Activities of Eugen JURZYCA related to 2020/0155(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2017/1129 as regards the EU Recovery prospectus and targeted adjustments for financial intermediaries to help the recovery from the COVID-19 pandemic
Shadow opinions (1)
OPINION on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2017/1129 as regards the EU Recovery prospectus and targeted adjustments for financial intermediaries to help the recovery from the COVID-19 pandemic
Amendments (40)
Amendment 12 #
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 that measure is limited to the recovery phase, it should therefore be available for a limited time period of 18 monthsending on 31 December 2022.
Amendment 22 #
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 investors to contact as well as the deadline 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 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 24 #
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 ones approved before the expiration of the regime should benefit from a grandfathering provision.
Amendment 29 #
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 31 #
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 that measure is limited to the recovery phase, it should therefore be available for a limited time period of 18 monthsending on 31 December 2022.
Amendment 42 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a
Article 1 – paragraph 1 – point 7 – point a
Regulation (EU) 2017/1129
Article 23 – paragraph 2 – subparagraph 1
Article 23 – paragraph 2 – subparagraph 1
2. Where the prospectus relates to an offer of securities to the public, investors who have already agreed to purchase or subscribe for the securities before the supplement is published shall have the right, exercisable within threewo working days after the publication of the supplement, to withdraw their acceptances, provided that the significant new factor, material mistake or material inaccuracy referred to in paragraph 1 arose or was noted before the closing of the offer period or the delivery of the securities, whichever occurs first. That period may be extended by the issuer or the offeror. The final date of the right of withdrawal shall be stated in the supplement.
Amendment 43 #
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 investors to contact as well as the deadline 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 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 44 #
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 45 #
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 ones approved before the expiration of the regime should benefit from a grandfathering provision.
Amendment 46 #
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 48 #
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 49 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2017/1129
Article 48 – paragraph 2 – point c
Article 48 – paragraph 2 – point c
(c) the number of standard prospectuses, EU Growth prospectuses and EU Recovery prospectuses approved and an analysis of the evolution of such number; and, where appropriate, offer prices of securities offered to the public in relation to all types of prospectuses;
Amendment 50 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2017/1129
Article 48 – paragraph 2 – point d
Article 48 – paragraph 2 – point d
(d) the cost of preparing and having an EU Recovery prospectus approved compared to the current costs for a standard prospectus and an EU Growth prospectus, together with an indication of the overall financial savings achieved and total costs of complying with this Regulation for issuers, offerors and financial intermediaries together with the information of these costs as a percentage of operational costs;
Amendment 51 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2017/1129
Article 48 – paragraph 2 – point d a (new)
Article 48 – paragraph 2 – point d a (new)
Amendment 52 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2017/1129
Article 48 – paragraph 2 – point d b (new)
Article 48 – paragraph 2 – point d b (new)
(db) an analysis of the impact of this Regulation on the proper functioning of the Union’s internal market for financial services, including the impact on access to finance by SMEs and on investors and other categories of natural or legal persons affected by those services;
Amendment 56 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2017/1129
Article 48 – paragraph 2 – point e a (new)
Article 48 – paragraph 2 – point e a (new)
(ea) an analysis of whether any changes are needed to the requirements set out in Annexes;
Amendment 57 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2017/1129
Article 48 – paragraph 2 – point e b (new)
Article 48 – paragraph 2 – point e b (new)
(eb) whether the scope of services covered by this Regulation remains appropriate, in relation to the threshold amounts set out in Article 1 and 3;
Amendment 58 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2017/1129
Article 48 – paragraph 2 – point e c (new)
Article 48 – paragraph 2 – point e c (new)
(ec) an analysis of whether and what prolongation of validity of a prospectus could improve a proper balance between investor protection and the reduction of administrative burden for issuers and the persons entitled to use it;
Amendment 59 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2017/1129
Article 48 – paragraph 2 – point e d (new)
Article 48 – paragraph 2 – point e d (new)
(ed) the share of securities offered to the public in relation to authorised prospectuses under this Regulation in the global financial market and the European financial market;
Amendment 60 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2017/1129
Article 48 – paragraph 2 – point e e (new)
Article 48 – paragraph 2 – point e e (new)
(ee) the volume of investments withdrawn by investors using their withdrawal right and its share on the total volume of investments divided by the standard prospectuses, the EU Growth prospectuses and EU Recovery prospectuses; and, based on those data, assess whether the duration and the nature of the withdrawal right is appropriate and does not harm the efficiency of the capital raising process or investor protection;
Amendment 61 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2017/1129
Article 48 – paragraph 2 – point e f (new)
Article 48 – paragraph 2 – point e f (new)
(ef) the number and volume of sanctions imposed according to or in relation with this Regulation classified by Member States and by the type of a prospectus;
Amendment 62 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2017/1129
Article 48 – paragraph 2 – point e g (new)
Article 48 – paragraph 2 – point e g (new)
(eg) types and trends of detriments and fraudulent behaviour, of investors, issuers, offerors or financial intermediaries and third persons occurring in relations with this Regulation;
Amendment 63 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2017/1129
Article 48 – paragraph 2 – point e h (new)
Article 48 – paragraph 2 – point e h (new)
(eh) direct and indirect measurement of improvements in market outcomes for investors and issuers;
Amendment 64 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2017/1129
Article 48 – paragraph 2 – point e i (new)
Article 48 – paragraph 2 – point e i (new)
(ei) a risk, cost and benefit analysis of whether EU Recovery prospectuses can become a permanent form of prospectus.
Amendment 82 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a
Article 1 – paragraph 1 – point 7 – point a
Regulation (EU) 2017/1129
Article 23 – paragraph 2 – subparagraph 1
Article 23 – paragraph 2 – subparagraph 1
2. Where the prospectus relates to an offer of securities to the public, investors who have already agreed to purchase or subscribe for the securities before the supplement is published shall have the right, exercisable within threewo working days after the publication of the supplement, to withdraw their acceptances, provided that the significant new factor, material mistake or material inaccuracy referred to in paragraph 1 arose or was noted before the closing of the offer period or the delivery of the securities, whichever occurs first. That period may be extended by the issuer or the offeror. The final date of the right of withdrawal shall be stated in the supplement.;
Amendment 92 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) 1129/2017
Article 47a – paragraph 1
Article 47a – 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 93 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) 1129/2017
Article 47a – paragraph 2
Article 47a – 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 97 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 1129/2017
Article 48 – paragraph 2 – point c
Article 48 – paragraph 2 – point c
(c) the number of standard prospectuses, EU Growth prospectuses and EU Recovery prospectuses approved and an analysis of the evolution of such number and, where appropriate, offer prices of securities offered to the public in relation to all types of prospectuses;
Amendment 99 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 1129/2017
Article 48 – paragraph 2 – point c
Article 48 – paragraph 2 – point c
(d) the cost of preparing and having an EU Recovery prospectus approved compared to the current costs for a standard prospectus and an EU Growth prospectus, together with an indication of the overall financial savings achieved and total costs of complying with this Regulation for issuers, offerors and financial intermediaries together with the information of these costs as a percentage of operational costs;
Amendment 101 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 1129/2017
Article 48 – paragraph 2 – point d a (new)
Article 48 – paragraph 2 – point d a (new)
(d a) the separate cost of preparing and having each of I-XI category of information of an EU Recovery prospectus approved as listed in Annex Va and the summary of an EU Recovery prospectus;
Amendment 102 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 1129/2017
Article 48 – paragraph 2 – point d b (new)
Article 48 – paragraph 2 – point d b (new)
(d b) an analysis of the impact of this Regulation on the proper functioning of the Union’s internal market for financial services, including the impact on access to finance by SMEs and on investors and other categories of natural or legal persons affected by those services;
Amendment 104 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 1129/2017
Article 48 – paragraph 2 – point e a (new)
Article 48 – paragraph 2 – point e a (new)
(e a) an analysis of whether any changes are needed to the requirements set out in Annexes;
Amendment 105 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 1129/2017
Article 48 – paragraph 2 – point e b new
Article 48 – paragraph 2 – point e b new
(e b) whether the scope of services covered by this Regulation remains appropriate, in relation to the threshold amounts set out in Article 1 and 3;
Amendment 106 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 1129/2017
Article 48 – paragraph 2 – point e c (new)
Article 48 – paragraph 2 – point e c (new)
(e c) an analysis of whether and what prolongation of validity of a prospectus could improve a proper balance between investor protection and the reduction of administrative burden for issuers and the persons entitled to use it;
Amendment 107 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 1129/2017
Article 48 – paragraph 2 – point e d (new)
Article 48 – paragraph 2 – point e d (new)
(e d) the share of securities offered to the public in relation to authorised prospectuses under this Regulation in the global financial market and the European financial market;
Amendment 108 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation 1129/2017
Article 48 – paragraph 2 – point e e (new)
Article 48 – paragraph 2 – point e e (new)
(e e) the volume of investments withdrawn by investors using their withdrawal right and its share on the total volume of investments divided by the standard prospectuses, the EU Growth prospectuses and EU Recovery prospectuses; and, based on those data, assess whether the duration and the nature of the withdrawal right is appropriate and does not harm the efficiency of the capital raising process or investor protection;
Amendment 109 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 1129/2017
Article 48 – paragraph 2 – point e f (new)
Article 48 – paragraph 2 – point e f (new)
(e f) the number and volume of sanctions imposed according to or in relation with this Regulation classified by Member States and by the type of a prospectus;
Amendment 110 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 1129/2017
Article 48 – paragraph 2 – point e g (new)
Article 48 – paragraph 2 – point e g (new)
(e g) types and trends of detriments and fraudulent behaviour, of investors, issuers, offerors or financial intermediaries and third persons occurring in relations with this Regulation;
Amendment 111 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 1129/2017
Article 48 – paragraph 2 – point e h (new)
Article 48 – paragraph 2 – point e h (new)
(e h) direct and indirect measurement of improvements in market outcomes for investors and issuers;
Amendment 112 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 1129/2017
Article 48 – paragraph 2 – point e i (new)
Article 48 – paragraph 2 – point e i (new)
(e i) a risk, cost and benefit analysis of whether EU Recovery prospectuses can become a permanent form of prospectus.