36 Amendments of Engin EROGLU related to 2020/2036(INI)
Amendment 2 #
Motion for a resolution
Citation 3 a (new)
Citation 3 a (new)
- having regard to the Commission Communication of 9 July 2020 entitled 'Getting ready for changes. Communication on readiness at the end of the transition period between the European Union and the United Kingdom' (COM(2020) 324),
Amendment 11 #
Motion for a resolution
Recital A
Recital A
A. whereas all actions taken to create a Capital Markets Union (CMU) should have as their core objectives improving the range of financing options offered to companies and citizens, as well as fostering the availability of a greater range of more attractive investment offers, as their objectiveto incentivise financial participation and to turn savers into investors; whereas access to equity financing for SMEs, entrepreneurs and the social economy has become even more crucial for the COVID-19 recovery;
Amendment 29 #
Motion for a resolution
Recital B
Recital B
B. whereas the actions taken so far to achieve the CMU are moving in the right direction; whereas much work nevertheless remains to be done in terms of the precision, effectiveness and simplification of the measures adopted; whereas an ambitious vision for the CMU project is essential to overcome national sensitivities and build the momentum to complete the CMU;
Amendment 42 #
Motion for a resolution
Recital C
Recital C
C. whereas the social and economic crisis resulting from COVID-19 will have a particularly negative impact on SMEs and retail savers; whereas the EU’s response to COVID-19 through the European Recovery Plan should provide a large injection of capital in order to increase European enterprises’ access to finance; whereas capital market financing is needed to increase the overall financing capacity and to reduce the reliance on bank lending in the EU;
Amendment 47 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the market movements resulting from COVID-19 have acted as a real-life “stress test” on the robustness of the whole financial ecosystem, and should be followed up with a detailed assessment of the benefits and shortcomings of the existing EU rulebook on financial stability and financial supervision;
Amendment 51 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Amendment 56 #
Motion for a resolution
Recital C c (new)
Recital C c (new)
Cc. whereas recent announcements from the UK authorities on future regulatory divergence confirm the need for a careful assessment, in each area on a forward-looking and on-going basis, of the risks for the EU in terms of financial stability, market transparency, market integrity, investor protection and level- playing field when granting and maintaining equivalence, due to the current interconnectedness between the EU and the United Kingdom markets;
Amendment 64 #
Motion for a resolution
Recital C e (new)
Recital C e (new)
Amendment 67 #
Motion for a resolution
Recital C f (new)
Recital C f (new)
Cf. whereas bringing the Capital Markets Union project closer to EU citizens is crucial to increase their confidence in capital market and equity financing; whereas the Commission should explore further opportunities to communicate on the benefits of the CMU project, for example with a change of name highlighting the direct link between EU citizens' savings and investments in the economic growth and post-COVID recovery;
Amendment 69 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls for the removal of barriers, including the simplification of legislation where relevant and conducive to financial stability, to diversify funding sources for SMEstart-ups, SMEs and mid-caps, in order to promote SMEs’their ability to access equity markets, and to reduce the existing debt bias; points out that the current situation makes SMEs more fragile and vulnerablnotes that necessary measures include facilitating investment research, streamlining the definition of SMEs across relevant EU legislation, and easing issuance requirements to ensure that start-ups, SMEs and mid-caps find their way to public markets; calls on the Member States to rebalance debt-equity bias in taxation; points out that the current situation makes SMEs more fragile and vulnerable; calls on the introduction of an ‘SME test’ for impact assessments on each CMU initiative;
Amendment 70 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls for the removal of barriers, including the simplification of legislation , to diversify funding sources for SMEs, in order to promote SMEs’ ability to access equity markets, and to reduce the existing debt bias; points out that the current situation makes SMEs more fragile and vulnerable; stresses that this is an additional funding channel, which does not, however, call into question existing bank connections;
Amendment 120 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Requests the realignment of the treatment of cash and synthetic securitisations, of the treatment of regulatory capital and liquidity with that of covered bonds and loans, as well as with the disclosure and due diligence requirements for covered bonds and simple, transparent and standardised (STS) securitisation;
Amendment 122 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Requests the Commission to assess how targeted amendments to the Securitisation Regulation could free up financing capacity; such targeted amendments could include the realignment of the treatment of cash and synthetic securitisations, of the treatment of regulatory capital and liquidity with that of covered bonds and loans, as well as with the disclosure and due diligence requirements for covered bonds and simple, transparent and standardised (STS) securitisation;
Amendment 131 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for targeted measures within securities market legislation to expedite the recovery after the COVID-19 crisis; supports changes in the Prospectus Regulation, the Markets in Financial Instruments Directive (MIFID), the Securitisation Regulation and the Market Abuse Regulation, which reduce the bureaucratic hurdles and the associated costs and make them easier to manage in practice, so as to facilitate investments in the real economy, in particular in SMEs, and to allow newcomers and new products to enter the markets, preserving consumer protection and market integrity;
Amendment 135 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Calls on the Commission to explore initiatives to incentivise employee share ownership, in order to promote the direct involvement of retail savers in financing the economy; such initiatives could include the creation of specific investment vehicles regulated under the AIFM Directive, with targeted changes to ease the operations of cross-border share- ownership plans, the encouragement of programmes to raise awareness throughout the EU, and the adoption of recommendations to Member States on relevant tax incentives;
Amendment 146 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Asks the Member States to deliver on repeated calls to amend their national tax frameworks, in order to reduce tax obstacles to cross-border investments, including through harmonising withholding tax procedures, and to increas and exploring a common, standardised, EU-wide system for withholding tax relief at source, inspired from the OECD TRACE Project, to rebalance the equity-debt bias penalising the financing byof investors to long-term investment opportunities thereby improvingnovation through private investment, and to incentivise long-term investment opportunities for retail investors in order to help EU citizens gain better returns on their long-term savings for EU citizens;
Amendment 155 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Highlights the importance of increasing legal certainty for cross-border investments by making national insolvency proceedings more efficient and effective; , whilst taking into consideration the different legal systems across the Member States, and by further harmonising rules on corporate governance, including a common definition of “shareholder” to facilitate the exercise of shareholder rights and the engagement with investee companies across the EU; calls on the Commission to propose legislative initiatives and issue recommendations to Member States, as appropriate, with a specific timeline for delivery, and aiming to achieve significant progress swiftly;
Amendment 163 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses the necessity of advancing further in the implementation and the enforcement of a genuinely Single Rule Book for financial services in the internal market; calls on the Commission and the ESAs to draw conclusions on the use of supervisory convergence tools through market movements related to the COVID- 19 crisis, and to suggest legislative and non-legislative initiatives to enhance the effectiveness of these tools as appropriate;
Amendment 171 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Underlines the need to promote pension provision, in particular third- pillar pensions; welcomes the Pan- European Personal Pension (PEPP) product; remindscalls that the tax treatment will be a key consideration for the take-up of future PEPPs; recalls the Commission recommendation of 26 June 2017, inviting Member States to ensure that PEPPs need to bare subject to the same tax treatment as national pension products to become an option for savers; recalls that a deep and competitive market for PEPP products, to the benefit of retail consumers, will only emerge if all providers can operate on a level playing field;
Amendment 176 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Encourages the Member States to promote multi-pillar pension systems, including occupational pension schemes, as a way to improve market dynamics and the incentives to and personal pension schemes, as a way to deepen the pools of European capital available for investment in strategic sectors through incentives for long-term investments; believes that private pensions should be revitalised and made more attractive; encourages the participation of investors in long-term products with tax reduction or exemption policiincentive policies promoting a level playing field across providers and product types;
Amendment 188 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Recalls that the Solvency 2 Directive requires a review by the end of 2020 and that the European Insurance and Occupational Pensions Authority (EIOPA) will provide technical advice to the Commission after consultations with different stakeholders; requests the Commission and EIOPA to consider adjusting the capital requirements for investments in equity and private debt, in particular of SMEs and mid-caps, to ensure that incentives for insurers and pension funds do not penalise equity investments; strongly calls on insurers and re-insurers to draw conclusions from the COVID-19 crisis, including on the coverage of pandemic-related risks; encourages the rapid phasing out of national exemptions and to the reduction of ‘gold-plating’ in national implementation of Solvency II, to foster harmonisation and integration of the EU insurance and re-insurance market;
Amendment 192 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Notes that oligopolistic structures have developed in the area of market data; calls on the Commission to investigate the abuse of dominant market positions by data providers,
Amendment 200 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses the need for European and national ssupervisory convergence to promote a common European model, highlights the crucial role of the European Supervisory aAuthorities to overcome their differences; calls for supervisory convergence to promote a common European model, guided by the European Securities and Market Authority (ESMA),(ESAs) in facilitating this; recalls the additional competences given and structural changes made to the ESAs by the recently adopted Regulation (EU) 2019/2175; calls on the ESAs, together with the national supervisory authorities, to implement and exercise these changes as soon as possible to allow the ESAs to act swiftly to preserve financial stability and the orderly functioning and integrity of the market, and to reduce the existing obstacles to cross-border financial operations;
Amendment 219 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Calls on the Commission to present a detailed road map to strengthen the robustness of the financial ecosystem, drawing lessons from the benefits and the shortcomings of the existing EU rulebook on financial stability and financial supervision, identified during the COVID- 19 crisis; takes note of the recent recommendations from the ESRB, notably on liquidity risks arising from margin calls and liquidity risks in investment funds;
Amendment 231 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Notes that various studies consistently show that a significant majority of retail investors mention sustainability preferences when asked about their investment preferences, and considers that this is an opportunity to further incentivise retail investors to be more active in financial markets;
Amendment 236 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Emphasises that access to financial markets should be possible for all enterprises under the ‘same business, same rules’ principle; notes that this principle is particularly relevant in the FinTech and financial innovation spaces, and that reciprocal access to financial data should be balanced with the need to have a level playing field across all providers and product types;
Amendment 241 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (PRIIPs) that should be addressed in the next reviewas soon as possible, ahead of the application of the PRIIPs rules to UCITS products; expects that Level 2 PRIIPs legislation on the Key Investor Document to respect lwill be aligned with the Level 1 text, in particular in relation to the performance scenarproviding accurate, fair, clear and non-misleading pre- contractual informatiosn; regrets the delays in the adoption of Level 2 PRIIPs legislation that will overlap with the first review of PRIIPs, and which increases legal uncertainty and costs for stakeholdermarket participants, and could reduce understanding and confidence from retail investors; calls for a more fundamental review of rules applicable to the distribution of financial products across the entirety of the retail investment space, in particular under MiFID, IDD and PRIIPs, aiming to harmonise and streamline the EU rulebook as appropriate; notes that EU rules on consumer protection should be adapted to the green and the digital transformations and put the interest of the retail investor at the forefront, regardless of the different types of providers and products;
Amendment 254 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Urges the Commission to keep an eye on the regulatory costs arising in practice and to make clear the differentiation between professional and retail investors on all levels of MIFID, making it possible to tailor the treatment of clients according to their knowledge and experience on the markets; points out that high regulatory costs in practice make advising retail investors unattractive for banks and thus de facto excludes retail investors from securities as an investment category; requests that the Commission consider the introduction of a category of semi-professional investors to better respond to the reality of participation on the financial markets, or create an opt-in opportunity for retail investors so that they can dispense with the comprehensive notification obligation;
Amendment 268 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Calls for amendments to legislation to ensure access to independent advice by financial intermediaries while avoiding promotion of the institution’s own financial products and ensuringand a fair marketing of financial products;
Amendment 286 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Emphasises that financial education is a medium-term tool, which enriches the financial system and which is a good step for engaging retail investors with financial markets; notes that employee share ownership programmes are amongst the most effective means to increase financial awareness and literacy for EU adult citizens;
Amendment 290 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Urges the Member States to include financial literacy programs in school curriculain all curricula from school to university, with evolutive programs adapted to the needs of pupils and students and aimed at developing autonomy in financial matters; suggests the inclusion of this topic in the Programme for International Student Assessment (PISA) study;
Amendment 297 #
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Calls on the Commission to review the Council recommendation on key competences for lifelong learning and to supplement the key competences with financial knowledge;
Amendment 300 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Takes the view that the digitalisation of financial services can be a catalyst for the mobilisation of capital in the EU while reducing barriers andand could help overcome the fragmentation of the financial markets in the EU while increasing supervisory efficiency; emphasises that an EU framework with high standards of cybersecurity would be conducive to the CMU; notes that ensuring robust protection against cybersecurity threats and other threats related to digitalisation, as well as rebalancing the over-reliance on non-EU ICT services providers, or products developed by market participants based outside of the EU, by facilitating the development and scaling up of EU ICT services providers and products, are key to enhancing the EU’s financial independence and strategic autonomy;
Amendment 316 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Highlights that ‘sandboxes’ may be an adequate tool to enhance the innovation and competitiveness of the financial services sector; requests that the Commission create a pan-European ‘sandbox’ for financial servic provided that sufficient safeguards are in place to prevent potential threats to the integrity, transparency, efficiency and orderly functioning of financial markets, and to the stability of the financial system; requests that the Commission draws upon the experience gained from the European Forum for Innovation Facilitators (EFIF) to assess whether a pan-European ‘sandbox’ for financial services would provide additional benefits for financial innovation; asserts that such a pan- European ‘sandbox’ should be established within the direct supervisory remit of the joint ESAs committee, in cooperation with relevant national supervisory authorities;
Amendment 327 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Reiterates that EU legislation provides for the possibility of considering third-country rules as equivalent based on a technical, proportional and risk-based analysis, and that such decisions should be taken through a delegated act; recalls that the EU can unilaterally withdraw any equivalence decision; calls on the Commission, in cooperation with the ESAs, and where relevant with National Competent Authorities, to establish a dynamic monitoring system on equivalence regimes, in the case of third country regulatory and supervisory divergences which could entail potential risks for the EU in terms of financial stability, market transparency, market integrity, investor and consumer protection and level-playing field; highlights that the Commission should have emergency procedures in place to withdraw equivalence decisions in case of the need to swiftly act, bearing in mind the potential consequences of an emergency withdrawal of an equivalence decision;
Amendment 334 #
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Reiterates the need for a more streamlined and codified representation of the EU in multilateral organisations/bodies, following the European Parliament resolution of 12 April 2016 on the EU role in the framework of international financial, monetary and regulatory institutions and bodies; notes that promoting EU values and global competitiveness of the EU’s financial sector when making policy at European and international level is ever more crucial as the multilateral world order further polarises;