BETA

6 Amendments of Margarida MARQUES related to 2022/0405(COD)

Amendment 11 #
Proposal for a directive
Recital 2
(2) Directive 2014/65/EU and Commission Ddelegated Directive (EU) 2017/59330 set out the conditions under which the provision of investment research by third parties to investment firms providing portfolio management or other investment or ancillary services is not to be regarded as an inducement. In order to foster more investment research on companies in the Union, in particular small and medium capitalisation companies, and to bring those companies greater visibility and more prospect of attracting potential investors, it is necessary to introduce some amendments to that Directive. __________________ 30 Commission Delegated Directive (EU) 2017/593 of 7 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules applicable to the provision or reception of fees, commissions or any monetary or non-monetary benefits (OJ L 87, 31.3.2017, p. 500).
2023/07/11
Committee: ECON
Amendment 12 #
Proposal for a directive
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. 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).deleted
2023/07/11
Committee: ECON
Amendment 14 #
Proposal for a directive
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 billion 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 more visibility from potential investors and thus increasing their capacity to raise funding in the markets.deleted
2023/07/11
Committee: ECON
Amendment 37 #
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point b
Directive 2014/65/EC
Article 24 – paragraph 9 a – point c
(b) in paragraph 9a, point (c) is replaced by the following: ‘ (c) combined charges or the joint payment is made concerns issuers whose market capitalisation for the period of 36 months preceding the provision of the research did not exceed EUR 10 billion, as expressed by end-year quotes for the years when those issuers are or were listed or by the own-capital for the financial years when those issuers are or were not listed.; ’deleted the research for which the
2023/07/11
Committee: ECON
Amendment 45 #
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point b
Directive 2014/65/EC
Article 24 – paragraph 9 a – subparagraph 2 (new)
(b) the following subparagraph is inserted after point (c): "Member States shall also ensure that the provision of research by third parties to investment firms providing portfolio management or other investment or ancillary services to clients is to be regarded as fulfilling the obligations under paragraph 1 if the research is provided by an independent research provider that is not engaged in execution services and is not part of a financial services group that includes an investment firm that offers execution or brokerage services;"
2023/07/11
Committee: ECON
Amendment 49 #
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point b a (new)
Directive 2014/65/EC
Article 24 – paragraph 9 b (new)
(b a) the following paragraph is inserted: “9b. ESMA shall organise a procedure for the establishment of a voluntary EU-wide research marketplace focusing on research into small, medium-sized companies and Initial Public Offerings (IPOs). The research marketplace would be funded by a levy on participating firms and would fund independent research on small, medium-sized companies and Initial Public Offerings (IPOs). Research offered through the research marketplace would be commissioned from independent research providers and financed by the levy and shared among contributing firms. Following a consultation with industry stakeholders, ESMA shall develop draft regulatory technical standards setting out the conditions for establishment of a voluntary EU-wide research marketplace on SME research, including at least the following elements: (a) the conditions for joining the research marketplace; (b) the governance principles; (c) the funding arrangements; (d) the research coverage of the research marketplace. ESMA shall submit those draft regulatory technical standards to the Commission by [18 months after the date of entry into force of this Directive]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the second subparagraph in accordance with Articles to 14 of Regulation (EU) No 1095/2010.”
2023/07/11
Committee: ECON