17 Amendments of Stéphanie YON-COURTIN related to 2020/0155(COD)
Amendment 9 #
Proposal for a regulation
Recital 2
Recital 2
(2) Regulation (EU) 2017/1129 of the European Parliament and of the Council14 lays down requirements for the drawing up, approval and distribution of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market in the Union. As part of the measures to help issuers to recover from the economic shock resulting from the COVID-19 pandemic, targeted amendments to the prospectus regime are necessary. Such amendments should enable issuers and financial intermediaries to reduce costs and free up resources for the recovery phase in the immediate aftermath of the crisis, while protecting the interests of retail investors, pensioners and consumers, in order to incentivise financial participation and turn savers into investors. Access to equity financing for small and medium enterprises (SMEs) and entrepreneurs has become even more crucial with a view to the COVID-19 recovery. __________________ 14Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (OJ L 168, 30.6.2017, p. 12).
Amendment 13 #
Proposal for a regulation
Recital 3
Recital 3
(3) Credit institutions have been active in the recovery to support companies that needed financing and are expected to be a fundamental pillar of the recovery. Regulation (EU) 2017/1129 entitles credit institutions to an exemption from the obligation to publish a prospectus in case of an offer of certain non-equity securities issued in a continuous or repeated manner up to an aggregated amount of EUR 75 million in a 12 month-period. That exemption threshold should be increased for a limited period of time in order to foster fundraising for credit institutions and bring them a breathing space to support their clients in the real economy. As thatis measure is limited to the recovery phase, it should therefore be available for a limited time period of 18 months, ending on 31 December 2022.
Amendment 19 #
Proposal for a regulation
Recital 7
Recital 7
(7) The EU Recovery prospectus should include a short-form summary as a useful source of information for investors, in particular retail investors. That summary should be a self-contained partset out at the beginning of the EU Recovery prospectus and should focus on key information that would enable investors to decide which offers and admissions to trading of securities to study further by, thereafter reviewing the EU Recovery prospectus as a whole in order to take their decision.
Amendment 21 #
Proposal for a regulation
Recital 10
Recital 10
(10) Regulation (EU) 2017/1129 requires financial intermediaries to inform investors of the possibility of a supplement and, under certain circumstances, to contact investors on the same day that a supplement is published. The scope of deadline within which investors toare to be contacted, as well as the deadlinescope of investors to contact them, can raise difficulties for financial intermediaries. In order to provide relief and free up resources for financial intermediaries while maintaining a high level of investor protection, a more proportionate regime should be laid down. Such a regime should specify which investors should be contacted by financial intermediaries when a supplement is published and should extend the deadline to contact those investors.
Amendment 25 #
Proposal for a regulation
Recital 11
Recital 11
(11) As the EU Recovery prospectus is limited to the recovery phase, the regime of this prospectus should expire 18 months after the date of application of this Regulationby 31 December 2022. In order to ensure the continuity of EU Recovery prospectuses, the onose Recovery prospectuses approved before the expiration of the regime should benefit from a grandfathering provision.
Amendment 25 #
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1 a) Certainty on the application of the rules related to trading on derivatives markets are essential to improve financial intermediaries' confidence, and in turn increase the contribution of European companies to the recovery phase. To ensure legal certainty and the effective application of the principles enshrined in the conclusions of the G20 summit of Pittsburgh of the 24-25 September 2009, it may be necessary to bring more clarity to the current framework.
Amendment 26 #
Proposal for a regulation
Recital 12
Recital 12
(12) The Commission should, before 21 July 2022, present a report to the European Parliament and the Council on the application of this Regulation, accompanied where appropriate by a legislative proposal. This review should incorporate in its assessment whether the disclosure regime for EU Recovery prospectuses is appropriate to meet the objectives pursued by this Regulation and if seen as appropriate, incorporate into its legislative proposal a permanent form of a prospectus which would reduce burdens on secondary issuances covered by the EU Recovery Prospectus.
Amendment 28 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU) 2017/1129
Article 1 – paragraph 4 – point k
Article 1 – paragraph 4 – point k
(k) from [date of application of this Regulation] to [18 months from the date of application of this Regulation]31 December 2022 non- equity securities issued in a continuous or repeated manner by a credit institution, where the total aggregated consideration in the Union for the securities offered is less than EUR 150 000 000 per credit institution calculated over a period of 12 months, provided that those securities:
Amendment 33 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) 2017/1129
Article 7 – paragraph 12 a – point c – point i
Article 7 – paragraph 12 a – point c – point i
(i) an introduction, containing warnings and the approval date of the prospectus as laid down in paragraph 5 of this Article;
Amendment 34 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) 2017/1129
Article 14 a – paragraph 1 – point b a (new)
Article 14 a – paragraph 1 – point b a (new)
(ba) offerors of securities admitted to trading on a regulated market or an SME growth market continuously for at least the last 18 months.
Amendment 36 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) 2017/1129
Article 14 a – paragraph 2 – subparagraph 1 – point b
Article 14 a – paragraph 2 – subparagraph 1 – point b
(b) the essential information on the sharrights attaching to the securities, the reasons for the issuance and its impact on the overall capital structure of the issuer, and the use of proceeds.
Amendment 39 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
The EU Recovery prospectus shall be a single document containing the minimum information laid down in Annex Va. It shall have a maximum length, including the summary, of 320 sides of A4-sized paper when printed and shall be presented and laid out in a way that is easy to read, using characters of readable size.
Amendment 45 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) 2017/1129
Article 47 a – paragraph 1
Article 47 a – paragraph 1
The regime set out in Article 14a expires on [18 months from the date of application of this Regulation]31 December 2022.
Amendment 47 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) 2017/1129
Article 47 a – paragraph 2
Article 47 a – paragraph 2
EU Recovery Prospectuses drawn up in accordance with Article 14a and approved between [date of application of this Regulation] and [18 months after the date of application of this Regulation]31 December 2022 shall continue to be governed in accordance with that Article until the end of their validity or until twelve months have elapsed after [18 months after date of application of this Regulation]31 December 2022, whichever occurs first.
Amendment 65 #
Proposal for a regulation
Annex I
Annex I
Regulation (EU) 2017/1129
Annex Va – section -I (new)
Annex Va – section -I (new)
-I Summary The EU Recovery prospectus shall include a summary drawn up in accordance with Article 7(12a). That summary shall be included as part of the calculation of the maximum length of the EU Recovery prospectus provided for in the third subparagraph of Article 14a(2).
Amendment 66 #
Proposal for a regulation
Annex I
Annex I
Regulation (EU) 2017/1129
Annex Va – section I – paragraph 1
Annex Va – section I – paragraph 1
The purpose is to identify the company issuing shares, including its legal entity identifier (‘LEI’), its Member State of incorporation and the website, if any, where investors can find information on the company’s business operations and the disclaimer set out in the fourth subparagraph of Section IV of this Annex, the products it makes or the services it provides, the principal markets where it competes, its organisational structure and, where applicable, information incorporated by reference.
Amendment 68 #
Proposal for a regulation
Annex I
Annex I
Regulation (EU) 2017/1129
Annex Va – section III – paragraph 1
Annex Va – section III – paragraph 1