commission has announced that any national complementary support, will be assessed under a simplified and accelerated State aid assessment whereby the only additional issue to be verified by the Commission will be the proportionality of public support (absence of overcompensation). The Commission has also announced that it will provide further guidance on the set of core principles with a view to ensuring an efficient use of public funds.
Amendment 428 #
2015/0009(COD)
Proposal for a regulation
Recital 25
Recital 25
(25) The EIB should regularly evaluate activities supported by the EFSI with a view to assessing their additionality (i.e. added economic value and no crowding out principle), prudent handling of tax payers money, relevance, performance and impact and to identifying aspects that could improve future activities. Such evaluations should contribute to accountability and analysis of sustainability.
Amendment 445 #
2015/0009(COD)
Proposal for a regulation
Recital 26
Recital 26
(26) Alongside the financing operations that will be conducted through the EFSI, a European Investment Advisory Hub ('EIAH') should be created within the EIB. The EIAH should provide strengthened support for project development and preparation across the Union, by building on the expertise of the Commission, the EIB, national promotional banks and the managing authorities of the European Structural and Investment Funds. This should establish a single point of entry for questions related to technical assistance for investments within the Union.
Amendment 456 #
2015/0009(COD)
Proposal for a regulation
Recital 27
Recital 27
(27) In order to cover the risks related to the EU guarantee to the EIB, a guarantee fund should be established. The guarantee fund should be constituted by a gradual payment from the Union budget, whilst fully respecting the relevant Multiannual Financial Framework (MFF) ceilings and authorised by the annual budgetary procedure. The guarantee fund should subsequently also receive revenues in proportion with its risk-taking and repayments from projects that benefit from EFSI support and amounts recovered from defaulting debtors where the guarantee fund has already honoured the guarantee to the EIB.
Amendment 463 #
2015/0009(COD)
Proposal for a regulation
Recital 28 a (new)
Recital 28 a (new)
(28a) All payments to the guarantee fund and budget decisions otherwise associated with the operation of the EFSI should be fully consistent with the terms of the multiannual financial framework and authorised by the European Parliament and the Council through the annual budgetary procedure.
Amendment 480 #
2015/0009(COD)
Proposal for a regulation
Recital 29
Recital 29
(29) To partially finance the contribution from the Union budget, the available envelopes of the Horizon 2020 – the Framework Programme for Research and Innovation 2014-2020, provided by Regulation (EU) No 1291/2013 of the European Parliament and of the Council2 , and the Connecting Europe Facility, provided by Regulation (EU) No 1316/2013 of the European Parliament and of the Council3 , ishould be reduced. Those programmes serve purposes that are not replicated by the EFSI. However, the reduction of both programmes to finance the guarantee fund is expected to ensure a greater investment in certain areas of their respective mandates than is possible through the existing programmes. TGiven that the aim of EFSI is to help businesses by overcoming capital shortages, it is possible that basic or early stage scientific research might not benefit from this Regulation. Therefore the Commission should ensure that redeployment of funds does not adversely affect such programmes. Furthermore, the EFSI should be able to leverage the EU guarantee to multiply the financial effect within those areas of research, development and innovation and transport, telecommunications and energy infrastructure compared to if the resources had been spent via grants within the planned Horizon 2020 and Connecting Europe Facility programmes. It is, therefore, appropriatunder these conditions, possible to redirect part of the funding presently envisaged for those programmes to the benefit of EFSI. __________________ 3 Regulation (EU) No 1316/2013 of the European Parliament and of the Council of 11 December 2013 establishing the Connecting Europe Facility, amending Regulation (EU) No 913/2010 and repealing Regulations (EC) No 680/2007 and (EC) No 67/2010 (OJ L 348, 20.12.2013, p. 129).
Amendment 499 #
2015/0009(COD)
Proposal for a regulation
Recital 31
Recital 31
(31) Within the Union, there are a significant number of potentially viable projects that are not being financed due to a lack of certainty and transparency with respect to such projects. Often, this is because private investors are not aware of the projects or have insufficient information to make an assessment of the investment risks. The Commission and the EIB, with support from the Member States, should promote the creation on a voluntary basis of a transparent pipelinedirectory of current and future investment projects in the Union suitable for investment. This 'project pipelinedirectory' should ensure that information is made publicly available regarding investment projects on a regular and structured basis to ensure that investors have reliable information on which to base their investment decisions.
Amendment 519 #
2015/0009(COD)
Proposal for a regulation
Recital 34
Recital 34
(34) To ensure accountability to European citizens, the EIB should regularly report to the European Parliament and the Council on the progress and economic impact of the EFSI. and the correct use of the guarantee
Amendment 522 #
2015/0009(COD)
Proposal for a regulation
Recital 35
Recital 35
Amendment 536 #
2015/0009(COD)
Proposal for a regulation
Chapter 1 – title
Chapter 1 – title
European FundGuarantee for Strategic Investments (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 538 #
2015/0009(COD)
Proposal for a regulation
Article 1 – title
Article 1 – title
European FundGuarantee for Strategic Investments (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 545 #
2015/0009(COD)
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1
Article 1 – paragraph 1 – subparagraph 1
The Commission shall conclude annegotiate a draft agreement with the European Investment Bank (EIB) on the establishment of a temporary European Fund for Strategic Investments ('EFSI'). The EFSI Agreement shall be approved by the co- legislators, prior to the entry into force of this Regulation so as to ensure that the EFSI Agreement provides for the proper implementation of the Regulation. (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 573 #
2015/0009(COD)
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the EFSI shall be to support investments in the Union, as detailed in Article 5.2, in a non-discriminatory way, and to ensure increased access to financing for companies having up to 3000 employees, with a particular focus on small and medium enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement'). The EFSI shall not crowd out private investments. The selection of projects that will be supported through the EFSI shall be based solely on economic criteria without sectoral or geographical quota.
Amendment 584 #
2015/0009(COD)
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
Amendment 619 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – introductory part
Article 2 – paragraph 1 – subparagraph 1 – introductory part
The EFSI Agreement shall contain, in particular, the following:
Amendment 621 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point a
Article 2 – paragraph 1 – subparagraph 1 – point a
Amendment 631 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point b
Article 2 – paragraph 1 – subparagraph 1 – point b
Amendment 637 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point c
Article 2 – paragraph 1 – subparagraph 1 – point c
Amendment 638 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point c
Article 2 – paragraph 1 – subparagraph 1 – point c
Amendment 644 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point d
Article 2 – paragraph 1 – subparagraph 1 – point d
Amendment 648 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point e
Article 2 – paragraph 1 – subparagraph 1 – point e
Amendment 653 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point f
Article 2 – paragraph 1 – subparagraph 1 – point f
Amendment 657 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point g
Article 2 – paragraph 1 – subparagraph 1 – point g
Amendment 662 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point h
Article 2 – paragraph 1 – subparagraph 1 – point h
Amendment 665 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point i
Article 2 – paragraph 1 – subparagraph 1 – point i
Amendment 669 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point j
Article 2 – paragraph 1 – subparagraph 1 – point j
Amendment 673 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 a (new)
Article 2 – paragraph 1 – subparagraph 1 a (new)
Arrangements concerning the establishment of the EFSI as well as the amount and terms of the financial contribution to be provided by the EIB, including, i. provisions governing the establishment of the EFSI as a distinct, clearly identifiable and transparent guarantee facility and separate account managed by the EIB; ii. the amount and terms of the financial contribution which shall be provided by the EIB through the EFSI which shall not be inferior to 5.000 000 000 euros in guarantees or cash;; iii. the terms of the funding which shall be provided by the EIB through the EFSI to the European Investment Fund ('EIF'). The involvement of the EIF will be limited to the work of EFSI on providing finance to small and medium enterprises and small mid-cap companies;
Amendment 674 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 b (new)
Article 2 – paragraph 1 – subparagraph 1 b (new)
governance arrangements concerning the EFSI including, i. the composition of Investment Committee, their appointment and dismissal procedures in line with EIB provisions, renumeration; ii. the procedure for the appointment of the Managing Director and of the Deputy Managing Director, their remuneration and working conditions, that shall follow the provisions on staff of the EIB, the rules and procedures on his/her replacement in his/her function and on accountability; iii. the procedure for the appointment and dismissal of the members of the Investment Committee, their remuneration and working conditions, the voting modalities within the Investment Committee, specifying the quorum and the allocation of votes to each member and the rules of procedure iv. the requirement that financing and investment operations supported by the EFSI are ultimately approved by the EIB governing bodies, pursuant to the provisions laid down in Protocol (No 5) on the Statute of the European Investment Bank.;
Amendment 675 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 c (new)
Article 2 – paragraph 1 – subparagraph 1 c (new)
The arrangements concerning the EU guarantee, that shall be unconditional, irrevocable, first demand guarantee in favour of the EIB, including, i. detailed rules on the provision of the EU guarantee, in accordance with Article 7, among which its modalities of coverage, its defined coverage of portfolios of specific types of instruments; ii. requirements that remuneration for risk taking be allocated amongst contributors in proportion with their respective share in risk taking. Remuneration to the Union and payments on the EU guarantee shall be made in a timely manner and only occur after remuneration and losses from operations have been netted; iii. requirements governing the use of the EU guarantee in accordance with Article 5 of this Regulation, among which payment conditions, such as specific time frames, interest on due amounts and the necessary liquidity arrangements; iv. provisions and procedures relating to recovery of claims, that shall be entrusted to the EIB, in line with Article 7(4).
Amendment 676 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 d (new)
Article 2 – paragraph 1 – subparagraph 1 d (new)
The modalities for the approval by the Investment Committee of the use of the EU guarantee for individual projects or through investment platforms, or national promotional banks or institutions in line with this Regulation and in particular Article 2a;
Amendment 677 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 e (new)
Article 2 – paragraph 1 – subparagraph 1 e (new)
The procedures for the submission of investment proposals and approval of proposals for the use of the EU guarantee, including, (i) the procedure for the transmission to the Investment Committee of projects; (ii) the requirement that the procedure for submission and approval of proposals for the use of the EU guarantee is without prejudice to the EIB decision making rules laid down under Protocol (No 5) on the Statute of the European Investment Bank, and in particular Article 19 thereof (iii) rules further detailing the transitional provisions under Article 20, and in particular the manner how operations signed by the EIB during the period referred to in Article 20 will be included under the EU guarantee coverage.;
Amendment 678 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 f (new)
Article 2 – paragraph 1 – subparagraph 1 f (new)
Arrangements for the reporting, monitoring and accountability concerning the EFSI, including, (i) the operational reporting obligations incumbent on the EIB and, as appropriate, in cooperation with the EIF, in line with Article 10 of this Regulation; (ii) the financial reporting obligations stemming from the EFSI; (iii) rules on auditing and anti-fraud, in accordance with Articles 14 and 15 of this Regulation; (iv) key performance indicators, as regards, in particular, the use of the EU guarantee, the fulfilment of the general objectives laid down in Article 2a, the mobilisation of private capital, and the macroeconomic impact of the EFSI, including its effect on supporting investment.
Amendment 679 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 g (new)
Article 2 – paragraph 1 – subparagraph 1 g (new)
The procedures and conditions for the Agreement to be amended, that may take place upon the initiative of the Commission or of the EIB, and that shall include the obligation to report to the Council and to the European Parliament on the amendment;
Amendment 680 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 h (new)
Article 2 – paragraph 1 – subparagraph 1 h (new)
Any other conditions of an administrative or organisational character necessary for the management of the EFSI in so far as they permit the proper use of the EU guarantee.
Amendment 684 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 3
Article 2 – paragraph 1 – subparagraph 3
2. The EFSI Agreement shall also provide that: (a) EFSI activities conducted by the EIF are to be governed by the EIF governing bodies. ; (b) remuneration attributable to the Union from EFSI supported operations is to be provided following the deduction of payments due to calls on the EU guarantee and, subsequently, costs in accordance with Article 5(3) and with the EIAH agreement. 3. The EFSI Agreement shall provide that there is a clear distinction between operations carried out with the EFSI support and other operations of the EIB. 4. The EFSI Agreement shall provide that the selection of projects must be in line with the principle of additionality, meaning that the projects are expected to be economically and technically viable, but have no access to financing from other sources for reasonable terms. 5. The EFSI Agreement shall provide the strategic asset allocation and operating policies and procedures, including the investment policy of projects that EFSI can support, the treatment of investment platforms and the risk profile of the EFSI, in conformity with the objectives under Article 2a(2).
Amendment 686 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 4
Article 2 – paragraph 1 – subparagraph 4
Amendment 701 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1
Article 2 – paragraph 2 – subparagraph 1
The EFSI Agreement shall provide for the creation of a European Investment Advisory Hub ('EIAH') within the EIB. The EIAH shall have as its objective to build upon existing EIB and Commission advisory services in order to provide advisory support for investment project identification, preparation and development and act as a single technical advisory hub for project financing within the Union. This shall include support on the use of technical assistance for project structuring, use of innovative financial instruments, use of public-private partnerships and advice, as appropriate, on relevant issues of EU legislation. The EIAH shall provide services in addition to those already available under other Union programmes. Services provided by EIAH shall include:
Amendment 704 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1 – point i (new)
Article 2 – paragraph 2 – subparagraph 1 – point i (new)
(i) providing a single point of entry for technical assistance for authorities and project promoters;
Amendment 705 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1 – point ii (new)
Article 2 – paragraph 2 – subparagraph 1 – point ii (new)
(ii) assisting project promoters, where appropriate, in developing their projects to fulfil the project eligibility criteria under this Regulation;
Amendment 706 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1 – point iii (new)
Article 2 – paragraph 2 – subparagraph 1 – point iii (new)
(iii) leveraging local knowledge to facilitate EFSI support in the whole Union;
Amendment 707 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1 – point iv (new)
Article 2 – paragraph 2 – subparagraph 1 – point iv (new)
(iv) providing a platform for peer-to-peer exchange and sharing of know-how regarding project development.
Amendment 723 #
2015/0009(COD)
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 3
Article 2 – paragraph 2 – subparagraph 3
The EIAH shall be partially financed by the Union up to a maximum amount of EUR 210 000 000 per year during the period ending on 31 December0 June 2020 for the additional services provided for by the EIAH over existing EIB technical assistance. For the years after 2020 the financial contribution from the Union shall be directly linked to the provisions included in the future multi-annual financial frameworks.
Amendment 746 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
Amendment 773 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
Amendment 790 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 3
Article 3 – paragraph 3
Amendment 813 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 1
Article 3 – paragraph 4 – subparagraph 1
The EFSI Agreement shall provide that the EFSI shall have a Managing Director, who shall be responsible for the day-to-day management of the EFSI and the preparation and chairing of meetings of the Investment Committee referred to in paragraph 5. The Managing Director shall be assisted by a Deputy Managing Director.
Amendment 818 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 2
Article 3 – paragraph 4 – subparagraph 2
The Managing Director shall report every quarter on the activities of the EFSI to the Steering Board.EIB board of Directors
Amendment 826 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 3
Article 3 – paragraph 4 – subparagraph 3
Amendment 861 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The Investment Committee shall be composed of six independent experts and the Managing Director. Independent experts shall have a high level of relevant market experience in project finance and be appointed by the Steering Boin the general objectives referred to in Art. 5(2) and be appointed by the EIB board of Directors for a renewable fixed term of three yeards for a once renewable fixed term of three years." The experts of the Investment Committee shall be appointed following an open and transparent selection procedure. In appointing the experts to the Investment Committee a wide knowledge of the sectors covered in Article 2a shall be ensured.
Amendment 882 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 3
Article 3 – paragraph 5 – subparagraph 3
Decisions of the Investment Committee shall be taken by simple majority. When participating in the activities of the Investment Committee its members shall perform their duties impartially and in the interests of the EFSI. When implementing the guidelines of the EFSI agreement and taking decisions on the use of the EU guarantee, they shall not seek nor take instructions from the EIB, the Union institutions, the Member States or any other public or private body. Adequate organisational arrangements shall be in place to ensure operational independence of the Investment Committee, without prejudice to the provision of analytical, logistical and administrative support by the staff of the EIB to the Investment Committee.
Amendment 904 #
2015/0009(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
The Union shall provide a guarantee to the EIB for financing or investment operations carried out within the Union including investments linking the Union and one or more third countries covered by this Regulation ('EU guarantee') and the EFSI agreement. The EU guarantee shall be granted as a guarantee on demand in respect of instruments referred to in Article 6.
Amendment 923 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – introductory part
Article 5 – paragraph 2 – subparagraph 1 – introductory part
The EU guarantee shall be granted for EIB financing and investment operations approved by the Investment Committee referred to in Article 3(5) or funding to the EIF in order to conduct EIB financing and investment operations in accordance with Article 7(2). The operations concerned shall be econsistent with Union policiesomically viable and compliant with Union policies, as set out in Union legislation and the requirements defined therein, and support any of the following general objectives:'.
Amendment 948 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a
Article 5 – paragraph 2 – subparagraph 1 – point a
(a) i. development of infrastructure, including in the areas of transport, particularly in industrial centres; energy, in particular energy interconnections; and digital infrastructure;
Amendment 969 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point b
Article 5 – paragraph 2 – subparagraph 1 – point b
(b) investment in research and development and innovation; investment in education and training, health, research and development, information and communications technology and innovation;
Amendment 984 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point c
Article 5 – paragraph 2 – subparagraph 1 – point c
(c) expansion of renewable energy and energy and resource efficiencydevelopment of the energy sector including innovative technologies in the sector of coal;
Amendment 988 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point d
Article 5 – paragraph 2 – subparagraph 1 – point d
Amendment 1003 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point e
Article 5 – paragraph 2 – subparagraph 1 – point e
(e) providingsioning of financial support for the companies referred to in Article 1(1), including working capital risk financing.
Amendment 1033 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
In addition, the EU guarantee shall be granted for support of dedicated investment platforms and national promotional banks, via the EIB, that invest in operations meeting the requirements of this Regulation. In that case, the Steering Board shall specify policies are specified regarding eligible investment platforms. The Commission shall ensure that any redeployment of funds from the EU budget does not adversely affect programmes. that fund basic or early- stage scientific research.
Amendment 1061 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 3 – subparagraph 1
Article 5 – paragraph 3 – subparagraph 1
In accordance with Article 17 of the Statute of the European Investment Bank, the EIB shall charge the beneficiaries of the financing operations to cover itsall expenses related to the EFSI. Without prejudice to sub-paragraph 2 and 3, no administrative expenditure or any other fees of the EIB for financing and investment activities conducted by the EIB under this Regulation shall be covered from the Union budgetgeneral budget of the Union.
Amendment 1071 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. Provided that all relevant eligibility criteria are fulfilled, Member States may use European Structural and Investment Funds, in accordance with EU state aid rules, to contribute to the financing of eligible projects in which the EIB is investing with the support of the EU guarantee, provided that both the eligibility criteria of the relevant instruments and of the EFSI are fulfilled..
Amendment 1074 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 4 a (new)
Article 5 – paragraph 4 a (new)
4a. The EU guarantee may be granted for EIB financing and investment operations for which a contract between the EIB and the beneficiary or financial intermediary has been signed by 30 June 2020 and which are approved by the Investment Committee before 30 June 2019.
Amendment 1075 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 4 b (new)
Article 5 – paragraph 4 b (new)
4b. The EU guarantee may be granted for funding or guarantees to the EIF in order to conduct EIB financing and investment operations in accordance with Article 7(2) for which a contract between the EIF and the financial intermediary has been signed by 30 June 2020 and which are approved by the EIF Board of Directors before 30 June 2019.
Amendment 1088 #
2015/0009(COD)
Proposal for a regulation
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
(a) EIB loans, guarantees, counter- guarantees, capital market instruments, any other form of funding or credit enhancement instrument, equity or quasi- equity participations. These Instruments shall be granted, acquired or issued for the benefit of operations carried out in the Union, including cross-border operations between a Member State and a third country, in compliance with this Regulation and where EIB financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled and respecting the timing specified in article 5 (5 and 6);
Amendment 1092 #
2015/0009(COD)
Proposal for a regulation
Article 6 – paragraph 2 – point b
Article 6 – paragraph 2 – point b
(b) EIB funding to the EIF enabling it to undertake loans, guarantees, counter- guarantees, any other form of credit enhancement instrument, capital market instruments and equity or quasi-equity participations. These Instruments shall be granted, acquired or issued for the benefit of operations carried out in the Union, in compliance with this Regulation and where EIF financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled and respecting the timing specified in article 5 (5 and 6).
Amendment 1105 #
2015/0009(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. The EU guarantee to the EIB shall be of an amount equal to no more than EUR 16 000 000 000 at any point in time, of which a maximum amount of EUR 2 500 000 000 may be allocated for EIB guarantees or funding to the EIF in accordance with paragraph 2. Without prejudice to Article 8(9), aAggregate payments from the Union under the guarantee to the EIB shall not exceed the amount of the guarantee.
Amendment 1108 #
2015/0009(COD)
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 1
Article 7 – paragraph 2 – subparagraph 1
The coverage of the guarantee over a particular type of instrument portfolio, referred to in Article 6, shall be determined by the risk of that portfolio and by the type of instrument. The EU guarantee shall be eligible to provide either first loss guarantees on a portfolio basis or a full guarantee. The EU guarantee may be granted on a pari passu basis with other contributors.
Amendment 1116 #
2015/0009(COD)
Proposal for a regulation
Article 7 – paragraph 4 a (new)
Article 7 – paragraph 4 a (new)
4a. The EU guarantee shall be granted as a guarantee on demand in respect of instruments referred to in Article 6 to cover: - for debt instruments referred to in Article 6(2)(a): the principal and all interest and all amounts due to the EIB but not received by it in accordance with the terms of the financing operations up until the point of default; - for equity investments referred to in Article 6(2)(a): the amounts invested and their associated funding cost; - for operations referred to in Article 6(2) (b): the amounts used and their associated funding costs. The EU guarantee shall also cover the amounts referred to in the second and third sub-paragraph of Article 5 (3).
Amendment 1135 #
2015/0009(COD)
Proposal for a regulation
Article 8 – paragraph 2 – point d
Article 8 – paragraph 2 – point d
(d) revenues and any other payments received by the Union in accordance with the EFSI Agreement.
Amendment 1159 #
2015/0009(COD)
Proposal for a regulation
Article 8 – paragraph 6
Article 8 – paragraph 6
Amendment 1178 #
2015/0009(COD)
Proposal for a regulation
Article 8 – paragraph 8
Article 8 – paragraph 8
8. From 1 January 2019, iIf as a result of calls on the guarantee, the level of the guarantee fund falls below 50% of the target amount, the Commission shall submit a report on exceptional measures that may be required to replenish it while fully respecting the MFF.
Amendment 1192 #
2015/0009(COD)
Proposal for a regulation
Article 9 – title
Article 9 – title
European investment project pipelinedirectory (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 1208 #
2015/0009(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The Commission and the EIB shall develop, update and disseminate, on a regular and structured basis, informatprojects displayed on the European investment project directory shall be for visibility to investors and information purposes only, and shall be without prejudice to decisions on current and future investments which significantly contribute to achieving EU policy objectivesthe final projects selected for support under this Regulation or under any other EU instrument or public funding.
Amendment 1209 #
2015/0009(COD)
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
Amendment 1223 #
2015/0009(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The EIB, in cooperation with the EIF as appropriate, shall report semi-annually to the Commission on EIB financing and investment operations under this Regulation. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and the key performance indicators establisespecially thed pursuant to Article 2(1)(g)rinciple of additionality. The report shall also include statistical, financial and accounting data on each EIB financing and investment operation and on an aggregated basis.
Amendment 1229 #
2015/0009(COD)
Proposal for a regulation
Article 10 – paragraph 2 – introductory part
Article 10 – paragraph 2 – introductory part
2. The EIB, in cooperation with the EIF as appropriate, shall report annually to the European Parliament and to the Council on EIB financing and successful and unsuccessful investment operations. The report shall be made public and include:
Amendment 1237 #
2015/0009(COD)
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) an assessment of the added value, the mobilisation of additional private sector resources, the estimated and actual outputs, outcomes and impact of EIB financing and investment operations at an aggregated basis;
Amendment 1269 #
2015/0009(COD)
Proposal for a regulation
Article 10 – paragraph 3 – point a
Article 10 – paragraph 3 – point a
(a) the EIB's and EIF's risk assessment and grading information concerning EIB financing and investment operations with respect to EFSI;
Amendment 1279 #
2015/0009(COD)
Proposal for a regulation
Article 10 – paragraph 6
Article 10 – paragraph 6
6. The Commission shall, by 30 June of each year until the end of the programme, send to the European Parliament, the Council and the Court of Auditors an annual report on the situation of the guarantee fund and the management thereof in the previous calendar year, including an assessment of the adequacy of the target amount, of the level of the guarantee fund and of the need for replenishment of the guarantee fund. The annual report shall contain the presentation of the financial position of the guarantee fund at the end of the previous year, the financial flows during the previous calendar year as significant transactions and any relevant information on the financial accounts. The report will also include information about the financial management, the performance and the risk of the fund at the end of the previous year..
Amendment 1293 #
2015/0009(COD)
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The Managing Director shall reply orally or in writing to questions addressed to the EFSI by the European Parliament or by the Council, in any event within five weeks of receipt of a question.
Amendment 1300 #
2015/0009(COD)
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. At the request of the European Parliament or the Council, , the Commission shall report to the European Parliament or the Council, on the application of this Regulation.
Amendment 1309 #
2015/0009(COD)
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1
Article 12 – paragraph 1 – subparagraph 1
Amendment 1310 #
2015/0009(COD)
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 2
Article 12 – paragraph 1 – subparagraph 2
Amendment 1315 #
2015/0009(COD)
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
Amendment 1321 #
2015/0009(COD)
Proposal for a regulation
Article 12 – paragraph 3
Article 12 – paragraph 3
3. The EIB, in cooperation with the EIF as appropriate, shall contribute to and provide the necessary information for the Commission evaluation and report under paragraph 1 and 2 respectively.
Amendment 1324 #
2015/0009(COD)
Proposal for a regulation
Article 12 – paragraph 5
Article 12 – paragraph 5
Amendment 1336 #
2015/0009(COD)
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
In accordance with its own transparency policies on access to documents and information, the EIB shall make publicly available on its website information relating to all EIB financing and investment operations with respect to EFSI and how they contribute to the general objectives referred to in Article 5(2).
Amendment 1380 #
2015/0009(COD)
Proposal for a regulation
Article 17
Article 17
Amendment 1429 #
2015/0009(COD)
Proposal for a regulation
Article 18 – paragraph 1 – point 2 a (new)
Article 18 – paragraph 1 – point 2 a (new)
(2a) The Commission shall ensure that any redeployment of funds from the EU budget do not adversely affect programmes that fund basic or early-stage scientific research.
Amendment 1456 #
2015/0009(COD)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 1316/2013
Article 21 (4)
Article 21 (4)
Article 21 (4) of Regulation (EU) No 1316/2013 is deleted.
Amendment 1457 #
2015/0009(COD)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 1316/2013
Article 14, paragraph 2
Article 14, paragraph 2
In Article 14 of Regulation (EU) No 1316/2013, paragraph 2 is replaced by the following: The overall contribution from the Union budget to the financial instruments shall not exceed 0,5 % of the overall financial envelope of the CEF as referred to in Article 5(1).
Amendment 7 #
2014/2228(INI)
Draft opinion
Paragraph 1 – subparagraph a
Paragraph 1 – subparagraph a
a. take immediate action to ensure that a comprehensive and ambitious agreement is reached on the TTIP enhancing fair competition on both sides of the Atlantic; which would benefit consumers, industry, investors and EU and US society at large;
Amendment 15 #
2014/2228(INI)
Draft opinion
Paragraph 1 – subparagraph b
Paragraph 1 – subparagraph b
b. take immediate action to ensure that free and fair competition on both sides of the Atlantic, as well as market access, is addressed on the basis of the highest standards possible within the existing levels of protection, especially guaranteeing high standards within areas such as health and safety, consumer, labour and environmental legislation;
Amendment 35 #
2014/2228(INI)
Motion for a resolution
Citation 15 a (new)
Citation 15 a (new)
- having regard to the joint statement of 20th March by Commissioner Cecilia Malmström and US Trade Representative Michael Froman regarding the exclusion of public services in EU and US trade agreements;
Amendment 40 #
2014/2228(INI)
Draft opinion
Paragraph 1 – subparagraph c a (new)
Paragraph 1 – subparagraph c a (new)
ca. take immediate action to ensure the inclusion of a competition chapter, with provisions covering e.g. antitrust, mergers, state-owned enterprises and subsidies
Amendment 47 #
2014/2228(INI)
Motion for a resolution
Recital A
Recital A
A. whereas an ambitious agreement with the US maywill support the reindustrialisation of Europe and help achieve the 2020 target for an increase of the EU’'s GDP generated by industry from 15 % to 20 %; whereas it has the potential to create opportunities especially for SMEs, which suffer more from non-tariff barriers (NTBs) than larger companies; whereas an agreement between the two biggest economic blocs in the world has the potential to create standards, norms and rules which will be adopted at a global level, which would serve to the advantage of third countries as well;
Amendment 49 #
2014/2228(INI)
Draft opinion
Paragraph 1 – subparagraph d
Paragraph 1 – subparagraph d
d. take immediate action to ensure that market access negotiations on financial services are combined with upward convergencestrong cooperation in financial regulation which would increase the efficiency of the transatlantic financial markets and foster investment; support high international standards in on- going cooperation efforts in other international fora;
Amendment 55 #
2014/2228(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas an agreement between the two biggest economic blocs in the world has the potential to create standards, norms and rules which could be adopted at a global level, which would serve to the advantage of third countries as well, especially developing countries; whereas failure to negotiate an agreement will allow other third countries with different standards and values to assume this role instead;
Amendment 57 #
2014/2228(INI)
Draft opinion
Paragraph 1 – subparagraph e
Paragraph 1 – subparagraph e
e. take immediate action to ensure that aggressive tax planning,tax evasion and distortion of competition by e.g. moving of headquarters across the Atlantic to obtain competition-distorting conditions, are addressed;
Amendment 61 #
2014/2228(INI)
Draft opinion
Paragraph 1 – subparagraph f
Paragraph 1 – subparagraph f
Amendment 73 #
2014/2228(INI)
Draft opinion
Paragraph 1 – subparagraph g
Paragraph 1 – subparagraph g
g. take immediate action to ensure reciprocal market access for European companies to public contracts in the United Statesto public contracts for European and American companies both in the United States and the European Union ; underlines that an imbalance of market access to public contracts constitutes unfair competition;
Amendment 74 #
2014/2228(INI)
Motion for a resolution
Recital B
Recital B
B. whereas, given the growing interconnectedness of global markets – up to 40 % of European industrial products are manufactured from imported upstream products – it is crucial that policymakers shape the way these markets interact; whereas proper trade rules are fundamental to creating added value in Europe, since industrial production will increasingly takes place in global value chains;
Amendment 83 #
2014/2228(INI)
Draft opinion
Paragraph 1 – subparagraph h
Paragraph 1 – subparagraph h
h. take immediate proactive measures against American protectionism, and address legislation that hinders European market access to the United States, such as Buy American, Buy America and the American Job Act;
Amendment 97 #
2014/2228(INI)
Draft opinion
Paragraph 1 – subparagraph i
Paragraph 1 – subparagraph i
i. propose the introductclusion of a national court systems-first principle, to be supplemented with mediation and intergovernmental dispute mechanisms in legal disputes in order to ensure easier access and lower litigation costs than those offered by current ISDS- mechanisms, benefitting especially SMEn appropriate mechanism for investment protection based on the most modern standards established in existing agreements, which while protecting the right to regulate, guarantees (thaving fewer resources available than large corporations), thus creating more equal competition conditions; stress that any and all dispute mechanisms set in place within the TTIP-framework must uphold full transparency and be subject to democratic principles and scrutiny;t investors in countries outside the EU will be treated fairly and in a non-arbitrary manner
Amendment 101 #
2014/2228(INI)
Motion for a resolution
Recital D
Recital D
D. whereas even though common high standards are in the interest of the consumers, it should be noted that theyconvergence also makes sense from an economic perspective, as the higher costs stemming from higher standards armay be compensated by increased economies of scale in a market of 850 million consumers;
Amendment 120 #
2014/2228(INI)
Draft opinion
Paragraph 1 – subparagraph j
Paragraph 1 – subparagraph j
Amendment 121 #
2014/2228(INI)
Motion for a resolution
Recital E
Recital E
E. whereas many ex-ante economic impact studies on TTIP should be taken with cautionas illustrative as they are built on computable general equilibrium economic models with very optimistic predictions abhich are unable take sufficient account of the capacity of the EU and the US to reducedynamic nature of future economic opportunities and their positive spill over effects as a regsulatory barriers to tradet of an ambitious agreement; whereas the TTIP alone will not resolve economic problems in the EU and no false hopes and expectations should be raised in that respectlong standing structural economic problems and their underlying causes in the EU;
Amendment 132 #
2014/2228(INI)
Draft opinion
Paragraph 1 – subparagraph k
Paragraph 1 – subparagraph k
k. stress the need to uphold the EU’s tradition for organising its public services, and call for an exclusion of public services from the agreementnotes that the mandate given to the Commission by the Member States ensures that the management of public services is not affected by TTIP;
Amendment 143 #
2014/2228(INI)
Draft opinion
Paragraph 1 – subparagraph l
Paragraph 1 – subparagraph l
Amendment 147 #
2014/2228(INI)
Motion for a resolution
Recital F
Recital F
F. whereas the wellbeing of ordinary citizens, workers and consumers has to be the benchmark for a trade agreement; whereas TTIP should be a model for a good trade agreement responding to these requirementsprimary objective of a high quality trade agreement is to enhance trade and investment by establishing improved conditions for the free flow of goods, services and capital across borders leading to the creation of jobs and growth;
Amendment 169 #
2014/2228(INI)
Motion for a resolution
Recital G
Recital G
G. whereas the secret character of negotiations as they have been conducted in the past has led to deficiencies in terms of democratic control of the negotiation proceslegal framework governing the negotiation of EU trade agreements is laid down in Article 207 TFEU, which establishes that the Commission negotiates agreements in consultation with a special committee established by the Member States;
Amendment 186 #
2014/2228(INI)
Motion for a resolution
Recital H
Recital H
H. whereas President Juncker has clearly reiterated in his Political Guidelines that – while the EU and the US can go a significant step further in recognising each other’'s product standards and working towards transatlantic standards – the EU will not sacrifice its safety, health, social and data protection standards or our cultural diversity, recalling that the safety of the food we eat and the protection of Europeans’' personal data are non- negotiable and that the rule of law should also apply in this context;
Amendment 197 #
2014/2228(INI)
Motion for a resolution
Recital I
Recital I
Amendment 220 #
2014/2228(INI)
Motion for a resolution
Recital J
Recital J
J. whereas many critical voices in the public debate have shown the need for the TTIP negotiations to be conductrade agreements should be negotiated in athe morest transparent and inclusive manner, taking into account the concerns voiced by European citizens possible, while respecting the need for a necessary element of confidentiality to ensure that negotiators can reach a high quality final deal; whereas Parliament fully supports both the decision of the Council to declassify the negotiating directives and the Commission’'s transparency initiative;
Amendment 230 #
2014/2228(INI)
Motion for a resolution
Recital K
Recital K
K. whereas since July 2013 talks between the US and the EU have been going onEU began in July 2013, but up to now no common text has been agreed and it is now exactly the right time to undertake a reflection on the state of play; whereas political stocktaking is a useful exercise in influencing the direction of negotiations;
Amendment 234 #
2014/2228(INI)
Motion for a resolution
Recital K a (new)
Recital K a (new)
Ka. whereas the EU in particular faces growing concerns over its energy security and its need to diversify its energy supplies and transit routes in the face of political and geopolitical developments;
Amendment 247 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point a – point i
Paragraph 1 – point a – point i
(i) to ensure that TTIP negotiations lead to a deep, comprehensive, ambitious, balanced and high-standard trade and investment agreement, based on a single undertaking that wouldill promote trade and investment, sustainable growth, support the creation of high-quality jobs for European workercitizens, directly benefit European consumers, increase international competitiveness, and open up new opportunities for EU companies, in particular SMEs; the content of the agreement is more important than the speed of the negotiations;
Amendment 276 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point a – point iii
Paragraph 1 – point a – point iii
(iii) to keep in mind the strategic importance of the EU-US economic relationship in general and of TTIP in particular, inter alia as an opportunity to promote the principles and values anchored in a liberal, rules based framework that the EU and the US share and cherish and towhile designing common approaches to global trade, investment and trade-related issues such as high standards, norms and regulations, in order to develop a broader transatlantic vision and a common set of strategic goals;
Amendment 288 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point a – point iv
Paragraph 1 – point a – point iv
(iv) to ensure, especially given the recent positive developments in the World Trade Organisation (WTO), that an open and accessible agreement with the US serves as a stepping-stone for broader trade negotiations and is not seen as an alternative to the WTO process; bilateral trade agreements are always the second-best option and must not prevent improvements on the multilateral level;
Amendment 301 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point b – introductory part
Paragraph 1 – point b – introductory part
(b) regarding market access: for goods, services and procurement;
Amendment 311 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point b – point i
Paragraph 1 – point b – point i
(i) to ensure that the market access offers in the differentall areas are equally ambitious and reflect both parties’ expectations, as market access for industrial goods, agricultural products, services and public procurement isare equally important in all cases and a balance is needed between the different proposals for these areas;
Amendment 372 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point b – point iv a (new)
Paragraph 1 – point b – point iv a (new)
(iva) to ensure mutual recognition of professional qualifications between the Parties, notably via the creation of a legal framework with federal States which have regulatory powers in this domain, and to promote mobility across the Atlantic through visa facilitation for professionals;
Amendment 406 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point b – point vi
Paragraph 1 – point b – point vi
(vi) to ensure an adequate carve-out of sensitive services such asthe inclusion of reservations for public services and public utilities (including water, health, social security systems and education), in line with existing and recently concluded EU trade agreements, allowing national and local authorities enough room for manoeuvre to legislate in the public interest; ain this regard welcomes the joint declaration reflecting negotiators’' clear commitment to exclude these sectors from the negotiations would be very helpful in this regard; ;
Amendment 450 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point b – point viii
Paragraph 1 – point b – point viii
(viii) to ensure that the EU’'s acquis on data privacy is not compromised through the liberalisation of data flowsfully respected in any final Agreement, in particular in the area of e- commerce and financial services; to ensure that no commitments on data flows are taken up before European data protection legislation is in place; , while a stable and predictable legal environment ensuring and facilitating the continued ability of firms, especially in the service sector, to transfer data across the Atlantic, is assured; stresses that the EU should cooperate with the United States in order to encourage third countries to adopt similar high data protection standards in the area of trade around the world; further notes that such provisions must be consistent with the provisions set forth in Article 14 of the GATS and that restrictions on data flows and associated infrastructure may create risks that must be recognised;
Amendment 462 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point b – point ix
Paragraph 1 – point b – point ix
(ix) to include am ambitious chapter on competition ensureing that European competition law is properly respected particularly in the digital world while establishing new standards, in particular regarding state owned enterprises, that could form the basis for improved global rules and common approaches with third countries;
Amendment 494 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point b – point xi
Paragraph 1 – point b – point xi
(xi) to ensure that account is taken of the discrepancies in the openness of public procurement markets on both sides of the Atlantic and the huge interest on the part of European companies in obtaining access to public contracts in the US both at federal and state level, for example for construction services, traffic infrastructure and goods and services while respecting suexistainability criteriag legal frameworks for procurement on both sides, inter alia the new EU procurement and concession package entering into force in 2016; to ensure that that neither party will adopt new measures restricting market access in procurement beyond measures already in place;
Amendment 511 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point b – point xii
Paragraph 1 – point b – point xii
(xii) to promote EU-US cooperation at the international level in order to promote sustainability standards for public procurement, inter alia in the implementation of the recently revised Government Procurement Agrefurther international agreements in the field of public procurement;
Amendment 540 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point c – introductory part
Paragraph 1 – point c – introductory part
(c) regarding regulatory cooperation and coherence pillar and NTBs:
Amendment 555 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point c – point i
Paragraph 1 – point c – point i
(i) to ensure that the regulatory cooperation chapterand coherence promotes an effective, transparent, pro- competitive economic environment through the facilitation of trade and investment while developing and securing high levels of protection of health and safety, consumer, labour and environmental legislation and of the cultural diversity that exists within the EU; negotiators on both sides; need to identify and to be very clear about which regulatory measures and standardsotes that some areas may prove challenging in terms of finding an agre fundamental and cannot be compromised,ement, however, insists that negotiators determine, where possible and which ones can be the subject of a common approach, which are the areas where mutual recognition based on a common high standard and a strong system of market surveillance is desirable and which are those where simply an improved exchange of information is possible, based on the experience of one and a half years of ongoing talks;
Amendment 577 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point c – point ii
Paragraph 1 – point c – point ii
(ii) to baseensure that negotiations on SPS and TBT measures go beyond the key principles of the multilateralWTO Agreements on SPS and TBT agreements; to aim in the first place at increasing transparency coherence and openness, mutual recognition, exchanges of best practices, strengthening dialogue between regulators and strengthening cooperation in international standards-setting bodies while removing all unnecessary obstacles to trade and investment and ensuring that regulators create proportionate measures based on scientific evidence and international standards; to recognise, in negotiations on SPS and TBT measures, the right of both parties to manage risk in accordance with the level either deems appropriate in order to protect human, animal or plant life or health; to in full respect and uphold the sensitivities and fundamental values of either side, such as the EU’s precautionary principleof legal frameworks on both sides;
Amendment 598 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point c – point iii
Paragraph 1 – point c – point iii
(iii) with regard to the horizontal regulatory cooperation chapter, to give priority to fostering bilateral cooperation between regulatory bodies through enhanced information exchange and to promote the adoption, strengthening and timely implementation of international instruments, on the basis of successful international expe whilst fully respecting the priences such as, for instance, ISO standards or under the United Nations Economic Commission for Europe’s (UNECE) World Forum for Harmonisation of Vehicle Regulations (WP.29); to establish that the prior impact assessment for the regulatory act, as defined in the horizontal provisions on regiple subsidiarity, on the basis of a specific and permanent regulatory and consultatoryion cooperation, should also measure the impact on consumers and the environment next to its impact on trade and investment; to handle the possibility of promoting regulatory compatibility with great care and only without compromising legitimate regulatory and policy objectives mechanism, ensuring the creation of a living agreement;
Amendment 614 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point c – point v
Paragraph 1 – point c – point v
(v) to fully respect the established regulatory systems on both sides of the Atlantic, as well as the European Parliament’'s role within the EU’'s decision-making process and its democratic scrutiny over EU regulatory processes when creating the framework for future cooperation while at the same time being vigilant about a balanced involvement of stakeholders within the consultations included in the developensuring the utmost transparency and the involvement of all regulatory proposallevant stakeholders;
Amendment 621 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point d – introductory part
Paragraph 1 – point d – introductory part
(d) regarding the rules pillar:
Amendment 626 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point d – point i
Paragraph 1 – point d – point i
(i) to combine negotiations on market access and regulatory cooperation with the establishment of ambitious rules and disciplines, inter alia on on issues such as, but not limited to, sustainable development, energy, SMEs, investment and intellectual property;
Amendment 639 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point d – point ii
Paragraph 1 – point d – point ii
(ii) to ensure that the sustainable development chapter aims at the full and effective ratification, implementation and enforcement of the eight fundamental conventions of the International Labour Organisation (ILO) and their content, the ILO’s Decent Work Agenda and the core international environmental agreements; provisions should be aimed at improv's provisions should be aimed at safeguarding and promoting levels of protection of labour and environmental standards; asks, therefore, that negotiators include an ambitious trade and sustainable development chapter which should also include rules on corporim ate social responsibility based on the Guidelines for Multinational Enterprises of the Organisation for Economic Cooperation and Development (OECD) and a clearly structured civil society involvetting new global benchmarks for a trade agreement;
Amendment 651 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point d – point iv
Paragraph 1 – point d – point iv
(iv) to ensure that labour and environmental standards are made enforceableincluded, by building on the goodprevious experience of the EU-Korea free trade agreementexisting EU FTAs and good and effective practices in the US’'s free trade agreements and national legislation;
Amendment 660 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point d – point v
Paragraph 1 – point d – point v
Amendment 676 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point d – point vi
Paragraph 1 – point d – point vi
(vi) to ensure that the economic, social and environmental impact of TTIP is examined through a thorough trade sustainability impact assessment with clear involvement of relevant stakeholders and civil society;
Amendment 691 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point d – point vii
Paragraph 1 – point d – point vii
(vii) to ensure that in course of the negotiations the two sides examine ways to facilitate natural gas and oil exports, so that TTIP would abolish any existing export restrictions on energy between the two trading partners, thereby supporting a diversification of energy sources; and reducing EU Member States' reliance on single points of supply and transit;
Amendment 707 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point d – point ix
Paragraph 1 – point d – point ix
(ix) to ensure that TTIP supports the use and promotion of green goods and services, thereby tapping into the considerable potential for environmental and economic gains offered by the transatlantic economy complementing on-going negotiations on the Green Goods Agreement;
Amendment 710 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point d – point x
Paragraph 1 – point d – point x
Amendment 726 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point d – point xi
Paragraph 1 – point d – point xi
(xi) to ensure that TTIP includes a specific chapter on SME’'s and aims at creating new opportunities in the US for European SMEs, for instance by eliminating double certification requirements, by establishing a web-based information system about the different regulations and best practices, by introducing ‘'fast- track’' procedures at the border or by eliminating specific tariff peaks that continue to exist; it should establish mechanisms for both sides to work together to facilitate SMEs’' participation in transatlantic trade, for instance through a common SME ’'one-stop shop’' with SME stakeholders playing a key role in the establishment of such a system;
Amendment 740 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point d – point xii
Paragraph 1 – point d – point xii
(xii) to ensure that TTIP contains a comprehensive chapter on investment which should look not only to enhance Europe as a destination for investment, but should also increase confidence for EU investment in the US, including provisions on both market access and investment protection; the investment chapter should aim at ensuring non- discriminatory treatment for the establishment of European and US companies in each other’'s territory, while taking account of the sensitive nature of some specific sectorsthese provisions should further look to form a new "gold standard" for investment protection in existing and future international investment for a such a "gold standard" should guarantee the maximum level of transparency possible, look at establishing an appellate mechanism as well as making explicit the right to regulate;
Amendment 747 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point d – point xiii
Paragraph 1 – point d – point xiii
(xiii) to ensure that investment protection provisions are limited to post- establishment provisions and focus on non-discrimination andfocus on non-discrimination, direct and indirect expropriation as well as fair and equitable treatment; standards of protection and definitions of investor and investment should be drawn up in a precise legal manner; free transfer of capital should be in line with the EU treaty provisions and should include a prudential carve-out in the case of financial crises;
Amendment 773 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point d – point xiv
Paragraph 1 – point d – point xiv
(xiv) to ensure that foreign investors are treated in a non-discriminatory fashion and have a fair opportunity to seek and achieve redress of grievances, which can be achieved without the inclusion of an ISDS mechanism; such a mechanism is not necessary in TTIP given the EU’s and the US’ developed legal systems; a state-to- state dispute settlement system and the use of national courts are the most appropriate tools to address investment disputesmedy and redress independent of any possible political interference; supports therefore, the inclusion of investment protection mechanisms, including a reformed and improved ISDS and supports DG Trade's on-going efforts in this area;
Amendment 801 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point d – point xv
Paragraph 1 – point d – point xv
(xv) to ensure that TTIP includes an ambitious Intellectual Property Rights (IPR) chapter that includes strong protection of precisely and clearly defined areas of IPR, including enhanced protection and recognition of European Geographical Indications (GIs), and reflects a fair and efficient level of protection such as laid out in the EU’'s and the US’'s free trade agreement provisions in this area, while continuing to confirm the existing flexibilities in the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), notably in the area of public health thus ensuring that those who create high quality innovate products can continue to do so;
Amendment 813 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point d – point xvi
Paragraph 1 – point d – point xvi
(xvi) to ensure that the IPR chapter does not include provisions on criminal sanctions as a tool for enforcement, as having been previouslyincludes appropriate enforcement mechanisms, allowing for remedies and redress in case of failure a to rejspected by Parlia mutually agreed commitments;
Amendment 817 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point d – point xvi a (new)
Paragraph 1 – point d – point xvi a (new)
(xvia) to facilitate the short term mobility of skilled labour between the EU and US and establish a fast track approach for expeditious processing of visa/work permit applications;
Amendment 820 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point d – point xvi b (new)
Paragraph 1 – point d – point xvi b (new)
(xvib) to create common frameworks between the US and EU for programmes to encourage both basic research and development, as the commercialisation of new technologies, and to consider horizontal as well as sector and technology-specific aspects for improved cooperation to enhance R&D and innovation;
Amendment 823 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point e – introductory part
Paragraph 1 – point e – introductory part
(e) regarding transparency, civil society involvement and public, public and political outreach:
Amendment 827 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point e – point i
Paragraph 1 – point e – point i
(i) to continue ongoing efforts to increase transparency in the negotiations by making , where appropriate, more negotiation proposals available to the general public;
Amendment 838 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point e – point ii
Paragraph 1 – point e – point ii
(ii) to translate these transparency efforts into meaningful practical results, inter alia by reaching meaningful arrangements with the US side to improve transparency, including access to all negotiating documents, in order to allow Members of Parliament and the Member States to develop constructive discussions with stakeholders and the public;
Amendment 849 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point e – point iii
Paragraph 1 – point e – point iii
(iii) to promote an even closer engagement with the Member States and National Parliaments with the aim of forging their active involvement in better communicating the scope and the possible benefits of the agreement for European citizens and in order to ensure a broad, fact-based public debate on TTIP in Europe with the aim of exploring the genuine concerns surrounding the agreement;
Amendment 858 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point e – point iv
Paragraph 1 – point e – point iv
(iv) to reinforce its continuous and transparent engagement with a wide range of stakeholders, including, but not limited to, business, environmental, agricultural, consumer, labour and other representatives, throughout the negotiation process; encourages all stakeholders to participate actively and to put forward initiatives and information relevant to the negotiations;
Amendment 873 #
2014/2228(INI)
Motion for a resolution
Paragraph 1 – point f a (new)
Paragraph 1 – point f a (new)
(fa) to ensure that TTIP is accompanied by a deepening of transatlantic parliamentary cooperation leading in future to a broader and enhanced political framework to improve global cooperation between the EU and the US. This framework should ensure sustained cooperation not only in the implementation of the deal, but in establishing further cooperation on bilateral, plurilateral and multilateral trade and investment issues of shared interest and importance;
Amendment 55 #
2014/2221(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Believes that the lack of investment is caused by a lack of competitiveness, low confidence, high indebtedness, slow deleveraging and subdued expectations of demand;
Amendment 61 #
2014/2221(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. WelcomesNotes that the Investment Plan for Europe, which is an important instrument for increasing private and public investment; not might trigger additional investment, develop new projects, attract investors and increase confidence. However, it is far too early to meaningfully assess that the plan is meant to trigger additional investment, develop new projects, attract ine actual impact of the plan. Warns that boosting investment should not be seen as an alternatives tors and restore confidence; reforms
Amendment 77 #
2014/2221(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Calls on the Members States actively to support the Investment Plan, and to contribute to the European Fund for Strategic Investment, supplementing the amounts provided through the EU budget and by the EIB, in order to guide and encourage the private sector to invest; welcomes the principle of using public money to leverage and attract additional private capital; urges to avoid the socialisation of losses and the privatisation of gains in the establishment of the fund
Amendment 81 #
2014/2221(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Emphasises that whilst well-targeted public investment is necessary for example to improve education standards and develop infrastructure where needed, long-term growth is not achieved by only increasing public expenditure which would necessitate increasing the tax burden on already hard-pressed individuals and businesses or by making more debts which affects the financial fragility of already highly indebted MS;
Amendment 19 #
2014/2158(INI)
Motion for a resolution
Citation 41 a (new)
Citation 41 a (new)
– having regard to the Statement by the Commissioner for Competition Margrethe Vestager on tax state aid investigations of 6 November 2014,
Amendment 50 #
2014/2158(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas the publication of the so- called ‘LuxLeaks’ documents by the International Consortium of Investigative Journalists calls for a thorough and independent investigation of Member States’ tax rulings practices and their compliance with EU state aid control rules;
Amendment 78 #
2014/2158(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Reiterates that the Commission could consider reallocation of resources from obsolete or underused budget lines towards DG Competition, in order to enable a more proactive stance; recommends in view of the LuxLeaks revelations in this regard in particular a reinforcement of DG Competition’s fiscal state aid unit;
Amendment 281 #
2014/2158(INI)
Motion for a resolution
Paragraph 28 a (new)
Paragraph 28 a (new)
28a. Highlights the publication of the so- called ‘LuxLeaks’ documents by the International Consortium of Investigative Journalists; welcomes the commitment of the Commissioner for Competition to thoroughly and independently investigate Member States’ tax rulings practices and their compliance with EU competition law; encourages the Commission to vigilantly enforce EU state aid control rules;
Amendment 282 #
2014/2158(INI)
Motion for a resolution
Paragraph 28 b (new)
Paragraph 28 b (new)
28b. Calls on the Commission President to ensure the independence of the on-going and future investigations of Member States’ tax ruling practices led by the Commissioner for Competition; insists that the European Parliament be kept fully informed of the progress of the investigations and of the means to ensure they are being conducted in a transparent and independent manner; calls on the Commission to present a report on its findings as soon as possible; recalls the commitment made by the Commissioner for Competition to extend her investigation should this be deemed necessary once the facts have been collected;
Amendment 3 #
2014/2157(INI)
Motion for a resolution
Recital A
Recital A
A. whereas, according to the Commission services’ spring 2014 forecast, GDP in the euro area fell by 0.4 % in 2013 after a decline of 0.7 % in 2012, and whereas the Commission services expected a recovery, with GDP rising by 1.2 % in 2014 and by 1.7 % in 2015; whereas the Commission services' autumn 2014 forecast revised growth projections downward, with GDP rising by only 0.8 % in 2014 and 1.1 % in 2015;
Amendment 8 #
2014/2157(INI)
Motion for a resolution
Recital B
Recital B
B. whereas, according to the sameautumn forecast, unemployment in the euro area rose from 11.3 % at the end of 2012 to 121.9 % at the end of 2013, and may fall slightly to 11.86 % in 2014;
Amendment 10 #
2014/2157(INI)
Motion for a resolution
Recital C
Recital C
C. whereas there are major disparities among the unemployment rates in different Member States, with figures varying between 5 % and 268 %; whereas percentages for youth unemployment are evenmuch higher;, peaking at 58.3 % in Greece in 2013.
Amendment 20 #
2014/2157(INI)
Motion for a resolution
Recital E
Recital E
E. whereas, according to the Commission services’ springautumn 2014 forecast, the average inflation rate in the euro area was 1.34 % in 2013, down from 2.5 % in 2012; whereas inflation in the euro area has continued to be on a downward path since the beginning of 2014, reaching a low of 0.3 % in September;
Amendment 28 #
2014/2157(INI)
Motion for a resolution
Recital F
Recital F
F. whereas the level of public and private investment in the euro area has been stagnating at levels significantly below those registered before the start of the crisis;
Amendment 42 #
2014/2157(INI)
Motion for a resolution
Recital J
Recital J
J. whereas the size of the euro system’s balance-sheet has declined steadily over the course of 2013, whereas it is unclear whether this reflectings receding financial fragmentation;
Amendment 78 #
2014/2157(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Considers that it is of utmost importance to create conditions for a rebound in investment in the euro area; calls on the ECB, in this taking into accountext, to that despite the ECB pursueing its actions in order to maintain favourable financing conditions and to reduce the financial fragmentation that remains highly penalising for private borrowers in many Member Statinvestments have not picked up yet; calls on the Member States, in this context, to work on the underlying causes of the financial fragmentation such as diverging risk structures that make lending more costly in respective countries;
Amendment 84 #
2014/2157(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Underlines that Mario Draghi, in his speech at the annual central bank symposium in Jackson Hole on 22 August 2014, stated that we need action on both sides of the economy, noting that: aggregate demand policies have to be accompanied by national structural reforms and policies; on the demand side, monetary policy can and should play a central role, which currently means an accommodative monetary policy for an extended period of time; there is little scope for fiscal policy to play a greater role alongside monetary policy especially since the sustainability of public debt needs to be taken into account; and no amount of fiscal or monetary accommodation can compensate for the necessary action on the supply side through structural reforms in the euro area;
Amendment 99 #
2014/2157(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. WelcomesTakes note of the measures announced by the ECB in June 2014 aimed at enhancing the functioning of the monetary policy transmission mechanism; acknowledgnotices that the TLTRO introduces, for the first time, a link between loans to the non- financial private sector granted by banks and the amount of refinancing the banks can claim;
Amendment 111 #
2014/2157(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Notes that the ECB has announced that it will purchase asset-backed securities (ABS) and covered bonds in order to empower the credit-easing impact of the TLTROs; stresses that such interventions on ABS market must be conducted in a transparent manner that does not create excessive risks for the ECB’s balance sheet; believes that the transferring of bad debt to the ECB balance sheet is not an appropriate solution and unfairly burdens EU taxpayers;
Amendment 126 #
2014/2157(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. WelcomNotes the fact that the ECB has repeatedly stated its readiness to use additional unconventional instruments within its mandate, and to alter the size or composition of its interventions, in the event of an excessively lengthy period of low inflation;
Amendment 135 #
2014/2157(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Stresses that the impact of the unconventional monetary policy measures currently in use on the real economy should not be overestimated; stresses that such measures are transitory in nature and that their main advantage is that they can givey aim at giving Member States time to consolidate their fiscal situation and implement structural reforms that will create conditions for economic activity to rebound;
Amendment 148 #
2014/2157(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Recalls that monetary policy alone cannot stimulate aggregate demand unless it is complemented by adequate fiscal and structural national reforms and policies that ultimately target the underlying reasons for the sluggish development;
Amendment 187 #
2014/2157(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Emphasises that the SSM contributes toaims at ensuring confidence in the euro area banking sector, and thus ato financial stability; recalls that democratic accountability of the new SSM towards European and national Parliaments is crucial to ensuring the credibility of the new supervisory regime; stresses, therefore, the importance of the Interinstitutional Agreement between Parliament and the ECB, concluded in November 2013, on the practical modalities of the exercise of democratic accountability over the SSM, and of its full implementation;
Amendment 6 #
2014/2156(INI)
Motion for a resolution
Recital A
Recital A
A. whereas all possible resources from the Member States and the EU, including those of the EIB, need to be efficiently mobilised without delay to sustain public and private investments in line with the EU 2020 Strategythe EIB's 2013 report on Investment and Investment Finance in Europe concludes that it is uncertainty, not a funding shortage that deters investment in the European Union; therefore it is of utmost importance to solve Europe’s fundamental debt, banking and competitiveness crises, this being the only way to encourage sufficient private investment for smart, sustainable and inclusive growth in line with the EU 2020 Strategy;
Amendment 18 #
2014/2156(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the selection for investments by the EIB should be made independently and on the basis of their viability, added value and impact on economic recovery;
Amendment 50 #
2014/2156(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Takes note in that context of the establishment of a Task Force, led by the Commission and the European Investment Bank, with a view to identifying concrete actions to boost investment, including a pipeline of potentially viable projects of European relevance to be realised in the short and medium term; emphasises that this Task Force should explicitly identify hurdles and remedies for increasing investments and actively seek the involvement of Parliament, social partners and CSOs; warns that the Task Force could face political pressure to foster projects favoured by special interest groups, leading to a misallocation of funds to unprofitable investments that are not of public interest;
Amendment 58 #
2014/2156(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Urges the EIB to avoid the socialisation of losses and the privatisation of gains in the establishment of the European Fund for Strategic Investments;
Amendment 69 #
2014/2145(INI)
Motion for a resolution
Recital A c (new)
Recital A c (new)
Ac. whereas the Eurozone has always tried to achieve convergence among member states using a rules-based approach, whereas these rules of economic governance have undergone many changes moving from a set of a few, easy to comprehend rules to a highly complex framework today;
Amendment 70 #
2014/2145(INI)
Motion for a resolution
Recital A d (new)
Recital A d (new)
Ad. whereas many rules of economic governance have been disrespected many times, most prominently the no-bailout clause of Article 125 TFEU, whereas European facilities which provide credits to Member States unable to finance themselves on private capital markets violate the spirit of Article 125 TFEU;
Amendment 90 #
2014/2145(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas economic governance will be successful only if, in line with Article 125 TFEU, no Member State will feel pressed to assume liabilities or commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of another Member State;
Amendment 184 #
2014/2145(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Notes that economic governance in the Euro zone set out with two simple rules to enforce sustainability of public finances, namely in terms of GDP a maximum 3 % threshold on the annual government budget deficit and a maximum 60 % threshold on the stock of government debt (Art. 126 TFEU in conjunction with Protocol (No 12) on the excessive deficit procedure and Art. 125 TFEU);
Amendment 185 #
2014/2145(INI)
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Notes further that the two rules were complemented by two enforcement mechanisms, namely the possibility to impose sanctions for breaches of the 3% deficit threshold and the possibility to refuse bailouts by other member states based on Art. 125 TFEU;
Amendment 216 #
2014/2145(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Highlights the fact that excessive deficits contributed to government debt levels surpassing the 60% debt ceiling for all Euro area members except Finland, Slovakia and Luxemburg, with many countries being close to or even far beyond 100% of government debt and some countries having reached debt levels which they were unable to sustain without a bailout;
Amendment 223 #
2014/2145(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Notes that major policy initiatives which included policy recommendations were based on economic forecasts that had not anticipated the low growth and inflation experienced and have not fully taken into account the underestimation of the size of the fiscal multiplier, the importance of spillover effects across countries in a period of synchronised consolidation and the deflationary impact of cumulative structural reformspillover effects across countries due to excessive and nonsustainable debt are major causes of economic distress;
Amendment 264 #
2014/2145(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Notes that the 1997 Stability and Growth Pact obliged all member states to achieve a balanced budget (or a surplus) in the medium run and that member states agreed that under a balanced budget here would be sufficient flexibility across the business cycle to keep the deficit below 3%;
Amendment 276 #
2014/2145(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Warns that the accumulation of procedures makes the economic governance framework complex and not transparent enough, which is detrimental to the ownership and acceptance by national parliaments, social partners and citizens of guidelines, recommendations and reforms stemming from this framework;
Amendment 298 #
2014/2145(INI)
Motion for a resolution
Paragraph 6 e (new)
Paragraph 6 e (new)
6e. Concludes that economic governance has yet to show that the highly complex set of rules currently in use are more likely to induce fiscal discipline and debt sustainability than the simpler rules of previous years which did not work well because enforcement mechanisms like sanctions, fines and the no-bailout clause were discarded;
Amendment 307 #
2014/2145(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Underlines all the existNotes that the EU and the Euro area ing provisions under the Stability and Growth Pact (SGP) which have been put in place to ensure an anti-cyclical policy; finds it regrettable that these provisions were not put to full use in previous years, in the context of low inflation, low growth and high unemploymentarticular is in a difficult economic situation where growth is unsatisfactory, job creation is low, unemployment in some Member States is high and inflation much lower than targeted such that a prolonged period of stagnation or recession coupled with deflation is possible;
Amendment 358 #
2014/2145(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Warns that, given the current size of government debts, debt sustainability will become even more pressing an issue when interest rates in the Euro area come back to normal levels;
Amendment 361 #
2014/2145(INI)
Motion for a resolution
Paragraph 9 d (new)
Paragraph 9 d (new)
9d. Warns that fiscal stimuli cannot replace structural reforms and that fiscal stimuli are not likely to be successful in an environment where structural reforms have not yet unfolded sizable effects, thus warns to press for even greater stimuli just because growth is not picking up;
Amendment 364 #
2014/2145(INI)
Motion for a resolution
Paragraph 9 g (new)
Paragraph 9 g (new)
9g. Concludes that a return to the principle of no-bailout and free, decentralized fiscal decisions of member states should be the overarching objective of the European Union's policy of economic governance;
Amendment 365 #
2014/2145(INI)
Motion for a resolution
Paragraph 9 h (new)
Paragraph 9 h (new)
9h. Emphasizes that regulatory reforms like Basle III along with the asset quality review, the stress tests of the banking sector and the banking union can be viewed as increasing the credibility of the no-bailout principle, points out that further measures could be designed if there are concerns that these safeguards are still insufficient;
Amendment 367 #
2014/2145(INI)
Motion for a resolution
Paragraph 9 j (new)
Paragraph 9 j (new)
9j. Points out that this is in no contradiction to the principle of European solidarity since the European Union has well-established funds for regional development, cohesion and social policies which may aid countries in need of special support;
Amendment 423 #
2014/2145(INI)
Motion for a resolution
Subheading 3
Subheading 3
Amendment 606 #
2014/2145(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Believes there is a strong need for less complexity, better ownership, more transparency and democracy in economic governance; believes that looking forward towards deeper integration cannot be achieved by adding a new layer of rules to the already existing onesmore national ownership and more transparency;
Amendment 621 #
2014/2145(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Acknowledges, based on the current situation, that the economic governance framework must be corrected and completshould be reassessed in both the medium and long tterm, in orderm to allow for the EU and the euro area to meet the challenges of convergence, long-lasting investment and reliancnalyse if the current framework has provided the desired results and set a timeline for returning to the principle of the no- bailout clause;
Amendment 4 #
2014/2144(INI)
Motion for a resolution
Citation 39 a (new)
Citation 39 a (new)
- having regard to the Statement by the Commissioner for Competition Margrethe Vestager on tax state aid investigations of 6 November 2014,
Amendment 8 #
2014/2144(INI)
Motion for a resolution
Recital A
Recital A
A. whereas an estimated EUR 1 trillion of potential tax revenue is lost every year in the EU due to tax fraud and tax avoidance21 ; whereas this loss is a major risk to the efficiency and fairness of the EU tax systems, and facilitates socially detrimental profiteering which leads to growing inequality among EU citizens it raises the tax burden on all bona fide citizens and companies; __________________ 21 http://ec.europa.eu/taxation_customs/taxati on/tax_fraud_evasion/a_huge_problem/ind ex_en.htm
Amendment 12 #
2014/2144(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas the publication of the so- called "LuxLeaks" documents by the International Consortium of Investigative Journalists calls for a thorough and independent investigation of Member States' tax rulings practices and their compliance with EU state aid control rules;
Amendment 34 #
2014/2144(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas the taxes in the Member States are very high compared to the rest of the world and threaten the international competitiveness of the Member States;
Amendment 38 #
2014/2144(INI)
Motion for a resolution
Recital F b (new)
Recital F b (new)
Fb. whereas the current economic and financial crisis has led to a significant rise in public debt in Europe; whereas amongst others the excessive public and private debt in the Member States has triggered the current financial crisis;
Amendment 40 #
2014/2144(INI)
Motion for a resolution
Recital F c (new)
Recital F c (new)
Fc. whereas in reaction to the costs of the banking crisis and the lower revenues due to the absence of economic growth in the after math of the eurocrisis, most MSs have chosen to raise revenues instead of lowering expenses;
Amendment 41 #
2014/2144(INI)
Motion for a resolution
Recital F d (new)
Recital F d (new)
Fd. whereas during the period in question Jean-Claude Juncker was Minister for Finances (from 1989 to 2009), Prime Minister of Luxembourg (from 1995 to 2013), and first permanent President of the Eurogroup (from 2005 to 2013);
Amendment 59 #
2014/2144(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Notes that tax policies must aim at fostering European competitiveness and lowering costs for European businesses, particularly Small and Medium-sized Enterprises;
Amendment 61 #
2014/2144(INI)
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Underlines that a low tax level is essential not only for the social welfare of families and households but also for competitiveness and new jobs; stresses the need for controlled and efficient public spending and stable public finances;
Amendment 63 #
2014/2144(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Highlights that increased tax policy harmonisObserves that taxation policy still remains a national competence and that the different tax systems of the Member States have to be respected; notes that the transfer of competences in the area of taxation from the national to the Union level requires a change in the Treaty; welcomes, however, effective cooperation of tax arrangements at the European level; highlights that effective tax policy cooperation would ensure that Member States’' tax policies support wider EU policy objectives as set out in the Europe 2020 strategy for smart, sustainable and inclusive growth;
Amendment 84 #
2014/2144(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Notes that eliminating tax obstacles can play an important role in increasing citizens’ ability and confidence to work and – together with enterprises – invest in the EU;
Amendment 95 #
2014/2144(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 131 #
2014/2144(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Emphasises that EU member states and the European Commission where appropriate should take a leading role in discussions on the fight against alleged tax fraud or aggressive tax avoidance in the OECD, the Global Forum on Transparency and Exchange of information for Tax Purposes, and other relevant global fora;
Amendment 274 #
2014/2144(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 289 #
2014/2144(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Underlines the fact that MSs’ taxation policy on environmental taxes should be aligned with the EU 2030 strategy; recognises that an increase in shift towards environmental taxes has the potential to generate revenues and jobs; calls on the Commission to come forward with appropriate legislative proposals;
Amendment 48 #
2014/2078(DEC)
Motion for a resolution
Paragraph 33 c (new)
Paragraph 33 c (new)
33c. Stresses that the Parliament and the Council, in order to create long term savings in the Union budget, must address the need for a roadmap to a single seat, as stated by the Parliament in several previous resolutions;
Amendment 164 #
2014/0020(COD)
Proposal for a regulation
Recital 24 a (new)
Recital 24 a (new)
(24 a) A regulation that aims to prevent excessive risk taking related to trading activities should consider the actual risk taken by banks in trading and provide incentives for banks to diminish their trading-related risk exposures or to increase eligible capital in order to comply with the legislation. The measurement of the size of banks' trading activities should make use, but not exclusively, of the prudential measures of risk exposures provided for in Regulation (EU) No 575/2013, since typically those measures capture the actual risk in trading positions better than other measures and since they are clearly defined and controlled through the supervisory framework. Regard should be had to other metrics that might better capture the size of banks’ trading activities.
Amendment 524 #
2014/0020(COD)
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 2
Article 10 – paragraph 3 – subparagraph 2
Unless the core credit institution demonstrates, within the time limit referred to in the first subparagraph, to the satisfaction of the competent authority, that the reasons leading to the conclusions are not justified, the competent authority shall adopt a decision addressing the core credit institution and requiring it not to carry out the trading activities specified in those conclusions. Other measures by the competent authority may include enhanced supervision, higher capital or liquidity requirements. The competent authority shall state the reasons for its decision and publicly disclose it.
Amendment 44 #
2014/0005(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7 a (new)
Article 1 – paragraph 1 – point 7 a (new)
Regulation (EC) N° 1236/2005
Article 1 – point 7 da (new)
Article 1 – point 7 da (new)