11 Amendments of Gilles BOYER related to 2022/0405(COD)
Amendment 13 #
Proposal for a directive
Recital 3
Recital 3
(3) The provisions concerning research laid down in Directive 2014/65/EU require investment firms to separate payments which they receive as brokerage commissions from the compensation perceived for providing investment research (‘research unbundling rules’), or to pay for investment research from their own resources and assess the quality of the research they purchase based on robust quality criteria and the ability of such research to contribute to better investment decisions. While the unbundling rules have created more transparency on the costs of research and allowed for a better management of conflicts of interest, they have had a negative impact on the EU’s investment research ecosystem and, particularly, on the research coverage of small and medium capitalization companies. In 2021, those rules have been amended by Directive (EU) 2021/338 of the European Parliament and of the Council31 to allow for bundled payments for execution services and research for small and medium capitalisation companies below a market capitalisation of EUR 1 billion. The decline of investment research has, however, not slowed down. __________________ 31 Directive (EU) 2021/338 of the European Parliament and of the Council of 16 February 2021 amending Directive 2014/65/EU as regards information requirements, product governance and position limits, and Directives 2013/36/EU and (EU) 2019/878 as regards their application to investment firms, to help the recovery from the COVID-19 crisis (OJ L 68, 26.2.2021, p. 14).
Amendment 16 #
Proposal for a directive
Recital 4
Recital 4
(4) In order to revitalise the market for investment research and to ensure sufficient research coverage of companies, in particular the small and medium capitalisation companies, further alleviation of the research unbundling rules are necessary. By increasing from EUR 1 unbundling rules should be further adjusted. Investment firms should have more flexibillionty to EUR 10 billion the threshold of companies’ market capitalisation below which the unbundling rules do not apply, more small and medium capitalisation companies, and in particular more medium capitalisation companies will benefit from a larger research coverage, bringing those companies mochoose the way in which they wish to organise the payments of execution services and research. This would however require to maintain a level of transparency vis-a-vis the client as to the payment choice made by the investment firms. Investment firms should inform their clients whether they apply a separate or joint payment for the execution services and the provision of third party research. Appropriate information to the clients should be ensured visibility from potential investors and thus increasing their capacity to raise funding in the markea the recording by the firm of the charges attributable to research and execution services and also via the provision of an annual report on those payments to the clients.
Amendment 17 #
Proposal for a directive
Recital 4 a (new)
Recital 4 a (new)
(4 a) The adjustment of unbundling rules alone will not suffice to revitalize the market of research investment and address the longstanding shortage of research coverage of small and medium capitalization companies. The measures introduced in this directive should not undermine the progress made in terms of price transparency, reduction of conflicts of interest and other regulatory objectives of MiFID II. Further measures should be introduced to improve the coverage of SMEs and the promotion of independent research in the market.
Amendment 26 #
Proposal for a directive
Recital 11
Recital 11
(11) To enhance the visibility of listed companies, in particular SMEs and to adapt the listing conditions to improve requirements for issuers, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of amending Directive 2014/65/EU. The market capitalisation threshold for companies, for which the re-bundling of trading execution and research fees would be possible, to capture small and medium capitalisation companies, and providing a framework for the development of a particular form of research for which the issuer pays should be adapted should be removed while introducing safeguards to maintain a level of transparency regarding the costs associated to research. The adaption of the listing rules in the Union should also reflect market practice for it to be effective and promote competition. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making39 . In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts. __________________ 39 OJ L 123, 12.5.2016, p. 1.
Amendment 27 #
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point a
Article 1 – paragraph 1 – point 2 – point a
Directive 2014/65/EU
Article 24 – paragraph 3 a
Article 24 – paragraph 3 a
3a. research provided by third parties toused or distributed to clients or potential clients by investment firms providing portfolio management or other investment or ancillary services and research prepared and distributed by suchthat has been produced by these firms, or produced by third parties and provided to these firms, shall be fair, clear and not misleading. Research shall be clearly identifiable as such or in similar terms, provided that all conditions applicable to the research are met.
Amendment 34 #
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point a
Article 1 – paragraph 1 – point 2 – point a
Directive 2014/65/EU
Article 24 – paragraph 3 d
Article 24 – paragraph 3 d
3d. Research that is labelled as issuer- sponsored research shall indicate on its front page in a clear and prominent way that it has been prepared in accordance with athe EU code of conduct. The name of the market operator or competent authority that has developed or endorsed such code of conduct shall also be mentioned referred to in paragraph 3b. Any other research material paid fully or in part by the issuer but not produced in compliance with a code of conduct as referred to in paragraph 3b shall be labelled as marketing communication.;
Amendment 39 #
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Directive 2014/65/EU
Article 24 – paragraph 9 a – point c
Article 24 – paragraph 9 a – point c
Amendment 42 #
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point b – introductory part
Article 1 – paragraph 1 – point 2 – point b – introductory part
Directive 2014/65/EU
Article 24 – paragraph 9 a
Article 24 – paragraph 9 a
(b) in paragraph 9a, point (c) is replaced by the is amended as followings:
Amendment 44 #
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Directive 2014/65/EU
Article 24 – paragraph 9 a – subparagraph 1
Article 24 – paragraph 9 a – subparagraph 1
Amendment 46 #
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Directive 2014/65/EU
Article 24 – paragraph 9 a – subparagraph 4 (new)
Article 24 – paragraph 9 a – subparagraph 4 (new)
(b) the following subparagraph is added: Investment firms shall keep a record of separate payments and gather information distinguishing the part of combined charges or joint payments for execution services and research that is attributable to research provided to such firms. Investment firms shall inform its clients annually, in an aggregated form, of the annual expenditure on research of the investment firm that is attributable to the client.
Amendment 56 #
Proposal for a directive
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Directive 2014/65/EU
Article 51 a – paragraph 4
Article 51 a – paragraph 4
4. Member States shall require that regulated markets ensure that at any time at least 10% of the subscribed capital represented by the class of shares concerned by the application for admission to trading is held by the public at the time of the admission.