Activities of Isabel BENJUMEA BENJUMEA related to 2020/2036(INI)
Plenary speeches (2)
Digital Finance: emerging risks in crypto-assets - regulatory and supervisory challenges in the area of financial services, institutions and markets - Further development of the Capital Markets Union (CMU): improving access to capital market finance, in particular by SMEs, and further enabling retail investor participation (debate)
Digital Finance: emerging risks in crypto-assets - regulatory and supervisory challenges in the area of financial services, institutions and markets - Further development of the Capital Markets Union (CMU): improving access to capital market finance, in particular by SMEs, and further enabling retail investor participation (debate)
Reports (1)
REPORT on further development of the Capital Markets Union (CMU): improving access to capital market finance, in particular by SMEs, and further enabling retail investor participation
Amendments (27)
Amendment 49 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the objectives pursued through CMU cannot be achieved without genuine completion of the Banking Union, which needs the European Deposit Insurance Scheme (EDIS) and a credible backstop for the Single Resolution Fund;
Amendment 52 #
Motion for a resolution
Recital C b (new)
Recital C b (new)
Cb. whereas CMU should address the significant financial differences among Member States such as the existing regulatory fragmentation, over-regulation and withholding taxes, which continue to be a major impediment to the mobilisation of capital, and presents barriers to the cross-border savings and investments, and risk sharing among Member States. Considers that the aim must also be to make the EU an attractive market for foreign capital investment and to increase its competitiveness in global markets;
Amendment 57 #
Motion for a resolution
Recital C c (new)
Recital C c (new)
Cc. welcomes the swift action taken, as a response to COVID19, to facilitate bank lending to the real economy, the delay in the implementation of the Basel III rules, the agreement to use the flexibility included in CRR to comply with capital and liquidity buffers, the delays in the introduction of IFRS9, the advancement on the introduction of the SME supporting factor, and the moratoria on new rules;
Amendment 61 #
Motion for a resolution
Recital C d (new)
Recital C d (new)
Cd. whereas the complexity of the scandal involving German payment service provider Wirecard, a DAX30 company that filed for insolvency on 24 June 2020 revealing deficiencies in the European regulatory framework, requires a careful assessment to determine what went wrong to allow that a fraudulent behaviour of huge scale went unnoticed for so long;
Amendment 65 #
Motion for a resolution
Recital C e (new)
Recital C e (new)
Ce. whereas the stability of the European Union's financial markets should be promoted in future relations with the United Kingdom after the transition period, where a level playing field should be also guaranteed;
Amendment 73 #
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 more diverse, long- term and competitive investment opportunities for retail and large investors; highlights the need to reduce the existing debt bias; points out that the current situation makes SMEs more fragile and vulnerable;
Amendment 82 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. States that research investments on SMEs are essential to develop SME equity markets. Regrets that due to MIFID II, these investments have become less attractive for investors undermining a number of participants. Supports the revision on the MIFID II regime for inducements to SME research focusing on the flexibility on current regulation;
Amendment 98 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Takes the view that the efficiency of financial markets should be improved and that the listing of companies should be facilitated; encourages the creation and prioritisation of a large private pan- European fund, an Initial Public Offering (IPO) Fund, to support SMEs; states the need to ensure an attractive pre-IPO and post-IPO environment for SMEs;
Amendment 108 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls for the acceleration of the development of EU venture capital (VC) and private equity markets by increasing the availability of funding for VC investments, developing larger early and late-stage VC funds, tax incentive schemes for VC and business angel investments, and active IPO markets for VC-backed companies;
Amendment 114 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Points out the necessity to increase transparency and reduce fragmentation within the European VC markets; boost European Long-Term Investment Fund (ELTIF), European Venture Capital Funds (EuVECA) and European Social Entrepreneurship Funds (EuSEF) to develop a pan- European vehicles for private equity;
Amendment 116 #
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Calls for measures to revitalise securitization markets in Europe by making it attractive for issuers and investors; asks the ESAs and the Commission to finalize all Regulatory Technical Standards; calls to simplify and streamline regulatory requirements for disclosure, simple, transparent and standardised (STS) criteria, STS verification and provide simple and risk sensitive parameters for assessment of Significant Risk Transfer;
Amendment 134 #
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 changessimplification in the Prospectus Regulation, the Markets in Financial Instruments Directive (MIFID), the Securitisation Regulation and the Market Abuse Regulation 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 136 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Regrets the underdevelopment of EU market for crowdfunding as compared to other major economies. Welcomes the new rules agreed last December that should help to solve this situation and foster cross-border business funding. Asks ESMA and Commission to closely monitor the implementation of the new rules in order to react and propose changes if no significant improvements are observed in the crowdfunding as an alternative of finance for start-ups and SMEs;
Amendment 178 #
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 invest; believes that privatefunded pensions should be revitalised and made more attractive; calls for actions to overcome the obstacles to the coexistence of public and private pension systems; encourages the participation of investors in long-term products with tax reduction or exemption policies;
Amendment 206 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Asks the Commission, ESMA, European Banking Authority(EBA) and the Single Supervisory Mechanism (SSM) to assess up to what extent can the Wirecard scandal be attributed to deficiencies in the European regulatory framework in the area of audit and supervision. In particular, if national and European supervisors are sufficiently equipped to effectively supervise big cross- border financial institutions with complex business models that involve different third-country jurisdictions as well as multiple corporate layers. What lessons can be drawn from this case in relation to the further development of the European regulatory and supervisory framework, in particular in relation with the Capital Markets Union action plan;
Amendment 222 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Emphasises the need for the architecture of the European market to be able to compete globally and attract foreign capital. Highlights the need for the EU to become a place where international companies and investors want to operate;
Amendment 234 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Emphasises that access to financial markets should be possible for all enterprises, including SMEs and start-ups, under the ‘same business, same rules’ principle; states the need to increase the portfolio of investment options for retail investors;
Amendment 245 #
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 review; expects that Level 2 PRIIPs legislation on the Key Investor Document to respect level 1, in particular in relation to the performance scenarioorder to improve the methodologies related to the performance scenarios and to ensure comparability among different investment products; 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 stakeholders;
Amendment 283 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Underlines that financial education is needed to overcome low retail investor engagement with financial markets, based on lack of knowledge, mistrust and risk aversion; call for the establishment of a stronger capital market orientation among market participants, especially for retail investors, to overcome risk aversion;
Amendment 293 #
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Believes that a more informed and better-educated citizenship on financial issues is beneficial to democratic systems, contributes to the stability of financial systems, and promotes the transparency and duties of information of financial institutions. Calls for programs to train citizens, which would increase their ability to exercise democratic control over their governments;
Amendment 298 #
Motion for a resolution
Subheading 6
Subheading 6
Digitalisation and data
Amendment 303 #
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 and increasing supervisory efficiency; remphasises that an EU framework with high standards of cybersecurity would be conducive to the CMUarks that digital finance has a strong capital flows element which attract cross-border investments;
Amendment 307 #
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Calls on the Commission to work towards the implementation of the Digital Finance Action Plan for a better access to financial services, offering wider choice and increasing efficiency of operations;
Amendment 311 #
Motion for a resolution
Paragraph 23 b (new)
Paragraph 23 b (new)
23b. Calls on the Commission to act in order to create a favourable environment for European FinTech hubs, European private-funded champions and firms to scale up for attracting foreign capital and investments and also, promoting the EU competes in global markets;
Amendment 318 #
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Calls for efforts focused on preserving a level playing field based on cross-borders data access, and a high level of consumers’ data protection and privacy, making the EU a framework with high standards of cybersecurity which would be conducive to the CMU;
Amendment 335 #
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Considers that a level playing field should be guaranteed in future relations with the United Kingdom after the transition period promoting the stability of European Union´s financial markets;
Amendment 336 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. Instructs its President to forward this resolution to the Council and, the Commission, the ESAs and the ECB.