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15 Amendments of Pedro MARQUES related to 2022/0411(COD)

Amendment 117 #
Proposal for a regulation
Recital 16
(16) In certain cases, the prospectus or its related documents may reach massive sizes, harming the readability of the document and becoming unfit for investors to take an informed investment decision. To improve the readability of the prospectus and make it easier for investors to analyse it and navigate through it, it is necessary to set out a maximum page limit. However, such page limit should only be introduced for offers to the public or admissions to trading on a regulated market of shares. A page limit would not be appropriate for equity securities other than shares or non- equity securities, which include a broad range of different instruments, including complex ones. Furthermore, the summary, information incorporated by reference or information to be provided when the issuer has a complex financial history or has made a significant financial commitment should be excluded from the page limit.
2023/07/13
Committee: ECON
Amendment 124 #
Proposal for a regulation
Recital 34
(34) Risk factors that are material and specific to the issuer and his or her securities should be mentioned in the prospectus. For that reason, risk factors are also to be presented in a limited number of risk categories depending on their nature. However, issuers should no longer be required to rank the most material risk factors, which is complicated and burdensome for issuers. To improve the comprehensibility of the prospectus and make it easier for investors to take informed investment decisions, it is necessary to specify that issuers should not overload the prospectus with risk factors that are generic, that only serve as disclaimers, or that could obscure the specific risk factors that investors should be aware of.
2023/07/13
Committee: ECON
Amendment 137 #
Proposal for a regulation
Recital 62
(62) Article 18(1) of Regulation (EU) No 596/2014 obliges issuers and any person acting on their behalf or on their account to draw up and to keep updated a list of all persons who have access to inside information and who are working for them under a contract of employment, or otherwise perform tasks through which they have access to inside information, including advisers, accountants and credit rating agencies. Article 18(6) of Regulation (EU) No 596/2014, however, restricts that obligation for issuers whose financial instruments are admitted to trading on an SME growth market. Those issuers are to include in their insider lists only those persons who, due to the nature of their function or position within the issuer, have regular access to inside information. Given the availability of other existing supervisory enforcement tools, it is appropriate to use the same approach for all issuers, rather than only for issuers whose financial instruments are admitted to trading on an SME growth market.deleted
2023/07/13
Committee: ECON
Amendment 143 #
Proposal for a regulation
Recital 65
(65) In order to avoid an undue requirement for persons discharging managerial responsibilities to report and for companies to disclose transactions which would not be meaningful to investors, it is appropriate to raise the threshold for reporting and related disclosure from EUR 5 000 to EUR 210 000, while allowing competent authorities to increase that threshold further, where justified.
2023/07/13
Committee: ECON
Amendment 152 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b – point i
Regulation (EU) 2017/1129
Article 1 – paragraph 4 – point da
(da) an offer of securities to be admitted to trading on a regulated market or an SME growth market and that are fungible with securities already admitted to trading on the same market, provided that they represent, over a period of 12 months, less than 4025 % of the number of securities already admitted to trading on the same market;
2023/07/13
Committee: ECON
Amendment 157 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point c – point i – point 1
Regulation (EU) 2017/1129
Article 1 – paragraph 5 – subparagraph 1 – point a
(a) securities fungible with securities already admitted to trading on the same regulated market, provided that they represent, over a period of 12 months, less than 4025 % of the number of securities already admitted to trading on the same regulated market;
2023/07/13
Committee: ECON
Amendment 160 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point c – point i – point 1
Regulation (EU) 2017/1129
Article 1 – paragraph 5 – subparagraph 1– point (b)
(b) shares resulting from the conversion or exchange of other securities or from the exercise of the rights conferred by other securities, where the resulting shares are of the same class as the shares already admitted to trading on the same regulated market, provided that the resulting shares represent, over a period of 12 months, less than 4025 % of the number of shares of the same class already admitted to trading on the same regulated market, subject to the third subparagraph;;
2023/07/13
Committee: ECON
Amendment 164 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point c – point ii
Regulation (EU) 2017/1129
Article 1 – paragraph 5 – second subparagraph
The requirement that the resulting shares represent, over a period of 12 months, less than 4025 % of the number of shares of the same class already admitted to trading on the same regulated market as referred to in the first subparagraph, point (b), shall not apply in any of the following cases:;
2023/07/13
Committee: ECON
Amendment 166 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point d
Regulation (EU) 2017/1129
Article 1 – paragraph 6
6. The exemptions from the obligation to publish a prospectus that are set out in paragraphs 4 and 5 may be combined together. However, the exemptions in paragraph 5, first subparagraph, points (a) and (b), shall not be combined together where such combination could lead to the immediate or deferred admission to trading on a regulated market over a period of 12 months of more than 4025 % of the number of shares of the same class already admitted to trading on the same regulated market, without a prospectus being published.;
2023/07/13
Committee: ECON
Amendment 181 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6 – point c
Regulation (EU) 2017/1129
Article 6 – paragraph 4
4. A prospectus that relates to shares or other transferrable securities equivalent to shares in companies shall be of maximum length of 30250 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.
2023/07/13
Committee: ECON
Amendment 262 #
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point a
Regulation (EU) No 596/2014
Article 18 – paragraph 1
(a) paragraph 1 is replaced by the following: ‘ 1. (a) due to the nature of their function or positideleted Issuers shall: draw up a list of all persons within the issuer, have regular access to inside information (permanent insider list); (b) insider list in accordance wiho, promptly update the permanent provide the paragraph 4; and (c) to the competent authority as soon as possible upon its request.; ’ermanent insider list
2023/07/13
Committee: ECON
Amendment 268 #
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point b
Regulation (EU) No 596/2014
Article 18 – paragraphs 1a and 1b
(b) the following paragraphs 1a and 1b are inserted: ‘ 1a. behalf or on the issuer’s account shall draw up its own list of all persons having access to inside information that directly concerns that issuer. Paragraph 1, points (b) and (c), shall apply. 1b. paragraph 1, and where justified by specific national market integrity concerns, Member States may require issuers whose securities have been admitted to trading on a regulated market for at least the last 5 years to draw up a list of all persons having access to inside information and working for them under a contract of employment, or otherwise performing tasks through which they have access to inside information, including advisers, accountants or credit rating agencies (full insider list). Paragraph 1, points (b) and (c), shall apply.; ’deleted Any person acting on the issuer’s By way of derogation from
2023/07/13
Committee: ECON
Amendment 277 #
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point d
Regulation (EU) No 596/2014
Article 18 – paragraph 6
(d) paragraph 6 is deleted;
2023/07/13
Committee: ECON
Amendment 286 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 – point a
Regulation (EU) No 596/2014
Article 19 – paragraph 8
8. Paragraph 1 shall apply to any subsequent transaction once a total amount of EUR 210 000 has been reached within a calendar year. The threshold of EUR 210 000 shall be calculated by adding without netting all transactions referred to in paragraph 1.
2023/07/13
Committee: ECON
Amendment 291 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 – point a
9. A competent authority may decide to increase the threshold set out in paragraph 8 to EUR 520 000 and shall inform ESMA of its decision and the justification for its decision, with specific reference to market conditions, to adopt the higher threshold prior to its application. ESMA shall publish on its website the list of thresholds that apply in accordance with this Article and the justifications provided by competent authorities for such thresholds.;
2023/07/13
Committee: ECON