BETA

1606 Amendments of Eero HEINÄLUOMA

Amendment 12 #

2023/2229(INI)

Motion for a resolution
Paragraph 2
2. Reiterates its call for a capital increase to allow the Bank to reinforce its support for inclusive sustainable growth, competitiveness and key real economy investments; expects the EIB to ensure that its financing contributes to addressing market failures and avoids crowding-out effects, and brings measurable impacts without increasing its overall financing costs;
2024/01/08
Committee: BUDG
Amendment 16 #

2023/2229(INI)

Motion for a resolution
Paragraph 3 a (new)
3 a. Notes that EIB financing plays an increasingly important role in the context of high interest rates and stretched public finances;
2024/01/08
Committee: BUDG
Amendment 17 #

2023/2229(INI)

Motion for a resolution
Paragraph 3 b (new)
3 b. In the context of a challenging economic outlook and increased global competition, expects the EIB to address constraints to EU competitiveness such as volatile energy prices, skills shortages in key sectors and insufficient investments in innovation and new technologies;
2024/01/08
Committee: BUDG
Amendment 21 #

2023/2229(INI)

Motion for a resolution
Paragraph 5
5. Calls on the EIB to support projects that deliver on the implementation of the European Pillar of Social Rights and the UN Sustainable Development Goals; calls on the EIB to expand its role in addressing investment gaps in social infrastructure and welfare, such as affordable and energy efficient social housing, utilities, public transport, sustainable transport and education, while ensuring additionality and complementarity with other public funds and commercial lenders; invites the EIB to increase the weighting of social benefits in project appraisals in order to provide long-term affordable solutions, in the context of a cost of living crisis and unforeseen drop in living standards; asks the EIB to enhance risk taking for projects providing essential services with long-term clear and measureable benefits;
2024/01/08
Committee: BUDG
Amendment 27 #

2023/2229(INI)

Motion for a resolution
Paragraph 6
6. Stresses the role of the European Investment Fund in improving access to finance for smaller EU companies, mid- caps and start-ups; calls on the EIB to adopt a higher risk appetite in terms of provideing additional growth capital to enable small and medium-sized enterprises to scale up their operations; stresses the need for the EIB to have a strong focus on start-ups and projects focused on creating and retaining high-quality jobs;
2024/01/08
Committee: BUDG
Amendment 29 #

2023/2229(INI)

Motion for a resolution
Paragraph 6 a (new)
6 a. Invites the EIB to step up its investment in European security and defence, especially in safeguarding the delivery of assistance to Ukraine, as geo- political turbulence in Europe's neighbourhood and beyond is likely to continue; invites the EIB to assess where it could contribute to closing the investment gap and play a role in safeguarding the security of the EU;
2024/01/08
Committee: BUDG
Amendment 32 #

2023/2229(INI)

Motion for a resolution
Paragraph 6 b (new)
6 b. Welcomes that EIB lending in Artificial Intelligence (AI) totalled EUR 2.9 billion in the past five years; considers, however, the volume of lending to be modest in comparison to the significance of AI in shaping our future societies and economies: calls on the EIB to step up investment in digitalisation and key technologies such as AI, cyber and quantum technologies, biotech and space; considers increased investment into future technologies as well as into upskilling and reskilling workers essential for a strong industrial base;
2024/01/08
Committee: BUDG
Amendment 48 #

2023/2229(INI)

Motion for a resolution
Paragraph 8
8. Expects the review of the Climate Bank Roadmap in 2024 to bring the EIB fully into line with the 1.5 degree pathway and the target of climate neutrality by 2050 at the latest, whilst ensuring a just transition for all, especially in the context of a cost of living crisis and an unforeseen drop in living standards; believes that the benchmark should be the most ambitious public banking practices; reiterates its call to include a solid assessment of less carbon- intensive alternatives and ‘scope 3’ emissions for each project;
2024/01/08
Committee: BUDG
Amendment 53 #

2023/2229(INI)

Motion for a resolution
Paragraph 9
9. Calls for the full implementation of the Paris Alignment for Counterparties, which covers both low-carbon and climate resilience aspects of a corporate strategy; expects the exemptions granted under the Paris Alignment’s framework in support of REPowerEU to be exceptional, temporary and fully justified;
2024/01/08
Committee: BUDG
Amendment 62 #

2023/2229(INI)

Motion for a resolution
Paragraph 12
12. Takes note of the upscaled investment in hydrogen; insists that the role of hydrogen is to contribute to the transition to climate-neutrality by reduceing emissions from hard-to-abate industrial sectors; expects additionality to be ensured so as to avoid diverting resources from existing renewable electricity as per the relevant delegated act1a; is concerned about the significant impacts of hydrogen projects on the water supply in certain regions in a context of increasing drought, as well as its impact on biodiversity; is concerned about de- risking private investments for large-scale green hydrogen projects, in particular in view of their limited commercial viability; _________________ 1a Commission Delegated Regulation (EU) 2023/1184 of 10 February 2023 supplementing Directive (EU) 2018/2001 of the European Parliament and of the Council by establishing a Union methodology setting out detailed rules for the production of renewable liquid and gaseous transport fuels of non-biological origin
2024/01/08
Committee: BUDG
Amendment 67 #

2023/2229(INI)

Motion for a resolution
Paragraph 14
14. Expects the EIB to engage more actively in nature-positive and biodiversity-enhancing investments and in sectors with the greatest biodiversity co- benefits, such as water, sanitation, forestry and the ocean, with the highest level of integrity and assurances and integrating the lessons learned from the Natural Capital Financing Facility; expects the EIB to increase financing for solutions reducing plastic pollution;
2024/01/08
Committee: BUDG
Amendment 75 #

2023/2229(INI)

Motion for a resolution
Paragraph 18
18. Emphasises the need for a circular economy approach to critical raw materials, based on recycling and reuse, in order to reduce the EU’s dependence on third countrieHighlights that the security of supply of critical raw materials is crucial both for the green and digital transitions as well as for the defence sector and for the EU industrial base in general; emphasises a circular economy approach to critical raw materials, based on recycling and reuse, in order to reduce the EU’s dependence on third countries; calls, therefore, on the EIB to invest more in the critical raw materials sector to help diversify the supply of both primary and secondary raw materials and to develop circular economy solutions, in particular R&D for alternative materials, such as bio-based materials;
2024/01/08
Committee: BUDG
Amendment 83 #

2023/2229(INI)

Motion for a resolution
Paragraph 19
19. Welcomes the EU for Ukraine initiative; welcomes the fact that all EIB actions in Ukraine are guided by the priorities for reconstruceconomic and social recovery, reconstruction and modernisation and will be fully aligned with the upcoming Ukraine plan; welcomes the technical assistance component to ensure optimal project preparation and implementation, as well as capacity building measures; welcomes the EIB’s efforts to prevent, deter and investigate fraud and corruption in relation to its projects in Ukraine; underlines, however, that EIB and EU support alone is not enough to address Ukraine's financing needs;
2024/01/08
Committee: BUDG
Amendment 86 #

2023/2229(INI)

Motion for a resolution
Paragraph 20
20. Expects EIB Global’s activities to remain aligned with EU strategic interests and external policy objectives; expects EIB Global to ensure that investments are additional, create long term positive impacts and clearly benefit recipient communities, by safeguarding natural heritage, enhancing climate resilience, creating local jobs and alleviating poverty; reminds the EIB to ensure a coordinated approach with other actors contributing to the European financial architecture for development, in order to deliver a stronger development impact; recalls furthermore that the successful implementation of EIB Global requires an adequate level of staff based on the ground, including local workers;
2024/01/08
Committee: BUDG
Amendment 87 #

2023/2229(INI)

Motion for a resolution
Paragraph 19 a (new)
19 a. Underlines that Russia's war of aggression has also impacted regions in the EU and caused significant economic impact, especially in the Eastern border countries of the EU; calls on the EIB to take this into account in its financing decisions;
2024/01/08
Committee: BUDG
Amendment 96 #

2023/2229(INI)

Motion for a resolution
Paragraph 21
21. Takes note of the EIB Global strategic roadmap and the expectation that it will facilitate at least one third of the EUR 300 billion in investments set out to be generated by the end of 2027; welcomes the target for 2025 of more than 50% of annual lending going towards investment in climate action and environmental sustainability; expects the financing to contribute to an inclusive and just transition globally; furthermore, expects EIB Global to contribute in a meaningful way to the EU target of 85% of all new external actions supporting gender equality by 2025; expresses concern over the lack of inclusive and meaningful consultations with stakeholders who are impacted by its operations and believes that recipient country actors should be included in the decision-making and implementation of projects; calls for more support for projects with limited bankability and high public returns; reiterates its call for EIB Global to limit blending operations to areas where they can add value to the local economy, avoid crowding out private capital and to ensure that blended finance is not used for essential public services;
2024/01/08
Committee: BUDG
Amendment 97 #

2023/2229(INI)

Motion for a resolution
Paragraph 22 a (new)
22 a. Is concerned about rapidly rising debt levels and higher borrowing costs in emerging and developing economies with an estimated 60% of low-income countries already in public debt distress or at high risk of debt distress1a; highlights the important role of the EIB and other multilateral institutions in providing funding on concessional terms to alleviate unsustainable debt burdens; _________________ 1a https://www.worldbank.org/en/publication /global-economic-prospects
2024/01/08
Committee: BUDG
Amendment 103 #

2023/2229(INI)

Motion for a resolution
Paragraph 23
23. Reiterates its call for clear and binding rules to complement the information note summarising EIB Global’s approach to human rights, in particular on assessment and disengagement; expresses particular concern that, since 2015, the EIB has not required project promoters to carry out any standalone human rights impact assessments; reiterates its call for the EIB to ensure that all of its operations benefit women and girls and the advancement of female economic empowerment and employment, as gender-smart development investments are more effective and sustainable; believes that the EIB could further increase microfinance loans to women-led businesses, which still face discrimination in access to finance;
2024/01/08
Committee: BUDG
Amendment 108 #

2023/2229(INI)

Motion for a resolution
Paragraph 23 a (new)
23 a. Asks the EIB to collaborate with other bilateral and multilateral institutions to develop and apply common methodologies for development impact analysis, with a view to ensuring value added, long-term positive impacts;
2024/01/08
Committee: BUDG
Amendment 118 #

2023/2229(INI)

Motion for a resolution
Paragraph 24 a (new)
24 a. Asks the EIB to pro-actively publish more detailed information regarding projects, including the rationale and context for projects, explaining how they align with and advance EU policy aims;
2024/01/08
Committee: BUDG
Amendment 119 #

2023/2229(INI)

Motion for a resolution
Paragraph 25
25. Reiterates its concern that EIB Vice-Presidents are often involved in project proposals from their home countries resulting in a potential risk of conflict of interest; invites the EIB to fully implement all recommendations received from the European Ombudsman in Case 1016/2021/KR; invites the EIB management committee members to publish their scheduled meetings with external stakeholders and reiterates the request to systematically publish the content of the meetings of the EIB’s governing bodies to further improve transparency;
2024/01/08
Committee: BUDG
Amendment 122 #

2023/2229(INI)

Motion for a resolution
Paragraph 25 a (new)
25 a. Notes that the EIB has made progress in achieving a more gender balanced workforce, although women remain underrepresented in senior positions and in core areas of activity; regrets that the EIB did not reach its gender targets set for women at various levels in its 2018-2021 EIB Diversity and Inclusion (D&I) Strategy; calls, therefore, for the bank to step up its efforts to increase gender diversity to achieve gender parity and a better balance of genders across all functions, whilst also maintaining geographical balance;
2024/01/08
Committee: BUDG
Amendment 127 #

2023/2229(INI)

Motion for a resolution
Paragraph 25 b (new)
25 b. Reiterates its call on the EIB to strengthen its policy against tax fraud, tax evasion and tax avoidance, including by refraining from funding beneficiaries or financial intermediaries which have a proven negative track record; calls on the EIB to enforce prevention measures and regular tax assessments against non- cooperative tax jurisdictions, tax and fiscal fraud, tax evasion and illegal and aggressive tax avoidance;
2024/01/08
Committee: BUDG
Amendment 132 #

2023/2119(INI)

Motion for a resolution
Recital B i (new)
Bi. whereas security and defence cooperation with partners and allies are crucial to the EU’s ambition to become an international security provider; whereas cooperation with UN, NATO, African Union, OSCE, ASEAN as well as numerous allies and like-minded partners such as the United States, the United Kingdom, Canada, Ukraine, Moldova, Japan, South Korea, Australia amongst others are crucial to the successful implementation of the CSDP;
2023/10/02
Committee: AFET
Amendment 136 #

2023/2119(INI)

Motion for a resolution
Recital B j (new)
Bj. whereas the Arctic region is becoming increasingly important for geopolitics, economic development and transport, while at the same time it is facing challenges linked to climate change, militarisation and migration;
2023/10/02
Committee: AFET
Amendment 244 #

2023/2119(INI)

Motion for a resolution
Paragraph 10 a (new)
10a. Emphasises the importance of continuing to operationalise Article 42(7) TEU on mutual assistance and to clarify the coherence between this and Article 5 of the North Atlantic Treaty, considering that not all EU Member States are NATO members;
2023/10/02
Committee: AFET
Amendment 329 #

2023/2119(INI)

Motion for a resolution
Paragraph 17 a (new)
17a. Underlines the need to better coordinate the defence policies of Member States, activities falling under the CSDP, and the Union’s cooperation with NATO; considers, in this regard, that the establishment of a permanent Council of Defence Ministers within the framework of the Council of the European Union could be envisaged;
2023/10/02
Committee: AFET
Amendment 463 #

2023/2119(INI)

Motion for a resolution
Paragraph 26 b (new)
26b. Welcomes the accession of Finland to NATO, strengthening further the European pillar within the organisation and encouraging greater collaboration and interoperability between European Member States and NATO allies; Strongly deplores, in the context of the Russian invasion of Ukraine and changing security architecture on the European continent, the delaying of the ratification of Sweden’s NATO accession, which has only played into Russia’s hands and undermines relations between Türkiye, Hungary and their NATO allies; denounces in this context, further, attempts to undermine democratic freedoms in EU Member States through the instrumentalisation of granting consent to Sweden’s NATO accession; takes note that, following further consultations, the President of Türkiye finally agreed on 10 July 2023 to forward the NATO Accession Protocol of Sweden to the Grand National Assembly of Türkiye as soon as possible and to work closely with the Assembly to ensure ratification; regrets, however, that this process is still pending and that there is no clear timeline, as is the case in Hungary; urges Hungary and Türkiye to ratify Sweden’s NATO membership without any further delay; urges the Turkish authorities to deliver on their promise of a more constructive partnership in NATO, including in the Eastern Mediterranean;
2023/10/02
Committee: AFET
Amendment 469 #

2023/2119(INI)

Motion for a resolution
Paragraph 26 c (new)
26c. Welcomes the Joint Communication on an Action Plan on Military Mobility 2.0, as a key contribution to strengthening European security, as recognised in the Strategic Compass; highlights the accelerated adoption of dual-use transport infrastructure projects following Russia’s war of aggression against Ukraine; and recalls the importance to ensure sufficient availability of financial resources to continue the project pipeline in the coming years;
2023/10/02
Committee: AFET
Amendment 474 #

2023/2119(INI)

Motion for a resolution
Paragraph 26 e (new)
26e. Reiterates its calls for institutionalised security and defence cooperation with the United Kingdom, including through closer collaboration on information sharing, military mobility, mutual security and defence initiatives, crisis management, cybersecurity, hybrid threats, FIMI and our relationship with common strategic competitors;
2023/10/02
Committee: AFET
Amendment 494 #

2023/2119(INI)

Motion for a resolution
Paragraph 27 a (new)
27a. Recognises that the Arctic region carries significant strategic and geopolitical importance due to its emerging maritime routes, rich natural resources and opportunities for economic development unlocked by global warming, while being increasingly contested; considers alarming the growing activities and interest by authoritarian regimes, including Russia and China, in the Arctic;
2023/10/02
Committee: AFET
Amendment 499 #

2023/2119(INI)

Motion for a resolution
Paragraph 27 b (new)
27b. Underlines the importance of preserving security, stability and cooperation in the Arctic; stresses that the region must remain free from military tensions and natural resource exploitation, while respecting the rights of indigenous peoples; reiterates the need to include the Union’s Arctic policy in the CSDP and engage in effective cooperation with NATO; calls for the Arctic to be addressed regularly within the Political and Security Committee and Council meetings;
2023/10/02
Committee: AFET
Amendment 119 #

2023/2106(INI)

Motion for a resolution
Paragraph 13 b (new)
13b. Underlines that the upcoming signing of the EPCA and the ongoing GSP+ implementation put further emphasis on the need to ensure the respect for human rights and fundamental freedoms in Kyrgyzstan in line with its international commitments; observes with concern the deterioration of democratic standards and human rights in recent years, considering that Kyrgyzstan has been regarded as the most democratic country in the region with a vibrant civil society and free media; is concerned about the persecution of the political opposition, amongst others representatives of the Social Democrats party, and the negative impact of legislative initiatives that target the activities of independent media and civil society, notably the law on ‘false information’ and draft laws on ‘foreign representatives’, ‘mass media’ and ‘protecting children from harmful information’, and the increasing number of cases against human rights defenders, media workers and journalists as well as media outlets; calls on the EU to continue supporting the civil society and the independent media;
2023/10/11
Committee: AFET
Amendment 28 #

2023/0237(COD)

Proposal for a regulation
Citation 3 a (new)
Having regard to the opinion of the European Central Bank.
2023/10/18
Committee: ECON
Amendment 30 #

2023/0237(COD)

Proposal for a regulation
Recital 3
(3) Digital transformation has ushered in radically different realities and created a new environment with new needs for European statistics. Moreover, the recent Covid-19 crisis and the energy and cost-of- living crisis triggered by the Russian military aggression against Ukraine have amplified the demands and expectations for timelier, more frequent and more detailed European statistics needed to inform EU decision- making and ensure the best possible Union response to crises.
2023/10/18
Committee: ECON
Amendment 31 #

2023/0237(COD)

Proposal for a regulation
Recital 3 a (new)
(3a) Eurostat has a certain discretion to undertake innovative initiatives such its interactive publications on current topics [1]. However, situations can occur in which swift and innovative European statistics are needed to respond to urgent policy situations. An example is the lack of official corporate margin data for the eurozone, which hampers policy makers in tackling profit driven inflation at a time where the ECB and IMF suggest that corporate profits have been the main drivers of inflation. It is therefore crucial to establish to procedures to respond to urgent policy needs for European statistics. [1] https://ec.europa.eu/eurostat/web/main/pu blications/interactive-publications
2023/10/18
Committee: ECON
Amendment 32 #

2023/0237(COD)

Proposal for a regulation
Recital 6
(6) The recent Covid pandemicRecent developments such as the Covid pandemic, the Russian military aggression against Ukraine and the ensuing cost-of-living crisis demonstrated that timely, reliable and comparable European statistics are vital to the effectiveness of public authorities’ response to emergency situation to give the right policy answers. Therefore, the ESS should be given the possibility to swiftly initiate coordinated actions if urgent data and statistics needs arise outside the regular planning framework, especially in times of crisis. In such situation, a data holder should make, upon request, data available to a national statistical institute (NSI) or the Commission (Eurostat) that demonstrates an exceptional need to use the data requested, in accordance with the rules laid down in the Data Act10 . __________________ 10 Proposal for a Regulation of the European Parliament and of the Council on harmonised rules on fair access to and use of data (Data Act), (COM/2022/68 final).
2023/10/18
Committee: ECON
Amendment 47 #

2023/0237(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EC) No 223/2009)
Article 16 a – title
Statistical response to crisis and urgent policy needs.
2023/10/18
Committee: ECON
Amendment 48 #

2023/0237(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EC) No 223/2009
Article 16 a – paragraph 1
1. The Commission (Eurostat) shall examine temporary statistical actions relating to urgent information needs that cannot be met under the European statistical programme 7-year programming timeline, and undertake them as appropriate, subject to the procedures set out in this Article, where bothany of the following conditions are met:
2023/10/18
Committee: ECON
Amendment 58 #

2023/0237(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 7
Regulation (EC) No 223/2009
Article 17 c – paragraph 2 – point b
(b) concern, insofar as possible, non- personal data.
2023/10/18
Committee: ECON
Amendment 64 #

2023/0237(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 7
Regulation (EC) No 223/2009
Article 17 e – paragraph 1 – point c
(c) in compliance with the obligation, subject to paragraph 2 of this Article, not to share them with third parties unless the data holder has agreed.
2023/10/18
Committee: ECON
Amendment 65 #

2023/0237(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 7
Regulation (EC) No 223/2009)
Article 17 e – paragraph 1 a (new)
1a. Notwithstanding paragraph 1, point (c), the ESS shall share the data with ESCB members, without the prior agreement of the data holder, where necessary for the development, production and dissemination of European statistics or for increasing the quality of European statistics, within the respective spheres of competence of the ESS and the ESCB, and this necessity has been justified.
2023/10/18
Committee: ECON
Amendment 67 #

2023/0237(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 7
Regulation (EC) No 223/2009
Article 17 f – title
Data sharing in the ESS and between the ESS and the ESCB.
2023/10/18
Committee: ECON
Amendment 71 #

2023/0237(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 7
Regulation (EC) No 223/2009
Article 17 f – paragraph 2 a (new)
2a. Data sharing shall take place between the ESS and a member of the ESCB in areas of shared responsibility or common interest and where the data is used exclusively for statistical purposes and for improving the quality of European statistics developed and produced by that member of the ESCB.
2023/10/18
Committee: ECON
Amendment 75 #

2023/0237(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EC) No 223/2009
Article 25 – paragraph 1
Data that is lawfully available to the public shall not be considered confidential when used for statistical purposes.;data or confidential statistical information when used for statistical purposes or for the dissemination of statistics obtained from that data.
2023/10/18
Committee: ECON
Amendment 190 #

2023/0205(COD)

Proposal for a regulation
Recital 19
(19) The data use perimeter thus established in this Regulation and in the accompanying guidelines (‘the guidelines’)regulatory technical standards to be developed by the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) should provide a proportionate framework on how personal data related to a consumer that falls within the scope of this Regulation should be used. The data use perimeter ensures consistency between the scope of this Regulation, which excludes data that forms part of a creditworthiness assessment of a consumer as well as data related to life, health and sickness insurance of a consumer, and the scope of the guidelines,regulatory technical standards which set recommendations on how types of data originating from other areas of the financial sector that are in scope of this Regulation can be used to provide these products and services. The guideline The regulatory technical standards developed by the EBA should set out how other types of data that are in scope of this Regulation can be used to assess the credit score of a consumer. The guidelineregulatory technical standards developed by EIOPA should set out how data in scope of this Regulation can be used in products and services related to risk assessment and pricing in the case of life, health and sickness insurance products. The guidelineregulatory technical standards should be developed in a manner that is aligned to the needs of the consumer and proportionate to the provision of such products and services. The regulatory technical standards developed by EIOPA and the EBA should also elaborate on the limits for combining ‘customer data’ with other types of personal data, such as personal data obtained from third party sources, such as from social media networks or from data brokers.
2024/02/02
Committee: ECON
Amendment 223 #

2023/0205(COD)

Proposal for a regulation
Recital 48
(48) Regulation (EU) 2016/679 applies when personal data are processed. ItProcessing of personal data in the context of this Regulation should be carried out in accordance with Regulation (EU) 2016/679 and Regulation (EU) 2018/1725, as well as, where applicable, with the ePrivacy Directive. Regulation (EU) 2016/679 provides for the rights of a data subject, including the right of access and right to port personal data. This Regulation is without prejudice to the rights of a data subject provided under Regulation (EU) 2016/679, including the right of access and right to data portability. This Regulation creates a legal obligation to share customer personal and non- personal data upon customer’s request and mandates the technical feasibility of access and sharing for all types of data within the scope of this Regulation. The granting of permission by a customer is without prejudice to the obligations of data users under Article 6 of Regulation (EU) 2016/679. Permission should not be construed as ‘consent’ or ‘explicit consent’ or ‘necessity for the performance of a contract’ as defined in Regulation (EU) 2016/679. Personal data that are made available and shared with a data user should only be processed for services provided by a data user where there is a valid legal basis under Article 6(1) of Regulation (EU) 2016/679 and, when applicable, where the requirements of Article 9 of that Regulation on the processing of special categories of data are met.
2024/02/02
Committee: ECON
Amendment 271 #

2023/0205(COD)

Proposal for a regulation
Article 2 – paragraph 3
3. This Regulation shall not apply to the entities referred to in Article 2(3), points (a) to (e), of Regulation (EU) 2022/2554. Any undertaking designated as a gatekeeper, pursuant to Article 3 of Regulation (EU) 2022/1925, shall not be an eligible data user for the purposes of this Regulation. .
2024/02/02
Committee: ECON
Amendment 278 #

2023/0205(COD)

Proposal for a regulation
Article 2 – paragraph 3 a (new)
3 a. 3a. This Regulation shall not apply to special categories of data referred to in Article 9(1) of Regulation (EU) 2016/679.
2024/02/02
Committee: ECON
Amendment 282 #

2023/0205(COD)

Proposal for a regulation
Article 2 – paragraph 3 b (new)
3 b. This regulation shall not apply to collectively concluded products such as products resulted from social partners bargaining, trade unions or products procured by non-profit organisations on behalf of their members.
2024/02/02
Committee: ECON
Amendment 305 #

2023/0205(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 3
(3) ‘customer data’ means personal and non-personal data that is collected, stored and otherwise processed by a financial institution as part of their normal course of business with customers which covers both data provided by a customer and data generated as a result of customer interaction with the financial institution and shall exclude data created as a result of profiling as per Article 4(4) of Regulation (EU) 2016/679;
2024/02/02
Committee: ECON
Amendment 312 #

2023/0205(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 5
(5) ‘data holder’ means a financial institution other than an account information service provider that collects, stores and otherwise processes the data listed in Article 2(1) ;
2024/02/02
Committee: ECON
Amendment 327 #

2023/0205(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 7 a (new)
(7 a) ‘financial information service’ means an online service providing consolidated information on one or more financial services products listed under Article 2(1) of this Regulation with a view to providing a customer with an overall view of their financial situation immediately at any given moment;
2024/02/02
Committee: ECON
Amendment 353 #

2023/0205(COD)

Proposal for a regulation
Article 5 – paragraph 1
1. The data holder shall, upon explicit request from a customer submitted by electronic means, make available to a data user the customer data listed in Article 2(1) for the purposes for which the customer has granted permission to the data user. The customer data shall be made available to the data user without undue delay, continuously and in real-time.
2024/02/02
Committee: ECON
Amendment 371 #

2023/0205(COD)

Proposal for a regulation
Article 6 – paragraph 2
2. A data user shall only request and access customer data made available under Article 5(1) that is adequate, relevant and necessary for the purposes and under the conditions for which the customer has granted its permission. A data user shall delete customer data when it is no longer necessary for the purposes for which the permission has been granted by a customer.
2024/02/02
Committee: ECON
Amendment 375 #

2023/0205(COD)

Proposal for a regulation
Article 6 – paragraph 4 – point a a (new)
(a a) not transfer any customer data to any third party without the customer’s explicit permission;
2024/02/02
Committee: ECON
Amendment 381 #

2023/0205(COD)

Proposal for a regulation
Article 6 – paragraph 4 – point e
(e) not process customer data for advertising purposes, except for direct marketing in accordance with Union and national lawsubject to their prior consent;
2024/02/02
Committee: ECON
Amendment 397 #

2023/0205(COD)

Proposal for a regulation
Article 7 – paragraph 2
2. In accordance with Article 16 of Regulation (EU) No 1093/2010, tThe European Banking Authority (EBA) shall develop guidelinedraft regulatory technical standards on the implementation of paragraph 1 of this Article for products and services related to the credit score of the consumer, mortgage credit agreements, and payment services.
2024/02/02
Committee: ECON
Amendment 399 #

2023/0205(COD)

Proposal for a regulation
Article 7 – paragraph 3
3. In accordance with Article 16 of Regulation (EU) No 1094/2010, tThe European Insurance and Occupational Pensions Authority (EIOPA) shall develop guidelinedraft regulatory technical standards on the implementation of paragraph 1 of this Article for products and services related to risk assessment and pricing of a consumer in the case of non- life, life, health and sickness insurance products.To avoid certain consumers becoming unable to access insurance due to overly granular risk assessments by insurers, these regulatory technical standards shall include provisions on how data may be used to avoid excessive granularity that undermines the "risk sharing" principle of insurance.
2024/02/02
Committee: ECON
Amendment 403 #

2023/0205(COD)

Proposal for a regulation
Article 7 – paragraph 3 a (new)
3 a. For the purposes of paragraphs (2) and (3) of this article, regulatory technical standards should address: (a) the limits of the combination of ‘customer data’ obtained pursuant to the Proposal with other types of personal data; (b) the explainability, transparency and bias avoidance safeguards needed to be installed when Artificial Intelligence tools and algorithms are being deployed, used or trained for any of the purposes mentioned in paragraphs (2) and (3) of this article; (c) the information provision obligations for financial institutions when a customer is presented with a personalised offer that is based on profiling or other types of automated processing of personal data; (d) how the ‘right to be forgotten’ of cancer survivors shall be applicable in relation to non-credit related insurance policies, including life and health insurance, in line with article 124 of the 2020/2267 (INI) Report of the European Parliament. This shall also be extended to other chronic diseases and mental conditions.
2024/02/02
Committee: ECON
Amendment 407 #

2023/0205(COD)

Proposal for a regulation
Article 7 – paragraph 4
4. When preparing the guidelineregulatory technical standards referred to in paragraphs 2 and 3 of this Article, EIOPA and EBA shall closely cooperate and seek a formal consultation with the European Data Protection Board established by Regulation (EU) 2016/679. The regulatory technical standards developed by EBA and EIOPA shall also address, where appropriate, limits on the combining of consumer data obtained pursuant to the Proposal with other types of personal data.
2024/02/02
Committee: ECON
Amendment 409 #

2023/0205(COD)

Proposal for a regulation
Article 7 – paragraph 4 a (new)
4 a. A consumer cannot be denied access to a financial product if they do not consent to their data being shared or accessed via the framework established by this Regulation. For the purposes of the implementation of this paragraph, the burden of proof shall lie with the data user.
2024/02/02
Committee: ECON
Amendment 412 #

2023/0205(COD)

Proposal for a regulation
Article 7 – paragraph 4 b (new)
4 b. Additional financial and human resources shall be provided to the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) for the fulfilment of their tasks under this Regulation.
2024/02/02
Committee: ECON
Amendment 430 #

2023/0205(COD)

Proposal for a regulation
Article 8 – paragraph 3 a (new)
3 a. The data holder shall ensure that the permission dashboard is not designed in a way that would encourage or unduly influence the customer to grant or withdraw permissions, including through the use of dark patterns and through the use of pre-tricked boxes. For example, the procedure to withdraw consent cannot be made more difficult than the procedure to grant access. The EBA and EIOPA, in close cooperation with the European Data Protection Board established by Regulation (EU) 2016/679, shall be required to develop guidelines on the implementation of this paragraph.
2024/02/02
Committee: ECON
Amendment 432 #

2023/0205(COD)

Proposal for a regulation
Article 8 – paragraph 3 b (new)
3 b. Data holders shall use the European Digital Identity Wallet issued by a Member State as introduced by the proposal amending Regulation (EU) No 910/2014 as regards establishing a framework for a European Digital Identity for consumers to help identify a customer online and authenticate consent for the provision of consumer permissions via the data access permission dashboards.
2024/02/02
Committee: ECON
Amendment 436 #

2023/0205(COD)

Proposal for a regulation
Article 8 – paragraph 4 – point b – point iii a (new)
(iii a) the legal basis under Article 6(1) GDPR and, where relevant, the exception under Article 9(2) GDPR that they would rely on to access personal data contained in the customer dataset;
2024/02/02
Committee: ECON
Amendment 459 #

2023/0205(COD)

Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 1 – point a – point i
(i) data holders and data users representing a significant proportion of the market of the product or service concerned, with each side having fair and equal representation in the internal decision- making processes of the scheme as well as equal weight in any voting procedures; where a member is both a data holder and data user, its membership shall be counted equally towards both sides;
2024/02/02
Committee: ECON
Amendment 464 #

2023/0205(COD)

Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 1 – point a a (new)
(a a) each of the parties listed in paragraph (a) above shall have fair and equal representation in the internal decision-making processes of the scheme as well as equal weight in any voting procedures; where a member is both a data holder and data user, its membership shall be counted equally towards both sides;
2024/02/02
Committee: ECON
Amendment 466 #

2023/0205(COD)

Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 1 – point e
(e) a financial data sharing scheme shall include a mechanism through which its rules can be amended, following an impact analysis and the agreement of the majority of each community of data holders and, data users and consumer organisations respectively;
2024/02/02
Committee: ECON
Amendment 471 #

2023/0205(COD)

Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 1 – point g a (new)
(g a) a financial data sharing scheme shall also establish minimum technical and organisational measures to ensure an appropriate level of security for the exchange of personal data;
2024/02/02
Committee: ECON
Amendment 480 #

2023/0205(COD)

Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 1 – point h – point i
(i) it should be limited to reasonable compensation directly related to the costs incurred in making the data available to the data user and which is attributable to the request;
2024/02/02
Committee: ECON
Amendment 496 #

2023/0205(COD)

Proposal for a regulation
Article 10 – paragraph 6 – subparagraph 1
Within 1 month of receipt of the notification pursuant to paragraph 4, the competent authority shall assess whether the financial data sharing scheme’s governance modalities and characteristics are in compliance with paragraph 1. When assessing the compliance of the financial data sharing scheme with paragraph 1, the competent authority mayshall consult other competent authoritiesrelevant supervisory authorities under Regulation (EU) 2016/679.
2024/02/02
Committee: ECON
Amendment 500 #

2023/0205(COD)

Proposal for a regulation
Article 10 – paragraph 6 a (new)
6 a. Competent authorities shall undertake regular comprehensive reviews of data sharing schemes’ governance arrangements set out in Article 10(1). These reviews shall include a thorough and documented assessment whether the schemes’ arrangements are appropriate and credible for the purposes of ensuring the responsible treatment of customer data.
2024/02/02
Committee: ECON
Amendment 505 #

2023/0205(COD)

Proposal for a regulation
Article 11 – paragraph 1 – introductory part
In the event that a financial data sharing scheme is not developed for one or more categories of customer data listed in Article 2(1) and there is no realistic prospect of such a scheme being set up within a reasonable amount of time, the Commission is empowered, in consultation with the European Data Protection Board, to adopt a delegated act in accordance with Article 30 to supplement this Regulation by specifying the following modalities under which a data holder shall make available customer data pursuant to Article 5(1) for that category of data:
2024/02/02
Committee: ECON
Amendment 529 #

2023/0205(COD)

Proposal for a regulation
Article 14 – paragraph 1
1. The competent authority shall grant an authorisation if the information and evidence accompanying the application complies with of the requirements laid down in Article 11(1) and (2). Before granting an authorisation, the competent authority may, wshall, consult othere relevant, consult other relevant public authorities public authorities, in particular relevant supervisory authorities under Regulation (EU) 2016/679.
2024/02/02
Committee: ECON
Amendment 536 #

2023/0205(COD)

Proposal for a regulation
Article 14 – paragraph 7 – subparagraph 1 – point c a (new)
(c a) if a supervisory authority under Regulation (EU) 2016/679 establishes that a financial information service provider has breached its obligations under EU data protection laws;
2024/02/02
Committee: ECON
Amendment 552 #

2023/0205(COD)

Proposal for a regulation
Article 20 – paragraph 3 – point f
(f) in the case of a natural person, maximum administrative fines of up to EUR 250 000 per infringement and up to a total of EUR 2500 000 per year, or, in the Member States whose official currency is not the euro, the corresponding value in the official currency of that Member State on ... [OP please insert the date of entry into force of this Regulation]. .
2024/02/02
Committee: ECON
Amendment 554 #

2023/0205(COD)

Proposal for a regulation
Article 20 – paragraph 4 – subparagraph 1 – point a
(a) up to EUR 50 000 per infringement and up to a total of EUR 5 000 000 per year, or, in the Member States whose official currency is not the euro, the corresponding value in the official currency of that Member State on ... [OP please insert the date of entry into force of this Regulation];
2024/02/02
Committee: ECON
Amendment 556 #

2023/0205(COD)

Proposal for a regulation
Article 20 – paragraph 4 – subparagraph 1 – point b
(b) 210% of the total annual turnover of the legal person according to the last available financial statements approved by the management body;
2024/02/02
Committee: ECON
Amendment 573 #

2023/0205(COD)

Proposal for a regulation
Article 31 – paragraph 1 – point e a (new)
(e a) the impact of the regulation on financial exclusion.
2024/02/02
Committee: ECON
Amendment 577 #

2023/0205(COD)

Proposal for a regulation
Article 31 – paragraph 2
2. By [OP please insert the date = 4 years after the date of entry into force of this Regulation, the Commission shall submit a report to the European Parliament and the Council assessing the conditions for access to financial data applicable to account information service providers under this Regulation and under Directive (EU) 2015/2366. The report can be accompanied, if deemed appropriate, by a legislative proposal.deleted
2024/02/02
Committee: ECON
Amendment 109 #

2023/0167(COD)

Proposal for a directive
Recital 3
(3) Third party payments, such as fees, commissions or any monetary or non- monetary benefits paid to or received by investment firms and insurance undertakings and intermediaries by or from persons other than the client or customer, also termed as ‘inducements’, play a significant role in the distribution of retail investment products in the Union. The existing rules designed to manage conflicts of interests in Directives (EU) 2014/65 and (EU) 2016/97, including restrictions on and transparency around the payments of inducements, have not proven sufficiently effective in mitigating consumer detriment and have led to different levels of retail investor protection across product segments and distribution channels. It is therefore necessary to further strengthen the investor protection framework to ensure that retail clients’ best interests are protected uniformly across the Union. In light of the potential disruptive impact caused by the by introduction ofing a full prohibition of inducements, it is appropriate to have a staged approach and first strengthen the requirements around the payment and receipt of inducements to address the potential conflicts of interest and ensure better protection of retail investors and, at a second stage, to review the effectiveness of the framework, and propose alternative measures in line with Better Regulation rules, including a potential ban on inducements, if appropriaten the payment of inducements. Investment firms, insurance undertakings and insurance intermediaries should only be remunerated through charges payable by or on behalf of the client, and shall not solicit or accept any other third-party payments or benefits in relation to the services that it provides to clients.
2023/11/09
Committee: ECON
Amendment 115 #

2023/0167(COD)

Proposal for a directive
Recital 4
(4) In order to remove any consumer detriment as a consequence of the payment and receipt of inducements for non-advised sales, it is also appropriate to prohibit the payment and receipt of such inducements. In the case of Directive (EU) 2014/65, such prohibition would cover the execution or reception and transmission of orders and in the case of Directive (EU) 2016/97, non- advised sales. To avoid restricting issuers’ ability to raise funding, that prohibition should not apply to payments in relation to underwriting and placement services provided to an issuer, where the investment firm also provides an execution of order or reception and transmission of order service to an end-investor. Furthermore, investment advice is often combined with the provision of an execution or reception and transmission of order service. In such cases, the main service being investment advice, the prohibition should not apply to the execution or reception and transmission of order service relating to one or more transactions of that client covered by that advice. Minor non-monetary benefits which do not exceed 100 euros or are of a scale and nature that they could not be judged to impair compliance with the duty to act in the best interest of the retail investor should be allowed, to the extent that they are clearly disclosed.
2023/11/09
Committee: ECON
Amendment 116 #

2023/0167(COD)

Proposal for a directive
Recital 5
(5) In order to ensure that retail customers are not misled, it is important to stipulate in Directive (EU) 2016/97 that, in line with existing rules in Directive (EU) 2014/65, insurance intermediaries that indicate to their customers that they provide advice on an independent basis, should not accept inducements for such advice. This rule should not prevent insurance intermediaries offering advice to customers from accepting inducements, provided that the advice is not presented as independent, customers are informed of the inducements in line with applicable transparency requirements and that other legal requirements, including the requirement to act in the best interest of the customer, are complied with.deleted
2023/11/09
Committee: ECON
Amendment 124 #

2023/0167(COD)

Proposal for a directive
Recital 7
(7) The existing requirements on disclosure of inducements should be further strengthened to ensure that retail investors understand the general concept of inducements, the potential for conflict of interest, as well as the impact of inducements on the overall costs and expected returns.deleted
2023/11/09
Committee: ECON
Amendment 129 #

2023/0167(COD)

Proposal for a directive
Recital 9
(9) In order to assess the effectiveness of these measures, three years after the date of entry into force of this Directive and after having consulted the European Securities and Markets Authority (‘ESMA’) and European Insurance and Occupational Pensions Authority (‘EIOPA’), the Commission should prepare a report on the effects of third- party payments on retail investments which, where necessary, should be accompanied by proposals to further strengthen the framework.deleted
2023/11/09
Committee: ECON
Amendment 161 #

2023/0167(COD)

Proposal for a directive
Recital 20
(20) The pricing process under Directives 2009/65/EC and 2011/61/EU should ensure that costs borne by retail investors are justified and proportionate to the characteristics of the product, and in particular to the investment objective and strategy, level of risk and expected returns of the funds, so that UCITS and AIFs deliver Value for Money to investors. UCITS and AIFs management companies should remain responsible for the quality of their pricing process, and assess and review on an annual basis whether their fees are justified and proportionate or not, and take corrective measures if needed such as reviewing the product’s fees and charges or introducing temporary fee waivers. In particular, they should ensure that costs are comparable to market standards, including by comparing the costs of funds with similar investment strategies and characteristics available on publicly available databases. However, to make the pricing process more objective and to equip UCITS and AIFs management companies, and competent authorities with a tool allowing for an efficient comparison of costs among investment products from the same product type, ESMA should develop benchmarks, based on data related to the cost and performance of investment products that ESMA receives as part of the supervisory reporting, against which an assessment of Value for Money can be carried out, in addition to the other criteria included in the pricing process of UCITS and AIFs management companies. Considering the Commission’s priority to avoid unnecessary administrative burdens and to simplify reporting requirements, those benchmarks should build on existing data from public disclosures and supervisory reporting, unless additional data are exceptionally necessary. Investment funds offering poor Value for Money or deviating from ESMA's benchmarks should not be marketed to retail investors unless further assessment has established that the product nevertheless offers Value for Money. The assessment and the measures taken should be documented and provided to competent authorities upon their request. . These assessment should also be published and made available to investors in relevant disclosure documents.
2023/11/09
Committee: ECON
Amendment 165 #

2023/0167(COD)

Proposal for a directive
Recital 21 a (new)
(21a) Retail investors should be able to access easily a reliable and independent source information to make an informed investment decision based upon a comprehensive comparison of the different investment options available in the EU market. While on-line tools exist already in some Member States, their availability varies among Member State. A fund calculator and comparator operated by ESMA using harmonised data in a standardised format provided by manufacturers and persons selling investment products allows for a reliable and accurate comparison of products and computations based on all relevant costs and fees charged at any step of the process. This tool will facilitate the participation of retail investors in capital markets through a more convenient, transparent and reliable source for information regarding the risk and return on investment and value for money of each commercialised product.
2023/11/09
Committee: ECON
Amendment 166 #

2023/0167(COD)

Proposal for a directive
Recital 21 b (new)
(21b) To be able to provide a comprehensive overview of the market the fund comparator, to be developed by ESMA, should allow investors to view and compare the nature and features of different products, including the costs, past performance and risk profile of the product. In order to provide specific quantitative information to the retail investor, the fund calculator should allow investors to compute the value and total costs of a fund on the basis of envisaged investment amount and holding period. To ensure greater usability, the information within it should be presented in a manner that is both understandable and concise while remaining easy to use for the retail investor. It should present the methodology and data sources in a clear and transparent manner. To limit, to the greatest extent possible, costs related to the new reporting obligations and to avoid unnecessary duplication, data sets should as far as possible be based on disclosure and reporting obligations stemming from EU law.
2023/11/09
Committee: ECON
Amendment 167 #

2023/0167(COD)

Proposal for a directive
Recital 22
(22) Knowledge and competence of staff are key to ensuring good quality advice. The standards of what is considered necessary vary significantly between advisors operating under Directive 2014/65/EU, Directive (EU) 2016/97 and under non-harmonised national law. To improve the quality of advice and to ensure a level playing field across the EU, strengthened minimum common standards on the necessary knowledge and competence requirements should be laid down. That is particularly relevant given the increased complexity and continuous innovation in the design of financial instruments and insurance-based investment products, and the increasing importance of sustainability-related considerations. Member States should require investment firms, and insurance and reinsurance distributors, to ensure that natural persons giving investment advice on behalf of the investment firm or as insurance intermediaries, and the employees concerned of insurance undertakings and insurance intermediaries, possess the knowledge and competence that is necessary to fulfil their obligations. To provide assurance to clients, customers and competent authorities that the level of knowledge and competence of such natural persons and insurance intermediaries and the employees of insurance undertakings and insurance intermediaries meet the required standards, such knowledge and competence should be proven by a certificate. Regular professional development and training are important to ensure that the knowledge and competence of staff advising on or selling investment products to clients, or insurance-based investment products to customers, is maintained and updated. To that end, it is necessary to require that natural persons giving investment advice follow a minimum number of hours per year of professional training and development, part of which shall be dedicated to sustainability issues and that they prove the successful completion of such training and development by a certificate.
2023/11/09
Committee: ECON
Amendment 173 #

2023/0167(COD)

Proposal for a directive
Recital 27
(27) Costs, and associated charges and third-party payments linked to investment products can have a great impact on expected returns. The disclosure of such costs and associated charges and third-party payments are a key aspect of investor protection. Retail investors should be presented with clear information on costs, and associated charges and third-party payments, in good time prior to taking an investment decision. To enhance comparability of such costs, and associated charges and third-party payments, such information should be provided in a standardised manner. Regulatory technical standards should specify and harmonise the content and format of disclosures relating to such costs, and associated charges and third- party payments including explanations that investment firms should provide to retail clients, in particular as regards the third- party payments.
2023/11/09
Committee: ECON
Amendment 175 #

2023/0167(COD)

Proposal for a directive
Recital 28
(28) To further increase transparency, retail clients and customers should receive a periodic overview of their investments. For that reason, firms that provide investment services together with a service of safekeeping and administration of financial instruments, or insurance intermediaries and insurance undertakings distributing insurance-based investment products, should provide an annual statement to their retail clients and customers which should include an overview of the products those clients and customers hold, of all costs, and associated charges and third-party payments, and of all payments, including dividends and the interests paid and received by the client and customer over a period of one year, together with an overview of the performance of those financial products. That annual statement should enable retail investors to get a better understanding of the impact of those elements on the performance of their portfolio. For investment services that only consist of the reception, transmission and execution of orders, the annual statement should contain all costs, associated charges and third-party payments paid in connection with the services and the financial instruments. For services that only consist of safekeeping and administration of financial instruments, the annual statement should contain all costs, associated charges and payments received by the client in relation to the services and the financial instruments. For all those services, the service provider should provide the retail client upon request with a detailed breakdown of that information per financial instrument. In view of the long- term characteristics of insurance-based investment products which are often used for retirement purposes, the annual statement for such products should contain additional elements, including adjusted individual projections of the expected outcome at the end of the contract, or recommended holding period and a summary of the insurance cover.
2023/11/09
Committee: ECON
Amendment 186 #

2023/0167(COD)

Proposal for a directive
Recital 36
(36) A wide diversity of financial instruments can be offered to retail investors, with each financial instrument entailing different levels of risks of potential losses. Retail investors should therefore be able to easily identify investment products that are particularly risky. It is therefore appropriate to require that investment firms, insurance undertakings and insurance intermediaries identify those investment products that are particularly risky and include, in information transmitted to retail clients and customers, including marketing communications, warnings on those risks. To assist investment firms, insurance undertakings and insurance intermediaries in identifying such particularly risky products, ESMA and EIOPA should issue guidelineregulatory technical standards on how to identify such products, taking due account of the different types of existing investment products and insurance-based investment products. To harmonise such risk warnings across the EU, ESMA and EIOPA should submit technical standards as regards the content and format of such risk warnings. Member States should empower competent authorities to impose the use of risk warnings for specific investment products and, where the use or absence of use of those risk warnings throughout the EU would be inconsistent or would create a material impact in terms of investor protection, ESMA and EIOPA should have the power to impose the use of such warnings by investment firms throughout the EU.
2023/11/09
Committee: ECON
Amendment 216 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 8 – point c a (new)
Directive 2014/65/EU
Article 16 – paragraph 6 a (new)
(ca) the following paragraph 6a is inserted: ‘6a. Investment firms providing investment advice and portfolio management services shall be required to report to national competent authorities of its home Member State on an annual basis: (i) the number of financial instruments it considers when providing advice, with a distinction between instruments issued or provided by entities with close link to the investment firm and those provided by non-affiliated third-party providers; (ii) the ratio of financial instruments sold to clients that are issued or provided by entities with close links to the investment firm and those provided by non-affiliated third-party providers; National competent authorities shall forward this information to ESMA without undue delay.
2023/11/09
Committee: ECON
Amendment 219 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 8 – point d
Directive 2014/65/EU
Article 16 – paragraph 7 a – subparagraph 2
In all cases, complaints shall be registered and complainants shall receive replies within 4015 working days.; Replies shall be written in the language in which complaints were made.
2023/11/09
Committee: ECON
Amendment 259 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 1 – subparagraph 4
When a financial instrument deviates from the relevant benchmark referred to in paragraph 9, the investment firm shall inform the competent authority of the investment firm and perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstratedfor the deviation cannot be demonstrated to the competent authority of the investment firm, the financial instrument shall not be approved by the investment firm´.
2023/11/09
Committee: ECON
Amendment 271 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 2 – point a
(a) details of costs and charges of the financial instrument, including any distribution costs that are incorporated into costs of financial instrument, including third-party payments;.
2023/11/09
Committee: ECON
Amendment 316 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 5 – subparagraph 1
An investment firm which offers or recommends financial instruments falling under the definition of packaged retail products in accordance with Article 4(1) of Regulation (EU) No 1286/2014 shall report to its home competent authorities details of the costs of distribution, including any costs related to the provision of advice or any connected third-party payments.
2023/11/09
Committee: ECON
Amendment 326 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 6 – subparagraph 1 – point a
(a) details of costs and charges of any financial instrument destined for retail investors, including any distribution costs that are incorporated into costs of financial instrument, including third- party payments;.
2023/11/09
Committee: ECON
Amendment 336 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 7 – introductory part
7. An investment firm shall document all assessments made and shall, upon request, provide such assessments to a relevant competent authority, including the following:
2023/11/09
Committee: ECON
Amendment 347 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 7 a (new)
7a. The documentation resulting from the product approval process and any other assessment made by an investment firm in accordance with this Article should be made publicly available in an electronic format on the website of the investment firm.
2023/11/09
Committee: ECON
Amendment 399 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 9
Directive 2014/65/EU
Article 16–a – paragraph 13 (new)
13. ESMA shall organise and conduct a peer review, at least once every two years, in cooperation with national competent authorities regarding the implementation of the obligations described in this Article.
2023/11/09
Committee: ECON
Amendment 402 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 11 a (new)
Directive 2014/65/EU
Article 23 – paragraph 1
Article 23 is amended as follows: Paragraph 1 is replaced by the following: ‘1. Member States shall require investment firms to take all appropriate steps to identify and to prevent or manage conflicts of interest between themselves, including their managers, employees and tied agents, or any person directly or indirectly linked to them by control and their clients or between one client and another that arise in the course of providing any investment and ancillary services, or combinations thereof, including those caused by the receipt of inducements from third parties or by the investment firm’s own remuneration and other incentive structures.
2023/11/09
Committee: ECON
Amendment 406 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 12 – point b
Directive 2014/65/EU
Article 24 – paragraph 1 a
(b) the following paragraph 1a is (b) inserted: 1a. Member States shall ensure that, in order to act in the best interest of the client, when providing investment advice or portfolio management to retail clients, investment firms are under the obligation of the following: (a) to provide advice on the basis of an assessment of an appropriate range of suitable financial instruments; (b) to recommend, including an appropriate range of suitable financial instruments from third party product providers having no close links with the investment firm; (b) to recommend or purchase on behalf of the client in the course of a portfolio management service the most cost- efficient financial instruments among financial instruments identified as suitable to the client pursuant to Article 25(2) and offering similar features; (c) to recommend, among the range of financial instruments identified as suitable to the client pursuant to Article 25(2), a product or products without additional features that are not necessary to the achievement of the client’s investment objectives and that give rise to extra costs. ESMA shall organise and conduct a mandatory peer review in cooperation with national competent authorities regarding the implementation of the obligations described in this Article.
2023/11/09
Committee: ECON
Amendment 442 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 12 – point e – point i – indent 2 – introductory part
Directive 2014/65/EU
Article 24 – paragraph 4 – point a
– in point (a), the point (ii) is deleted and the following points (iv) and (v) are added:
2023/11/09
Committee: ECON
Amendment 452 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 12 – point g
Directive 2014/65/EU
Article 24 – paragraph 5 c – subparagraph 2
ESMA shall, by [18 months after the entry into force of the amending Directive], develop, and update periodically, guidelinedraft regulatory technical standards on the concept of particularly risky financial instruments taking due account of the specificities of the different types of instruments.
2023/11/09
Committee: ECON
Amendment 468 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 12 – point j – point ii
(d) the criteria to assess compliance of firms providing investment advice to retail clients, notably those receiving inducement, with the obligation to act in the best interest of their clients as set out in paragraphs 1 and 1a.;
2023/11/09
Committee: ECON
Amendment 478 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 1
1. Member States shall ensure that investment firms, when providing portfolio management or when providing investment advice, do not pay or receive any fee or commission, or provide or are provided with any non-monetary benefit, in connection with the provision of such service, to or by any party except the client or a person on behalf of the client.
2023/11/09
Committee: ECON
Amendment 496 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65/EU
Article 24a – paragraph 3
3. Paragraph 2 shall not apply to investment firms, when providing investment advice on a non-independent basis relating to one or more transactions of that client covered by that advice.deleted
2023/11/09
Committee: ECON
Amendment 521 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24a – paragraph 7
7. Where the investment firm is not prohibited from getting or paying fees or benefits, from or to a third-party, in connection with services provided to its clients, it shall ensure that the reception or payment of such fees or benefits does not impair compliance with the investment firm’s duty to act honestly, fairly and professionally in accordance with the best interest of its clients. The existence, nature and amount of such third-party payment(s) shall be disclosed in accordance with Article 24b(1). Where applicable, the investment firm shall also inform the client on mechanisms for transferring to the client the fee, commission, monetary or non- monetary benefit received in relation to the provision of the investment or ancillary service. The payment or benefit which enables or is necessary for the provision of investment services, such as custody costs, settlement and exchange fees, regulatory levies or legal fees, and which by its nature cannot give rise to conflicts with the investment firm’s duties to act honestly, fairly and professionally in accordance with the best interests of its clients, is not subject to the requirements set out in the first subparagraph.deleted
2023/11/09
Committee: ECON
Amendment 529 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24a – paragraph 8
8. Three years after the date of entry into force of Directive (EU) [OP Please introduce the number of the amending Directive] and after having consulted ESMA and EIOPA, the Commission shall assess the effects of third-party payments on retail investors, in particular in view of potential conflicts of interest and as regards the availability of independent advice, and shall evaluate the impact of the relevant provisions of Directive (EU) [OP Please introduce the number of the amending Directive] on it. If necessary to prevent consumer detriment, the Commission shall propose legislative amendments to the European Parliament and the Council.deleted
2023/11/09
Committee: ECON
Amendment 538 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – title
Information on costs, and associated charges and third-party payments
2023/11/09
Committee: ECON
Amendment 539 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – paragraph 1 – subparagraph 1
Member States shall ensure that investment firms provide clients or potential clients in good time prior to the provision of any investment services and ancillary services, and in good time prior to the conclusion of any transaction on financial instruments with information, in the required format, on all costs, associated charges and third- party payments related to those services, financial instruments or transactions.
2023/11/09
Committee: ECON
Amendment 541 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – paragraph 1 – subparagraph 2 – introductory part
The information on those costs, associated charges and third-party payments shall include all of the following:
2023/11/09
Committee: ECON
Amendment 542 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – paragraph 1 – subparagraph 2 – point a
(a) all explicit and implicit, and associated charges, including all costs and charges relating to the distribution of the financial instrument, and the cost of advice, where relevant, charged by the investment firms or other parties where the client has been directed to such other parties, for the investment services and/or ancillary services provided to the client or potential client;
2023/11/09
Committee: ECON
Amendment 544 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – paragraph 1 – subparagraph 2 – point c
(c) any third-party payments paid or received by the firm in connection with the investment services provided to the client or potential client;deleted
2023/11/09
Committee: ECON
Amendment 547 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – paragraph 1 – subparagraph 2 – point d a (new)
(da) The information referred to in the second subparagraph, point (a) to (c), shall be accompanied by an appropriate explanation, in a standardised and comprehensible language for an average retail client, on the impact of the costs, charges and any third-party payments on the expected return.
2023/11/09
Committee: ECON
Amendment 549 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – paragraph 1 – subparagraph 3
Member States shall ensure that investment firms aggregate the information on all costs and associated charges to enable the client to understand the overall cost, of the financial instruments and the cumulative effect on return of the investment. Member States shall ensure that investment firms express the overall cost in monetary terms and percentages calculated up to the maturity date of the financial instrument or for financial instruments without a maturity date, the holding period recommended by the investment firm, or in the absence thereof, holding periods of 1, 35 and 510 years. Where the client so requests, investment firmsInvestment firms shall inform the clients explicitly about the possibility to ask for an itemised breakdown of the aggregated information of all costs and associated charges and they shall provide such an itemised breakdown at the request of the client.
2023/11/09
Committee: ECON
Amendment 552 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – paragraph 1 – subparagraph 4
The third-party payments paid or received by the investment firm in connection with the investment service provided to the client shall be itemised separately. The investment firm shall disclose the cumulative impact of such third-party payments, including any recurring third- party payments, on the net return over the holding period as mentioned in the preceding subparagraph. The purpose of the third-party payments and their impact on the net return shall be explained in a standardised way and in a comprehensible language for an average retail client.deleted
2023/11/09
Committee: ECON
Amendment 559 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – paragraph 1 – subparagraph 5
Where the amount of any costs, associated charges or third-party payments cannot be ascertained prior to the provision of the relevant investment or ancillary service, the method of calculating the amount shall be clearly disclosed to the client in a manner that is comprehensible, accurate and understandable for an average retail client.
2023/11/09
Committee: ECON
Amendment 569 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – paragraph 2 – subparagraph 1 – point a
(a) the relevant format for the provision of any costs, and associated charges and third-party payments, by the investment firm to its retail client or potential retail client, prior to the provision of provision of any investment services, ancillary services, and the conclusion of any transaction on financial instruments;
2023/11/09
Committee: ECON
Amendment 571 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – paragraph 2 – subparagraph 1 – point aa (new)
(aa) the relevant format for the provision of the annual statement on all costs and associated charges by the investment firms to its retail client.
2023/11/09
Committee: ECON
Amendment 572 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – paragraph 2 – subparagraph 1 – point b
(b) the standard terminology and related explanations to be used by investment firms for the disclosure and calculation of any costs, and associated charges and third-party payments charged directly or indirectly by firms to the client or potential client in connection with the provision of any investment service(s) or ancillary service(s) and the manufacturing and managing of financial instruments to be recommended or marketed to the client or potential client. Explanations related to those costs, and associated charges and third- party payments and their impact on the expected returns, shall ensure that they are likely to be understood by any average retail client without specific knowledge on investments in financial instruments.
2023/11/09
Committee: ECON
Amendment 575 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – paragraph 2 – subparagraph 1 – point b a (new)
(ba) the methodology for the calculation of costs.
2023/11/09
Committee: ECON
Amendment 591 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – paragraph 4 – subparagraph 4
Upon its request, the retail client shall be entitled to receive each yeaInvestment firms shall inform retail clients explicitly about the possibility to ask for a detailed breakdown of the information referred to under point (a) to (c) above per financial instrument owned during the relevant period as well as for each tax borne by the retail client and shall provide such an itemised breakdown at the request of the client.
2023/11/09
Committee: ECON
Amendment 592 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – paragraph 4 – subparagraph 4 a (new)
4a. The annual statement on costs and performance for retail clients shall be presented in an easy-to-understand way for an average retail client. The annual statement shall include a link to the independent online fund calculator and comparator to be developed by ESMA in accordance with Directive 2011/61/EU and Directive 2009/65/EC, including with a standardised alert concerning the impact of costs on investment returns: ‘Check how much you are paying using ESMA’s comparison tool, the costs associated with an investment product can significantly impact your investment returns."
2023/11/09
Committee: ECON
Amendment 593 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – paragraph 4 – subparagraph 5
The annual statement on costs and performance for retail clients shall be presented in an easy-to-understand way for an average retail client. Information on costs, associated charges and any third-party payments shall be presented using the terminology and explanations as described under paragraph 2 of this Article.deleted
2023/11/09
Committee: ECON
Amendment 595 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24b – paragraph 5
5. The annual statement referred to in paragraph 4 shall not be provided where the investment firm provides its retail clients with access to an online system, which qualifies as a durable medium, where up-to-date statements with the relevant disclosure per instrument as required under paragraph 4 can be easily accessed by the retail client and the firm has evidence that the client has accessed those statements at least once per year.deleted
2023/11/09
Committee: ECON
Amendment 607 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24c – paragraph 2 – subparagraph 3
The presentation of the essential characteristics of the financial instruments and services included in the marketing communications provided or made accessible to retail or potential retail clients, shall ensure that they can easily understand the key features of the financial instruments or services as well as the costs and main risks associated with them.
2023/11/09
Committee: ECON
Amendment 626 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24c – paragraph 8 – point b
(b) the conditions with which marketing communications and marketing practices should comply in order to be fair, clear, not misleading, balanced in terms of presentation of advantages, costs and risks, and appropriate in terms of content and distribution channels for the target audience or, where applicable, the target market.
2023/11/09
Committee: ECON
Amendment 629 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/65
Article 24d – paragraph 2 – subparagraph 1
For the purpose of paragraph 1, Member States shall require investment firms to ensure and demonstrate to competent authorities on request that natural persons giving investment advice to clients on behalf of the investment firm possess and maintain at least the knowledge and competence set out in Annex V and undertake at least 135 hours of professional training and development per year. To ensure that natural persons giving investment advice can adequately identify a client’s individual sustainability preferences and give adequate advice about the sustainability risks of financial instruments, at least 15 hours of this professional training shall be dedicated to sustainability issues. Compliance with the criteria set out in Annex V as well as the yearly successful completion of the continuous professional training and development shall be proven by a certificate.
2023/11/09
Committee: ECON
Amendment 680 #

2023/0167(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2014/65
Article 88 a
Member States shall promote measures that support the education of retail clients and prospective retail clients in relation to responsible investment when accessing investment services or ancillary services. Member States shall ensure that all measures that they promote in the field of financial education are independent of any financial service provider. Member States shall fund consumer organisations and independent investor or shareholder organisations that support the support the education of retail clients and prospective retail clients in relation to responsible investment when accessing investment services or ancillary services.
2023/11/09
Committee: ECON
Amendment 695 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 1 – point c
Directive (EU) 2016/97
Article 2 – paragraph 1 – point 22
(22) ‘online interface’ means any software, including a website, part of a website, or an application., including a mobile applications;
2023/11/09
Committee: ECON
Amendment 707 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 5 – point b – point i
Directive (EU) 2016/97
Article 10 – paragraph 2 – subparagraph 2
For the purpose of the first subparagraph, home Member States shall have in place and publish mechanisms to control effectively and assess the knowledge and competence of insurance and reinsurance intermediaries, employees of insurance and reinsurance undertakings and employees of insurance and reinsurance intermediaries, as set out in Annex I, based on at least 135 hours of professional training or development per year, taking into account the nature of the products sold, the type of distributor, the role they perform, and the activity carried out within the insurance or reinsurance distributor. At least 15 hours of this professional training or development per year should be dedicated to sustainability issues.
2023/11/09
Committee: ECON
Amendment 711 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 5 – point b a (new)
Directive (EU) 2016/97
Article 12 – paragraph 2a (new)
(ba) the following paragraph 2a is added: 2a. Insurance undertakings and intermediaries shall be required to report to national competent authorities of its home Member State on an annual basis: (i) the number of insurance-based investment products and, where applicable, underlying investment assets, that it considers when providing advice, with a distinction between those issued or provided by entities with close link to the insurance undertaking or intermediary and those provided by non-affiliated third- party providers; (ii) the ratio of insurance-based investment products and, where applicable, underlying investment assets, sold to clients that are issued or provided by entities with close links to the insurance undertaking or intermediary and those provided by non-affiliated third- party providers; National competent authorities shall forward this information to EIOPA without undue delay.
2023/11/09
Committee: ECON
Amendment 713 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 7
Directive 2016/97
Article 12b – paragraph 1
1. EIOPA may, in the case of justified 1. concerns about negative effects on policyholders, on its own initiative or at the request of one or more of the competent authorities, set up and coordinate a collaboration platform, to strengthen the exchange of information and to enhance collaboration between the relevant supervisory authorities where an insurance or reinsurance distributor carries out, or intends to carry out, insurance distribution activities which are based on the freedom to provide services or the freedom of establishment or when an insurance manufacturer distributes, or intends to distribute, products in another Member State using insurance distributors registered in the host Member State and where such activities are of relevance with respect to the host Member State’s market. If a collaboration platform is set up at the request of a competent authority, that competent authority shall notify the competent authority of the home Member State of its justified concerns about negative effects on investors.
2023/11/09
Committee: ECON
Amendment 716 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 8
Directive 2016/97
Article 14
Member States shall ensure that insurance and reinsurance distributors establish appropriate procedures and arrangements, including electronic communication channels, to ensure that complaints from customers and other interested parties, especially consumer associations, are dealt with properly and that there are no restrictions on customers and other interested parties exercising their rights under this Directive. Those procedures and arrangements shall allow customers and other interested parties to register complaints and receive replies in the same language in which the communication material or any contractual documents were provided. In all cases, complainants shall receive replies within 4015 working days.; Replies shall be written in the language in which complaints were made.
2023/11/09
Committee: ECON
Amendment 718 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 9
Directive 2016/97
Article 16 a
Member States shall promote measures that support the education of customers in relation to the responsible purchase of insurance products when accessing insurance services or ancillary services. Member States shall ensure that all measures that they promote in the field of financial education are independent of any financial service provider.
2023/11/09
Committee: ECON
Amendment 723 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 12 – point b – point iii
Directive 2016/97
Article 19 – paragraph 1 – point d
(d) the nature of the remuneration received in relation to the insurance contract, in particular whether it works: (i) on the basis of a fee, that is the remuneration paid directly by the customer; (ii) on the basis of a commission of any kind, that is the remuneration included in the insurance premium; (iii) remuneration, including an economic benefit of any kind offered or given in connection with the insurance contract; or (iv) on the basis of a combination of any type of remuneration set out at points (i), (ii) and (iii).;deleted on the basis of any other type of
2023/11/09
Committee: ECON
Amendment 763 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph 2
2. When an insurance-based investment product which deviates from the relevant benchmark referred to in paragraph 8, the manufacturer shall inform the relevant competent authority and perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If a justification and proportionality of costs and charges cannot be demonstratedfor the deviation cannot be demonstrated to the relevant competent authority, the insurance- based investment product shall not be approved by the manufacturer. Where no relevant benchmark exists for an insurance- based investment product, a manufacturer shall approve the product only if it has established through product testing and assessments that the costs and charges are justified and proportionate and that the product meets the target market’s objectives and needs.
2023/11/09
Committee: ECON
Amendment 771 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive 2016/97
Article 25 – paragraph 4 – subparagraph 1 – point a
(a) complete and accurate details of costs and charges of the insurance-based investment product, including any distribution costs incorporated into the costs of the product, inclusive of third-party payments;charged.
2023/11/09
Committee: ECON
Amendment 799 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive 2016/97
Article 25 – paragraph 6
6. When an insurance-based investment product deviates from the relevant benchmark referred to in paragraph 8, the insurance intermediary or insurance undertaking distributing insurance-based investment products shall inform the relevant competent authority and perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstrated to the relevant competent authority, the insurance intermediary or insurance undertaking shall not advise on or propose the insurance- based investment product to retail customers. Where no relevant benchmark exists for an insurance- based investment product, distributors shall only advise on or propose the product, if they have established through product testing and assessments that the costs and charges are justified and proportionate and that the product meets the target market’s objectives and needs.
2023/11/09
Committee: ECON
Amendment 803 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive 2016/97
Article 25 – paragraph 7 – introductory part
7. An insurance intermediary or insurance undertaking which manufactures or distributes insurance-based investment products shall document all assessments made and provide these to their relevant competent authority, including the following:
2023/11/09
Committee: ECON
Amendment 809 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive (EU) 2016/97
Article 25 – paragraph – 7 a (new)
7a. The documentation resulting from this product approval process and any other assessment in accordance with this article shall also be made publicly available in an electronic format on the website of the insurance undertaking or insurance intermediary.
2023/11/09
Committee: ECON
Amendment 826 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 16
The costs used for the development of benchmarks shall, in addition to the total product cost, also include all costs of distribution, inclusive inducements. They shall allow comparison with individual cost components.
2023/11/09
Committee: ECON
Amendment 849 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 16
Directive 2016/97
Article 25 – paragraph 12 a (new)
12a. EIOPA shall organise and conduct a peer review, at least once every two years, in cooperation with national competent authorities regarding the implementation of the obligation described in this Article.
2023/11/09
Committee: ECON
Amendment 856 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 18
The presentation of the essential characteristics of marketing communications of insurance-based investment products shall ensure that retail investors can easily understand the key features of the insurance-based investment product as well as the costs and main risks associated with them.
2023/11/09
Committee: ECON
Amendment 868 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 18
Directive (EU) 2016/97
Article 26 a – paragraph 8 – subparagraph 1 – point b
(b) the conditions with which marketing communications and marketing practices of insurance-based investment products should comply in order to be fair, clear, not misleading, balanced in terms of the presentation of the advantages, costs and risks , and appropriate in terms of content and distribution channels for the target audience or, where applicable, the target market.;
2023/11/09
Committee: ECON
Amendment 893 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 1 – subparagraph 1 – point d
(d) information on all explicit and implicit costs, associated charges and third-party payments, including all costs and charges relating to the distribution of the insurance-based investment product, and the cost of advice, where relevant, how the customer may pay for it and the duration of payments;
2023/11/09
Committee: ECON
Amendment 896 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 1 – subparagraph 2
The information referred to in the first subparagraph, point (d), shall be accompanied by an appropriate explanation, in a standardised and comprehensible language for an average retail customer, on the impact of the costs, and charges and any third-party paymentscost of distribution on the expected return.
2023/11/09
Committee: ECON
Amendment 899 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 1 – subparagraph 3
Member States shall ensure that insurance intermediaries and insurance undertakings present the information on all costs, charges and third-party payment and charges referred to in the first subparagraph, point (d) in aggregated form to enable the customer to understand the overall cost and the cumulative effect on the return of the investment. The overall cost shall be expressed in monetary terms and percentages calculated over the term of the insurance-based investment product. Where the customer so requests, iInsurance intermediaries and insurance undertakings shall provide an itemised breakdown of that informationinform clients explicitly about the possibility to ask for an itemised breakdown of that information and they shall provide such an itemised breakdown at the request of the client.
2023/11/09
Committee: ECON
Amendment 904 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 20
The third-party payments paid or receivdistribution costs charged by the insurance intermediary or insurance undertaking in connection with the provision or distribution of the insurance- based investment product shall be itemised separately. The insurance intermediary or insurance undertaking shall disclose the cumulative impact of such third-party paymencosts, including any recurring third- party paymencosts, on the net return over the term of the insurance-based investment product. The purpose of the third-party payments and their impactimpact of distribution costs on the net return shall be explained in a standardised way and in a comprehensible language for an average retail customer.
2023/11/09
Committee: ECON
Amendment 909 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 2 – subparagraph 5
The annual statement does not need to be provided where the manufacturer provides its retail policyholders with access to an online system, which qualifies as a durable medium, where up- to-date statements with the relevant information set out in paragraph 3 can be easily accessed and the manufacturer has evidence that the retail policyholder has accessed those statements at least once during the previous 12 months.deleted
2023/11/09
Committee: ECON
Amendment 913 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 3 – point a
(a) the total costs associated charges and third-party paymendistribution costs, expressed in an itemised way in monetary terms and percentages, paid or borne, directly or indirectly, by the retail policyholder over the previous 12 months and on a compounded basis since the start of the contract term in connection with the insurance-based investment product;
2023/11/09
Committee: ECON
Amendment 921 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 3 a (new)
3a. The annual statement shall include a link to the independent online fund calculator and comparator to be developed by ESMA in accordance with Directive 2011/61/EU and Directive 2009/65/EC, including with a standardised alert concerning the impact of costs on investment returns: ‘Check how much you are paying using ESMA’s comparison tool, the costs associated with an insurance-based investment product can significantly impact your investment returns.
2023/11/09
Committee: ECON
Amendment 927 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 20
Directive (EU) 2016/97
Article 29 – paragraph 5 – subparagraph 2
EIOPA shall, by [18 months after the entry into force of the amending Directive], develop, and update periodically, guidelines ondraft regulatory technical standards to further specify the concept of particularly risky insurance-based investment products and the format and content of such risk warnings, taking due account of the specificities of the different types of insurance-based investment products.
2023/11/09
Committee: ECON
Amendment 946 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 a – paragraph 1 – subparagraph 1
Member States shall ensure that insurance intermediaries or insurance undertakings that manufacture insurance-based investment products or distribute such products in accordance with Article 30(1), 30(2) and (3) do not pay or receive any fee or commission, or provide or are provided with any non-monetary benefit with regard to the provision or distribution of an insurance based investment product, to or by any party except the customer or a person on behalf of the customer.
2023/11/09
Committee: ECON
Amendment 950 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 a – paragraph 2
2. Member States shall ensure that insurance intermediaries or insurance undertakings, when distributing insurance-based investment products in accordance with Article 30(1), only receive or pay fees or benefits from or to a third-party on the condition that those insurance intermediaries or insurance undertakings ensure that the reception or payment of such fees or benefits does not impair compliance with their duty to act honestly, fairly and professionally in accordance with the best interests of their customers. Insurance intermediaries and insurance undertakings shall disclose the existence, nature and amount of such third-party payments in accordance with Article 29.deleted
2023/11/09
Committee: ECON
Amendment 957 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 a – paragraph 4 – subparagraph 1
Member States may impose stricter requirements on insurance intermediaries and insurance undertakings in respect of the matters covered by this Article. In particular, Member States may additionally prohibit or further restrict the offer or acceptance of fees, commissions or non-monetary benefits from third parties in relation to the provision of insurance advice.
2023/11/09
Committee: ECON
Amendment 967 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 a – paragraph 5 – point b
(b) the criteria for assessing compliance of insurance intermediaries and insurance undertakings paying or receiving inducements with the obligation to act honestly, fairly and professionally in accordance with the best interests of the customer.
2023/11/09
Committee: ECON
Amendment 968 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 a – paragraph 6
6. Three years after the date of entry into force of Directive (EU) [OP Please introduce the number of the amending Directive] and after having consulted ESMA and EIOPA, the Commission shall assess the effects of third-party payments on retail investors, in particular in view of potential conflicts of interest and as regards the availability of independent advice, and shall evaluate the impact of the relevant provisions of Directive (EU) [OP Please introduce the number of the amending Directive] on retail investors. If necessary to prevent consumer detriment, the Commission shall propose legislative amendments to the European Parliament and the Council.deleted
2023/11/09
Committee: ECON
Amendment 983 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 b – paragraph 1 – point a
(a) to provide such advice on the basis of an assessment of an appropriate range of suitable insurance-based investment products and, where applicable, underlying investment assets, including an appropriate range of suitable insurance- based investment products and, where applicable underlying investment assets, from third party product providers having no close links with the insurance undertaking or insurance intermediary;
2023/11/09
Committee: ECON
Amendment 1009 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 b – paragraph 1 – point d
(d) to recommend anonly insurance-based investment products which insurance cover iss are consistent with the customer’s insurance demands and needs.
2023/11/09
Committee: ECON
Amendment 1012 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 21
Directive (EU) 2016/97
Article 29 b – paragraph 1 a (new)
1a. EIOPA shall organise and conduct a mandatory peer review in cooperation with national competent authorities regarding the implementation of the obligations described in this Article.
2023/11/09
Committee: ECON
Amendment 1044 #

2023/0167(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 22 – point d
Directive 2016/97
Article 30 – paragraph 5 a – subparagraph 1
Member States may impose stricter requirements on distributors in respect of the matters covered by this Article. In particular, Member States may make the provision of advice referred to in Article 30 mandatory for the sales of any insurance-based investment products, or for certain types of themMember States shall ensure that their stricter requirements do not prevent the sales without advice as defined in Article 2(1a) of this Directive.
2023/11/09
Committee: ECON
Amendment 1079 #

2023/0167(COD)

Proposal for a directive
Article 4 – paragraph 1 – point 1 – point a
Directive 2009/65
Article 14 – paragraph 1 e – subparagraph 1
Member States shall require management companies to assess at least annually the conditions mentioned in paragraph 1b, point (b) and to take corrective measures if needed. Theis assessment shall be published in the prospectus of the UCITS and take into account the criteria set out in the pricing process in paragraph 1c and include a comparison with the relevant benchmark on costs and performance published by ESMA in accordance with paragraph 1f.
2023/11/09
Committee: ECON
Amendment 1083 #

2023/0167(COD)

Proposal for a directive
Article 4 – paragraph 1 – point 1 – point a
Directive 2009/65
Article 14 – paragraph 1 e – subparagraph 2
When a UCITS or its share classes, when they have different cost structures, deviate from the relevant benchmark referred to in paragraph 1f, the management company shall inform the competent authority of the management company and perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If a justification and proportionality of costs and charges cannot be demonstratedfor the deviation cannot be demonstrated to the competent authority of the management company or if the UCITS or its share classes do not comply with other criteria set out by the management company in the pricing process that UCITS or its share classes shall not be marketed to retail investors by the management company.
2023/11/09
Committee: ECON
Amendment 1090 #

2023/0167(COD)

Proposal for a directive
Article 4 – paragraph 1 – point 1 – point a
Directive 2009/65/EC
Article 14 – paragraph 1 f a (new)
(fa) ESMA shall develop and maintain an independent online fund calculator and comparator which will be accessible on its website. The fund comparator and calculator shall include in the calculation elements such as the past performance, risk level and costs and fees charged by the management company of the UCITS, together with the costs of distribution. The fund comparator shall include the possibility for a comparison with the relevant benchmark referred to in paragraph 1e. ESMA and national competent authorities shall promote the use of the fund comparator and calculator by retail investors. Management companies and distributors shall promote the use of the fund comparator and calculator on their websites, including in relevant marketing material. Management companies and distributors shall be required to submit relevant data to their home competent authority on a quarterly basis, with a maximum delay of 60 days. The competent authorities shall transmit such data without undue delay to ESMA. ESMA shall develop draft regulatory technical standards to specify the details of the information to be reported for the purposes of the fund comparator and calculator. In developing these draft regulatory technical standards ESMA shall take into account their consistency with other reporting requirements to which the management companies, managers and distributors are subject, in particular under MiFID, IDD, UCITS and AIFMD, especially with regards to data reported for the formation and publication of benchmarks on cost and performance. ESMA shall submit those draft regulatory technical standards to the Commission by [18 months after the entry into force of this amending Regulation]. ESMA shall develop draft implementing technical standards specifying: (a) the data standards and formats for the information to be reported; (b) methods and arrangements for delivery of the information to be reported; (c) first date of the delivery of the reports, the frequency and submission deadlines for subsequent reports. In developing those draft implementing technical standards, ESMA shall take into account international developments and standards agreed upon at Union or global level, and their consistency with other reporting requirements to which the manufacturers and sellers of investment products are subject ESMA shall submit those draft implementing technical standards to the Commission by [18 months after the entry into force of this amending Regulation]
2023/11/09
Committee: ECON
Amendment 1091 #

2023/0167(COD)

Proposal for a directive
Article 4 – paragraph 1 – point 1 – point a
Directive 2009/65/EC
Article 14 – paragraph 1 f b (new)
(fb) ESMA shall organise and conduct a peer review, at least once every two years, in cooperation with national competent authorities regarding the implementation of the obligations described in this Article.
2023/11/09
Committee: ECON
Amendment 1105 #

2023/0167(COD)

Proposal for a directive
Article 5 – paragraph 1 – point 1 – point a – introductory part
(a) the following paragraphs 1a to 1fg are inserted:
2023/11/09
Committee: ECON
Amendment 1122 #

2023/0167(COD)

Proposal for a directive
Article 5 – paragraph 1 – point 1 – point a
Directive 2011/61
Article 12 – paragraph 1 e – subparagraph 1
1e. Member States shall require AIFMs to assess at least annually the conditions mentioned in paragraph 1b, point (b) and to take corrective measures if needed. Theis assessment shall be published in the prospectus and take into account the criteria set out in the pricing process in paragraph 1c and, for AIFs marketed to retail investors, include a comparison with the relevant benchmark on costs and performance published by ESMA in accordance with paragraph 1f.
2023/11/09
Committee: ECON
Amendment 1126 #

2023/0167(COD)

Proposal for a directive
Article 5 – paragraph 1 – point 1 – point a
directive 2011/61
Article 12 – paragraph 1 e – subparagraph 2
When an AIF or its share classes, when they have different cost structures, deviate from the relevant benchmark referred to in paragraph 1f, the AIFM shall inform the competent authority of the AIFM and perform additional testing and further assessments and establish whether costs and charges are nevertheless justified and proportionate. If justification and proportionality of costs and charges cannot be demonstratedfor the deviation cannot be demonstrated to the competent authority of the management company, or if the AIF or its share classes do not comply with other criteria set out by the AIFM in the pricing process, that AIF or its share class shall not be marketed to retail investors by the AIFM.
2023/11/09
Committee: ECON
Amendment 1132 #

2023/0167(COD)

Proposal for a directive
Article 5 – paragraph 1 – point 1 – point a
Directive 2011/61/EU
Article 12 – paragraph 1 f a (new)
(fa) ESMA shall develop and maintain an independent online fund calculator and comparator which will be accessible on its website. The fund comparator and calculator shall include in the calculation elements such as the past performance, risk level and costs and fees charged by the management company of the AIF, together with the costs of distribution. The fund comparator shall include the possibility for a comparison with the relevant benchmark referred to in paragraph 1e. ESMA and national competent authorities shall promote the use of the fund comparator and calculator by retail investors. Management companies and distributors shall promote the use of the fund comparator and calculator on their websites, including in relevant marketing material. Management companies and distributors shall be required to submit relevant data to their home competent authority on a quarterly basis, with a maximum delay of 60 days. The competent authorities shall transmit such data without undue delay to ESMA. ESMA shall develop draft regulatory technical standards to specify the details of the information to be reported for the purposes of the fund comparator and calculator. In developing these draft regulatory technical standards ESMA shall take into account their consistency with other reporting requirements to which the management companies, managers and distributors are subject, in particular under MiFID, IDD, UCITS and AIFMD, especially with regards to data reported for the formation and publication of benchmarks on cost and performance. ESMA shall submit those draft regulatory technical standards to the Commission by [18 months after the entry into force of this amending Regulation]. ESMA shall develop draft implementing technical standards specifying: (a) the data standards and formats for the information to be reported; (b) methods and arrangements for delivery of the information to be reported; (c) first date of the delivery of the reports, the frequency and submission deadlines for subsequent reports. In developing those draft implementing technical standards, ESMA shall take into account international developments and standards agreed upon at Union or global level, and their consistency with other reporting requirements to which the manufacturers and sellers of investment products are subject ESMA shall submit those draft implementing technical standards to the Commission by [18 months after the entry into force of this amending Regulation].
2023/11/09
Committee: ECON
Amendment 1133 #

2023/0167(COD)

Proposal for a directive
Article 5 – paragraph 1 – point 1 – point a
Directive 2011/61/EU
Article 12 – paragraph 1 f b (new)
(f b) ESMA shall organise and conduct a peer review, at least once every two years, in cooperation with national competent authorities regarding the implementation of the obligations described in this Article.
2023/11/09
Committee: ECON
Amendment 39 #

2023/0166(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 4
Regulation (EU) No 1286/2014
Article 6 – paragraph 3
(4) in Article 6 paragraph 3 is replaced by the following: “3. paragraph 2, where a PRIIP offers the retail investor a range of options for investments, such that all information required in Article 8(3) with regard to each investment option cannot be provided within a single, concise stand- alone document, the key information document shall provide a generic description of the underlying investment options, and the costs of the PRIIP other than the costs for the investment option, provided that: (a) PRIIPs manufacturers provide investors with tools adapted to retail investors that facilitate research and comparison among the different investment options, including on costs; (b) Retail investors have easy access to the pre-contractual information documentation relating to the investment products backing the underlying investment options; (c) PRIIPs manufacturers provide investors, upon their request and in good time before retail investors are bound by any contract or offer to invest in a given investment option, the complete costs of the PRIIP relating to this investment option.”deleted By way of derogation from
2023/11/07
Committee: ECON
Amendment 40 #

2023/0166(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 4
Regulation (EU) 1286/2014
Article 6 – paragraph 3 – introductory part
3. By way of derogation from paragraph 2, where a PRIIP offers the retail investors a range of options for investments, such that all information required in Article 8(3) with regard to each underlying investment option cannot be provided within a single, concise stand- alone document, the key information document shall provide a generic description of the underlying investment options, and the costs of the PRIIP other thinclude a link to a digital comparison tool to facilitate easy comparison for retail investors between the different underlying investment options. That digital comparison tool will include relevant information related to the different underlying investment options, including at least a brief description of the underlying investment options, the annual cost impact of the insurance contract, the annual cost impact of the investment option, the recommended holding period and the costs for the investment option, provided that:summary risk indicator of the underlying investment option, including links to the relevant key information documents of the underling investment options. That digital comparison tool will allow easy filtering and sorting of information by retail investors.
2023/11/07
Committee: ECON
Amendment 58 #

2023/0166(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 4 a (new)
Regulation (EU) No 1286/2014
Article 6 – paragraph 4 a (new)
(4) In Article 6, the following paragraph is added: “4 a. By way of derogation from paragraph 3, where a PRIIP offers the retail investors a range of options for investments and where there are fewer than 100 different underlying options for investments available to the retail investor, the PRIIPs manufacturer shall be required to provide a summary table in the annex to the Key Information Document including at least a brief description of the underlying investment options, the annual cost impact of the insurance contract, the annual cost impact of the investment option, the recommended holding period and the summary risk indicator of the underlying investment option, including links to the relevant key information documents of the underling investment options.”
2023/11/07
Committee: ECON
Amendment 59 #

2023/0166(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 4 b (new)
Regulation (EU) No 1286/2014
Article 6 – paragraph 5 a (new)
(4b) In Article 6, the following paragraph is added: “5a. In order to ensure consistent application of paragraph 2 and 3, EIOPA shall in consultation with ESMA, develop draft regulatory technical standards specifying the type of information to be provided in the digital comparison tool and the summary table and how this information will be presented to investors, ensuring the information is concise, comparable and understandable to investors. EIOPA shall submit those draft regulatory technical standards to the Commission by… [PO please insert the date= one year after the date of entry into force of this amending Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010.”
2023/11/07
Committee: ECON
Amendment 82 #

2023/0166(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point c a (new)
Regulation (EU) No 1286/2014
Article 8 – paragraph 3 – point f – subparagraph 1
(ca) in paragraph 3, point (f), the following subparagraph is added after the first subparagraph: “This section shall include a link to the independent online fund calculator and comparator to be developed by ESMA in accordance with Directive 2011/61/EU and Directive 2009/65/EC, including with a standardised alert concerning the impact of costs on investment returns: ‘Check how much you are paying using ESMA’s comparison tool, the costs associated with an investment product can significantly impact your investment returns."
2023/11/07
Committee: ECON
Amendment 90 #

2023/0166(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point d
Regulation (EU) No 1286/2014
Article 8 – paragraph 3 – point ga – point ii a (new)
(iia) the exposure of the PRIIP to coal-, oil- and gas-related activities in accordance with Article 19a of Directive 2013/34/EU;
2023/11/07
Committee: ECON
Amendment 91 #

2023/0166(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point d
Regulation (EU) No 1286/2014
Article 8 – paragraph 3 – point ga – point ii b (new)
(iib) a link to the relevant pre- contractual disclosures that have to be provided to retail investors in accordance with Article 6(3) of Regulation (EU) 2019/2088;
2023/11/07
Committee: ECON
Amendment 101 #

2023/0166(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 6 a (new)
Regulation (EU) No 1286/2014
Article 13 – paragraph 1 a (new)
(6a) in Article 13, the following paragraph is added: “1a. A person advising on, or selling, a PRIIP must make available on its website, in a manner that is easily and publicly accessible to all retail investors, all of the relevant key information documents that the person sells or advises on.”
2023/11/07
Committee: ECON
Amendment 120 #

2023/0166(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 7 a (new)
Regulation (EU) No 1286/2014
Article 16 – paragraph 2
(7a) in Article 16, paragraph 2 is replaced by the following: “2. EIOPA shall take a decision under paragraph 1 only if all of the following conditions are fulfilled: (a) the proposed action addresses a significant investor protection concern or a threat to the orderly functioning and integrity of financial markets or to the stability of the whole or part of the financial system in the Union, also taking into account any deviation by the insurance-based investment product from the benchmarks to be developed by EIOPA in accordance with Article 25(8) of Directive (EU) 2016.97; (b) regulatory requirements under Union law that are applicable to the relevant insurance-based investment product or activity do not address the threat; (c) a competent authority or competent authorities have not taken action to address the threat. or the actions that have been taken do not adequately address the threat or the concerned product or products are marketed in multiple Member States making it difficult for the competent authority of the home Member State to oversee product distribution issues and for competent authorities of host Member States to oversee the manufacturing process. Where the conditions set out in the first subparagraph are fulfilled, EIOPA may impose the prohibition or restriction referred to in paragraph 1 on a precautionary basis before an insurance- based investment product has been marketed or sold to investors.”
2023/11/07
Committee: ECON
Amendment 118 #

2023/0115(COD)

Proposal for a directive
Recital 26
(26) To ensure that preventive measures achieve their objective, credit institutions should be required to prepare a noterestructuring plan outlining the measures that they commit to undertake. The preparation of such note should not be too burdensome and time- consuming for the credit institution to ensure the possibility for the DGS to intervene early enough. Therefore, the note accompanying preventive measures should take the form of a sufficiently short explanatory document. Such noteor the competent authority to intervene early enough. Such restructuring plan should contain all elements which aim at preventing the outflow of funds and strengthening the capital and liquidity position of the credit institution, enabling the credit institution to comply with all the relevant prudential and other regulatory requirements on a forward-looking basis. Such noterestructuring plan should therefore contain capital raising measures, including rules on the issuance of rights, the voluntary conversion of subordinated debt instruments, liability management exercises, capital generating sales of assets, the securitisation of portfolios, and earnings retention, including dividend bans and bans on the acquisition of stakes in undertakings. For the same reason, during the implementation of the measures envisaged in the noterestructuring plan , credit institutions should also strengthen their liquidity positions and refrain from aggressive commercial practices, and from the repurchasing of own shares or call hybrid capital instruments. Such noterestructuring plan should also contain an exit strategy for any support measures received. Competent authorities are best positioned to be consulted on the relevance and credibility of the measures envisaged in the noterestructuring plan . To ensure that the designated authorities of the DGS that is requested to finance a preventive measure by the credit institution can assess that all the conditions for preventive measures are fulfilled, the competent authorities should cooperate with the designated authorities. To ensure a consistent approach to the application of preventive measures across the Union, the EBA should issue guidelines to assist credit institutions to draft such a note.restructuring plan
2023/11/06
Committee: ECON
Amendment 254 #

2023/0115(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11b – paragraph 1
1. Member States shall ensure that credit institutions which request a DGS to finance preventive measures in accordance with Article 11(3) present to the competent authority for consultation a note with measures that those credit institutions commit to undertake to ensure or restoreapproval a restructuring plan to ensure or restore long term viability an compliance with the supervisory requirements applicable to the credit institution concerned and that are laid down inin accordance with Directive 2013/36/EU and Regulation (EU) No 575/2013.
2023/11/06
Committee: ECON
Amendment 255 #

2023/0115(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11b – paragraph 2
2. The noterestructuring plan referred to in paragraph 1 shall set out actions to mitigate the risk of deterioration of the financial soundness and strengthen the credit institution’s capital and liquidity position.
2023/11/06
Committee: ECON
Amendment 258 #

2023/0115(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11b – paragraph 3
3. Member States shall ensure that in the event of a capital support measure, the noterestructuring plan referred to in paragraph 1 identifies all capital raising measures that can be implemented, including safeguards preventing outflows of funds, a forward- looking capital adequacy assessment, and a subsequent determination of the capital shortfall that the DGS has to cover.
2023/11/06
Committee: ECON
Amendment 275 #

2023/0115(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11c – paragraph 1
1. Member States shall ensure that where the credit institution fails to fulfil the commitments outlined in the noterestructuring plan referred to in Article 11b(1), or fails to repay the amount contributed under the preventive measures at maturity, the DGS informs the competent authority thereof without delay.
2023/11/06
Committee: ECON
Amendment 281 #

2023/0115(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11c – paragraph 4
4. By … [OP – please insert the date = 424 months after the date of entry into force of this Directive] the EBA shall issue guidelines setting elements of the noterestructuring plan accompanying the preventive measures referred to in Article 11b(1) and the remediation plan referred to in paragraph 1 of this Article.
2023/11/06
Committee: ECON
Amendment 312 #

2023/0115(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 14 – point c
Directive 2014/49/EU
Article 14 – paragraph 2a
2a. Member States shall ensure that a DGS of a host Member State may, subject to an agreement with a DGS of a home Member State, act as the point of contact for depositors at credit institutions that exercise the freedom to provide services as referred to in Title V, Chapter 3, of Directive 2013/36/EU, and shall be compensated for the costs incurred. DGS of a home Member State shall provide to the DGS of the host Member State information on the number of depositors, amount of covered deposits and possible relevant changes to these.
2023/11/06
Committee: ECON
Amendment 27 #

2023/0113(COD)

Proposal for a directive
Recital 8
(8) Where then preparing resolution authority considers that an entity that iplans and assessing the resolvability of resolution groups, resolution authorities part of a resolution group qualifies as a liquidation entity, intermediate entities should not be required to deduct from their internal MREL capacity their holdings of own funds or other liabilities that would meet the conditions for compliance with the internal MREL and that are issued by liquidation entities. In such a case, the liquidation entity is no longer required to comply with the MREL, and therefore there is no indirect subscription of internal MREL eligible resources through the chain formed by the resolution entity, the intermediate entity and the liquidation entitye able to consider that a group entity qualifies as a liquidation entity as the exercise of the write-down and conversion powers is not envisaged in respect of that entity directly or indirectly, latter being the case where the entity could be, for example, first merged with other entities before applying the write-down and conversion powers to that merged entity. Where that is the case, the group entity might not need to hold own funds and eligible liabilities in excess of its own funds requirements. In those circumstances, intermediate entities should be required to deduct from their internal MREL capacity their holdings of own funds that are issued by liquidation entities which are not subject to a MREL decision. However, they should not be required to deduct liabilities that would meet the conditions for compliance with the internal MREL. In case of failure, the resolution strategy does not envisage that the liquidation entity would be supportrecapitalised by the resolution entity. That means that the upstreaming of losses above the existing own funds requirements from the liquidation entity to the resolution entity, via the intermediate entity, would not be expected, and neither would the downstreaming of capital in the opposite direction. That adjustment to the scope of the holdings to be deducted in the context of the indirect subscription of internal MREL eligible resources would thus not affect the prudential soundness of the framework.
2023/10/03
Committee: ECON
Amendment 41 #

2023/0113(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 2 – point b
Directive 2014/59/EU
Article – 45c – paragraph 2a – subparagraph 2 – introductory part
By way of derogation from the first subparagraph, and where necessary for the objecthe resolution authority shall assess whether it is justified to determine the requirement referred to in Article 45(1) for liquidation entitives of protecting financial stability or limiting potentialn an individual basis in an amount exceeding the amount sufficient to absorb losses in accordance with paragraph 2, point (a), of this Article. The assessment by the resolution authority shall consider the possible consequences of the failure of the liquidation entity concerned and shall, in particular, take into account any possible impacts on financial stability and on the risk of contagion to the financial system,. The resolution authorities may exceptionallyy shall also determine the requirement referred to in Article 45(1) for liquidation entities on an individual basis into an amount exceeding the amount sufficient to absorb losses in accordance with paragraph 2, point (a), of this Article, increased to the amount that is necessary for the achie to such liquidation entities which resolution strategy envisages the use of alternative ment of those objectivesasures according to Article 11(6) of Directive 2014/49/EU. In those cases, liquidation entities shall meet the requirement referred to in Article 45(1) by using one or more of the following:
2023/10/03
Committee: ECON
Amendment 57 #

2023/0113(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 3 – point a
Directive 2014/59/EU
Article 45f – paragraph 1 – subparagraph 3a – point b
(b) compliancethere is no current or foreseen material practical or legal impediment to the prompt transfer of own funds or repayment of liabilities to the subsidiary and the exemption from the obligation to comply with the requirement laid down in Article 45c on a consolidatedn individual basis does not negatively affect in a significant way the resolvability of the resolution group, or the write down or conversion, in accordance with Article 59, of relevant capital instruments and eligible liabilities of the subsidiary concerned or of other entities in the resolution group.;
2023/10/03
Committee: ECON
Amendment 39 #

2023/0112(COD)

Proposal for a directive
Recital 2
(2) Several years into its implementation, the Union resolution framework as currently applicable does not deliver as intended with respect of some of those objectives. In particular, while institutions and entities have made significant progress towards resolvability and have dedicated significant resources to that end, in particular through the build-up of the loss absorption and recapitalisation capacity and the filling-up of resolution financing arrangements, the Union resolution framework is seldom resorted to. Failures of certain smaller and medium- sized institutions and entities are instead mostly addressed through unharmonised national measures. Taxpayer money is used rather than resolution financing arrangements. That situation appears to arise from inadequate incentives. Those inadequate incentives result from the interplay of the Union resolution framework with national rules, whereby the broad discretion in the public interest assessment is not always exercised in a way that reflects how the Union resolution framework was intended to apply. At the same time, the Union resolution framework saw little use due to the risks for depositors of deposit-funded institutions to bear losses to ensure that those institutions can access external funding in resolution, in particular in the absence of other bail-inable liabilities. Finally, the fact that there are less stringent rules on access to funding outside resolution than in resolution has discouraged the application of the Union resolution framework in favour of other solutions, which often entail the use of taxpayers’ money instead of the own resources of the institution and entity or industry-funded safety nets. That situation, in turn, generates risks of fragmentation, risks of suboptimal outcomes in managing institutions and entities’ failures, in particular in the case of smaller and medium-sized institutions and entities, and opportunity costs from unused financial resources. It is therefore necessary to ensure a more effective and coherent application of the Union resolution framework and to ensure that it can be applied whenever that is in the public interest, including for certain smaller and medium-sized institutions primarily funded through deposits and without sufficient other bail-inable liabilities.
2023/11/06
Committee: ECON
Amendment 53 #

2023/0112(COD)

Proposal for a directive
Recital 10
(10) The assessment of whether the resolution of an institution or entity is in the public interest should reflect the consideration that depositors are better protected when deposit guarantee scheme (‘DGS’) funds are used more efficiently and the losses for those funds are minimised. Therefore, in the public interest assessment, the resolution objective of protecting depositors should be considered better achieved in resolution if opting for insolvency would be more costly for the DGS.deleted
2023/11/06
Committee: ECON
Amendment 69 #

2023/0112(COD)

Proposal for a directive
Recital 12
(12) To ensure that the resolution objectives are attained in the most effective way, the outcome of the public interest assessment should be negative only where the winding up of the failing institution or entity under normal insolvency proceedings would achieve the resolution objectives more effectively and not only to the same extent as resolution.deleted
2023/11/06
Committee: ECON
Amendment 88 #

2023/0112(COD)

Proposal for a directive
Recital 26
(26) In certain circumstances, after the resolution financing arrangement has provided a contribution up to the maximum of 5 % of the institution or entity’s total liabilities including own funds, resolution authorities may use additional sources of funding to further support their resolution action. It should be specified more clearly in which circumstances the resolution financing arrangement may provide further support where all liabilities with a priority ranking lower than deposits that are not mandatorily or discretionarily excluded from bail-in have been written down or converted in full.
2023/11/06
Committee: ECON
Amendment 92 #

2023/0112(COD)

Proposal for a directive
Recital 29
(29) The level of the MREL for resolution entities is the sum of the amount of the losses expected in resolution and the recapitalisation amount that enable the resolution entity to continue to comply with its conditions for authorisation and enabling it to pursue its activities for the appropriate period. Certain preferred resolution strategies entail the transfer of assets, rights and liabilities to a recipient and market exit, in particular the sale of business tool. In those cases, the objectives pursued by the recapitalisation component might not apply to the same extent, because the resolution authority will not be required to ensure that the resolution entity restores compliance with its own funds requirements after resolution action. Nevertheless, the losses in such cases are expected to exceed the resolution entity’s own funds requirements. It is therefore appropriate to lay down that the level of the MREL of those resolution entities continues to include a recapitalisation amount that is adjusted in a way that is proportionate tosupports the resolution strategy.
2023/11/06
Committee: ECON
Amendment 110 #

2023/0112(COD)

Proposal for a directive
Recital 38
(38) The ranking of all deposits should be fully harmonised through the implementation of a general depositor preference with a single-tiered approach, whereby all deposits benefit from a higher priority ranking over ordinary unsecured claims, without any differentiation between different types of deposits. At the same time, the use of the deposit guarantee schemes in resolution, insolvency and in preventive measures should always remain subject to compliance with the relevant conditionality, in particular the so-called ‘least cost test’.deleted
2023/11/06
Committee: ECON
Amendment 129 #

2023/0112(COD)

Proposal for a directive
Recital 41
(41) The changes to the priority ranking of deposits, in particular the elimination of the higher ranking of covered deposits and the claims of the DGSs relative to all other deposits, would not negatively affect the protection afforded to covered deposits in the event of failure, as that protection would continue to be guaranteed through the mandatory exclusion of covered deposits from loss absorption in case of resolution and, ultimately, by the payout provided by the DGS in event of unavailability of deposits.deleted
2023/11/06
Committee: ECON
Amendment 135 #

2023/0112(COD)

Proposal for a directive
Recital 43
(43) To ensure sufficient flexibility and to facilitate DGS interventions in support of the use of the resolution tools, where they lead to the exit from the market of the institution under resolution and where necessary to prevent losses being borne by depositors, certain aspects of the use of DGS in resolution should be specified. In particular, it is necessary to specify that the DGS can be used to support transfer transactions that include deposits, including eligible deposits beyond the coverage level provided by the DGS, and also deposits excluded from repayment by a DGS, in certain cases and under clear conditions. The contribution of the DGS should be aimed at covering the shortfall in the value of the assets transferred to a buyer or bridge institution in comparison to the value of the transferred deposits. Where a contribution is required by the buyer as part of the transaction to ensure its capital neutrality and preserve compliance with the buyer’s capital requirements, the DGS should also be allowed to contribute to that effect. The support of the DGS to resolution action should take the form of cash or other forms, such as guarantees or loss sharing agreements that can minimise the impact of the support on the available financial means of the DGS while simultaneously allowing the contribution of the DGS to meet its purposes.deleted
2023/11/06
Committee: ECON
Amendment 238 #

2023/0112(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 16
Directive 2014/59/EU
Article 31– paragraph 2 – point c
(c) to protect public funds by minimising reliance on extraordinary public financial support, in particular when provided from the budget of a Member State;
2023/11/06
Committee: ECON
Amendment 273 #

2023/0112(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 17 – point c
Directive 2014/59/EU
Article 32 – paragraph 5 – subparagraph 2
Member States shall ensure that when carrying out the assessment referred to in the first subparagraph, the resolution authority, based on the information available to it at the time of that assessment, considers and compares all extraordinary public financial support that can reasonably be expected to be granted to the institution, both in the event of resolution and in the event of winding up in accordance with the applicable national law.; If liquidation aid is expected to be granted in winding up the institution according to the national law, the resolution action shall be assessed to be in the public interest.
2023/11/06
Committee: ECON
Amendment 299 #

2023/0112(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 19
Directive 2014/59/EU
Article 32c – paragraph 1 – point a – introductory part
(a) where, to remedy a serious disturbance in the economy of a Member State orand to preserve financial stability, the extraordinary public financial support takes any of the following forms:
2023/11/06
Committee: ECON
Amendment 325 #

2023/0112(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 19
Directive 2014/59/EU
Article 32c – paragraph 2 – subparagraph 3
For the purposes of the first subparagraph, point (d), the relevant competent authority shall quantify the losses that the institution or entity has incurred or is likely to incur. That quantification shall be based, as a minimum, on the institution or entity’s balance sheet, provided that the balance sheet complies with the applicable accounting rules and standards, aasset quality reviews conducted by the European Central Bank, EBA or national authorities, or, where appropriate, on on-site inspections confirmducted by an independentthe competent authority. Where such external auditor, andcises cannot be undertaken in due time, wthere available, o competent authority can basset quality reviews conducted by the European Central Bank, EBA or national authorities, or, where appropriate, on on- site inspectione its evaluation on the institution or entity’s balance sheet, provided that the balance sheet complies with the applicable accounting rules and standards, as conductfirmed by the competent authorityan independent external auditor.
2023/11/06
Committee: ECON
Amendment 430 #

2023/0112(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 55 – point a
Directive 2014/59/EU
Article 108 – paragraph 1 – introductory part
1. Member States shall ensure that in their national laws governing normal insolvency proceedings the following have the same priority ranking, which is higher than the ranking provided for the claims of ordinary unsecured creditors:
2023/11/06
Committee: ECON
Amendment 463 #

2023/0112(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 56
Directive 2014/59/EU
Article 109
(56) [...]deleted
2023/11/06
Committee: ECON
Amendment 60 #

2023/0111(COD)

Proposal for a regulation
Recital 2
(2) Several years into its implementation, the Union resolution framework as currently applicable does not deliver as intended with respect to some of those objectives. In particular, while institutions and entities have made significant progress towards resolvability and have dedicated significant resources to that end, in particular through the build-up of the loss absorption and recapitalisation capacity and the filling-up of resolution financing arrangements, the Union resolution framework is seldom resorted to. Failures of certain smaller and medium- sized institutions and entities are instead mostly addressed through unharmonised national measures. Taxpayer money is used rather than resolution financing arrangements. That situation appears to arise from inadequate incentives. Those inadequate incentives result from the interplay of the Union resolution framework with national rules, whereby the broad discretion in the public interest assessment is not always exercised in a way that reflects how the Union resolution framework was intended to apply. At the same time, the Union resolution framework saw little use due to the risks for depositors of deposit-funded institutions to bear losses to ensure that those institutions can access external funding in resolution, in particular in the absence of other bail-inable liabilities. Finally, the fact that there are less stringent rules on access to funding outside resolution than in resolution has discouraged the application of the Union resolution framework in favour of other solutions, which often entail the use of taxpayers’ money instead of the own resources of the institution or entity or industry-funded safety nets. That situation in turn generates risks of fragmentation, risks of suboptimal outcomes in managing institutions and entities’ failures, in particular in the case of smaller and medium-sized institutions and entities, and opportunity costs from unused financial resources. It is therefore necessary to ensure a more effective and coherent application of the Union resolution framework and to ensure that it can be applied whenever that is in the public interest, including for smaller and medium- sized institutions primarily funded through deposits and without sufficient other bail-inable liabilities.
2023/11/06
Committee: ECON
Amendment 69 #

2023/0111(COD)

Proposal for a regulation
Recital 10
(10) The level of the MREL for resolution entities is the sum of the amount of the losses expected in resolution and the recapitalisation amount that enables the resolution entity to continue to comply with its conditions for authorisation and enabling it to pursue its activities for an appropriate period. Certain preferred resolution strategies entail the transfer of assets, rights and liabilities to a recipient and market exit, in particular the sale of business tool. In those cases, the objectives pursued by the recapitalisation component might not apply to the same extent as in the case of an open-bank bail-in strategy, because the Board will not be required to ensure that the resolution entity restores compliance with its own funds requirements after resolution action. Nevertheless, the losses in such cases are expected to exceed the resolution entity’s own funds requirements. It is therefore appropriate to lay down that the level of the MREL of those resolution entities continues to include a recapitalisation amount that is adjusted in a way which is proportionate tosupports the resolution strategy.
2023/11/06
Committee: ECON
Amendment 87 #

2023/0111(COD)

Proposal for a regulation
Recital 19
(19) The assessment of whether the resolution of an institution or entity is in the public interest should also reflect, to the extent possible, the difference between, on the one hand, funding provided through industry-funded safety nets (resolution financing arrangements or deposit guarantee schemes) and, on the other hand, funding provided by Member States from taxpayers’ money. Funding provided by Member States bears a higher risk of moral hazard and a lower incentive for market discipline. Therefore, when assessing the objective of minimising reliance on extraordinary public financial support, the Board should find funding through the resolution financing arrangements or the deposit guarantee scheme, preferable to funding through an equal amount of resources from the budget of Member States.deleted
2023/11/06
Committee: ECON
Amendment 106 #

2023/0111(COD)

Proposal for a regulation
Recital 31
(31) In certain circumstances, after the Single Resolution Fund has provided a contribution up to the maximum of 5 % of the institution or entity’s total liabilities including own funds, the Board may use additional sources of funding to further support their resolution action. It should be specified more clearly in which circumstances the Single Resolution Fund may provide further support where all liabilities with a priority ranking lower than deposits that are not mandatorily or discretionarily excluded from bail-in have been written down or converted in full.
2023/11/06
Committee: ECON
Amendment 190 #

2023/0111(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 16
Regulation (EU) No 806/2014
Article 13c – paragraph 7
7. The Board shall inform the Commission, the ECB, the relevant national competent authorities and the relevant national resolution authorities and the relevant national ministries of any action taken pursuant to paragraphs 4 and 5 without delay.
2023/11/06
Committee: ECON
Amendment 191 #

2023/0111(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 16
The ECB, the national competent authorities, the Board and the relevant national resolution authorities and the relevant national ministries shall closely cooperate:
2023/11/06
Committee: ECON
Amendment 193 #

2023/0111(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 17
Regulation (EU) No 806/2014
Article 14 – paragraph 2 – point c
(c) to protect public funds by minimising reliance on extraordinary public financial support, in particular when provided from the budget of a Member State;
2023/11/06
Committee: ECON
Amendment 199 #

2023/0111(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 17
Regulation (EU) No 806/2014
Article 14 – paragraph 2 – point d
(d) to protect depositors while minimising losses for deposit guarantee schemescovered by Directive 2014/49/EU, and to protect investors covered by Directive 97/9/EC;;
2023/11/06
Committee: ECON
Amendment 224 #

2023/0111(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point c
Regulation (EU) No 806/2014
Article 18 – paragraph 5 – subparagraph 2
When carrying out the assessment referred to in the first subparagraph, the Board, based on the information available to it at the time of that assessment, shall consider and compare all extraordinary public financial support that can reasonably be expected to be granted to the entity, both in the event of resolution and in the event of winding up in accordance with the applicable national law.; If liquidation aid is expected to be granted in winding up the institution according to the national law, the resolution action shall be assessed to be in the public interest.
2023/11/06
Committee: ECON
Amendment 231 #

2023/0111(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 20
Regulation (EU) No 806/2014
Article 18a – paragraph 1 – introductory part
1. Extraordinary public financial support outside of resolution action may be granted to an entity as referred to in Article 2 on an exceptional basis only in one of the following cases and provided that the extraordinary public financial support complies with the conditions and requirements established in the Union State aid framework and such support is implemented in the legislation of the Member State:
2023/11/06
Committee: ECON
Amendment 235 #

2023/0111(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 20
Regulation (EU) No 806/2014
Article 18a – paragraph 1 – point a – introductory part
(a) where, to remedy a serious disturbance in the economy of a Member State orand to preserve financial stability, the extraordinary public financial support takes any of the following forms:
2023/11/06
Committee: ECON
Amendment 243 #

2023/0111(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 20
Regulation (EU) No 806/2014
Article 18a – paragraph 2 – subparagraph 1 – point d
(d) the measures are not used to offset losses that the entity has incurred or is likely to incur inover the near futurext 12 months.
2023/11/06
Committee: ECON
Amendment 249 #

2023/0111(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 20
Regulation (EU) No 806/2014
Article 18a – paragraph 2 – subparagraph 3
For the purposes of the first subparagraph, point (d), the relevant competent authority shall quantify the losses that the entity has incurred or is likely to incur. That quantification shall be based, as a minimum, on the institution’s balance sheet, provided that the balance sheet complies with the applicable accounting rules and standards, as confirmed by an independent external auditor, and, where available, on asset quality reviews conducted by the ECB, EBA or national authorities orasset quality reviews conducted by the ECB, the EBA or national authorities or, where appropriate, on on-site inspections conducted by the ECB or the relevant national competent authority. Where such exercises cannot be undertaken in due time, wthere appropriate, on on- sit competent authority can base its evaluation on the inspectitutions conducted by the ECB or the relevant national competent authoritybalance sheet, provided that the balance sheet complies with the applicable accounting rules and standards, as confirmed by an independent external auditor.
2023/11/06
Committee: ECON
Amendment 261 #

2023/0111(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 21 – point b
Regulation (EU) No 806/2014
Article 19 – paragraph 3 – subparagraph 7
The Commission mayshall issue a negative decision, addressed to the Board, where it decides that the proposed use of the Fund would be incompatible with the internal market and cannot be implemented in the form proposed by the Board. On receipt of such a decision the Board shall reconsider its resolution scheme and prepare a revised resolution scheme.;
2023/11/06
Committee: ECON
Amendment 272 #

2023/0111(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 24 – point a
Regulation (EU) No 806/2014
Article 27 – paragraph 7 – point a
(a) a contribution to loss absorption and recapitalisation equal to an amount not less than 8 % of the total liabilities including own funds of the institution under resolution, measured in accordance with the valuation provided for in Article 20(1) to (15), has been made by shareholders, the holders of relevant capital instruments and other bail-inable liabilities through reduction, write-down, or conversion pursuant to Article 48(1) of Directive 2014/59/EU and Article 21(10) of this Regulation, and by the deposit guarantee scheme pursuant to Article 79 of this Regulation and Article 109 of Directive 2014/59/EU where relevant;
2023/11/06
Committee: ECON
Amendment 278 #

2023/0111(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 24 – point b
Regulation (EU) No 806/2014
Article 27 – paragraph 9 – point b
(b) all liabilities ranking lower than deposits, and not excluded from bail-in pursuant to paragraphs 3 and 5unsecured, non-preferred liabilities other than eligible deposits, have been written down or converted in full.
2023/11/06
Committee: ECON
Amendment 1 #

2022/2196(INI)

Motion for a resolution
Citation 9 a (new)
— having regard to the Council conclusions on women, peace and security of 14 November 2022,
2023/02/15
Committee: AFET
Amendment 2 #

2022/2196(INI)

Motion for a resolution
Citation 13 a (new)
— having regard to the fourth and final Annual Review Conference of the Civilian CSDP Compact on 16 November 2022,
2023/02/15
Committee: AFET
Amendment 33 #

2022/2196(INI)

Motion for a resolution
Recital D a (new)
D a. whereas Member States are responsible for providing missions’ capability requirements, pursuant to art 42 TEU;
2023/02/15
Committee: AFET
Amendment 34 #

2022/2196(INI)

Motion for a resolution
Recital D b (new)
D b. whereas EU CSDP missions and operations are often targeted by hybrid threats, including disinformation, putting at risk their effectiveness in stabilising the country in which they are deployed;
2023/02/15
Committee: AFET
Amendment 47 #

2022/2196(INI)

Motion for a resolution
Paragraph 1 a (new)
1 a. Calls on EU Member States to agree on an ambitious new Civilian CSDP Compact by mid 2023, as stipulated in the Strategic Compass, in order to renew their commitment to strengthening civilian CSDP, their shared political ownership of it and their commitment to reinforce and bridge the gaps in civilian CSDP missions;
2023/02/15
Committee: AFET
Amendment 52 #

2022/2196(INI)

Motion for a resolution
Paragraph 2 a (new)
2 a. Calls on EU member states to renew their commitment to increase national contributions to civilian CSDP missions, especially in terms of human resources;
2023/02/15
Committee: AFET
Amendment 67 #

2022/2196(INI)

Motion for a resolution
Paragraph 4 – point g
g) the security-climate nexus, by mainstreaming climate change and environmental degradation, as it relates to security challenges, while taking concrete steps to reduce the footprint of the missions with the aim to achieve climate- neutrality by 2050 in line with the goals set out under the European Green Deal,
2023/02/15
Committee: AFET
Amendment 69 #

2022/2196(INI)

Motion for a resolution
Paragraph 4 – point h
h) civil-military cooperation, by promoting the rule of law and accountability, including by strengthening the justice chain and capabilities to respond effectively to security challenges;
2023/02/15
Committee: AFET
Amendment 81 #

2022/2196(INI)

Motion for a resolution
Paragraph 5 a (new)
5 a. Emphasises that all EU engagements must be credible in the eyes of local and regional populations and authorities, building on close and honest cooperation with host nations, and must maintain frequent communication between mission personnel, national authorities and the broader population;
2023/02/15
Committee: AFET
Amendment 86 #

2022/2196(INI)

Motion for a resolution
Paragraph 5 b (new)
5 b. Recalls that civilian missions must pay special attention to conflict dynamics, robust risk assessment and mitigation processes, and must include more impact- based monitoring and evaluation of CSDP interventions as well as more consultation and feedback mechanisms;
2023/02/15
Committee: AFET
Amendment 92 #

2022/2196(INI)

Motion for a resolution
Paragraph 6
6. Calls for the new Civilian CSDP Compact to be used to strive for the full, equal and meaningful participation of women in civilian CSDP, including, as a first step, to increase the participation of women to at least 40 % across missions and at all levels by 2024; highlights women’s significant contribution in CSDP missions and operations success and as a driver of the EU’s credibility as a proponent of equal rights for men and women worldwide; recalls the EU’s Gender Action Plan (GAP) III (2020- 2024), which requires systematic integration of a gender perspective in all EU policies and external actions including the CSDP; urges the Member States and EEAS to promote an increase in the number of women in CSDP operations, including, as a first step, to increase the participation of women to at least 40 % across missions and at all levels by 2024; calls on EU Member States to commit to gradually achieve gender parity in the appointments of heads of mission and other senior leadership positions; encourages their close cooperation with local civil society actors in promoting gender equality and gender mainstreaming where possible;
2023/02/15
Committee: AFET
Amendment 115 #

2022/2196(INI)

Motion for a resolution
Paragraph 10 a (new)
10 a. Calls for the implementation of sustainable, long-term capacity building and training as part of civilian CSDP missions, where possible and required, such as “train-the-trainer” programs, in order to ensure the long-term viability and success of the missions;
2023/02/15
Committee: AFET
Amendment 121 #

2022/2196(INI)

Motion for a resolution
Paragraph 11
11. Calls for clear exit strategies for civilian missions, allowing for swifter closure of missions when operational and political objectives are met, and also when those are not met;
2023/02/15
Committee: AFET
Amendment 124 #

2022/2196(INI)

Motion for a resolution
Paragraph 12 a (new)
12 a. Further welcomes the proposed creation of the Rapid Deployment Capacity (RDC); underlines the RDC’s main tasks, which will include amongst others, rescue and evacuation operations, temporary reinforcement of other missions and acting as a reserve force to secure exit; stresses in this regard the need to create contingency plans for each Civilian CSDP mission in coordination with the Military Planning and Conduct Capability (MPCC), the CPCC and the RDC in anticipation of potential emergency situations where the RDC may be required;
2023/02/15
Committee: AFET
Amendment 134 #

2022/2196(INI)

Motion for a resolution
Paragraph 14 a (new)
14 a. Calls on EU member states to maintaining a commitment in the new compact to develop the full range of capabilities needed to undertake and sustain civilian crisis management missions, including mission support and generic capabilities, and commit to specific measures to enhance their availability for civilian CSDP missions;
2023/02/15
Committee: AFET
Amendment 136 #

2022/2196(INI)

Motion for a resolution
Paragraph 15
15. Deplores the fact that in spite of being one of the core commitments in the Compact, civilian CSDP missions persistently suffer from Member States not delivering on their pledges to provide sufficient personnel, with 10 Member States currently providing 78 % of seconded personnel, and 17 Member States only 22 %; calls on all MEU member Sstates to ensure that they provide seconded staff to fill 100 % of all opmaintain a commitment in the new compact to raise jointly the number and share of seconded personnel to at least 70% of international positions and to provide at least 60 % of the seconded staff for non-ersonnel across all missions and at all levels, while aiming for 100% seconded personnel in operational positions;
2023/02/15
Committee: AFET
Amendment 143 #

2022/2196(INI)

Motion for a resolution
Paragraph 16
16. Stresses the need to reform the human resources policy and management system, and to ensure that the working conditions in civilian CSDP missions contribute to a safer and more inclusive environment; welcomes the EEAS’s efforts to address weaknesses in the support provided to staff in missions, including the revision of the Code of Conduct, with a particular focus on human rights principles; calls on the EEAS to examine ways aimed at reducing staff turnover and vacancy rates, including amongst others, extending deployment time;
2023/02/15
Committee: AFET
Amendment 158 #

2022/2196(INI)

Motion for a resolution
Paragraph 19 a (new)
19 a. Emphasises the significance of coordinated action on a Union level to effectively prevent and counter hybrid threats faced by civilian CSDP missions; welcomes the joint communication on an EU cyber defence policy, noting the importance of cyber resilience for CSDP missions and the decision to develop an EU hybrid toolbox for a coordinated response to hybrid campaigns; stresses the need to further develop the EU’s cyber- defence policy and capabilities, including the setting up of cyber rapid response teams and their expansion towards supporting civilian CSDP missions; reiterates the urgent need to develop their strategic communication capabilities including secure communication systems drawing on the EU’s secure connectivity programme;
2023/02/15
Committee: AFET
Amendment 162 #

2022/2196(INI)

Motion for a resolution
Paragraph 19 b (new)
19 b. Stresses the importance of fighting adverse disinformation aimed at Civilian CSDP missions by malicious state and non-state actors; calls on the EEAS to take concrete steps to support CSDP missions through strengthening the capacities of the StratCom division and ensuring the provision of well-trained personnel at each mission, responsible for monitoring, reporting and countering disinformation where possible;
2023/02/15
Committee: AFET
Amendment 164 #

2022/2196(INI)

Motion for a resolution
Paragraph 19 c (new)
19 c. Welcomes the proposal, enshrined in the Strategic Compass, to enable a more rapid deployment of Civilian CSDP missions; underlines in this regard the stated aim to deploy up to 200 experts within 30 days; stresses therefore the need to modify decision-making procedures, including examining a shift towards qualified majority voting for certain aspects of the missions;
2023/02/15
Committee: AFET
Amendment 165 #

2022/2196(INI)

Motion for a resolution
Paragraph 19 d (new)
19 d. Calls on the EEAS to develop, together with Commission services and Member States, a structured and regular civilian capability development process by 2024;
2023/02/15
Committee: AFET
Amendment 176 #

2022/2196(INI)

Motion for a resolution
Paragraph 21 a (new)
21 a. Highlights the need of ensuring a more robust and realistic CFSP budget that matches the needs of new and ongoing civilian CSDP missions and its rapid, flexible and cost-efficient use to support them, ensuring sound financial management and careful prioritisation of existing resources;
2023/02/15
Committee: AFET
Amendment 9 #

2022/2150(INI)

Motion for a resolution
Recital B
B. whereas the EU labour market has proved particularly resilient, with an additional two million people in employment, leading to a record low unemployment rate of 6.2 % in 2022; whereas according to the Commission’s autumn economic forecast the public sector was a key contributor to the increase in employment; whereas despite labour market tightness wage growth has remained moderate and has failed to keep up with inflation, implying real wage losses of, on average, 8% between Q4 2020 and Q2 2022 in the Euro Area according to ECB research13a; whereas the unemployment rate is expected to increase slightly in 2023 (6.5 %), before marginally coming down again in 2024 (6.2 %); _________________ 13a https://www.ecb.europa.eu/press/blog/date /2022/html/ecb.blog221125~d34babdf3e.e n.html
2023/01/11
Committee: ECON
Amendment 19 #

2022/2150(INI)

Motion for a resolution
Recital C a (new)
C a. whereas inflation has a differentiated impact across income groups, with low-income groups suffering proportionally more especially as inflation is mainly driven by price developments in essential goods that cannot be substituted and make up a relatively larger share of the consumption basket of low-income households; whereas such differentiated impacts cause a veritable cost-of-living crisis for parts of the population that poses challenges to social cohesion;
2023/01/11
Committee: ECON
Amendment 26 #

2022/2150(INI)

Motion for a resolution
Recital D a (new)
D a. whereas inflation and economic forecasts are operating under the conditions of heightened uncertainty, with key risks, especially to growth, continuing to be pitched to the downside; whereas such uncertainty compels the EU and Member State governments to remain vigilant and to take rapid action if risks materialise;
2023/01/11
Committee: ECON
Amendment 46 #

2022/2150(INI)

Motion for a resolution
Paragraph 1 a (new)
1 a. Notes that the European Systemic Risk Board has issued a warning on 22 September 2022 calling for heightened awareness with regards to financial stability risks resulting from sharply falling asset prices; is concerned that rising mortgage rates and the deterioration in debt servicing capacity due to a decline in real household income may cause further distress for families and for financial markets;
2023/01/11
Committee: ECON
Amendment 64 #

2022/2150(INI)

Motion for a resolution
Paragraph 2 a (new)
2 a. Welcomes the European Commission’s call on Member States to deliver targeted measures to offset the impact of high energy prices on vulnerable households and companies; agrees with the European Commission in stressing that such measures should maintain incentives for energy savings; recalls that Member States find themselves in starkly diverging positions regarding the fiscal space available to them; notes that this situation entails the risk of furthering divergence between Member States as the energy crisis continues;
2023/01/11
Committee: ECON
Amendment 67 #

2022/2150(INI)

Motion for a resolution
Paragraph 2 b (new)
2 b. Notes the increased need for fiscal space in most Member States; underlines that in periods of increasing interest rates, Member States should also consider raising more revenues on higher earners or on industries and firms that are highly profitable; notes how a healthy balance between government revenues and expenditures is also necessary to reduce legacy debt and to build up buffers in times of economic recovery;
2023/01/11
Committee: ECON
Amendment 105 #

2022/2150(INI)

Motion for a resolution
Paragraph 6 a (new)
6 a. Recalls that since 2017, some provisions in Member States’ bodies of national legislation were assessed to determine whether they facilitated aggressive tax planning and that, since 2019, six Member States received Country Specific Recommendations (CSRs) aiming at addressing features of the tax system that may facilitate aggressive tax planning; notes that those Member States made commitments in their NRRPs to reform their tax policies in order to fight aggressive tax planning; welcomes the fact that some jurisdictions already implemented some of those changes; however regrets the delays in implementation in others; regrets that, in the Recommendations of the Commission for 2022, only two Member States still received a CSR on aggressive tax planning while some have not implemented any change yet but still did not receive the Recommendation;
2023/01/11
Committee: ECON
Amendment 168 #

2022/2150(INI)

Motion for a resolution
Paragraph 11 b (new)
11 b. Highlights the need for common criteria that ensure, despite more country- specific flexibility in debt reduction, that all Member States are assessed according to the same standards, are treated equally, and that policy outcomes are predictable; notes that such common criteria should include criteria for the definition of Member States’ debt reduction paths; stresses that debt reduction should be delivered in a growth-friendly way and that underlying regulatory criteria should be defined in relation to Member States’ output and expenditure growth;
2023/01/11
Committee: ECON
Amendment 1 #

2022/2145(INI)

Motion for a resolution
Citation 2 a (new)
— having regard to the Council conclusions of 19 November 2018 on the establishment of a Civilian CSDP Compact,
2022/12/01
Committee: AFET
Amendment 17 #

2022/2145(INI)

Motion for a resolution
Recital A
A. whereas the European Union has extensive experience in deploying multinational missions abroad in order to promote peace, security and progress in Europe and in the world; whereas these common security and defence policy (CSDP) missions regularly operate alongside and complement missions of the Member States, United Nations, international organisations and third countries; whereas the simultaneous presence of various actors as well as missions and operations in one conflict area underlines the importance of coordination and division of labour with a view to improving coherence and effectiveness of efforts;
2022/12/01
Committee: AFET
Amendment 32 #

2022/2145(INI)

Motion for a resolution
Recital B
B. whereas CSDP missions regularly depend on the effective performance of third-party missions, reliable cooperation, timely information sharing and sincere host nation support and ownership; whereas the lack of any of these can jeopardise the implementation of a CSDP mission’s mandate and could ultimately lead to the withdrawal of EU forces; whereas mandates should set clearly defined objectives for EU missions and operations, including a timetable for their attainment, as well as a comprehensive exit strategy;
2022/12/01
Committee: AFET
Amendment 41 #

2022/2145(INI)

Motion for a resolution
Recital C
C. whereas the premature termination of CSDP missions leaves populations unprotected and makes weak host nation authorities vulnerable, thereby opening up opportunities for state and non-state actors, including terrorists and extremists, and including those sponsored by our global competitors; whereas consideration for controlled phasing out of missions and operations or for transfer to other EU instruments is therefore crucial for the achievement of sustainable and comprehensive results in host countries;
2022/12/01
Committee: AFET
Amendment 49 #

2022/2145(INI)

Motion for a resolution
Recital D
D. whereas the European Union and its Member States should strive for autonomy when preparing, conducting and sustaining their CSDP missions; whereas the Union should be capable of rapidly deploying multidimensional and modular forces, swiftly reinforcing them where needed and sustaining them as long as required and without depending on third-party support;
2022/12/01
Committee: AFET
Amendment 60 #

2022/2145(INI)

Motion for a resolution
Recital G
G. whereas building capabilities and adapting them to military needs requires a common strategic culture and threat perception as well as solutions to be developed and combined in doctrine and concepts, the organisation and structure of forces, regular individual, collective and multinational training, defence materiel development, procurement and life-cycle management, military leadership development, staff recruitment and development, defence infrastructures, installations and facilities, interoperability and standardisation;
2022/12/01
Committee: AFET
Amendment 97 #

2022/2145(INI)

Motion for a resolution
Recital K
K. whereas a comprehensive approach is a prerequisite for achieving sustainable results in enhancing security and stability in conflict areas; whereas the EU’s integrated approach provides for the coherent use of different instruments at various stages of conflicts; whereas the integrated approach is also meant to prioritise prevention and promote the human security of local populations over narrow self-interests;
2022/12/01
Committee: AFET
Amendment 122 #

2022/2145(INI)

Motion for a resolution
Recital N
N. whereas Article 44 has never been used, and is ambiguous in terms of how it would work in practice in specific cases; whereas Article 44 provides for possibilities to react within an EU framework in a more rapid and flexible manner to various crises with the aim of safeguarding the Union’s values and interests;
2022/12/01
Committee: AFET
Amendment 131 #

2022/2145(INI)

Motion for a resolution
Recital P
P. whereas financing of the battlegroups has contributed towards disincentivising their use; whereas the scope of common costs for the rapid deployment capacity should therefore be extended; whereas, in line with Article 41 of the TEU, the administrative and operating expenditure for the RDC should be charged to the Union budget except for expenditure that is covered by the European Peace Facility, notwithstanding the possibility for participating Member States to make free- of-charge contributions to the RDC;
2022/12/01
Committee: AFET
Amendment 151 #

2022/2145(INI)

Motion for a resolution
Paragraph 1
1. Welcomes the VP/HR’s proposal, enshrined in the Strategic Compass, to establish an RDC; stresses the importance of the EU having the necessary capabilities and structures to take action rapidly and decisively during crises in order to serve and protect the Union’s citizens, interests and values across the world; underlines, in this regard, the EU Threat Analysis as a starting point for shaping the RDC; calls for needs identified within the regularly updated Threat Analysis and developments in the operating environment to be taken into account in the RDC;
2022/12/01
Committee: AFET
Amendment 183 #

2022/2145(INI)

Motion for a resolution
Paragraph 2 – point b
(b) The RDC’s tasks should reflect the needs identified in the EU Threat Analysis and should include, but not be limited to, rescue and evacuation operations, initial entry and initial phase of stabilisation operations, temporary reinforcement of other missions, and acting as a reserve force to secure exit; the Council could assign further tasks as referred to under Article 44 of the TEU, and the duration and scope of the assignments should be consistent with resources allocated to the RDC;
2022/12/01
Committee: AFET
Amendment 206 #

2022/2145(INI)

Motion for a resolution
Paragraph 2 – point d
(d) The RDC should frequently simulate scenarios and hold regular joint live exercises in an EU framework and coordinated by the Military Planning and Conduct Capability to increase readiness and interoperability, following uniform training and certification standards such as those in NATO;
2022/12/01
Committee: AFET
Amendment 253 #

2022/2145(INI)

Motion for a resolution
Paragraph 3
3. Calls on the Member States to transform the EU battlegroup system to match the needs of the RDC; calls for an extended scope of common costs for the RDC; considers that the EU battlegroups should be funded from the Union budget during their stand-up, stand-by and stand- down phases;
2022/12/01
Committee: AFET
Amendment 285 #

2022/2145(INI)

Motion for a resolution
Paragraph 5
5. Points out that the RDC should have permanent operational headquarters under the Military Planning and Conduct Capability in order to ensure its effectiveness; calls, in this regard, for the development of the MPCC into a full command and control structure, capable of planning, controlling and commanding non-executive and executive tasks and operations, as well as joint live exercises;
2022/12/01
Committee: AFET
Amendment 293 #

2022/2145(INI)

Motion for a resolution
Paragraph 5 a (new)
5a. Underlines the importance of close coordination between military and civilian structures; calls, in this regard, for coordination between the MPCC and the Civilian Planning and Conduct Capability (CPCC) in order to ensure the best synergies and sustainable results following the EU’s integrated approach to external conflicts and crises;
2022/12/01
Committee: AFET
Amendment 10 #

2022/2079(INI)

Draft opinion
Paragraph 1
1. UnderlineRegrets that the EU’s defence sector is fragmented, which creates strategic vulnerabilities for the Union, Member States and industry; is concerned about the lack of coordination and calls for more strategic cohesion in security and defence policies at Union level; welcomes, in this context, the Commission’s launch of the European Defence Industry Reinforcement through common Procurement Act (EDIRPA) and encourages the Commission and Member States to take this initiative a step further and strive towards a de facto military ugenuine European Defence Union supported by a strongly articulated common market for defence equipment, followed by a review of the Treaties for more EU competences on critical technologies for defence,and innovation in defence, and security and defence affairs;
2023/02/08
Committee: AFET
Amendment 18 #

2022/2079(INI)

Draft opinion
Paragraph 2
2. Calls on the relevant EU bodies to consolidate EU cooperative frameworks for developing cutting-edge military capabilities and for EU-level legislation to coordinate Member States’ strategies for critical technologies and to reduce dependencies; underlines, in this regard, the need to collaboratively invest in the research and development of emerging and disruptive technologies;
2023/02/08
Committee: AFET
Amendment 25 #

2022/2079(INI)

Draft opinion
Paragraph 2 a (new)
2 a. Regrets that the combined defence research and technology (R&T) spending of Member States in 2020 amounted to only 1.2 percent of their total defence spending, far below the 2 percent benchmark agreed within the framework of the European Defence Agency;
2023/02/08
Committee: AFET
Amendment 26 #

2022/2079(INI)

Draft opinion
Paragraph 2 b (new)
2 b. Calls on the Commission to assess the coherence and complementarity of existing EU programmes with a view to identifying support gaps and promoting synergies; calls for this assessment to be taken into account when preparing the next multiannual financial framework (MFF); calls, likewise, for increased funding opportunities for defence to be considered within the context of the upcoming MFF review;
2023/02/08
Committee: AFET
Amendment 30 #

2022/2079(INI)

Draft opinion
Paragraph 3
3. Calls on the Commission to encourage Member States to review all defence programmes and policy tools, check if they are still fit for purpose, and summarise findings; suggestconsiders that the European Defence Agency can provide light touch(EDA) is well placed to ensure the coherence of innovation activities among European actors in the defence sector; calls, in this regard, for the strengthening of its role in providing support and coordination suggestions, includ for Member States, following a strategic assessment of the findings;
2023/02/08
Committee: AFET
Amendment 41 #

2022/2079(INI)

Draft opinion
Paragraph 4
4. Calls for a more pragmatic and business-orientneeds-based approach to military research in order to provide incentives for innovation in military technology, including by reducing or removing barriers to entry into the defence market; further calls for increased support for European companies in emerging technologies to ensure they remain competitive in international markets by relaxing the rules on compliance documentation and by providing tax incentives andwith a view to stimulating investments;
2023/02/08
Committee: AFET
Amendment 42 #

2022/2079(INI)

Draft opinion
Paragraph 4 a (new)
4 a. Underlines the need to direct investments in ways which least distort competition on the Single Market and maintain fair, open and efficient competition in defence procurement; calls, in this regard, on the Commission to ensure the full enforcement of the Procurement Directive in all Member States;
2023/02/08
Committee: AFET
Amendment 43 #

2022/2079(INI)

Draft opinion
Paragraph 4 b (new)
4 b. Stresses the need to ensure and increase the participation of start-ups and small and medium-sized enterprises (SME) in defence initiatives; recognises the importance of support for overcoming technological, financial, administrative, regulatory and other barriers for entry to the market; calls for measures to raise awareness about EU programmes and funding opportunities and to provide support and training for facilitating market entry;
2023/02/08
Committee: AFET
Amendment 44 #

2022/2079(INI)

Draft opinion
Paragraph 5
5. Underlines the needRecognises that the lack of skills constitutes a significant challenge for sustaining and strengthening the European security and defence industries; underlines the need to take an inclusive and accessible approach in reaching out to all available workforce with a view to ensuring a continuous and sustainable supply of skills and human capital; encourages, in this regard, measures to stimulate the development of skills for innovation, research and development (R&D), and fundamental research in critical areas related to emerging technologies; calls on the Commission to encourage Member States to establish and fund defence innovation hubs;
2023/02/08
Committee: AFET
Amendment 52 #

2022/2079(INI)

Draft opinion
Paragraph 5 a (new)
5 a. Underlines that many critical technologies for security and defence increasingly originate in the civilian sector and use dual-use components; stresses, in this regard, the need to strengthen synergies between civilian and defence research and innovation with a view to reducing strategic dependencies, facilitating the sharing of knowledge, enhancing the use of dual-use products and broadening funding opportunities;
2023/02/08
Committee: AFET
Amendment 56 #

2022/2079(INI)

Draft opinion
Paragraph 5 b (new)
5 b. Notes that the adoption of common standards across sectors has the potential to contribute to cost savings, innovation and increased interoperability; calls, in this regard, on the Commission to accelerate work on the harmonisation of standards between civil, defence and space industries;
2023/02/08
Committee: AFET
Amendment 58 #

2022/2079(INI)

Draft opinion
Paragraph 5 c (new)
5 c. Underlines the need for increased resource efficiency, promotion of recycling of materials, and uptake of sustainable technology solutions; calls on the Commission to accelerate work on the development and application of sustainable security and defence technologies;
2023/02/08
Committee: AFET
Amendment 59 #

2022/2079(INI)

Draft opinion
Paragraph 5 d (new)
5 d. Recognises that a secure supply of critical materials, such as rare earth materials, components, and technologies is crucial for the European security and defence industries and the EU’s ability to safeguard its interests; underlines the importance of diversifying supply chains as a means of reducing dependencies on individual third countries;
2023/02/08
Committee: AFET
Amendment 62 #

2022/2079(INI)

Draft opinion
Paragraph 6
6. Is concerned about the EU’s dependence on individual third countries, such as China, for raw materials and calls on Member States to reduce their vulnerabilities resulting from dependence on non-democratic suppliers of critical technologies and materials, to avoid the emergence of new dependencies which risk weakening security of supply, and to enhance defence production chains in Europe by localising or near-shoring production;
2023/02/08
Committee: AFET
Amendment 67 #

2022/2079(INI)

Draft opinion
Paragraph 7
7. Expresses its support for the Observatory of Critical Technologies; calls on Member States to commit and strengthen collaboration within the framework of the Observatory and for it to be further developed and for its analysis capabilities, including on reducing strategic dependencies, to be enhanced; recognises that the Observatory deals with highly sensitive and classified information; calls, in this regard, for setting up safeguards and building trust among stakeholders with a view to enabling the sharing of information and appropriate handling of data; calls on the Commission to implement a project to continuously map the need for critical materials, evaluate the EU’s strategic dependencies, monitor supply and demand and changes in the behaviour or strategy of competitors, and engage in foresight exercises to predict new needs in critical materials; urges the EU to take an active role in international cooperation forums in order to accelerate the diversification of production chains; considers that these efforts should be made jointly with our strategic partners in NATO and included in, such as those in NATO and within the framework of a Trade and Technology Council (TTC) working group in order to coordinate diplomatic efforts to secure supplies and ensure alternative sources;
2023/02/08
Committee: AFET
Amendment 79 #

2022/2079(INI)

Draft opinion
Paragraph 8
8. Calls for military and strategic interoperability and strategic alignment between the EU and like- minded partners as well as with the United States and NATO, and among Member States, to be ensured, given that the risk of fragmentation is exacerbated by different national requirements and national public spending and, investment and procurement schemes;
2023/02/08
Committee: AFET
Amendment 80 #

2022/2079(INI)

Draft opinion
Paragraph 8 a (new)
8 a. Underlines the strategic importance of the partnership with the United States and the need to further deepen mutually beneficial cooperation in security and defence;
2023/02/08
Committee: AFET
Amendment 81 #

2022/2079(INI)

Draft opinion
Paragraph 8 b (new)
8 b. Underlines the importance of a strong transatlantic bond as reflected in the EU Strategic Compass and in the NATO Strategic Concept; welcomes the signing of the Joint Declaration on EU- NATO Cooperation on 9 January 2023; calls on the EU and NATO to maintain global technological leadership in military capabilities; welcomes the commitment of the Commission and High Representative to explore possibilities for mutually beneficial cooperation on initiatives in the field of critical technologies;
2023/02/08
Committee: AFET
Amendment 82 #

2022/2079(INI)

Draft opinion
Paragraph 8 c (new)
8 c. Considers that the EU is well placed to promote responsible activities as well as good governance and technologies globally, including through its partnerships; urges the Commission and Member States to take global leadership in developing standards that reflect and promote the Union’s interests and values;
2023/02/08
Committee: AFET
Amendment 84 #

2022/2079(INI)

Draft opinion
Paragraph 9
9. CEmphasises the need to secure and protect critical European infrastructure and ensure sufficient monitoring and surveillance; calls on the Commission to work on a plan and investment scheme in cooperation with Member States to update critical infrastructure, such as nuclear power plants, electricity grids and telecommunications infrastructure (undersea cables), for the digital age, including by adapting it to AI-assisted drone supervision and maintenance and in line with the new Directive on the resilience of critical infrastructure (CER Directive) and the Revised Directive on security of network and information systems (NIS2 Directive); subsequently calls for the elaboration of an EU R&D and manufacturing strategy for advanced drones;
2023/02/08
Committee: AFET
Amendment 90 #

2022/2079(INI)

Draft opinion
Paragraph 9 a (new)
9 a. Calls for measures to mitigate risks for companies that produce critical technologies and face acquisition by entities established in third countries; urges Member States to put in place national screening mechanisms for foreign direct investment (FDI) with potential implications for security;
2023/02/08
Committee: AFET
Amendment 91 #

2022/2079(INI)

Draft opinion
Paragraph 9 b (new)
9 b. Reiterates its call on the Commission to develop a stronger regulatory framework to the FDI Screening Regulation, including provisions on monitoring and review of takeovers of companies in sectors vital for security and defence technologies by entities under direct or indirect control of non-partner third countries;
2023/02/08
Committee: AFET
Amendment 100 #

2022/2079(INI)

Draft opinion
Paragraph 11
11. Urges the Commission and Member States to strengthen cooperation betweenamong the European Union's Defence Innovation Scheme (EUDIS), the EDA’s defence innovation hub and NATO’s Defence Innovation Accelerator for the North Atlantic (DIANA) by supporting joint projects, joint research and joint investment in cutting-edge defence technologies.;
2023/02/08
Committee: AFET
Amendment 4 #

2022/2062(INI)

Draft opinion
Paragraph 1
1. Reiterates its call for a capital increase andto allow the Bank to reinforce its support to long-term finance, inclusive sustainable growth, social and regional cohesion and support key real economy investments, which otherwise would not have taken place; stresses that the European Investment Bank (EIB) must maintain its ‘AAA’ rating and retain the confidence of the capital markets;
2023/04/03
Committee: BUDG
Amendment 9 #

2022/2062(INI)

Draft opinion
Paragraph 2
2. Welcomes the financial assistance provided to Ukraine; believes that the continued Russian war of aggression against Ukraine requires an urgent mobilisation of additional resources for the immediate recovery, as well as, longer term reconstruction of Ukraine, focusing on building back better infrastructure, such as energy, agriculture and transport infrastructure; expects the EIB to work closely with relevant partners to establish a coordinated approach to support Ukraine's long-term reconstruction; expects the EIB to provide an overview detailing how much of the support provided is new financing and how much is financing stemming from reallocations from existing programmes;
2023/04/03
Committee: BUDG
Amendment 13 #

2022/2062(INI)

Draft opinion
Paragraph 2 a (new)
2 a. In the context of a worsening economic outlook and increased global competition, expects the EIB to address constraints to EU competitiveness such as high energy prices, lack of skills and insufficient investments into innovation and new technologies;
2023/04/03
Committee: BUDG
Amendment 13 #

2022/2062(INI)

Motion for a resolution
Recital C c (new)
C c. whereas current estimates show that the EU must invest an extra EUR 350 billion a year to achieve its 2030 climate targets;
2023/03/29
Committee: ECON
Amendment 16 #

2022/2062(INI)

Draft opinion
Paragraph 2 b (new)
2 b. Considers InvestEU an important investment tool bringing much needed investment into key areas; however, invites the EIB to assess whether the geographical distribution of financing under InvestEU is balanced;
2023/04/03
Committee: BUDG
Amendment 18 #

2022/2062(INI)

Motion for a resolution
Recital C a (new)
C a. whereas the prices of energy commodities, food, and other raw materials have reached unprecedented high levels and continue to be the source of economic instability in the EU’s economy;
2023/03/29
Committee: ECON
Amendment 19 #

2022/2062(INI)

Motion for a resolution
Recital C b (new)
C b. whereas the EIB will support the REPowerEU Plan with an additional EUR 45 billion in loans and equity financing over the next five years;
2023/03/29
Committee: ECON
Amendment 20 #

2022/2062(INI)

Motion for a resolution
Recital C d (new)
C d. whereas a more integrated Capital Markets Union would ease the work of the EIB to unlock investment, boosting and diversifying investments in the real economy, in particular in SMEs, and triggering further cross-border equity investment and trade;
2023/03/29
Committee: ECON
Amendment 22 #

2022/2062(INI)

Draft opinion
Paragraph 3
3. AWelcomes that the Bank has already met its target to devote at least half of its resources to climate action and environmental sustainability reaching €36.5 billion in investments in 2022; awaits the review of the Climate Bank Roadmap ahead of COP28; expects full alignment with the 1.5 degree pathway, including the exclusion of blue hydrogen infrastructure and road and highway financing, and the requirement to conduct a solid assessment of less carbon-intensive alternatives and ‘Scope 3’ emissions;
2023/04/03
Committee: BUDG
Amendment 22 #

2022/2062(INI)

Motion for a resolution
Paragraph 1 a (new)
1 a. Appreciates the way the EIB is constantly ready to adapt and reinvent itself in line with the constantly changing EU policy requirements while respecting its long-term goals;
2023/03/29
Committee: ECON
Amendment 23 #

2022/2062(INI)

Motion for a resolution
Paragraph 1 b (new)
1 b. Notes the persistent investment gap in the EU and the increased need of countercyclical investment as the EU enters its fourth year of crisis through the pandemic and the subsequent Russian invasion of Ukraine; in this regard, welcomes the EIB’s crucial role as a main tool in the EU’s investment policy to act where private financing is missing; calls on the EIB to assure the maximum level of additionality in real economy investment with the aim of fostering sustainable growth as well as social and regional cohesion when deciding over future financing;
2023/03/29
Committee: ECON
Amendment 24 #

2022/2062(INI)

Motion for a resolution
Paragraph 2
2. Welcomes the EIB’s investment of EUR 72.4 billion of financing in 2022 and the bank’s focus on the EU’s long-term challenges of competiveness, productivity, climate change, a just transition that leaves nobody behind, sustainability, social cohesion and digital transformation;
2023/03/29
Committee: ECON
Amendment 26 #

2022/2062(INI)

Draft opinion
Paragraph 4
4. Calls for the EIB’Welcomes the Bank's planned increase of own higher-risk projects, as detailed in the Operational Plan 2023- 2025; invites the EIB to evaluate whether its derisking architecture for green assets toshould be adapted to take account of the mixed records of commercial viability and the risks associated with public finance, with a view to improving the risk-reward ratios for projects with limited bankability1; calls on the EIB to use its derisking activities to steer private finance towards achieving a just transition. _________________ 1 D’Aprile, P., Engel, H., Helmcke, S., Hieronimus, S., Nauclér, T., Pinner, D., Van Gendt, G., Walter, D. and Witteveen, M., How the European Union could achieve net-zero emissions at net-zero cost, McKinsey & Company, December 2020.
2023/04/03
Committee: BUDG
Amendment 32 #

2022/2062(INI)

Draft opinion
Paragraph 5
5. Reiterates its call to work only with clients andthat have credible decarbonisation plans and for corporate clients, as well as, financial intermediaries thato have credible decarbonisation plans; opposesdecarbonisation plans, as soon as possible, and by 2025 at the latest; underlines that rapid, large scale investment is needed for the EU to transition to a climate neutral economy; in this context, welcomes EIB support to REPowerEU of 30 billion euros; believes, however, that the exemptions granted under the Paris Alignment for Counterparties (PATH) framework, in support of REPowerEU; calls for a halt to fossil fuel financing, must be temporary and well justified; calls on the EIB to ensure that EIB support does not become a subsidy to fossil fuel companies, which have made immense profits on the back of high energy prices; therefore, calls on the Bank to prioritise projects with non-fossil fuel companies, wherever possible; welcomes the Bank's halt to fossil fuel financing and considers that the EIB should limit to a minimum the indirect financing of fossil fuels through its support to REPowerEU;
2023/04/03
Committee: BUDG
Amendment 32 #

2022/2062(INI)

Motion for a resolution
Paragraph 4 d (new)
4 d. Reaffirms its position that the EIB can and needs to do more to address systemic deficiencies that prevent certain regions or countries from taking full advantage of EIB financial opportunities, inter alia by strengthening its efforts to expand its loan activities by providing technical assistance, capacity-building and advisory support, especially in innovation, digitalisation, infrastructure, SME support and projects aimed at generating high-quality employment, and by prioritising projects that reduce inequalities and promote social diversity and inclusion;
2023/03/29
Committee: ECON
Amendment 36 #

2022/2062(INI)

Draft opinion
Paragraph 5 a (new)
5 a. Highlights that the security of supply of critical raw materials is crucial both for the green and digital transitions, as well as, for the defence sector and for the EU industrial base in general; emphasises a circular economy approach to critical raw materials, based on the recycling and re-use of materials, to reduce EU dependence on third countries; calls, therefore, on the EIB to invest more in the critical raw materials sector to help diversify the supply of both primary and secondary raw materials and to develop circular economy solutions, in particular R&D for alternative materials, such as bio-based materials;
2023/04/03
Committee: BUDG
Amendment 44 #

2022/2062(INI)

Motion for a resolution
Paragraph 8 b (new)
8 b. Stresses that public budgets and public banks will not be able to bridge the investment gap in the energy sector alone especially when considering the deplorable fact that large EU banks are still exposed to EUR 223 billion in fossil fuel assets, and that the EU is still lagging behind its established climate goals;
2023/03/29
Committee: ECON
Amendment 45 #

2022/2062(INI)

Motion for a resolution
Paragraph 8 a (new)
8 a. Notes the ongoing levels of high inflation and in this regard asks the EIB to assess the possible increased financial needs of ongoing projects;
2023/03/29
Committee: ECON
Amendment 48 #

2022/2062(INI)

Draft opinion
Paragraph 6
6. Calls on EIB Global to devise a strategy centred on development additionality, to deliver concrete positive outcomes on the ground, while ensuring additionality of EIB finance; highlights that EIB Global activities should be aligned with EU strategic interests and external policy objectives; asks the EIB to ensure a coordinated approach with other actors contributing to the European financial architecture for development, in order to deliver a stronger development impact; recalls furthermore that the successful implementation of EIB global requires an adequate level of in-house staff based on the ground, including local workers;
2023/04/03
Committee: BUDG
Amendment 50 #

2022/2062(INI)

Motion for a resolution
Paragraph 8 c (new)
8 c. Reiterates the remarks by EIB Vice President Kris Peeters that commercial banks across the EU will be prone to court cases due to failing due diligence processes and climate transition plans; calls for a level playing field and legal certainty on EU due diligence requirements through the swift adoption of the corporate sustainability due diligence directive; calls on the EIB to commit to incorporating due diligence standards to address and mitigate adverse impacts of its investment decisions on human rights and the environment;
2023/03/29
Committee: ECON
Amendment 51 #

2022/2062(INI)

Draft opinion
Paragraph 6 a (new)
6 a. Calls for the EIB to ensure that investments clearly benefit recipient countries and societies, creating local jobs and alleviating poverty; believes that recipient country actors such as public authorities, civil society and private sector companies should be included in the decision-making and implementation of Global Gateway projects;
2023/04/03
Committee: BUDG
Amendment 56 #

2022/2062(INI)

Draft opinion
Paragraph 7
7. Is concerned thatNotes that allegedly the EIB has, at least once, failed to conduct a full inquiry into allegations of bribery and misuse of funds involving a financial intermediary outside the EU; calls on the EIB to reopen all such casenotes that the EIB has assessed the case three times and that the case has been referred to OLAF twice, with the case being dismissed; however, calls on the EIB to strengthen its internal mechanisms to fight fraud and corruption, and improve transparency and control over intermediated operations;
2023/04/03
Committee: BUDG
Amendment 72 #

2022/2062(INI)

Motion for a resolution
Paragraph 15
15. Highlights the fact that support to SMEs and mid-caps must be increased further from current levels, particularly in the context of high energy prices and, rising raw material costs and growing borrowing costs; stresses that SMEs often have limited administrative resources and so benefit from having financing channels that are easy to access;
2023/03/29
Committee: ECON
Amendment 73 #

2022/2062(INI)

Motion for a resolution
Paragraph 16
16. Reiterates its call on the EIB to complement efforts to build a data-driven society, with a particular focus on SMEs’ competitiveness and to focus its investment in this field towards bridging digital divides both within the EU, as well as between the EU and other technologically more advanced world regions;
2023/03/29
Committee: ECON
Amendment 77 #

2022/2062(INI)

Motion for a resolution
Paragraph 17
17. Stresses the need for the EIB to have a strong focus on start-ups and projects directed at tackling the growing problem of youth unemployment in the context of creating secure and high- quality jobs;
2023/03/29
Committee: ECON
Amendment 83 #

2022/2062(INI)

Motion for a resolution
Paragraph 18 a (new)
18 a. Notes the Commission’s proposal to work with the European Investment Bank and other InvestEU implementing partners to seek ways to scale up support to investment in the net-zero industry supply chain, including via the setting up of blending operations;
2023/03/29
Committee: ECON
Amendment 103 #

2022/2062(INI)

Motion for a resolution
Paragraph 23
23. Welcomes the introduction of the EIB’s new transport lending policy in July 2022 and calls for its swift implementation; recalls the need for a higher level of investment towards the decarbonisation of the maritime and aviation system;
2023/03/29
Committee: ECON
Amendment 105 #

2022/2062(INI)

Motion for a resolution
Paragraph 23 a (new)
23 a. Asks the EIB to give particular attention when it comes to funding decisions relevant to insular and peripheral regions in view of their struggle to comply with requirements relevant to the green deal while simultaneously maintaining and increasing their connectivity with the rest of the EU;
2023/03/29
Committee: ECON
Amendment 107 #
2023/03/29
Committee: ECON
Amendment 108 #

2022/2062(INI)

Motion for a resolution
Paragraph 23 b (new)
23 b. In line with the principles established in the European Pillar of Social Rights, and in view of the current EU housing crisis, expects an increase in EIB financed operations in the area of social housing; furthermore asks the EIB to keep up its focus on women economic empowerment and gender equality when targeting new financing;
2023/03/29
Committee: ECON
Amendment 109 #

2022/2062(INI)

Motion for a resolution
Paragraph 23 c (new)
23 c. Notes the shortage in specialised labour in most of the EU and in this vein believes that the areas of education and skills are not provided the needed priority;
2023/03/29
Committee: ECON
Amendment 110 #

2022/2062(INI)

Motion for a resolution
Paragraph 23 d (new)
23 d. Is concerned about the systemic weakening of healthcare systems in many Member States of the EU and the ongoing medicine shortage in the EU which includes basic medicine such as paracetamol and antibiotics; further recalls the general scarcity of medicine products and medical equipment experienced during the COVID pandemic; in this context calls on the EIB to evaluate the possibilities to further invest in this sector with the aim to tackle the structural European deficiency in the health sector;
2023/03/29
Committee: ECON
Amendment 127 #

2022/2062(INI)

Motion for a resolution
Paragraph 26
26. Underlines that enhancing local presence and increasing cooperation with the EU delegations was a key driver in the establishment of EIB Global; reiterates its calls for additional staff on the ground, particularly in view of contracting more employees from the countries where the financing is taking place; supports the EIB’s approach to open regional offices in Africa and employ local applicants in these offices with the aim of adapting its requirements to local needs;
2023/03/29
Committee: ECON
Amendment 128 #

2022/2062(INI)

Motion for a resolution
Paragraph 26 a (new)
26 a. Asks the EIB to evaluate better its effectiveness when it comes to financing for SMEs and mid-caps in Africa whereby the relatively small size of projects seems to be often a hurdle towards access to finance; calls for an evaluation of a possible design of instruments that facilitate investment by EU SMEs in third countries, and increase their access to finance, including with respect to smaller projects; notes the importance of the EIB’s role in creating a level playing field for SMEs based in Member States whose national development banks do not have the capacity to promote investment in third countries;
2023/03/29
Committee: ECON
Amendment 132 #

2022/2062(INI)

Motion for a resolution
Paragraph 27 a (new)
27 a. Points out to the essential role of direct financing in countries from where the bulk of irregular migration into Europe originates in the perspective of slowing down forced economic immigration from these regions and of contributing further to the development and economic empowerment of these communities;
2023/03/29
Committee: ECON
Amendment 136 #

2022/2062(INI)

Motion for a resolution
Paragraph 29
29. Welcomes the launch of the Development Finance Institutions Transparency Index in 2023 and that fact that the associated report ranks the EIB at a similar level to peer development finance institutions in a number of areas, including financial intermediaries and environmental, social and governance and accountability to communities; calls for clear and comprehensive information to be shared with other EU institutions, the European Parliament in particular;
2023/03/29
Committee: ECON
Amendment 137 #

2022/2062(INI)

Motion for a resolution
Paragraph 30
30. Regrets the fact that women remain underrepresented in senior positions and in the core areas of activity at the EIB; recalls its position that more needs to be done to improve both its gender and geographical balance in this context;
2023/03/29
Committee: ECON
Amendment 140 #

2022/2062(INI)

Motion for a resolution
Paragraph 31 a (new)
31 a. Queries whether the EIB has the needed human resources in light of the ongoing expansion of its functions and responsibilities;
2023/03/29
Committee: ECON
Amendment 141 #

2022/2062(INI)

Motion for a resolution
Paragraph 32
32. Expresses once more its serious concerns about allegations regarding harassment, the working environment and working conditions at the EIB; notes the March 2022 ruling by the General Court on a harassment case in the EIB [KF vs EIB (T-299/20)] in which the decision of the EIB President that no harassment took place was annulled; recognises that efforts have been made by the EIB to address these and other relevant staff issues; urges the EIB to ensure that a policy of zero-tolerance towards all types of harassment is effectively implemented, including preventive and protective measures and proper and reliable complaint and victim support mechanisms; urges the EIB’s management to engage in genuine dialogue with staff representatives in order to address their concerns; deplores the fact that no trade union is recognised at the EIB and that the staff delegation has no power to act in the case of negotiations; calls on the EIB management to observe at the very least core ILO values such as freedom of association and the right to collective bargaining; is concerned that the apparent dysfunctional relationship between the EIB’s management and its staff might have a negative impact on the Bank’s operations;
2023/03/29
Committee: ECON
Amendment 143 #

2022/2062(INI)

Motion for a resolution
Paragraph 33
33. Takes note of the EIB’s new anti- fraud policy and underlines the importance of inclusive cooperation when developing key anti-fraud policy tools; notwelcomes that the EIB has adopted and published the EIB Group Policy towards weakly regulated, non-transparent and non-cooperative jurisdictions and tax good governance, which is complimentary to the EIB Group Anti-Money Laundering and Combatting the Financing of Terrorism Policy;
2023/03/29
Committee: ECON
Amendment 11 #

2022/0405(COD)

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 #

2022/0405(COD)

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 #

2022/0405(COD)

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 #

2022/0405(COD)

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 #

2022/0405(COD)

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 #

2022/0405(COD)

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
Amendment 110 #

2022/0219(COD)

Proposal for a regulation
Recital 15
(15) The Instrument is cohershould be consistent with existing collaborative EU defence-related initiatives such as in the European Defence Fund as well as the Permanent Structured Cooperation (PESCO), and generates synergies with other EU programmes. The Instrument is fully coherent with the ambition of the Strategic Compass. Likewise, the Instrument should contribute to a competitive, open and efficient European defence market by aligning with existing Union legislation in the field, notably, Directive 2009/81/EC on procurement in the fields of defence and security.
2023/02/13
Committee: AFETITRE
Amendment 146 #

2022/0219(COD)

Proposal for a regulation
Recital 21
(21) To generate the incentive effect, the level of Union contribution may be differentiated based on factors such as (a) the complexity of the common procurement, for which a proportion of the anticipated size of the procurement contract, based on experience gained in similar actions, may serve as an initial proxy, (b) the characteristics of the cooperation, such as joint usage, stockpiling, ownership or maintenance, which are likely to induce stronger interoperability outcomes and long-term investment signals to industry, and (c) the number of participating Member States or associated countries or the inclusion of additional Member States or associated countries to existing cooperations, and (d) the contribution of the action to supporting participation of small and medium-sized enterprises (SMEs) and middle capitalisation companies (mid- caps) in common procurement.
2023/02/13
Committee: AFETITRE
Amendment 19 #

2022/0212(BUD)

Motion for a resolution
Citation 13 a (new)
— having regard to Regulation (EU, Euratom) 2020/2092 of the European Parliament and of the Council of 16 December 2020 on a general regime of conditionality for the protection of the Union budget,
2022/09/29
Committee: BUDG
Amendment 27 #

2022/0212(BUD)

Motion for a resolution
Paragraph 2
2. Stresses that the Union faces an extraordinarily complex set of challenges, including the direct and indirect repercussions of the war inRussia's war of aggression against Ukraine, high inflation, high energy prices and security of supply risks, and a worsening economic outlook, in particular for households and small and medium enterprises (SMEs), the need to secure the recovery from the pandemic, crises in many other parts of the world, technological change, including increasing digitalisation, as well as climate change and its consequences; considers that the Union budget should contribute to tackling those challenges, while expressing concern at the exceptionally limited margins, which are about one third of last year’s, or, in the case of Heading 6, the lack of margin, and the limited flexibility built into the budget; deplores the fact that the draft budget is an insufficient response to the current challenges; recalls that the EU budget is primarily an investment budget and that the multiannual financial framework (MFF) was not established to address a pandemic, a war, high inflation, high energy prices, high numbers of refugees, new accessions, food insecurity, and a humanitarian crisis;
2022/09/29
Committee: BUDG
Amendment 55 #

2022/0212(BUD)

Motion for a resolution
Paragraph 7 a (new)
7 a. Underlines the importance of gender mainstreaming and gender- responsive budgeting in ensuring that the EU lives up to its commitments of promoting gender equality in all its activities; notes the Commission's work on a new methodology to measure the gender impact of Union spending; calls for an extension of the methodology to all MFF programmes in order to demonstrate results for the 2023 budget; stresses, in this regard, the need for systematic collection and analysis of gender-disaggregated data;
2022/09/29
Committee: BUDG
Amendment 68 #

2022/0212(BUD)

Motion for a resolution
Paragraph 11
11. Recalls that the Connecting Europe Facility (CEF) is key to spurring investment in the development of high performance and sustainable trans- European networks, such as new and better roads, cross-border railways, as well as ports and airports, which serve to improve the competitiveness of the Union; stresses that CEF plays a crucial role in decarbonising the Union economy by supporting alternative fuel infrastructure and renewable energy, thereby accelerating the green transition and increasing the Union’s energy independence, and promotes interconnectivity across the Union territory, including with the Iberian peninsula and with remote, sparsely populated regions; underlines that Russia's unprecedented and unprovoked military attack against Ukraine calls for urgent support to transport infrastructure in and towards Ukraine (“solidarity lanes”), to enable the transport of critical goods in both directions; proposes, therefore, to increase the funding of the Transport and Energy strands of CEF by a total amount of EUR 90 million in commitment appropriations above the level of the DB;
2022/09/29
Committee: BUDG
Amendment 71 #

2022/0212(BUD)

Motion for a resolution
Paragraph 12
12. Stresses that a well-functioning Single Market is at the heart of Union competitiveness; underlines the importance of preserving and adapting it, without endangering its integrity and the level playing field within sectors, particularly with a view to state aid rules, in a context of numerous challenges; calls on the Commission to make the necessary proposals, including in the frame of the amending letter, to bridge any possible gap between the entry into force of the Digital Services Act and the recovery of the supervisory fees;
2022/09/29
Committee: BUDG
Amendment 105 #

2022/0212(BUD)

Motion for a resolution
Paragraph 25
25. Underlines the importance of protecting the Union budget against fraud, corruption and other prohibited conduct, which adversely affect the EU and national budgets; stresses, in this regard, the central role that the European Public Prosecutor’s Office (EPPO) plays in protecting the Union’s financial interests, including with respect to the use of NextGenerationEU funds, and ensuring compliance with the rule of law; decides, therefore, to apply targeted reinforcements to the EPPO and increase its staffing levels to allow the body to fulfil its mandate; calls on all the Member States to join the EPPO and reinforce efforts against fraud, corruption, money laundering and organised crime in order to ensure a better protection of the Union financial interests; recalls the importance of compliance with the general regime of conditionality for the protection of the Union budget;
2022/09/29
Committee: BUDG
Amendment 108 #

2022/0212(BUD)

Motion for a resolution
Paragraph 27
27. Expresses its grave concerns about the impact of the Russian war in Ukraine and its economic fallout as well as of the extreme weather events on production and distribution in the agricultural sector and food markets; underlines, in this regard, the strategic role of the agricultural sector in ensuring food security; recalls that 2023 is the first year of the new common agricultural policy that will support Union farmers; believes that the crisis situation justifies the partial mobilisation of the new agricultural reserve by a minimum of EUR 10 million for young farmers; calls on the Commission to prepare pertinent exceptional measures in line with the relevant provisions in the basic act and to increase, as relevant, the amount to be mobilised;
2022/09/29
Committee: BUDG
Amendment 130 #

2022/0212(BUD)

Motion for a resolution
Paragraph 39
39. Underlines the importance of enhancing European cooperation in defence matters taking into account the Russian war of aggression in Ukraine and the highly unstable international environment; considers that such cooperation not only makes Europe and its citizens safer but also leads to greater efficiency and potential savings; calls in that connection for increased funding for the capability development strand of the European Defence Fund in order to foster an innovative and competitive defence industrial base that will contribute to the strategic autonomy of the Union; underlines the central role and added value generated by small and medium- sized enterprises (SMEs) in strengthening the European defence technological and industrial base;
2022/09/29
Committee: BUDG
Amendment 133 #

2022/0212(BUD)

Motion for a resolution
Paragraph 40
40. Proposes also to increase funding for military mobility with the aim of helping Member States act faster and more effectively; notes, in this regard, the central role played by the Connecting Europe Facility (CEF) in supporting military mobility, while simultaneously improving European civilian infrastructure; notes that sufficient funding is needed to support missions and operations under the common security and defence policy, including by measures such as funding dual-use transport infrastructure and simplifying diplomatic clearances and customs rules; notes that military mobility could also be boosted by the urgent accession to the Schengen Area of Romania, Bulgaria and Croatia; recalls that the failure to resolve that matter has a detrimental economic and geostrategic impact;
2022/09/29
Committee: BUDG
Amendment 152 #

2022/0212(BUD)

Motion for a resolution
Paragraph 49 a (new)
49 a. Emphasises that Ukraine will have significant external financing needs in 2023 and considers that the Union should treat those evolving needs as a priority during the financial year; underlines that the Union should take a leading role in making available sufficient and predictable support to Ukraine together with international partners;
2022/09/29
Committee: BUDG
Amendment 163 #

2022/0212(BUD)

Motion for a resolution
Paragraph 55 a (new)
55 a. Considers that in times where EU citizens face dramatic rises on their daily life cost, the Union institutions should demonstrate solidarity, notably in relation with energy consumption; advocates that the European Parliament, as their sole directly elected representation body at the Union level, should lead by example in this perspective; believes that the total amount of heated or cooled square meters of the Union buildings correspond to those of a middle size city, and that as such, it should provide the efforts these cities are considering at the moment; requests the Bureau to seek and find ways to make further savings in the EP budget, and trigger the launch of an exchange of good practices between governing bodies of EU institutions in revising their multi annual spending strategies, for instance in the field of Building projects where the Commission considers combining its buying and renovating plans with the selling of a wide range of its offices buildings, taking stock of the lessons learnt in terms of new ways of working, developed throughout the peak periods of the pandemic; considers that the EU institutions should inspire their energy consumption policies from those of local authorities surrounding its facilities, like Brussels region to limit in time outside and inside public buildings lightening;
2022/09/29
Committee: BUDG
Amendment 164 #

2022/0212(BUD)

Motion for a resolution
Paragraph 55 a (new)
55 a. Considers that inflation and increasing energy prices have put immense pressure on Parliament's budget; considers that additional investments, beyond the surging fixed costs, should therefore only be made when strictly necessary and where adequate results cannot be achieved through reprioritisation of resources; believes that, for the same reasons, Parliament's staffing should be kept at a consistent level;
2022/09/29
Committee: BUDG
Amendment 176 #

2022/0212(BUD)

Motion for a resolution
Paragraph 58 – point f
(f) askrecalls the Bureau to make known its decision on the future of the Spaak building in Brusselshat proper information and consultation with BUDG committee before adopting any major decision on building related issues is needed due to their important budgetary implications; asks the Bureau to explore savings opportunities and to totally reconsider the project on the future of the Spaak building in Brussels and to oppose the acquisition of Osmose building in Strasbourg;
2022/09/29
Committee: BUDG
Amendment 635 #

2022/0195(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 5
(5) ‘favourable reference area’ means the total area of a habitat type in a given biogeographical region or marine region at national level that is considered the minimum necessary to ensure the long- term viability of the habitat type and its species, and all its significant ecological variations in its natural range, and which is composed of the area of the habitat type and, if that area is not sufficient, the area necessary for the re-establishment of the habitat type with due account taken to all the 17 sustainable development goals, in particular the “Affordable and clean energy” (no7) socio-economic (no 8), the “climate action” (13) goals, the “life under water” (14) and “Life on land” (15) goals;
2023/01/26
Committee: ENVI
Amendment 662 #

2022/0195(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 10
(10) ‘local administrative unit’ or ‘LAU’ means a low-level administrative division of a Member State below that of a province, region or state,"urban centres" and "urban clusters" means territorial units classified using grid-based typology established in accordance with Article 4b.2 of Regulation (ECV) No 1059/2003 of the European Parliament and of the Council109 ; _________________ 109 Regulation (EC) No 1059/2003 of the European Parliament and of the Council of 26 May 2003 on the establishment of a common classification of territorial units for statistics (NUTS) (OJ L 154, 21.6.2003, p. 1).; (This amendment applies throughout the text.)
2023/01/26
Committee: ENVI
Amendment 664 #

2022/0195(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 11
(11) ‘cities’ means LAUs where at least 50 % of the population lives in one or more urban centres, measured using the degree of urbanisation established in accordance with Article 4b.3, point (a), of Regulation (EC) No 1059/2003;deleted
2023/01/26
Committee: ENVI
Amendment 665 #

2022/0195(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 12
(12) ‘towns and suburbs’ means LAUs where less than 50 % of the population lives in an urban centre, but at least 50 % of the population lives in an urban cluster, measured using the degree of urbanisation established in accordance with Article 4b.3, point (a) of Regulation (EC) No 1059/2003;deleted
2023/01/26
Committee: ENVI
Amendment 669 #

2022/0195(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 13
(13) ‘urban green space’ means all gtreen urban areas; broad-leaved forests; coniferous forests; mixed forests; natural grasslands; moors and heathlands; transitional woodland-shrubs and sparsely vegetated areas - as found within cities or towns and suburbs calculated on the basis of data provided by the Copernicus Land Monitoring Service as established by Regulation (EU) 2021/696 of the European Parliament and of the Council110 ; _________________ 110 Regulation (EU) 2021/696 of the European Parliament and of the Council of 28 April 2021 establishing the Union Space Programme and the European Union Agency for the Space Programme and repealing Regulations (EU) No 912/2010, (EU) No 1285/2013 and (EU) No 377/2014 and Decision No 541/2014/EU (OJ L 170, 12.5.2021, p. 69).s, bushes, shrubs, permanent herbaceous vegetation, lichens and mosses - as found within urban centres and urban clusters;
2023/01/26
Committee: ENVI
Amendment 706 #

2022/0195(COD)

Proposal for a regulation
Article 4 – paragraph 1
1. Member States shall put in place the restoration measures that are necessary to improve to good condition areas of habitat types listed in Annex I which are not in good condition. Such measures shall be in place on at least 30 % of the area of each group of habitat types listed in Annex I that is not in good condition, as quantified in the national restoration plan referred to in Article 12, by 2030, on at least 60 % by 2040, and on at least 90 % by 2050. When justified by a Member State, the restoration target set for a habitat group by 2030 can be achieved by restoring respective share within another habitats group.
2023/01/26
Committee: ENVI
Amendment 770 #

2022/0195(COD)

Proposal for a regulation
Article 4 – paragraph 4
4. The determination of the most suitable areas for restoration measures in accordance with paragraphs 1, 2 and 3 of this Article shall be based on the best available knowledge and the latest scientific evidence of the condition of the habitat types listed in Annex I, measured by the structure and functions which are necessary for their long-term maintenance including their typical species, as referred to in Article 1(e) of Directive 92/43/EEC, and of the quality and quantity of the habitats of the species referred to in paragraph 3 of this Article. Areas where the habitat types listed in Annex I are in unknown condition shall, unless shown otherwise by 2030, be considered as not being in good condition.
2023/01/26
Committee: ENVI
Amendment 795 #

2022/0195(COD)

Proposal for a regulation
Article 4 – paragraph 6
6. Member States shall ensure that the areas that are subject to restoration measures in accordance with paragraphs 1, 2 and 3 show a continuous improvement in the condition of the habitat types listed in Annex I until good condition is reached, and a continuous improvement of the quality of the habitats of the species referred to in paragraph 3, until the sufficient quality of those habitats is reached. Member States shall ensure that there is no permanent net deterioration of areas in which good condition has been reached, and in which the sufficient quality of the habitats of the species has been reached, do not deteriorate.
2023/01/26
Committee: ENVI
Amendment 807 #

2022/0195(COD)

Proposal for a regulation
Article 4 – paragraph 7
7. Member States shall ensure that there is no permanent net deterioration in areas where the habitat types listed in Annex I occur do not deteriorate.
2023/01/26
Committee: ENVI
Amendment 1169 #

2022/0195(COD)

Proposal for a regulation
Article 6 – paragraph 1
1. Member States shall ensure that there is no net loss of urban green space, and of urban tree canopy cover, by 2030, compared to 2021, in all cities and in towns and suburbsurban centres and clusters where urban green space falls below 50 percent .
2023/01/26
Committee: ENVI
Amendment 1183 #

2022/0195(COD)

Proposal for a regulation
Article 6 – paragraph 2 – introductory part
2. Member States shall ensure that there is an increase in the total national area of urban green space in cities and in towns and suburburban centres and urban clusters of at least 3 % of the total area of cities and of towns and suburbs in 2021, by 2040, and at least 5 % by 2050 where urban green space falls below 50 percent. In addition Member States shall ensure:
2023/01/26
Committee: ENVI
Amendment 1192 #

2022/0195(COD)

Proposal for a regulation
Article 6 – paragraph 2 – point a
(a) a minimum of 10 % and no net loss in urban tree canopy cover in all cities and in towns and suburburban centres and urban clusters by 2050; and
2023/01/26
Committee: ENVI
Amendment 1209 #

2022/0195(COD)

Proposal for a regulation
Article 6 – paragraph 2 – point b
(b) a net gain of urban green space that is integrated into existing and new buildings and infrastructure developments, including through renovations and renewals, in all cities and in towns and suburburban centres and urban clusters.
2023/01/26
Committee: ENVI
Amendment 1210 #

2022/0195(COD)

Proposal for a regulation
Article 6 – paragraph 2 – point b a (new)
(ba) The Commission shall adopt implementing acts to establish a method for monitoring urban green space and urban tree canopy cover. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 21(2).
2023/01/26
Committee: ENVI
Amendment 1218 #

2022/0195(COD)

Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 3 (new)
The non-fulfilment of the obligations set out in paragraphs 1 to 2 is justified if caused by a project of overriding public interest and crucial for speeding up the green transition for which no less damaging alternative solutions are available, to be determined on a case by case basis;
2023/01/26
Committee: ENVI
Amendment 1287 #

2022/0195(COD)

Proposal for a regulation
Article 8 – paragraph 1
1. Member States shall reverse the decline of pollinator populations by 2030 at the latest and achieve thereafter an increasing trend of pollinator populations, measured every three years after 2030, until satisfactory levelsand resilient levels and pollinator diversity are achieved, as set out in accordance with Article 11(3).
2023/01/26
Committee: ENVI
Amendment 1490 #

2022/0195(COD)

Proposal for a regulation
Article 10 – paragraph 2 – introductory part
2. Member States shall define and select indicators that best describe forest biodiversity trends at national level and for which there is attainable data and achieve an increasing trend at national level of each offor example the following indicators in forest ecosystems, as further set out in Annex VI, measured in the period from the date of entry into force of this Regulation until 31 December 2030, and every three years thereafter, until the satisfactory levels identified in accordance with Article 11(3) are reached:
2023/01/26
Committee: ENVI
Amendment 1616 #

2022/0195(COD)

Proposal for a regulation
Article 11 – paragraph 2 – point a – point iii
(iii) the favourable reference area taking into account the documented losses over at least the last 70 years and the projected changes to environmental conditions due to climate change;
2023/01/26
Committee: ENVI
Amendment 1798 #

2022/0195(COD)

Proposal for a regulation
Article 12 – paragraph 2 – point c
(c) an indication of the measures to ensure that there is no permanent net deterioration in the areas covered by the habitat types listed in Annexes I and II do not deteriorate in the areas in which good condition has been reached and that there is no permanent net deterioration in habitats of the species referred to in Articles 4(3) and 5(3) do not deteriorate in the areas in which the sufficient quality of the habitats of the species has been reached, in accordance with Articles 4(6) and 5(6);
2023/01/26
Committee: ENVI
Amendment 1806 #

2022/0195(COD)

Proposal for a regulation
Article 12 – paragraph 2 – point d
(d) an indication of the measures to ensure that there is no permanent net deterioration the areas covered by habitat types listed in Annexes I and II do not deteriorate, in accordance with Article 4(7) and Article 5(7);
2023/01/26
Committee: ENVI
Amendment 2009 #

2022/0195(COD)

Proposal for a regulation
Article 17 – paragraph 1 – point b
(b) the area of urban green space and tree canopy cover in cities and towns and suburburban centres and urban clusters, as referred to in Article 6;
2023/01/26
Committee: ENVI
Amendment 2294 #

2022/0195(COD)

Proposal for a regulation
Annex VI – row 4Text proposed by the Commission
Share of forests Description: This indicator refers to the share of forest land with uneven-aged with uneven-aged structure in forests as compared to even-aged structure in forests. structure Unit: Percent forest land with uneven-aged structure. Methodology: as developed and used by FOREST EUROPE, State of Europe’s Forests 2020, FOREST EUROPE 2020, and in the description of national forest inventories in Tomppo E. et al., National Forest Inventories, Pathways for Common Reporting, Springer, 2010.
2023/01/27
Committee: ENVI
Amendment 61 #

2022/0167(COD)

Proposal for a directive
Recital 3
(3) An effective asset recovery system requires the swift tracing and identification of instrumentalities and proceeds of crime, and property suspected to be of criminal origin. Such proceeds, instrumentalities, and property should be frozen in order to prevent its disappearance, following which it should be confiscated upon conclusion of criminal proceedings. An effective asset recovery system further requires the effective management of frozen and confiscated property to maintain its value for the State or for the restitution for victims. As such, the reuse of confiscated assets for the compensation and support of victims of crime and for affected communities has the potential to build resilience and thereby prevent further organised crime.
2023/03/02
Committee: BUDG
Amendment 62 #

2022/0167(COD)

Proposal for a directive
Recital 5
(5) Therefore, the existing legal framework should be updated, so as to facilitate and ensure effective asset recovery and confiscation efforts across the Union. To that end, the Directive should lay down minimum rules on tracing and identification, freezing, confiscation and management of property within the framework of proceedings in criminal matters. In this context, proceedings in criminal matters is an autonomous concept of Union law interpreted by the Court of Justice of the European Union, notwithstanding the case law of the European Court of Human Rights. The term covers all types of freezing and confiscation orders issued following proceedings in relation to a criminal offence. It also covers other types of orders issued without a final conviction. Proceedings in criminal matters could also encompass criminal investigations by the police and other law enforcement authorities. It is necessary to reinforce the capacity of competent authorities to deprive criminals of the proceeds from criminal activities. For this purpose, rules should be laid down to strengthen asset tracing and identification, as well as freezing capabilities, to improve management of frozen and confiscated property, to strengthen the instruments to confiscate instrumentalities and proceeds of crime and property derived from criminal activities of criminal organisations, and to improve the overall efficiency of the asset recovery system. Likewise, reinforcing the capacity of competent authorities requires Member States to guarantee sufficient human and financial resources for carrying out tasks laid down in the Directive. Herein, the additional revenue generated by measures enhancing the asset recovery system may serve as a means to cover costs incurred in connection with obligations under the Directive, and thereby support its effective implementation across the Union.
2023/03/02
Committee: BUDG
Amendment 67 #

2022/0167(COD)

(6) Moreover, the adoption of unprecedented and far-reaching Union restrictive measures triggered by the Russian invasion into Ukraine revealed the need to step up efforts to ensure the effective implementation of both sectorial and individual Union restrictive measures across the Union. While not criminal in nature, nor requiring criminal conduct as a pre-condition for their imposition, Union restrictive measures also rely on freezing of funds (i.e. targeted financial sanctions) and sectorial measures, and should thus benefit from strengthened capabilities in the context of identification and tracing of property. For such purpose, rules should be established to enhance the effective identification and tracing of property owned or controlled by persons and entities subject to such restrictive measures, and to promote greater international cooperation of asset recovery offices with their counterparts in third countries. Measures related to freezing and confiscation under this Directive, notably those under Chapters III and IV, remain however limited to situations where property stems from criminal activities, such as the violation of Union restrictive measures. This Directive does not regulate the freezing of funds and economic resources under Union restrictive measures. In that regard, a legal regime should be established to enable the confiscation of private and state-owned Russian assets frozen by the EU in response to Russia’s war of aggression against Ukraine and their subsequent use for the reconstruction of Ukraine.
2023/03/02
Committee: BUDG
Amendment 70 #

2022/0167(COD)

Proposal for a directive
Recital 7
(7) Measures aiming at increasing capabilities of tracing and identification of relevant property in relation to persons or entities subject to Union restrictive measures, as well as complementary measures to ensure that such property is not transferred or hidden to evade Union restrictive measures, contribute to the prevention and detection of possible violation of Union restrictive measures and enhanced cross-border cooperation in investigations into possible criminal offences. For such purposes, increased efforts for preventing the evasion of Union restrictive measures should be explored, including through the establishment of joint sanctions enforcement structures, with a view to supporting Member States in the implementation of Union restrictive measures.
2023/03/02
Committee: BUDG
Amendment 72 #

2022/0167(COD)

Proposal for a directive
Recital 11
(11) [In order to ensure the effective implementation of Union restrictive measures, it is necessary to extend the scope of the Directive toSimilarly, the violation of Union restrictive measures is most notably motivated by considerations of financial gain. While generating profits, the circumvention of restrictive measures enables the continued use of frozen assets in ways which undermine the objectives of those restrictive measures. In order to ensure the effective implementation of Union restrictive measures, their violation should be included in the scope of the Directive in so far as they constitute criminal offences within the meaning of Directive (EU) [.../...] [Directive on the definition of criminal offences and penalties for the violation of Union restrictive measures].
2023/03/02
Committee: BUDG
Amendment 73 #

2022/0167(COD)

Proposal for a directive
Recital 11 a (new)
(11 a) In addition to requiring the adoption of Union restrictive measures, the Russian war of aggression against Ukraine has made crucial the mobilisation of substantial resources for the reconstruction of Ukraine. The revised rules on asset recovery and confiscation, and their application to the criminal offence of the violation of Union restrictive measures, should thus be leveraged for contributing to the reconstruction effort in Ukraine. As such, the monetary value of all assets confiscated from criminal activities within the meaning of Directive (EU) [.../...] [Directive on the definition of criminal offences and penalties for the violation of Union restrictive measures] and which are in violation of Union restrictive measures adopted against Russia in response to its war of aggression against Ukraine, should be made available for use in the reconstruction of Ukraine and in compensation to the Ukrainian population.
2023/03/02
Committee: BUDG
Amendment 83 #

2022/0167(COD)

Proposal for a directive
Recital 47 a (new)
(47 a) The Commission is invited to carry out an ex-ante impact assessment on how the net proceeds resulting from the liquidation of assets confiscated or recovered by Member States pursuant to this Directive could be made available to the Union budget as an own resource, in accordance with Article 311 TFEU, while at the same time safeguarding the capacity of Member States to effectively implement the Directive and measures aimed at compensation and support for victims of crime.
2023/03/02
Committee: BUDG
Amendment 84 #

2022/0167(COD)

Proposal for a directive
Recital 47 b (new)
(47 b) The Commission assessment should detail how such a new own resource could support Union priorities and the adequate financing of Union expenditure, while reducing the share of GNI-based contributions in the financing of the Union’s budget and facilitating efficiency gains compared to national spending.
2023/03/02
Committee: BUDG
Amendment 92 #

2022/0167(COD)

Proposal for a directive
Article 17 – paragraph 2
2. Member States shall consider taking measures allowing confiscated property to be used for public interest or social purposes, in particular for victim compensation and support.
2023/03/02
Committee: BUDG
Amendment 93 #

2022/0167(COD)

Proposal for a directive
Article 17 – paragraph 2 – subparagraph 1 (new)
Member States shall make the monetary value of assets confiscated or recovered from criminal activities falling within the meaning of Directive (EU) [.../...] [Directive on the definition of criminal offences and penalties for the violation of Union restrictive measures] and which are in violation of Union restrictive measures adopted against Russia in response to its war of aggression against Ukraine available for use in the reconstruction of Ukraine.
2023/03/02
Committee: BUDG
Amendment 96 #

2022/0167(COD)

Proposal for a directive
Article 17 – paragraph 2 a (new)
2 a. Such proceeds shall be assigned in the form of external assigned revenue allocated to EU programmes under Heading 6 of the Union’ budget, or other EU programmes, and shall be used to support building and rebuilding of the infrastructure in Ukraine, as well as to provide compensation to Ukrainian victims of the war.
2023/03/02
Committee: BUDG
Amendment 27 #

2022/0164(COD)

Proposal for a regulation
Recital 1
(1) Since the adoption of Regulation (EU) 2021/241 of the European Parliament and of the Council establishing the Recovery and Resilience Facility,3 unprecedented geopolitical events, i.e. Russia's unprovoked and illegal military invasion of Ukraine, and their direct and indirect socio-economic consequences have considerably affected the Union’s society and economy. In particular, it has become clearer than ever that the Union’s energy security and independence from fossil fuels is indispensable for a successful, sustainable and inclusive recovery from the COVID-19 crisis, as it is also a major factor contributing to the resilience of the European economy. __________________ 3 Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility (OJ L 57, 18.2.2021, p. 17).
2022/09/29
Committee: BUDGECON
Amendment 44 #

2022/0164(COD)

Proposal for a regulation
Recital 3
(3) The Versailles Declaration of 10-11 March 2022 of the Heads of States and Governments invited the Commission to propose by the end of May a REPowerEU plan to phase out the dependency on Russian fossil fuel imports, which was subsequently reiterated in the European Council Conclusions of 24-25 March 2022. This should be done well before 2030 in a way that is consistent with the EU’s Green Deal and the climate objectives for 2030 and 2050 as well as the Paris agreement- compatible greenhouse gas budget enshrined in the European Climate Law. Regulation (EU) 2021/241 should therefore be amended to enhance its ability to support reforms and investments dedicated to diversifying energy supplies, in particular by expanding renewable energy production and phasing out fossil fuels, thereby strengthening the strategic autonomy of the Union alongside an open economy. Support should also be given to reforms and investments increasing the energy efficiency of the Member States’ economies.
2022/09/29
Committee: BUDGECON
Amendment 281 #

2022/0164(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 1
Regulation (EU) 2021/2115
Article 81a – paragraph 1
(1) Member States submitting to the Commission a recovery and resilience plan containing a REPowerEU chapter in accordance with Regulation (EU) 2021/241 of the European Parliament and of the Council may allocate, in the proposal for a CAP Strategic Plan referred to in Article 118 or in the request for amendment of a CAP Strategic Plan referred to in Article 119, up to 127.5% of its initial allocation for the EAFRD to the Recovery and Resilience Facility.
2022/09/29
Committee: BUDGECON
Amendment 1 #

2021/2252(INI)

Draft opinion
Paragraph 1
1. Welcomes the Council’s conclusions on enhancing the European Financial Architecture for Development and underlines the key role of the ‘Neighbourhood, Development and International Cooperation Instrument – Global Europe‘, the European Fund for Sustainable Development Plus (EFSD+) and the External Action Guarantee in providing a strategic framework for blended finance and guarantees and in mobilising resources from the private sector with the support of the EU budget, especially in light of increasing geopolitical and economic competition; highlights that the new Financial Architecture should support the EU’s strategic interests on the global stage, with values, such as democracy, rule of law, gender equality and human rights as underlying principles; calls on all actors to ensure operations outside the Union are aligned with EU external policy objectives and contribute to achieving the EU’s policy priorities;
2022/04/27
Committee: BUDG
Amendment 3 #

2021/2252(INI)

Draft opinion
Paragraph 1 a (new)
1 a. Notes that the EU is the largest donor in the world; highlights, in this regard, the need to increase the visibility and awareness of the Union’s and Member States’ development actions; encourages all actors relevant to the Financial Architecture to step up their joint engagement in public communication;
2022/04/27
Committee: BUDG
Amendment 4 #

2021/2252(INI)

Draft opinion
Paragraph 2
2. StresRecognises that despite somesome progress and recent improvements, have been made, but notes that the current status quo is still characterised by a lack of coordination, fragmentation, duplication and continued competition between the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD) and European development and finance institutions; underlines the needcalls for further efforts to make the current system more efficient, collaborative and visible, and focused ton ensureing an optimal use of resources, a better return on EU taxpayers’ money and a stronger development impact; calls, in this regard, for the strengthening of cooperation among key partners, notably the European Commission, the EIB, the EBRD, European development finance institutions, national development agencies and Member States, leveraging their respective geographical, sectoral and financial expertise, resources and value- added, to achieve greater efficiency and transformational development impact; considers cooperation with non-EU development banks and stakeholders also important and calls for increased engagement with other international financial institutions;
2022/04/27
Committee: BUDG
Amendment 8 #

2021/2252(INI)

Draft opinion
Paragraph 3
3. RecognisStresses the importance of targeting investments to the most vulnerable regions where the needs are greatest, in particular least developed countries (LDCs) and fragile or conflict- affected countries; welcomes that the European 3. Financial Architecture for Development is mainly focused on least developed and fragile countries, particularly in sub- Saharan Africa; underlines that development finance must be accompanied by coherent measures in other policy domains, which are crucial for LDCs, notably trade, climate, and agriculture; recalls, however, that a considerable share of investments is channelled also to the Western Balkans and the Eastern and Southern Neighbourhood, and; underlines the need to provide funding to deal with new challenges and support new priorities in these regions; calls on the Commission, the EIB, the EBRD and European development and finance institutions to work on action plans for the reconstruction of Ukraine as soon as it is re-established as a sovereign and independent country after the warnotes, in this context, that the Russian Federation’s illegal, unprovoked and unjustified military aggression against Ukraine has considerably impacted the development landscape and the economic and security situation in the EU and its neighbourhood; expects a share of the Global Europe cushion to be used to address these unforeseen circumstances; calls on the Commission, the EIB, the EBRD and European development and finance institutions to work on action plans for the reconstruction of Ukraine as soon as it is re-established as a sovereign and independent country after the war; recognises furthermore that Russia’s war against Ukraine has increased energy and food prices, exacerbating humanitarian needs especially in low-income countries in sub- Saharan Africa; underlines the urgency of responding to those needs with further funding;
2022/04/27
Committee: BUDG
Amendment 10 #

2021/2252(INI)

Draft opinion
Paragraph 4
4. Calls on the EIB, the EBRD and European development and finance institutions to strengthen their cooperation within the EFSD+ open architecture by taking a Team Europe approach; stresses the need for greater specialisation and a better division of labour to ensure synergies and complementaritie defined as a single framework of action, combining their resources with those of all EU institutions and Member States, to provide short and long-term support; underlines that the Financial Architecture should be open, collaborative and inclusive, and enable the participation of all interested development finance actors, including smaller and medium-sized actors; calls, in this regard, on the Commission to simplify access to financing and provide capacity- building and support in pillar assessment applications for smaller development banks and financial institutions; stresses the need for greater specialisation and a better division of labour to ensure synergies and complementarities; encourages European development actors and financing institutions to draw more extensively on EU delegations when building pipelines of investment projects; underlines the need to move away from the current project-based approach towards sector-based programming involving all relevant stakeholders from the start, including the private investors, to increasesector and civil society, to increase transparency, leverage and impact;
2022/04/27
Committee: BUDG
Amendment 14 #

2021/2252(INI)

Draft opinion
Paragraph 4 a (new)
4 a. Stresses that local ownership and a collaborative and inclusive approach is needed, underpinned by a strong framework for systematic local consultations of stakeholders and beneficiaries, to achieve a lasting development impact; asks the Commission to assess how the framework for systematic local consultations of stakeholders and beneficiaries could be further improved;
2022/04/27
Committee: BUDG
Amendment 15 #

2021/2252(INI)

Draft opinion
Paragraph 4 b (new)
4 b. Underlines the importance of the Sustainable Development Goals (SDG) and the Paris Agreement; stresses that gender-responsive investment, involving women, enhances the effectiveness and sustainability of development policies; calls on the Commission, the EIB, the EBRD and European development finance institutions to ensure their advisory and technical assistance is equipped to advance gender equality and inclusive development, notably by employing gender specialists;
2022/04/27
Committee: BUDG
Amendment 16 #

2021/2252(INI)

Draft opinion
Paragraph 4 c (new)
4 c. Recognises the expertise of the EBRD and the members of the Association of bilateral European Development Finance Institutions (EDFI) in leveraging and crowding-in private sector capital; considers blended finance an option in the development finance toolbox and recognises the usefulness of these instruments in complementing public investment in a constrained budgetary context; stresses however the risk of missing the target of supporting development of LDCs or fragile or conflict-affected regions, where projects would be less profitable or where budgetary constraints would be so strong that the initial public contribution would not be provided; acknowledges the continued relevance of grant-focused aid in these contexts; calls for careful assessments when channelling blended finance to LDCs, namely with a view to limiting debt burdens and introducing safeguards to preserve the role of public sector entities in delivering services; considers therefore that blended finance rules should be set according to the different development contexts, allowing flexibility in the balance of the blended elements;
2022/04/27
Committee: BUDG
Amendment 17 #

2021/2252(INI)

Draft opinion
Paragraph 4 d (new)
4 d. Stresses, furthermore, that increasing private sector involvement brings risks and challenges due to the involvement of a variety of implementation partners and the resulting long chain of actors between funder and end beneficiary; calls, therefore, on all EU development finance actors to ensure funds are channelled only to partners that embrace EU values and policy priorities, follow stringent tax, transparency, environmental and social standards and demonstrate a willingness to support development impacts, as opposed to primarily seeking profit maximisation in vulnerable contexts;
2022/04/27
Committee: BUDG
Amendment 19 #

2021/2252(INI)

Draft opinion
Paragraph 5
5. Reaffirms the privileged role of the EIB as the EU’s investment arm and welcomes the recent creation of its development branch, EIB Global; underlines that local presence is key for successful financing operations and calls on the EIB to strengthen its presence in the field while exploiting possible synergies with EU delegations, the EBRD and other European development and finance institutions;
2022/04/27
Committee: BUDG
Amendment 21 #

2021/2252(INI)

Draft opinion
Paragraph 6
6. Highlights the need for a stronger policy steer from the Commission, with the Western Balkans’ Investment Framework serving as a possible model in this regard; calls on the Commission to use its existing resources in terms of banking expertise and its financial and technical capacities more effectivelystresses the importance of an adequate risk management framework, effective management and oversight of the implementation of development finance instruments; calls on the Commission to use its existing resources in terms of banking expertise and its financial and technical capacities more effectively; invites the Commission to assess whether further specialised financial expertise is required for the policy steering function, effective engagement with DFIs and oversight of guarantees and complex blended finance instruments;
2022/04/27
Committee: BUDG
Amendment 22 #

2021/2252(INI)

Draft opinion
Paragraph 6 a (new)
6 a. Notes that EUR 280 billion out of the EUR 300 billion of investments announced under the Global Gateway initiative are not covered by the EU budget, including EUR 135 billion from EFSD+ and EUR 145 billion from European financial and development finance institutions; notes therefore that the initiative depends heavily on its capacity to leverage funds on the capital markets, which will not be immediately delivered; regrets that no information is disclosed so far regarding the NDICI amounts to be dedicated to the Global Gateway under the external action guarantee;
2022/04/27
Committee: BUDG
Amendment 24 #

2021/2252(INI)

6 b. Expects the additional EUR 750 million amount announced to be made available in annual tranches until 2027 to be detailed by the European Commission ahead of the annual budgetary procedures concerned;
2022/04/27
Committee: BUDG
Amendment 25 #

2021/2252(INI)

Draft opinion
Paragraph 6 c (new)
6 c. Reminds that the NDICI regulation provides for a financial cushion of EUR 9.53 billion, which should be limited to financing new initiatives, priorities or emerging challenges; stresses that the cushion should not cover projects already agreed under the Global Gateway initiative; considers, therefore, that additional appropriations should be dedicated to the initiative above the limited ceiling for Heading 6;
2022/04/27
Committee: BUDG
Amendment 26 #

2021/2252(INI)

Draft opinion
Paragraph 7
7. Recognises the importance of encouraging riskier investments in more challenging development settings, such as fragile or conflict-affected countries, and underserved sectors such as the climate, biodiversity and health sectors; underlines, at the same time, the need to preserve the high credit rating of the EIB and to fully protect the EU budget from any associated risks, such as increased demand on the EU budgetary guarantees as well as increased risk of misuse of funds through fraud or corruption; invites the Commission and the EIB to engage in a more granular country-by-country risk assessment for adjusting gradually the EU budgetary guarantees to the adequate levels to cope with current challenges; calls, furthermore, for increased transparency of development operations carried out by financial intermediaries with a view to ensuring control over funds and mitigating the risk of corruption, notably by disclosing final beneficiaries and making the granting of direct and indirect loans subject both to publication by the beneficiaries of tax and accounting data country by country and to the sharing of beneficial ownership data on the beneficiaries and financial intermediaries involved in financing operations;
2022/04/27
Committee: BUDG
Amendment 30 #

2021/2252(INI)

Draft opinion
Paragraph 8
8. Highlights the need to increase the transparency of the current framework, including the programming and reporting processes, and for Parliament to be more heavily involved to enhance democratic accountability and scrutiny; underlines the importance of carrying out an independent evaluation of the EFSD+ and the Team Europe approach in due time to assess their effectiveness and performance., performance and development impact; underlines the need to ensure the EFSD+ facilitates learning about best practices concerning sector- and region-specific projects;
2022/04/27
Committee: BUDG
Amendment 31 #

2021/2252(INI)

Draft opinion
Paragraph 8 a (new)
8 a. Underlines that obtaining relevant, consistent and comparable information in a timely manner is essential for measuring progress and actual results, and in identifying whether EU development finance has been effective and additional; regrets the absence of a unified reporting and results measurement framework for EFSD+ with comparable indicators; encourages the Commission to develop such a framework to enable harmonised results management; invites the Commission to update the European Parliament on the content and implementation of this framework;
2022/04/27
Committee: BUDG
Amendment 35 #

2021/2252(INI)

Draft opinion
Paragraph 8 b (new)
8 b. Looks forward to the ECA special report on Programming of development aid, assessing whether EU development aid for 2021-2027 has been allocated according to a well-defined strategy; stresses the importance of assessing the additionality of blended finance to determine the effectiveness of these instruments in achieving development results and EU values based policy objectives; invites the ECA to consider making such an assessment;
2022/04/27
Committee: BUDG
Amendment 116 #

2021/2251(INI)

Motion for a resolution
Paragraph 9
9. Is concerned, however, that only seven Member States have requested loans amounting to a total of EUR 166 billion out of the EUR 385.8 billion available for loans, leaving a considerable amount available should Member States require loans at a later stage; is preoccupied that the limited interest for the loan component may lead to lost opportunities and prevent the RRF from reaching its full potential; considers that, in order to maximise the efficiency of available funds, and in the context of the new geopolitical situation, that Member States should use the loans under the RRF to advance investments into the energy transition to reduce their dependency on imported fossil fuel energy and to improve their energy security.
2022/03/21
Committee: BUDGECON
Amendment 2 #

2021/2203(INI)

Motion for a resolution
Citation 24 a (new)
— having regard to the EIB Group Operational Plan 2022- 2024, published on 27 January 2022,
2022/03/24
Committee: BUDG
Amendment 3 #

2021/2203(INI)

Motion for a resolution
Citation 25 a (new)
— having regard to the EIB's Ukraine Solidarity Urgent Response, adopted on 4 March 2022,
2022/03/24
Committee: BUDG
Amendment 4 #

2021/2203(INI)

Motion for a resolution
Citation 30 a (new)
— having regard to the Commission communication of 8 March 2022 entitled ‘REPowerEU: Joint European Action for more affordable, secure and sustainable energy’ (COM(2022)108),
2022/03/24
Committee: BUDG
Amendment 14 #

2021/2203(INI)

Motion for a resolution
Recital A a (new)
A a. whereas the coronavirus pandemic was a severe global economic shock; whereas the EU recovery was underway;
2022/03/24
Committee: BUDG
Amendment 16 #

2021/2203(INI)

Motion for a resolution
Recital A b (new)
A b. whereas Russia attacked Ukraine on 24 February 2022, creating a humanitarian crisis in Ukraine and fundamentally impacting the economic and security situation in the EU and its neighbourhood; whereas the war has created further economic shocks;
2022/03/24
Committee: BUDG
Amendment 20 #

2021/2203(INI)

Motion for a resolution
Paragraph 1
1. Takes note of the Investment Report 2021/2022 and the EIB Group Operational Plan 2022-2024; welcomes the focus on the EU’s long-term challenges of climate change, social cohesion and digital transformation; underlines, however, that the illegal Russian war in Ukraine has created a humanitarian crisis in Ukraine and fundamentally impacted the economic and security situation in the EU and its neighbourhood, which needs to be reflected in the EIB's activities and investment plans;
2022/03/24
Committee: BUDG
Amendment 24 #

2021/2203(INI)

Motion for a resolution
Paragraph 1 a (new)
1 a. Welcomes in this regard, the EIB's Ukraine Solidarity Urgent Response package totalling €668 million, and the rapid disbursement of funds; highlights the importance of coordinated efforts in the response to the Ukraine crisis; believes that the EIB will also play an important role in the reconstruction efforts, which can begin immediately after the war ends;
2022/03/24
Committee: BUDG
Amendment 25 #

2021/2203(INI)

1 b. Notes that the EIB ceased its operations in Russia following the illegal annexation of Crimea in 2014; expects the EIB furthermore to halt the involvement of any Russian direct or indirect partners involved in investment projects;
2022/03/24
Committee: BUDG
Amendment 28 #

2021/2203(INI)

Motion for a resolution
Paragraph 2
2. Calls on the Member States as shareholders for an increase in the EIB’s capitalisation to enable more long-term loans and innovative instruments to finance projects with great potential for sustainability, social and innovation gains while maintaining its actual high credit rating level;
2022/03/24
Committee: BUDG
Amendment 35 #

2021/2203(INI)

Motion for a resolution
Paragraph 4
4. Applauds the timeliness of the European Guarantee Fund to help mitigate the negative social and economic impacts of the COVID-19 pandemic; regrets however, the lack of transparency around the Fund; notes that without transparency regarding its final beneficiaries, it is difficult to draw conclusions about the Fund's impact on the European economy; calls, therefore, for a thorough assessment of the Fund, evaluating to what extent the EIB's involvement brought added-value and to what extent the Fund delivered on its objectives; calls for the assessment to be made public;
2022/03/24
Committee: BUDG
Amendment 42 #

2021/2203(INI)

Motion for a resolution
Subheading 1 a (new)
Energy security
2022/03/24
Committee: BUDG
Amendment 46 #

2021/2203(INI)

Motion for a resolution
Paragraph 5 a (new)
5 a. Welcomes the EIB's increasing investments into energy rising from 10 billion euros in 2018 to over14 billion euros in 2021, in Europe; in light of the recent geopolitical developments, calls on the EIB to speed up and increase investments into EU energy security, namely, investments into energy storage, renewable energy, energy efficiency and electricity grids, in order to reduce the EU's dependence on imported fossil fuels;
2022/03/24
Committee: BUDG
Amendment 48 #

2021/2203(INI)

Motion for a resolution
Paragraph 5 b (new)
5 b. Notes that enhancing EU energy security is compatible with the EIB's role as a climate bank, as well as, the aim to reduce energy poverty, which is becoming especially acute due to rapidly rising energy and fuel prices; notes that the current high energy prices also impact SMEs and may have a negative impact on their competitiveness; invites the EIB to consider if current levels of support for SMEs is enough in the context of high energy prices and rising costs of other raw materials;
2022/03/24
Committee: BUDG
Amendment 55 #

2021/2203(INI)

Motion for a resolution
Paragraph 6
6. Welcomes the fact that 43 % of lending in 2021 was climate and environment related and applauds the intention to meet the climate lending target in 2022; underlines that the climate transition must be inclusive and fair; calls, in this regard, on the EIB to leverage its lending, financial instruments, technical assistance and advisory services to support people and regions facing socioeconomic challenges deriving from the transition towards a carbon-neutral economy; stresses that the Climate Bank Roadmap (CBR) alone is not enough to ensure alignment with the objective of the Paris Agreement of limiting global warming to 1.5°C; calls for an immediate halt to carbon markets and offsetting and and ensuring a just transition; calls for all action plans for the implementation of the CBR to be made public;
2022/03/24
Committee: BUDG
Amendment 70 #

2021/2203(INI)

Motion for a resolution
Paragraph 10
10. Expresses, in view of the upcoming review of the energy lending policy, its full support for the statement of President Hoyer: ‘We believe that we have a mission to concentrate on sustainability and achieving the Paris goals with the means of a long-term investor institution.[...] Therefore I don’t see a change in our energy lending policy’; calls for the EIB to retain the possibility to apply stricter criteria than the EU taxonomy and finance fossil-free energy only, and in particular to exclude financing for so- called low-carbon gas, especially for district heating, grey or blue hydrogen and forest biomassnotes, however, that the exclusion of gas does not allow the EIB to participate in PCIs or in additional gas diversification or storage investments in the EU, as called for by the Commission in the REPowerEU Communication; notes that there is an on-going debate regarding the EU taxonomy and financing fossil-based energy;
2022/03/24
Committee: BUDG
Amendment 79 #

2021/2203(INI)

Motion for a resolution
Paragraph 11
11. Regrets the delays in the transport lending policy review; expects a proposal fully aligned with the 1.5°C target of the Paris Agreement; expects no new loans to be granted that hinder transportsupport the decarbonisation orf transport and the transition towards zero emission mobility;
2022/03/24
Committee: BUDG
Amendment 86 #

2021/2203(INI)

Motion for a resolution
Paragraph 12
12. Welcomes the updated ESSF standard 4 and calls for its diligent implementation; welcomes the efforts made to strengthen biodiversity risk assessment and due diligence; is concerned, however, at the use of outdated dataexpects the data used to be up to date; expects the EIB to comply with Articles 11 and 191 TFUE and to stop disbursing funds, and, if necessary, withdraw them, if there is evidence or a serious risk of adverse impacts is formally established;
2022/03/24
Committee: BUDG
Amendment 88 #

2021/2203(INI)

Motion for a resolution
Paragraph 13
13. Acknowledges the challenges and progress achieved during the implementation of the Natural Capital Financing Facility; calls for an independent public evaluation embedded in a broader assessment of supporting ecosystem and biodiversity restoration;
2022/03/24
Committee: BUDG
Amendment 94 #

2021/2203(INI)

Motion for a resolution
Paragraph 14
14. Calls for the EIB to only supportNotes that Ukraine and Russia are major producers of food crops including wheat, corn and barley; notes that the war has severely impacted the Ukrainian agriculture sector; notes further that Russia and Belarus are major producers of fertilisers; regrets that the war may have major spill over effects on cross- border supply chains, food and fertiliser prices and food security in the EU and globally; Calls for the EIB to support food security and sustainable agriculture and natural resource management projects that respect planetary boundaries; calls for a ban on supporting all forms of industrial farming and farming practices that do not comply with established animal welfare standards in existing EU legislation;
2022/03/24
Committee: BUDG
Amendment 99 #

2021/2203(INI)

Motion for a resolution
Subheading 4
Social responsibility, health and gender
2022/03/24
Committee: BUDG
Amendment 100 #

2021/2203(INI)

Motion for a resolution
Paragraph 15
15. Welcomes the inclusion of labour rights in ESSF standard 8; regrets, however, its non-binding nature as regards supply-chain workers; calls on the EIB to ensure that labour rights are better accounted for in its operations through the inclusion of contractual clauses requiring promoters to assess labour risks;
2022/03/24
Committee: BUDG
Amendment 107 #

2021/2203(INI)

Motion for a resolution
Paragraph 16
16. Calls on the EIB to collectsystematically collect and make publicly available gender- disaggregated data; urges the EIB to assess the gender impact of projects inside and outside the EU, and to report on the results of its assessments;
2022/03/24
Committee: BUDG
Amendment 109 #

2021/2203(INI)

Motion for a resolution
Paragraph 16 a (new)
16 a. Stresses that the coronavirus pandemic has put economic and social cohesion under unprecedented strain, resulting in rising inequalities across the EU and globally; notes that the Ukraine war has created an additional economic shock; underlines that high inflation as well as rising energy costs, fuel costs and food prices disproportionately affect the most disadvantaged households in society; calls, in this regard, on the EIB to contribute towards supporting an inclusive recovery in the post-pandemic context through investments in the social sector, including energy efficient social housing, education, health, and skills;
2022/03/24
Committee: BUDG
Amendment 111 #

2021/2203(INI)

Motion for a resolution
Paragraph 16 b (new)
16 b. Notes that the coronavirus pandemic has disproportionately affected women; highlights the need to step up lending to female-led SMEs to promote a gender equal recovery;
2022/03/24
Committee: BUDG
Amendment 112 #

2021/2203(INI)

Motion for a resolution
Paragraph 16 c (new)
16 c. Underlines the role of the EIB in contributing to the fulfilment of European priorities; expects the Bank to support projects that deliver on the implementation of the European Pillar of Social Rights, the Sustainable Development Goals and the social recommendations identified in the country specific recommendations under the European Semester;
2022/03/24
Committee: BUDG
Amendment 113 #

2021/2203(INI)

Motion for a resolution
Paragraph 16 d (new)
16 d. Welcomes that the EIB has played a key role in supporting the EU’s response to the health crisis resulting from the coronavirus pandemic; calls on the EIB to continue investments into curbing the long-term negative impacts of the pandemic and enhancing preparedness for future pandemics, notably though investments in public healthcare systems, as well as, research such as vaccine development;
2022/03/24
Committee: BUDG
Amendment 114 #

2021/2203(INI)

Motion for a resolution
Paragraph 16 e (new)
16 e. Calls on the EIB to attach greater importance to projects supporting the acquisition of skills required in a modern knowledge-based economy, in particular, for employees in sectors requiring significant adjustment and requalification; acknowledges that a skilled workforce can promote further investment into the EU;
2022/03/24
Committee: BUDG
Amendment 115 #

2021/2203(INI)

Motion for a resolution
Paragraph 16 f (new)
16 f. Welcomes the EIB's commitment to invest in social and affordable housing as part of its urban lending; calls for the EIB to ensure projects contribute to improving energy efficiency, thereby tackling energy poverty and supporting the just transition towards a carbon- neutral economy;
2022/03/24
Committee: BUDG
Amendment 116 #

2021/2203(INI)

Motion for a resolution
Paragraph 16 g (new)
16 g. Notes that the coronavirus pandemic has had negative impacts on children’s education and well-being across the globe; welcomes the EIB’s investment in education, as it helps to fight poverty and inequalities, boosts economic growth and improves gender equality; reiterates its call on the EIB to increase its investment in education to help mitigate the severe impacts of the coronavirus crisis on education systems globally;
2022/03/24
Committee: BUDG
Amendment 121 #

2021/2203(INI)

Motion for a resolution
Paragraph 17
17. Expresses its support for EIB Global; expects full alignment of investments in non-EU countries with intra-EU lending and EU external action policies; calls for public consultation on the strategies linked to EIB Global with a particular focus on the role of recipient countries and specific chapters on human rights due diligence;
2022/03/24
Committee: BUDG
Amendment 123 #

2021/2203(INI)

Motion for a resolution
Paragraph 17 a (new)
17 a. Acknowledges that the EIB can play a key role in supporting the EU’s strategic interests on the global stage, notably as an implementing partner in the Global Gateway initiative; calls on the EIB to ensure its operations outside the Union contribute to achieving the EU’s policy priorities;
2022/03/24
Committee: BUDG
Amendment 128 #

2021/2203(INI)

Motion for a resolution
Paragraph 17 b (new)
17 b. Regrets the lack of information available on EIB Global, notably as regards to its concrete financing plans and policy orientations;
2022/03/24
Committee: BUDG
Amendment 129 #

2021/2203(INI)

Motion for a resolution
Paragraph 17 c (new)
17 c. Stresses the importance of coherence, additionality and efficiency of development finance; calls, in this regard, on the EIB to strengthen cooperation with key partners, notably European development finance institutions, national development agencies, the European Commission and Member States, and the European Bank for Reconstruction and Development; calls on the EIB to facilitate the participation of smaller development finance actors in its operations;
2022/03/24
Committee: BUDG
Amendment 130 #

2021/2203(INI)

Motion for a resolution
Paragraph 17 d (new)
17 d. Underlines the importance of private sector development in achieving tangible and lasting development impacts; calls, in this regard, on the EIB to place greater emphasis on additionality and crowding in of private investment and domestic resource mobilisation in less developed countries;
2022/03/24
Committee: BUDG
Amendment 131 #

2021/2203(INI)

Motion for a resolution
Paragraph 17 e (new)
17 e. Underlines that local presence is a prerequisite for successful financing operations; notes the EIB’s intention to increase its presence on the ground by establishing hubs and representative offices outside of the Union; calls on the EIB to deepen relationships with EU delegations, increase the number of staff on the ground and strengthen their technical skills, including expertise on human rights and gender equality; expects a concrete human resources plan in the course of 2022 for the implementation of EIB global;
2022/03/24
Committee: BUDG
Amendment 132 #

2021/2203(INI)

Motion for a resolution
Paragraph 17 f (new)
17 f. Underlines that development investments which involve women and take their needs into account are more effective and sustainable; calls on the EIB to ensure its advisory and technical assistance is equipped to advance gender equality and inclusive development, notably by employing gender specialists;
2022/03/24
Committee: BUDG
Amendment 135 #

2021/2203(INI)

Motion for a resolution
Paragraph 18
18. Regrets that the new ESSF includes no significant improvement in human rights protection or procedures to prevent human rights violations; calls for this to be addressed in the statement on human rights; is very concerned that in some cases, the EIB has continued to disburse loans despite clearexpresses its concern about allegations regarding human rights abuses in connection to projects financed by the EIB; expects the EIB to through its internal and external assessment procedures to determine whether it has been the case; reiterates its calls on the EIB to strengthen its human rights abusespolicy;
2022/03/24
Committee: BUDG
Amendment 148 #

2021/2203(INI)

Motion for a resolution
Paragraph 19
19. Is very concerned by the decline of transparency at the EIB:, namely the decline in publicly available project information; in 2010, 96.1 % of all projects were published three weeks before Board approval, falling to only 60 % in 2020; calls for more transparency and accountability, also towards EU institutions, in particular Parliament;
2022/03/24
Committee: BUDG
Amendment 152 #

2021/2203(INI)

Motion for a resolution
Paragraph 20
20. ConsiderNotes the new transparency policy (TP) a major setbackdopted in November 2021 and welcomes the commitment to publish Additionality Impact Statements of EIB operations describing how the EIB delivers additionality and the commitment to publish calendars of the regular meetings of the Board of Directors, Management Committee and Audit Committee, but considers the review a missed opportunity on some other aspects; regrets that the EIB has totally ignored Parliament’s very clear demands to improve its TP in line with other financial institutions’ best practices and standards; calls for the TP to be aligned with that of the European Bank for Reconstruction and Development on mandatory disclosure for intermediaries of projects with high environmental risks;
2022/03/24
Committee: BUDG
Amendment 161 #

2021/2203(INI)

Motion for a resolution
Paragraph 22 a (new)
22 a. Underlines that decisions related to the disbursement of public funds must be bound by the highest ethical standards, including independence, transparency and accountability; calls on the EIB to commit to reinforcing its transparency culture by further strengthening ethical interest representation, notably, by introducing a transparency register requiring the Bank’s vice-presidents to disclose their meetings with interest representatives;
2022/03/24
Committee: BUDG
Amendment 163 #

2021/2203(INI)

Motion for a resolution
Paragraph 22 b (new)
22 b. Underlines that high levels of transparency and accountability must also apply to the new EIB Global branch; calls, in this regard, for the timely publication of the agendas and minutes of meetings of its new Advisory Board;
2022/03/24
Committee: BUDG
Amendment 164 #

2021/2203(INI)

Motion for a resolution
Paragraph 23
23. Expresses serious concerns at the lack of social dialogue at the EIB, in particular to address concerns about harassment allegations and the working environment; urges the EIB management to engage in genuine dialogue with staff in order to address their concerns and to foster trust and a culture of accountability; encourages the Bank to launch surveys and consultations across its staff;
2022/03/24
Committee: BUDG
Amendment 167 #

2021/2203(INI)

Motion for a resolution
Paragraph 23 a (new)
23 a. Welcomes the fact that the EIB will review and revise its Strategy on Gender Equality and Women’s Economic Empowerment; calls on the EIB to take this opportunity to promote an inclusive workplace and set ambitious targets to increase the total percentage of women in senior positions; expects the EIB to take a participatory approach with a view of bringing about change in the Bank's culture;
2022/03/24
Committee: BUDG
Amendment 169 #

2021/2203(INI)

Motion for a resolution
Paragraph 23 b (new)
23 b. Notes that women make up 52 percent of the EIB workforce; welcomes the progress made in terms of gender balance at the EIB, with an increase of women in management, senior executive and executive level positions to 30, 35 and 45 percent respectively in 2021; regrets, however, that the EIB failed to meet its original targets for 2021 and that women remain underrepresented in senior positions at the EIB; calls, therefore, on the EIB to step up its efforts to improve gender balance across all levels of the organisation;
2022/03/24
Committee: BUDG
Amendment 175 #

2021/2203(INI)

Motion for a resolution
Paragraph 25 a (new)
25 a. Notes that 68 percent of incoming allegations of fraud, corruption, terrorist financing and money laundering or other misuse of funds related to EIB projects in 2020 involved activities outside the EU; expects the EIB to ensure the Group’s resources are used for their intended purposes and achieve their intended results; calls on the EIB to urgently strengthen mechanisms to fight fraud, corruption and other prohibited conduct, especially in the context of the new EIB initiative increasing its presence outside the Union; urges the EIB to expand its cooperation with national authorities in partner countries;
2022/03/24
Committee: BUDG
Amendment 185 #

2021/2203(INI)

Motion for a resolution
Paragraph 27
27. Is very concerned that, at least once, the EIB disbursed funding despite a very clear EIB Complaints Mechanism report concluding thatExpresses its concern about allegations of the EIB continuing the disbursement of funding despite its environmental and social standards hadving been breached; calls for any such project to be halted immediatelyon the EIB to ensure that standards are upheld throughout the entire project cycle and to take corrective action in cases of incompliance;
2022/03/24
Committee: BUDG
Amendment 187 #

2021/2203(INI)

Motion for a resolution
Paragraph 28
28. Welcomes the working arrangement with the European Public Prosecutor’s Office and calls for its full and diligent implementation, in particular as regards reporting; calls on the EIB to enhance its cooperation the European Anti-Fraud Office (OLAF);
2022/03/24
Committee: BUDG
Amendment 189 #

2021/2203(INI)

Motion for a resolution
Paragraph 28 a (new)
28 a. Welcomes the signing of a Working Arrangement between the EIB and Europol on 29 October 2021, which seeks to facilitate the sharing of information and expertise in the fight against fraud and corruption; expects it to be fully implemented;
2022/03/24
Committee: BUDG
Amendment 191 #

2021/2203(INI)

Motion for a resolution
Paragraph 28 b (new)
28 b. Notes that resources mobilised to support businesses, employees and economic growth during the coronavirus pandemic have been an attractive target for fraud and corruption, as underlined in the EIB Fraud Investigations Activity Report 2020; calls on the EIB to ensure that resources released by it reach their intended beneficiaries and are not diverted by prohibited conduct;
2022/03/24
Committee: BUDG
Amendment 192 #

2021/2203(INI)

Motion for a resolution
Paragraph 28 c (new)
28 c. Underlines that international cooperation is key in combating fraud, corruption and other prohibited conduct effectively; calls on the EIB to refer suspected prohibited conduct to authorities within and outside the EU for further investigation and criminal prosecution, and provide assistance as requested;
2022/03/24
Committee: BUDG
Amendment 193 #

2021/2203(INI)

Motion for a resolution
Paragraph 28 d (new)
28 d. Takes note of the revised July 2021 Anti-Money laundering and combatting the Financing of Terrorism (AML-CFT) Policy of the EIB; expects the EIB to align it with the evolving EU AML-CFT regulatory framework and practices to allow the Bank to effectively prevent involvement in prohibited conduct and to take corrective action, notably by exclusion of entities, recovery of funds and other contractual and legal remedies;
2022/03/24
Committee: BUDG
Amendment 194 #

2021/2203(INI)

Motion for a resolution
Paragraph 28 e (new)
28 e. Calls on the EIB to subject the granting of direct and indirect loans to publication of tax and accounting data country by country by the beneficiaries and to the sharing of beneficial ownership data on the beneficiaries and financial intermediaries involved in financing operations by integrating a specific clause in contracts with its clients;
2022/03/24
Committee: BUDG
Amendment 195 #

2021/2203(INI)

Motion for a resolution
Paragraph 28 f (new)
28 f. Calls on the EIB Group to align its policy towards weakly regulated, non- transparent and non-cooperative jurisdictions and tax good governance with evolving European and international regulatory developments in the area of tax integrity as well as tax good governance standards and policies;
2022/03/24
Committee: BUDG
Amendment 19 #

2021/2162(INI)

Motion for a resolution
Paragraph 2
2. Believes that the revision should seek to modernise the rules applicable to the EU budget in line with its latest evolutions and in line with the budgetary principles, to strengthen the performance of spending with a view to achieving greater European added-value, and to increase parliamentary oversight, democratic accountability and the ability to respond to citizens’ needs;
2021/10/06
Committee: BUDGCONT
Amendment 26 #

2021/2162(INI)

Motion for a resolution
Paragraph 3
3. Is of the opinion that, while a global overhaul of the rules applicable to the budget is not needed at this time, the Financial Regulation must be subject to targeted improvements and simplifications, in particular where they increase transparency and democratic scrutiny, as well as performance of EU spending;
2021/10/06
Committee: BUDGCONT
Amendment 67 #

2021/2162(INI)

9. Emphasises the clear link between respect for the rule of law and the efficient implementation of the Union budget in accordance with the principles of sound financial management: economy, efficiency and effectiveness, as laid down in the Financial Regulation; underlines that sound financial management is based on the effective pursuit of cases of fraud, including tax fraud, tax evasion, corruption and conflicts of interest, as well as the judicial review of public authorities' decisions by independent courts; recalls that, upon adoption of the Conditionality Regulation, Parliament, the Council and the Commission agreed to consider including the content of the Conditionality Regulation into the Financial Regulation upon its next revision; calls on the Commission to examine possibilities to strengthen coherence between the two instruments;
2021/10/06
Committee: BUDGCONT
Amendment 106 #

2021/2162(INI)

Motion for a resolution
Paragraph 14
14. Insists that gender mainstreaming be better reflected in the drafting and implementation of the budget, including through targeted incentives; calls for the systematic and comprehensive collection of gender-disaggregated data in the context of all EU policies and programmes in order to measure the impact on gender equality, while avoiding any unnecessary administrative burden; expects the Commission to develop a methodology to measure the relevant expenditure at programme level in the MFF 2021-2027, in line with the IIA; calls on the Commission to integrate gender mainstreaming and gender budgeting in the relevant provisions of the Financial Regulation;
2021/10/06
Committee: BUDGCONT
Amendment 108 #

2021/2162(INI)

Motion for a resolution
Subheading 4 a (new)
Climate Mainstreaming
2021/10/06
Committee: BUDGCONT
Amendment 109 #

2021/2162(INI)

Motion for a resolution
Paragraph 14 a (new)
14 a. Reiterates the Union’s commitment of spending at least 30 percent of resources available under the 2021-2027 MFF and NextGenerationEU on addressing the climate challenge, as set out in the IIA; expects the Commission to develop a robust methodology for tracking climate spending and its performance, and to consistently apply it across all policy areas; calls on the Commission to integrate climate mainstreaming and tracking in the relevant provisions of the Financial Regulation with a view to ensure the Union budget is climate proof;
2021/10/06
Committee: BUDGCONT
Amendment 5 #

2021/2097(INI)

Motion for a resolution
Citation 27 a (new)
— having regard to the EU Tax Observatory's study "Revenue effects of the global minimum tax: country-by- country estimates"18a _________________ 18aEU Tax Observatory, 2021, "Revenue Effects of the Global Minimum Tax: Country-by-Country Estimates"
2021/11/25
Committee: ECON
Amendment 6 #

2021/2097(INI)

Motion for a resolution
Citation 27 b (new)
— having regards to the study ‘New forms of tax competition in the European Union: An empirical investigation’ published by the EU Tax Observatory on November 22 2021,
2021/11/25
Committee: ECON
Amendment 14 #

2021/2097(INI)

Motion for a resolution
Recital B
B. whereas some Member States have very high financial activity, notably passive income, in proportion to the size of the economy, which may be an indication that their legal system is used by multinationals for tax avoidance; whereas high flows of royalty, interest or dividend payments through a certain jurisdiction indicate that profits are being rerouted with the sole purpose of reducing the tax burden;
2021/11/25
Committee: ECON
Amendment 18 #

2021/2097(INI)

Motion for a resolution
Recital C a (new)
C a. whereas the EU Tax Observatory has estimated that the implementation of the G20/OECD agreement's Pillar II will lead to an immediate gain of EUR 63.9 billion in tax revenues for the 27 Member States;
2021/11/25
Committee: ECON
Amendment 26 #

2021/2097(INI)

Motion for a resolution
Recital E
E. whereas complex refund procedures increase the administrative burden for cross-border investments and may create an obstacle to market integratmarket fragmentation, thus representing an obstacle to the development of a proper Capital Markets Union;
2021/11/25
Committee: ECON
Amendment 30 #

2021/2097(INI)

Motion for a resolution
Recital E a (new)
E a. whereas the Commission has introduced non-binding measures to ease tax refund claim procedures in the past; whereas this is the case for the 2009 recommendation that outlined how EU Member States could simplify procedures for claiming cross-border withholding tax relief and which contained measures to eliminate the tax barriers that financial institutions faced in their securities investment activities, while at the same time protecting tax revenues against abuse; whereas, in 2017, the Commission also published a Code of Conduct which put forward new guidelines on withholding tax to help Member States reduce costs and simplify procedures for cross-border investors in the EU, whose application by Member States was voluntary;
2021/11/25
Committee: ECON
Amendment 39 #

2021/2097(INI)

Motion for a resolution
Recital F a (new)
F a. whereas the European Commission considers that the transposition of Pillar 2 of the G20/OECD Inclusive Framework on BEPS should pave the way for agreeing the pending proposal for recasting the IRD20a _________________ 20a Communication from the Commission to the Commission to the European Parliament and the Council "Business Taxation for the 21st Century"
2021/11/25
Committee: ECON
Amendment 40 #

2021/2097(INI)

Motion for a resolution
Recital F b (new)
F b. whereas the Commission has pledged to propose a legislative initiative for introducing a common, standardised, EU-wide system for withholding tax relief at source, accompanied by an exchange of information and cooperation mechanism among tax administrations20b; whereas, in addition, the Commission has committed to assess the need for exchange of information and cooperation between tax authorities and financial markets supervisory authorities; _________________ 20bCommission Action Plan for Fair and Simple Taxation supporting the Recovery Strategy
2021/11/25
Committee: ECON
Amendment 43 #

2021/2097(INI)

Motion for a resolution
Recital F c (new)
F c. whereas in its inception impact assessment on “New EU system for the avoidance of double taxation and prevention of tax abuse in the field of withholding taxes”, the Commission outlines three options to ensure the proper functioning of the Capital Markets Union, to facilitate cross-border investment and to prevent tax abuse; whereas option 1 consists of improving withholding tax refund procedures to make them more efficient; whereas Option 2 determines the establishment of a fully-fledged common EU relief at source system; whereas Option 3 focuses on enhancing the existing administrative cooperation framework to verify entitlement to double tax convention benefits;
2021/11/25
Committee: ECON
Amendment 47 #

2021/2097(INI)

Motion for a resolution
Recital G
G. whereas the cum-ex and cum-cum schemes both involve reclaims of dividend withholding tax to which the beneficiaries were not entitled and are estimated to have imposed a total cost to taxpayers of about EUR 55 billion between 2001 and 2012 in the 11 Member States concerned; whereas new revelations in 2021 concerning these practices estimate that they have cost 10 governments, including those of Germany, Spain, France and the US, a total of €141bn;
2021/11/25
Committee: ECON
Amendment 66 #

2021/2097(INI)

Motion for a resolution
Paragraph 4
4. Is pleased that 1367 countries and jurisdictions have supported the G20/OECD Inclusive Framework agreement on a two-pillar reform; regrets the fact that one Member State is not part of the Inclusive Frameworkwelcomes the European Commission's intention to put forward a legislative proposal for the implementation of Pillar II until the end of 2021; believes that the issue of putting a floor to tax competition in the area of passive income is part of the implementation of the international deal on minimum effective taxation;
2021/11/25
Committee: ECON
Amendment 71 #

2021/2097(INI)

Motion for a resolution
Paragraph 4
4. Is pleased that 1367 countries and jurisdictions have supported the G20/OECD Inclusive Framework agreement on a two-pillar reform; regrets the fact that onewelcomes that all Members State is not part of the Inclusive Frameworks committed to such international reform and is convinced this will ease and speed up implementation;
2021/11/25
Committee: ECON
Amendment 72 #

2021/2097(INI)

Motion for a resolution
Paragraph 4 a (new)
4 a. Reminds that withholding taxes can be a defensive measure that Member States take against countries mentioned in the EU list of non-cooperative jurisdictions for tax purposes; recalls its request for the Commission to put forward a legislative proposal that contemplates coordinated defensive measures against listed countries, given that discretionary application by individual Member States is undermining this toolbox; highlights that the implementation of the G20/OECD agreement, notably Pillar II, must also be taken into account;
2021/11/25
Committee: ECON
Amendment 78 #

2021/2097(INI)

Motion for a resolution
Paragraph 5 a (new)
5 a. Calls on the Commission to give stronger weight to the implementation of recommendations addressing aggressive tax planning given its negative impact on tax revenues of neighbouring countries, particularly other Member States;
2021/11/25
Committee: ECON
Amendment 84 #

2021/2097(INI)

6. Calls on the Commission and the Member States to set up a harmonised withholding tax framework that ensures that all dividend, interest and royalties payments flowing out the EU are taxed at a minimum effective tax rate; recalls its previous demand on the Commission to present a legislative proposal for an EU- wide withholding tax in order to ensure that profits generated within the Union are taxed at least once before leaving it20c; _________________ 20cEuropean Parliament resolution of 6 July 2016 on tax rulings and other measures similar in nature or effect (TAXE 2), para. 26
2021/11/25
Committee: ECON
Amendment 93 #

2021/2097(INI)

Motion for a resolution
Paragraph 7
7. Recalls the proposal by 10 Member States to include an effective minimum tax rate for royalties and interest in the context of the IRD; urges the Council to swiftly resume and conclude the negotiations on the IRD and encourages the inclusion of such a measurean effective minimum tax rate on payments to third countries in the announced directive for the implementation of Pillar II;
2021/11/25
Committee: ECON
Amendment 101 #

2021/2097(INI)

Motion for a resolution
Paragraph 8
8. Notes that the lack of an effective minimum tax rate on dividend payments to non-group shareholders has triggered a race to the bottom in this field; calls for the adoption of an effective minimum tax rate for dividend payments to non-group shareholders in the EU, thereby reducing harmful tax competition in this realm;
2021/11/25
Committee: ECON
Amendment 106 #

2021/2097(INI)

Motion for a resolution
Paragraph 8 a (new)
8 a. Highlights the recent attempts by the Dutch government to scrap the withholding tax on dividend payments in order to appease the Royal Dutch Shell, which is proof not only of said race to the bottom environment, but also of the leverage that multinational corporations currently hold over tax policy of sovereign countries;
2021/11/25
Committee: ECON
Amendment 110 #

2021/2097(INI)

Motion for a resolution
Paragraph 8 b (new)
8 b. Encourages the Commission to review all tax treaties in force and signed by Member States with third countries to ensure compliance with new global standards; asks the Commission to release recommendations to Member States regarding their existing bilateral tax treaties to ensure that they include general anti-abuse rules;
2021/11/25
Committee: ECON
Amendment 114 #

2021/2097(INI)

Motion for a resolution
Paragraph 9
9. Recalls that in October 2018, an investigation disclosed that 11 Member States had lost up to EUR 55.2 billion in tax revenue as a result of cum-ex and cum- cum schemes, but that new estimates set the amount of loss of public revenue at much higher numbers, with these schemes continuing to take place;
2021/11/25
Committee: ECON
Amendment 117 #

2021/2097(INI)

Motion for a resolution
Paragraph 10
10. Welcomes the inquiry and final report by the European Securities and Markets Authority into cum-ex, cum-cum and withholding tax reclaim schemes, as requested by Parliament; calls on the Commission to propose measures to link tax reclaims to the underlying distribution of dividends, or tonotably through a unique identifier, and/or by entrusting a single entity in each Member State with responsibility for collecting the withholding tax and issuing the relevant tax certificate; to ensure that multiple tax reclaims over a single distribution cannot take place and that abuse of reclaim procedures is easily detected by tax administrations;
2021/11/25
Committee: ECON
Amendment 124 #

2021/2097(INI)

Motion for a resolution
Paragraph 11
11. Calls on the Commission to propose measures to enhance cooperation and mutual assistance between tax authorities, financial market supervisory authorities and, where appropriate, law enforcement bodies regarding the detection and prosecution of withholding tax reclaim schemes; calls on the Commission, in particular, to propose legislation removing the current legal limitations for exchange of information between financial market supervisory authorities and tax authorities which was obtained through cooperation with other authorities within the EU, and to provide a legal basis for financial market supervisory authorities to exchange relevant information with tax authorities, notably to flag suspicious activities;
2021/11/25
Committee: ECON
Amendment 126 #

2021/2097(INI)

Motion for a resolution
Paragraph 11 a (new)
11 a. Highlights the importance of ensuring that financial market supervisors are mandated to use transaction reporting data and other regulatory information they receive not only to detect market abuse and short selling violations but also to detect financial crime in a broader sense, and WHT reclaim schemes; calls on the Commission to include this mandate in forthcoming reviews of EU legislation on the regulation of financial markets;
2021/11/25
Committee: ECON
Amendment 133 #

2021/2097(INI)

Motion for a resolution
Paragraph 13
13. Recalls that Directive (EU) 2018/822 (DAC 6) introduced mandatory disclosure rules for cross-border arrangements, creating obligation on intermediaries to report potentially harmful tax arrangements; calls on the Commission to evaluate to what extent these rules have contributed to revealing harmful tax arrangements such as cum-cum and cum- ex schemes and to what extent they have had a deterrent effect;
2021/11/25
Committee: ECON
Amendment 136 #

2021/2097(INI)

Motion for a resolution
Paragraph 13 a (new)
13 a. Reiterates its call for DAC 6 to be strengthened in order to require the mandatory disclosure of dividend arbitrage schemes and all information on capital gains, including the granting of dividend and capital gains tax refunds;
2021/11/25
Committee: ECON
Amendment 145 #

2021/2097(INI)

Motion for a resolution
Paragraph 14 a (new)
14 a. Requires that such proposal addresses the need for a harmonised implementation that should cover tax treaties between Member States; calls on the Commission to develop an EU tax treaty model which could be used by Member States in their bilateral agreements with third countries;
2021/11/25
Committee: ECON
Amendment 152 #

2021/2097(INI)

Motion for a resolution
Paragraph 15
15. Encourages the development of a harmonised EU procedure for withholding tax refunds for all Member States, thereby addressing the concerns about regulatory discrepancies; highlights that such harmonisation would be particularly helpful for retail investors, who are often deterred from completing refund procedures due to excessive burden caused by said discrepancies, thus improving the level playing field;
2021/11/25
Committee: ECON
Amendment 153 #

2021/2097(INI)

Motion for a resolution
Paragraph 15 a (new)
15 a. Points out that the Commission estimates costs related to withholding tax refund procedures, foregone tax relief and opportunity costs to be EUR 8.4 billion per year; highlights that such issues can particularly impact pension funds and collective investment funds (CIF), which are often unable to obtain their lawful treaty relief; notes that developing a register listing all pension funds and CIFs entitled to treaty relief could provide a reliable reduction of unwarranted withholding taxes in the short-term;
2021/11/25
Committee: ECON
Amendment 158 #

2021/2097(INI)

Motion for a resolution
Paragraph 16
16. NReckons that repayments of withholding taxes remain predominantly a paper driven process, which is not only slower and more burdensome for taxpayers, but also more prone to fraud; notes that digitalising these procedures and improving cooperation between national tax administrations could reduce the administrative burden and uncertainty in cross-border investments;
2021/11/25
Committee: ECON
Amendment 162 #

2021/2097(INI)

Motion for a resolution
Paragraph 16 a (new)
16 a. Takes good note of the potential of distributed ledger technology (DLT) to make the withholding system more efficient in each country, but also to facilitate seamless procedures between different national systems and prevent fraudulent activity; calls on the European Commission and Member States to assess how to leverage blockchain technologies to prevent tax evasion and avoidance while fully respecting the EU data protection rules;
2021/11/25
Committee: ECON
Amendment 167 #

2021/2097(INI)

Motion for a resolution
Paragraph 17
17. Takes note of the option to establish an EU system for relief at source; highlights that a move towards this type of system cannot be detrimental to the fight against tax abuse; stresses that, in all circumstances, compliance by the destination state with the agreement reached by the G20/OECD Inclusive Framework, or with the equivalent EU legislation implementing said agreement, must be a prerequisite for relief at source;
2021/11/25
Committee: ECON
Amendment 169 #

2021/2097(INI)

Motion for a resolution
Paragraph 17 a (new)
17 a. Takes note of the OECD Treaty Relief and Compliance Enhancement (TRACE) initiative, which empowers authorized intermediaries to reclaim withholding tax claims on portfolio investments; reminds that only one Member State has implemented TRACE; encourages others to assess the results, both in terms of administrative burden reduction, impact on tax revenue and fraud risks;
2021/11/25
Committee: ECON
Amendment 14 #

2021/2010(INI)

Motion for a resolution
Citation 18 a (new)
— having regard to the ongoing work of the United Nations Committee of Experts on International Cooperation in Tax Matters on Tax Consequences of the Digitalized Economy,
2021/03/01
Committee: ECON
Amendment 23 #

2021/2010(INI)

Motion for a resolution
Recital C
C. whereas the BEPS Action Plan succeedmanaged into establishing a global consensus on many issues in order to fight tax evasion, aggressive tax planning and tax avoidance; whereas, however, there was no agreement on addressing the tax challenges arising from the digitalisation of the economy, which led to the adoption of the separate BEPS Action 1 – 2015 Final Report;
2021/03/01
Committee: ECON
Amendment 29 #

2021/2010(INI)

Motion for a resolution
Recital E
E. whereas the Commission put forward two proposals on the taxation of the digital economy in 2018, including a temporary short-term solution introducing a digital services tax (DST), and a long- term solution defining a significant digital presence (SDP) as a nexus for corporate taxation which should replace the DST; whereas Parliament supported these proposals, but they were not adopted in the Council because Member States could not reach the unanimous agreement needed in the realm of taxation at EU level;
2021/03/01
Committee: ECON
Amendment 41 #

2021/2010(INI)

Motion for a resolution
Recital I a (new)
I a. whereas the Interinstitutional Agreement on budgetary cooperation of 16 December 2020 (IIA) refers to a legally binding commitment towards the introduction of an EU digital levy as an own resource by 1 January 2023;
2021/03/01
Committee: ECON
Amendment 44 #

2021/2010(INI)

Motion for a resolution
Recital I b (new)
I b. whereas the Council Conclusions of 27 November state that the European Council will ‘assess the situation regarding the work on the important issue of digital taxation’ in March 2021;
2021/03/01
Committee: ECON
Amendment 47 #

2021/2010(INI)

Motion for a resolution
Recital I c (new)
I c. whereas G20 Finance Ministers will meet on 7-8 April 2021 and 9-10 July 2021 and take stock of the negotiations of the Inclusive Framework on both Pillars of the international negotiations;
2021/03/01
Committee: ECON
Amendment 50 #

2021/2010(INI)

Motion for a resolution
Paragraph 1
1. Notes that the current international tax rules date back to the early 20th century, and that taxing rights are mainly based on the physical presence of companies; points out that digitalised companies as well as companies relying heavily on intangible assets can engage in significant business activities in a jurisdiction without physical presence there, and therefore taxes paid in one jurisdiction no longer reflect the value and profits created there; regrets that the traditional concept of permanent establishment fails to cover the new aspects of digital businesses, and underlines the need to define, which can lead to Base Erosion and Profit Shifting; in that context, calls for new and fairer allocation of taxing rights for large multinationals and the revision of the traditional concept of permanent establishment, and recalls the Parliament’s position on the C(C)CTB to create a virtual permanent establishment; stresses that users of online platforms and consumers of digital services cannot be shifted outside a jurisdiction in the same way as capital and labour, and should therefore be the basis for taken into account when definition ofng a new tax nexus in order to provideing an effective remedy against aggressive tax planning;
2021/03/01
Committee: ECON
Amendment 77 #

2021/2010(INI)

Motion for a resolution
Paragraph 3
3. Highlights the need to address the under-taxation of the digitalised economy, while ensuring a fair distribution of taxing rights among all countries where the value creation of multinational digital companies takes place;
2021/03/01
Committee: ECON
Amendment 83 #

2021/2010(INI)

Motion for a resolution
Paragraph 4
4. Notes that on average digital business models face significantly lower effective tax rates than traditional business models which rely on physical presence; regrets that tax avoidance linked to aggressive tax planning is not only detrimental to the collection of public revenues but, which contributes to reducing income inequality and financing public services, and also puts businesses, especially SMEs, at a disadvantage, while creating barriers for new local entrants; highlights that in the meantime, the demand for digitalised services has exploded due to the obligation to operate many tasks remotely in the COVID-19 context; therefore observes that providers of such digitalised services will be among the economic winners of the pandemic crisis;
2021/03/01
Committee: ECON
Amendment 98 #

2021/2010(INI)

Motion for a resolution
Paragraph 5
5. WCalls for an international agreement aiming for a fair and effective tax system; welcomes the efforts in the G20/OECD IF to reach a global consensus on a multilateral reform of the international tax system to address the challenges of the digitalised economy; acknowledges the progress of discussions on the proposals at technical level, despite the delays caused by the COVID-19 pandemic, and calls for a swift agreement by mid-2021; highlights the value of the G20/OECD IF for guaranteeing multilateral solutions and finding support at the global and EU level;
2021/03/01
Committee: ECON
Amendment 101 #

2021/2010(INI)

Motion for a resolution
Paragraph 6
6. Welcomes the fact that the two pillar approach suggested in the G20/OECD IF does not ring fence the digitalised economy but seeks a comprehensive solution to the new challenges of the digital economy; acknowledges that both pillars are complementary, and highlights that Pillar II aims at addressing remaining BEPS challenges notably by ensuring that large multinationals, including digitalised ones, pay a minimum level of tax regardless of where they are located; reminds that an effective Pillar II can be introduced without the participation of all states as participating countries will still be granted the right to tax profits of companies registered elsewhere in low-taxation countries; however supports a holistic solution in which oneboth pillar is not adopted without the other; s are adopted by mid-2021; recommends that any minimum effective rate should be set at a fair and sufficient level to discourage profit shifting of large multinationals, including highly digitalised ones, and prevent damaging tax competition; therefore suggests a minimum effective rate of 18 %, noting that the current EU average of statutory corporate income tax rates is 21.71 % and that some policy challenges, such as climate change, will necessitate space and tools for fiscal policy; 1P.110, Tax policies in the European Union 2020 survey, DG Taxation and Customs Union, European Commission
2021/03/01
Committee: ECON
Amendment 114 #

2021/2010(INI)

Motion for a resolution
Paragraph 7 a (new)
7 a. A scope that cover all large MNEs which could engage in BEPS practices and that should include a review clause with phase-in rules concerning the global revenue threshold; recalls that the EU definition of a large multinational group consists of consolidated parent and subsidiary undertakings exceeding the limits of at least two of the three following criteria: a balance sheet of at least EUR 20 000 000, a net turnover of at least EUR 40 000 000 and an average number of employees during the financial year superior to 250;
2021/03/01
Committee: ECON
Amendment 117 #

2021/2010(INI)

Motion for a resolution
Paragraph 7 b (new)
7 b. A scope covering at least automated digital services and consumer facing businesses, while not creating further and unnecessary burdens on SMEs;
2021/03/01
Committee: ECON
Amendment 121 #

2021/2010(INI)

Motion for a resolution
Paragraph 7 e (new)
7 e. A limited recourse to carry forward regimes for losses, as those could undermine the impact of the reform;
2021/03/01
Committee: ECON
Amendment 122 #

2021/2010(INI)

Motion for a resolution
Paragraph 7 f (new)
7 f. Recommends that policy options defended by Member States in the negotiations should reduce complexity, therefore supports simplified administrative processes for MNEs subject to the new taxing rights, also in view of lightening the burden of implementation for Member States, taking into account Member States not involved in tax arrangements distorting competition such as so-called 'sweetheart deals'; believes that a more complete overhaul of the Arm’s Length Principle (ALP) would be appropriate; is concerned that maintaining the ALP in the reform’s context could add opportunities to circumvent the newly agreed rules;
2021/03/01
Committee: ECON
Amendment 123 #

2021/2010(INI)

Motion for a resolution
Paragraph 7 g (new)
7 g. Highlights that the implementation of an efficient and comprehensive international reform will be eased by the access to country-by-country reporting information; notes that, to date, many countries do not have access to such information; welcomes the recent efforts of the Council Presidency on the Proposal for public country-by-country reporting;
2021/03/01
Committee: ECON
Amendment 124 #

2021/2010(INI)

Motion for a resolution
Paragraph 8
8. Calls on the Commission and the Council to intensify the dialogue with the new US administration on digital tax policy with the aim of finding a common approach in the framework of the G20/OECD IF negotiations before June 2021; calls on the CouncilMember States to oppose the ‘safe harbour’ clause, proposed by the US administration, which risks undermining the reform efforts; calls on the Commission to pursue with an EU own proposal on addressing the challenges of a digitalised economy should a ‘safe harbour’ clause be included in the reform’s first Pillar; recalls in that regard the Commission’s long term proposal for a Significant Digital Presence;
2021/03/01
Committee: ECON
Amendment 131 #

2021/2010(INI)

Motion for a resolution
Paragraph 9
9. WelcomNotes the proposal of a dispute prevention and resolution mechanism but underlines that tax certainty is best achieved by establishing simple, clear and harmonised rules that prevent disputes in the first place; highlights that any dispute prevention and resolution mechanism should not put developing countries at a disadvantage;
2021/03/01
Committee: ECON
Amendment 147 #

2021/2010(INI)

Motion for a resolution
Paragraph 10
10. Regrets that the failure of the G20/OECD IF to find a solution in October 2020 willhas prolonged the under-taxation of the digital economy; stresses that the COVID 19 pandemic has largely benefited digital businesses and accelerated the transition to a digitalised economy, thereby re-emphasising the need to reform the current tax system in order to ensure a fair contribution from the digitalised economy;
2021/03/01
Committee: ECON
Amendment 153 #

2021/2010(INI)

Motion for a resolution
Paragraph 11
11. Insists therefore that, regardless of the progress of the negotiations at the G20/OECD IF, the EU should stand ready to roll out its own solutions for taxing the digitalised economy by the end of 2021; calls on the Commission to present proposals by June 2021, while anticipating their compatibility with the reform by the G20/OECD IF to be agreed on; stresses the need to create a level playing field for providers of traditional services and automated digitalised services and consumer facing businesses in the EU by ensuring that the latter are taxed at an adequatewhere they make profits and at a fair rate; invites the Commission to consider in particular introducing a temporary European Digital Services Tax as a necessary first step; calls for the EU to implement the future outcome of the international negotiations in a harmonised way and invites the Commission to issue any relevant Proposal to that effect;
2021/03/01
Committee: ECON
Amendment 183 #

2021/2010(INI)

Motion for a resolution
Paragraph 12
12. Understands that some Member States consider the taxation of large digital economybusinesses an urgent issue and have therefore introduced digital services taxes at national level; recalls that these national measures should be phased out once a multilateral solution is found; recalls on Member States to refrain fromthat introducing national solutions unilaterally, as they can create a risk of fragmentation of the single market; recallminds that although taxation is primarily a Member State competence, they must exercise it in coherence with the common principles of EU law in order to ensure coherence between national frameworks, thereby allowing for fair competition and avoiding a negative impact on the overall coherence of EU taxation principles;
2021/03/01
Committee: ECON
Amendment 199 #

2021/2010(INI)

Motion for a resolution
Paragraph 13
13. Regrets that the Council did not agree on any of the Commission’s related proposals, i.e. the digital services tax, the significant digital presence or the CCTB and CCCTB; calls on the Member States to reconsider their position on these proposals or to integrate them into a potential future implementation of Pillar I, and to consider all options provided for by the Treaties if no unanimous agreement can be reached;
2021/03/01
Committee: ECON
Amendment 207 #

2021/2010(INI)

Motion for a resolution
Paragraph 14
14. NotWelcomes the Commission inception impact assessment on a Digital Levy of 14 January 2021; notes that digitalisation can increase productivity and consumer welfare, but it is also of paramount importance to ensure that digital multinationals contribute their fair share to society, taking into account that the average annual revenue growth of top digital firms is 14 % compared to between 0.2 % and 3 % for other multinationals; calls on the Commission to carefully assess how the scope, definition and segmentation of digital activities, transactions, services or companies will be in line with international efforts to find a global solution;
2021/03/01
Committee: ECON
Amendment 209 #

2021/2010(INI)

Motion for a resolution
Paragraph 14 a (new)
14 a. Notes that the Commission intends to assess three baseline scenarios and is of the opinion that: (a) A corporate income tax (CIT) top-up to be applied to all companies conducting certain digital activities in the EU is an interesting option worth exploring as it would remain compatible with the ongoing international negotiations, would respect the various bilateral tax agreements and would allow CIT to take into account the significant higher profit margins of large digitalised multinationals; (b) A solution aiming at taxing profits rather than revenues would limit trade tensions, work towards a level playing field and have less negative impact on investments;notes however that, in the absence of an internationally agreed solution, taxing revenues remains an approach ensuring a minimum fair tax contribution is made; (c) A tax on digital transactions conducted business-to-business in the EU risk shifting the burden of the tax payment from large digitalised businesses to smaller companies relying on those services, therefore missing the initial objective making those firms pay a fair share of taxes;
2021/03/01
Committee: ECON
Amendment 216 #

2021/2010(INI)

Motion for a resolution
Paragraph 15
15. Calls for a stronger role for Parliament in legislative procedures in the area of taxation; takes note of the Commission’s proposed roadmap to qualified majority voting in its communication entitled ‘Toward a more efficient and democratic decision-making in EU tax policy’; recognises at the same time that the Parliament has a co-decision role in areas indirectly strongly linked to a more fair taxation, like the statutory audit regulation. Underlines the important role various audit companies have played in tax scandals over the years. Calls therefore upon the EC to come forward with a reform of the statutory audit regulation EU 537/2014, introducing a strict legal and operational separation of audit from consulting services, as well as the setting up of mandatory ‘joint audit’ to enable firms outside the Big Four to develop the capacity needed to review the biggest companies;
2021/03/01
Committee: ECON
Amendment 232 #

2021/2010(INI)

Motion for a resolution
Paragraph 16
16. Welcomes the conclusions of the European Council of 21 July 2021, which task the Commission with putting forward proposals for additional own resources including a digital levy. Before proposing a digital tax,the Commission must conduct a thorough impact assessment to assesses the impact on each Member State to ensure fairness in Member Statecontributions to the EU budget;
2021/03/01
Committee: ECON
Amendment 233 #

2021/2010(INI)

Motion for a resolution
Paragraph 16
16. Welcomes the conclusions of the European Council of 21 July 2021, which task the Commission with putting forward proposals for additional own resources including a digital levy; recalls that the collection of such additional own resources should be compatible with existing bilateral tax treaties and complementary to the ongoing international negotiations;
2021/03/01
Committee: ECON
Amendment 1638 #

2021/0420(COD)

Proposal for a regulation
Annex 1 – part 5/23
Add the following to the core network: - Turku-Salo-Espoo-Helsinki rail passenger connection (both conventional and ≥ 200 km/h / new construction)
2023/01/25
Committee: TRAN
Amendment 1639 #

2021/0420(COD)

Proposal for a regulation
Annex 1 – part 5/23
Add the following to the core network: - Tampere-Helsinki high-speed railway passenger line
2023/01/25
Committee: TRAN
Amendment 1773 #

2021/0420(COD)

Proposal for a regulation
Annex 2 - table - section FI (new)
Node name: Kaskinen Maritime port: Comprehensive
2023/01/25
Committee: TRAN
Amendment 1774 #

2021/0420(COD)

Proposal for a regulation
Annex 2 - table - section FI
Node name: Kokkola Maritime port: Comprehensivre
2023/01/25
Committee: TRAN
Amendment 1775 #

2021/0420(COD)

Proposal for a regulation
Annex 2 - table - section FI
Node name: Oulu / Uleåborg Maritime port: Comprehensivre (Oulu)
2023/01/25
Committee: TRAN
Amendment 112 #

2021/0385(COD)

Proposal for a regulation
Recital 7
(7) Dark trading is trading without pre- trade transparency. The double volume cap (DVC)is a mechanism that limits the level of dark trading, using the reference price waiver laid down in Article 4(1), point (a) of Regulation (EU) No 600/2014 and the negotiated trade waiver laid down in Article 4(a) point (a), point (i) of that Regulation. The use of both waivers is capped by the double volume cap (‘DVC’). The DVC is a mechanism that limits the level of dark trading, to a certain proportion of total trading in an equity instrument. The amount of dark trading under both waivers in an equity instrument on an individual venue may not exceed 4% of total trading in that instrument in the Union. When this threshold is breached, dark trading under both waivers in that instrument on that venue is suspended. Secondly the amount of dark trading under both waivers in an equity instrument in the Union may not exceed 8% of total trading in that instrument in the Union. When this threshold is breached all dark trading under both waivers in that instrument is suspended. The DVC faces strong limitations as it does not limit trading without pre-trade transparency outside the two waivers it covers. The venue specific threshold leaves room for continued use of those waivers on other platforms on which trading in that equity instrument is not yet suspended, until the Union wide threshold is breached. This causes complexity in terms of monitoring the levels of dark trading and of enforcing the suspension. To simplify the double volume cap while keeping its effectiveness, the new single volume cap should rely solely on the EU-wide threshold. That threshold should be lowered to 7 % to compensate for a potential increase of trading under those waivers as a consequence of abolishing the venue specific thresholdcover non-pre-trade transparent trading, not only under both waivers but also including other non-price forming transactions below the large-in-scale threshold and subject to the share trading obligation. The volume cap threshold should be determined by ESMA. When defining the possible threshold, ESMA should take into account the impact of that measure on price formation, liquidity, and end investors’outcomes.
2022/10/20
Committee: ECON
Amendment 126 #

2021/0385(COD)

Proposal for a regulation
Recital 11
(11) In order to reinforce the price formation process and to maintain a level playing field between trading venues and systematic internalisers, Article 14 of Regulation (EU) No 600/2014 requires systematic internalisers to make public all quotes in equity instruments placed by that systematic internaliser below the standard market size. Systematic internalisers are free to decide which sizes they quote, as long as they quote at a minimum size of 10% of the standard market size. That possibility, however, has led to very low levels of pre-trade transparency provided by systematic internalisers in equity instruments, and has hampered the achievement of a level playing field. It is therefore necessary to require systematic internalisers to publish firm quotes relating to a minimum of twice the standard market sizesize to be determined by ESMA. The minimum size should exceed twice the standard market size, and should be determined by the impact of the measure on price formation, liquidity, and end investors’ outcomes.
2022/10/20
Committee: ECON
Amendment 130 #

2021/0385(COD)

Proposal for a regulation
Recital 12
(12) In order to create a level playing field, in addition to the obligation to publish firm quotes relating to a minimum of twice the standard market size, systematic internalisers should also no longer be allowed to match at midpoint below twice the standard market size. It should furthermore be clarified that systematic internalisers should be allowed to match at midpoint in so far as they comply with the tick-size rules in accordance with Article 49 of Directive 2014/65/EU when they trade above twice the standard market size but below the large in-scale threshold. When systematic internalisers trade above a large in-scale threshold, they should continue to be allowed to match at midpoint without complying with the tick-size regime.deleted
2022/10/20
Committee: ECON
Amendment 160 #

2021/0385(COD)

Proposal for a regulation
Recital 22
(22) There is an objective difference between a venue of primary admission and other trading venues that serve as secondary trading markets. A venue of primary admission admits companies to the public markets, playing a crucial role in the life of a share and for the share’s liquidity. This is particularly true in the case of shares listed on smaller regulated markets which remain typically traded mostly on the venue of primary admission. When the pre-trade transparent trading of a certain share takes place exclusively or predominantly on the venue of primary admission, such smaller venue plays a more important role in the price formation for that share. The core market data a smaller regulated market contributes to the consolidated tape therefore plays a more determining role in the price formation for the shares this venue admits to trading. A preferential treatment inIn smaller regulated markets the level of concentration of trading in shares, for which they are also the venue of primary admission, means that their relative contribution to the fragmentation of trading in the Union is less significant compared to that of larger regulated markets. The average daily trading volume of shares in the smaller regulated markets is relatively low, often accounting for less than 1 % of the average daily trading volume of the Union as a whole. Finally, smaller regulated markets that are not owned by larger groups of exchange operators are, on average, less diversified and more dependent on data revenues, and the inclusion of their pre- trade data on the consolidated tape for shares could deprive them of their most important source of income. Therefore, given the lower levels of fragmentation of smaller markets, their relative share of the overall trading landscape and legitimate concerns about the viability of their business, an exclusion from the mandatory inclusion of their revenue participation scheme is therefore considered appropriate to allow these smaller exchangeal time pre-trade data in the consolidated tape output should be considered appropriate to allow smaller regulated markets that are not owned by larger groups of exchange operators to maintain their local admissions and safeguard a rich and vibrant ecosystem in line with the objectives of the Capital Markets Union. From a procedural perspective, the first exclusion criterion should be market share; if the market share at any future point exceeds the threshold set out in this Regulation, fragmentation criteria should apply as alternative exemption criteria. Notwithstanding the mandatory inclusion exemption, smaller regulated markets that wish to be included in the consolidated view provided by the CT should be able to opt in into the mandatory inclusion scheme by notifying ESMA and the CTP of their intent.
2022/10/20
Committee: ECON
Amendment 229 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36c a (new)
(36c a) ‘market operator group’ means a corporate entity or grouping that owns or controls two or more market operators within the Union.
2022/10/20
Committee: ECON
Amendment 236 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 4 – point b
Regulation (EU) No 600/2014
Article 5 – paragraph 1
1. Trading venues shall suspend their use of the waivers referred to in Article 4(1), point (a), and 4(1), point (b)(iand systematic internalisers shall suspend trading as referred to in paragraph 4(b) where the percentage of this volume traded in the Union in a financial instrument carried out under those waivers exceeds 7% of the total volume traded in that financial instrument in the Union. Trading venues shall base their decision to suspend the use of those waiversexceeds the threshold determined by ESMA in accordance with paragraph 9. Trading venues and systematic internalisers shall base their decision on the data published by ESMA in accordance with paragraph 4, and shall take such decision within two working days after this publication of those data and for a period of six months.;
2022/10/20
Committee: ECON
Amendment 242 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 4 – point d
Regulation (EU) No 600/2014
Article 5 – paragraph 4
4. ESMA shall publish within five working days of the end of each calendar month all of the following data: (a) per financial instrument in the previous 12 months; (b) financial instrument carried out across the Union under the waivers referred to in Article 4(1), point (a), and Article 4(1), point (b)(i); (c) derive the percentage referred to in point (b).;deleted the total volume of Union trading the percentage of trading in a the methodology that is used to
2022/10/20
Committee: ECON
Amendment 243 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 4 – point d
Regulation (EU) No 600/2014
Article 5 – paragraph 4
(d) paragraph 4 is replaced by the following: 4. ESMA shall publish within five working days of the end of each calendar month all of the following data: (a) the total volume of Union trading per financial instrument in the previous 12 months; (b) the percentage of trading in a financial instrument carried out across the Union under the waivers referred to in Article 4(1), point (a), and Article 4(1), point (b)(i), and without pre-trade transparency for orders subject to the share trading obligation and outside the waivers referred to in Article 4(1); (c) the methodology that is used to derive the percentage referred to in point (b).
2022/10/20
Committee: ECON
Amendment 250 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 4 – point f
Regulation (EU) No 600/2014
Article 5 – Paragraph 7
7. 7. To ensure a reliable basis for monitoring the trading as referred to in paragraph 4(b) taking place under the waivers referred to in Article 4(1), point (a), and Article 4(1), point (b)(i) and for determining whether the limits referred to in paragraph 1 have been exceeded, operators of trading venues and systematic internalisers shall have in place systems and procedures to enable the identification of all trades referred to in paragraph 4(b) which have taken place on their venue under those waivers.;execution venue.
2022/10/20
Committee: ECON
Amendment 254 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 5 – point b a (new)
Regulation (EU) No 600/2014
Article 9 – paragraph 5
(ba) In paragraph 5 the following is added after point (e): (ea) the volume cap threshold as outlined in paragraph 1 and the method by which it is defined. When defining the possible threshold, ESMA should take into account the impact of that measure on price formation, liquidity, and end investors’ outcomes; (eb) the method, including the flagging of transactions, by which it collates, calculates and publishes the transaction data, as outlined in paragraph 4, in order to provide an accurate measurement of the total volume of trading per financial instrument and the percentages of trading that use those waivers across the Union and per trading venue. ESMA shall submit the draft regulatory technical standards referred to in points ea and eb to the Commission by ... [six months after the date of entry into force of this amending Regulation.
2022/10/20
Committee: ECON
Amendment 284 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 8 – point a
Regulation (EU) No 600/2014
Article 14 – paragraph 2
2. This Article and Articles 15, 16 and 17 shall apply to systematic internalisers when they deal in sizes up to twice the standard market sizehe size determined by ESMA in accordance with paragraph 7. Systematic internalisers shall not be subject to this Article and Articles 15, 16 and 17 when they deal in sizes above twice the standard market size.
2022/10/20
Committee: ECON
Amendment 289 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 8 – point a
Regulation (EU) No 600/2014
Article 14 – paragraph 3
3. Systematic internalisers are allowed to quote any size. The minimum quoting size shall be at least the equivalent of twice the standard market size offor a share, depositary receipt, ETF, certificate, or other financial instrument that is similar to those financial instruments and that is traded on a trading venueraded on a trading venue shall be the determined by ESMA in accordance with paragraph 7. For a particular share, depository receipt, ETF, certificate or other financial instrument that is similar to those financial instruments and that is traded on a trading venue, each quote shall include a firm bid and offer price, or firm bid and offer prices for a size or sizes which could be up to twice the standard market sizeize determined by ESMA in accordance with paragraph 7 for the class of shares, depositary receipts, ETFs, certificates or financial instruments that are similar to those financial instruments, to which the financial instrument belongs. The price or prices shall reflect the prevailing market conditions for that share, depositary receipt, ETF, certificate or financial instrument that is similar to those financial instruments.;
2022/10/20
Committee: ECON
Amendment 293 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 8 – point b b (new)
Regulation (EU) No 600/2014
Article 14 – Paragraph 7 - first subparagraph
7.(b a) in paragraph 7, the first subparagraph is replaced by the following: In order to ensure the efficient valuation of shares, depositary receipts, ETFs, certificates and other similar financial instruments and maximise the possibility of investment firms to obtain the best deal for their clients, ESMA shall develop draft regulatory technical standards to specify furthering: (a) the arrangements for the publication of a firm quote as referred to in paragraph 1,; (b) the size below which this Article and Articles 15, 16 and 17 shall apply to systematic internalisers as referred to in paragraph 2. This size should exceed twice the standard market size; (c) the minimum quoting sizes as referred to in paragraph 3; (d) the determination of whether prices reflect prevailing market conditions as referred to in paragraph 3, and of; (e) the standard market size as referred to in paragraphs 2 and 4.
2022/10/20
Committee: ECON
Amendment 298 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 8 e (new)
Regulation (EU) No 600/2014
Article 15 – Paragraph 1
(8 a) In Article 15 Execution of client orders , paragraph 1 is replaced by the following: ‘1. Systematic internalisers shall make public their quotes on a regular and continuous basis during normal trading hours. They may update their quotes at any time. They shall be allowed, under exceptional market conditions, to withdraw their quotes. The quotes shall be made public in a manner which is easily accessible to other market participants on a reasonable commercial basis. Member States shall require that firms that meet the definition of systematic internaliser notify their competent authority. Such notification shall be transmitted to ESMA. ESMA shall establish a list of all SIs in the Union. Member States shall require that firms that meet the definition of systematic internaliser provide the competent authority with a detailed description of the functioning of the systematic internaliser, including any links to or participation by a regulated market, an MTF, an OTF or a systematic internaliser owned by the same investment firm, and a list of their members, participants and/or users. Competent authorities shall make that information available to ESMA on request. Member States shall require that firms that meet the definition of systematic internaliser establish and implement transparent and non-discriminatory rules and objective criteria for the efficient execution of orders. They shall have arrangements for the sound management of the technical operations of the facility, including the establishment of effective contingency arrangements to cope with risks of systems disruption.
2022/10/20
Committee: ECON
Amendment 300 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 8 a (new)
Regulation (EU) No 600/2014
Article 15 – Paragraph 4
(b) In Article 15, paragraph 4 is deleted.;
2022/10/20
Committee: ECON
Amendment 302 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 8 a (new)
(c)In Article 15, paragraph 5 is replaced by the following: ‘5. The Commission shall be empowered to adopt delegated acts in accordance with Article 50, clarifying what constitutes a reasonable commercial basis to make quotes public as referred to in paragraph 1. ESMA shall develop draft implementing technical standards to determine the content and format of the description and notification referred to in paragraph 1. ESMA shall submit those draft regulatory technical standards to the Commission by ... [six months after the date of entry into force of this amending Regulation. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
2022/10/20
Committee: ECON
Amendment 305 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 8 g (new)
Regulation (EU) No 600/2014
Article 16 – Paragraph 1
(8 b) "Article 16 is amended as follows: (a) paragraph 1 is replaced by the following: ‘The competent authorities shall check the following: (a) that investment firmsfirms that meet the definition of systematic internaliser regularly update bid and offer prices published in accordance with Article 14 and maintain prices which reflect the prevailing market conditions; (baa) that investment firmsfirms that meet the definition of systematic internaliser comply with the conditions for order execution laid down in Article 15(1); (b) that firms that meet the definition of systematic internaliser comply with the conditions for price improvement laid down in Article 15(2). "
2022/10/20
Committee: ECON
Amendment 326 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22a – paragraph 1 a (new)
1a. All market data contributors will provide the CTP with all core data in real time. However, regulated markets whose average daily trading volume of shares represents less than 1 % of the average daily trading volume of the Union, and who do not form part of a market operator group that operates regulated markets that collectively represent more than 2% of the average daily trading volume in the union shall not be required to permit their pre trade market data to be published by the CTP in real time;
2022/10/21
Committee: ECON
Amendment 332 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22 a – paragraph 2 a (new)
2 a. Regulated markets whose average daily trading volume of shares exceeds 1 % of the average trading volume of the Union, and who do not form part of a market operator group that operates regulated markets that collectively represent more than 2% of the average daily trading volume in the union, shall not be required to permit their pre-trade market data to be published by the CTP in real time if: (i) the regulated market accounts for more than 85% of the average daily trading volume of shares that were first admitted to trading on that regulated market; or (ii) the average daily trading volume of shares first admitted on a regulated market on MTFs and systematic internalisers collectively is 15% or less of the average daily trading volume of those shares. ESMA shall publish on its website a list of regulated markets exempted from permitting their pre-trade market data to be published by the CTP in real time and shall update that list regularly.
2022/10/21
Committee: ECON
Amendment 336 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22a – paragraph 2 b (new)
2 b. Notwithstanding paragraphs 1a and 2a, smaller regulated markets may decide to permit their pre-trade market data to be published by the CTP in real time, subject to the provisions of paragraph 1, by notifying ESMA and the CTP.
2022/10/21
Committee: ECON
Amendment 337 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22a – paragraph 2 c (new)
2 c. Each CTP shall be free to choose, from among the types of connection and formats that the market data contributors offer to other users, which connection it wishes to use for the provision of those data. Market data contributors shall not receive any remuneration for providing the connectivity other than the revenue sharing for shares, as specified in the conditions for appointment of the CTP in the selection process laid down in 27da.
2022/10/21
Committee: ECON
Amendment 338 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22a – paragraph 3
3. Market data contributors shall, with regard to transactions in the instruments referred to in paragraph 1 that are concluded by investment firms outside a trading venue, provide the CTP with the market data concerning those transactions through an APA. Market data providers shall, with regard to the best bids and offers in shares provided by investment firms outside a trading venue, provide the CTP with the market data concerning those bids and offers either directly or through an APA.
2022/10/21
Committee: ECON
Amendment 35 #

2021/0384(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 3 a (new)
Directive 2014/65/EU
Article 16 – paragraph 3
3 a. in Article 16, paragraph 3 is replaced by the following: "3. An investment firm shall maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps designed to prevent conflicts of interest as defined in Article 23 from adversely affecting the interests of its clients. An investment firm which manufactures financial instruments for sale to clients shall maintain, operate and review a process for the approval of each financial instrument and significant adaptations of existing financial instruments before it is marketed or distributed to clients. The product approval process shall specify an identified target market of end clients within the relevant category of clients for each financial instrument and shall ensure that all relevant risks to such identified target market are assessed and that the intended distribution strategy is consistent with the identified target market. An investment firm shall also regularly review financial instruments it offers or markets, taking into account any event that could materially affect the potential risk to the identified target market, to assess at least whether the financial instrument remains consistent with the needs of the identified target market and whether the intended distribution strategy remains appropriate. An investment firm which manufactures financial instruments shall make available to any distributor all appropriate information on the financial instrument and the product approval process, including the identified target market of the financial instrument. Where an investment firm offers or recommends financial instruments which it does not manufacture, it shall have in place adequate arrangements to obtain the information referred to in the fifth subparagraph and to understand the characteristics and identified target market of each financial instrument. The policies, processes and arrangements referred to in this paragraph shall be without prejudice to all other requirements under this Directive and Regulation (EU) No 600/2014, including those relating to disclosure, suitability or appropriateness, identification and management of conflicts of interests, and inducements. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20220228). " Or. en
2022/10/20
Committee: ECON
Amendment 36 #

2021/0384(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 3 b (new)
Directive 2014/65/EU
Article 23
3 b. Article 23 is replaced by the following: "1. Member States shall require investment firms to take all appropriate steps to identify and to prevent or manage conflicts of interest between themselves, including their managers, employees and tied agents, or any person directly or indirectly linked to them by control and their clients or between one client and another that arise in the course of providing any investment and ancillary services, or combinations thereof, including those caused by the receipt of inducements from third parties or by the investment firm’s own remuneration and other incentive structures. 2. Where organisational or administrative arrangements made by the investment firm in accordance with Article 16(3) to prevent conflicts of interest from adversely affecting the interest of its client are not sufficient to ensure, with reasonable confidence, that risks of damage to client interests will be prevented, the investment firm shall clearly disclose to the client the general nature and/or sources of conflicts of interest and the steps taken to mitigate those risks before undertaking business on its behalf. 3. The disclosure referred to in paragraph 2 shall: (a) be made in a durable medium; and (b) include sufficient detail, taking into account the nature of the client, to enable that client to take an informed decision with respect to the service in the context of which the conflict of interest arises. 4. The Commission shall be empowered to adopt delegated acts in accordance with Article 89 to: (a) define the steps that investment firms might reasonably be expected to take to identify, prevent, manage and disclose conflicts of interest when providing various investment and ancillary services and combinations thereof; (b) establish appropriate criteria for determining the types of conflict of interest whose existence may damage the interests of the clients or potential clients of the investment firm. "
2022/10/20
Committee: ECON
Amendment 37 #

2021/0384(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 3 c (new)
Directive 2014/65/EU
Article 24
Article 24 General principles and information to clients 1. Member States shall require that, when providing investment services or, where appropriate, ancillary services to clients, an investment firm act honestly, fairly and professionally in accordance with the best interests of its clients and comply, in particular, with the principles set out in this Article and in Article 25. 2. Investment firms which manufacture financial instruments for sale to clients shall ensure that those financial instruments are designed to meet the needs of an identified target market of end clients within the relevant category of clients, the strategy for distribution of the financial instruments is compatible with the identified target market, and the investment firm takes reasonable steps to ensure that the financial instrument is distributed to the identified target market. An investment firm shall understand the financial instruments they offer or recommend, assess the compatibility of the financial instruments with the needs of the clients to whom it provides investment services, also taking account of the identified target market of end clients as referred to in Article 16(3), and ensure that financial instruments are offered or recommended only when this is in the interest of the client. 3. All information, including marketing communications, addressed by the investment firm to clients or potential clients shall be fair, clear and not misleading. Marketing communications shall be clearly identifiable as such. 4. Appropriate information shall be provided in good time to clients or potential clients with regard to the investment firm and its services, the financial instruments and proposed investment strategies, execution venues and all costs and related charges. That information shall include the following: (a) when investment advice is provided, the investment firm must, in good time before it provides investment advice, inform the client: (i) whether or not the advice is provided on an independent basis; (ii) whether the advice is based on a broad or on a more restricted analysis of different types of financial instruments and, in particular, whether the range is limited to financial instruments issued or provided by entities having close links with the investment firm or any other legal or economic relationships, such as contractual relationships, so close as to pose a risk of impairing the independent basis of the advice provided; (iii) whether the investment firm will provide the client with a periodic assessment of the suitability of the financial instruments recommended to that client; (b) the information on financial instruments and proposed investment strategies must include appropriate guidance on and warnings of the risks associated with investments in those instruments or in respect of particular investment strategies and whether the financial instrument is intended for retail or professional clients, taking account of the identified target market in accordance with paragraph 2; (c) the information on all costs and associated charges must include information relating to both investment and ancillary services, including the cost of advice, where relevant, the cost of the financial instrument recommended or marketed to the client and how the client may pay for it, also encompassing any third-party payments. The information about all costs and charges, including costs and charges in connection with the investment service and the financial instrument, which are not caused by the occurrence of underlying market risk, shall be aggregated to allow the client to understand the overall cost as well as the cumulative effect on return of the investment, and where the client so requests, an itemised breakdown shall be provided. Where applicable, such information shall be provided to the client on a regular basis, at least annually, during the life of the investment. Where the agreement to buy or sell a financial instrument is concluded using a means of distance communication which prevents the prior delivery of the information on costs and charges, the investment firm may provide the information on costs and charges either in electronic format or on paper, where requested by a retail client, without undue delay after the conclusion of the transaction, provided that both of the following conditions are met: (i) the client has consented to receiving the information without undue delay after the conclusion of the transaction; (ii) the investment firm has given the client the option of delaying the conclusion of the transaction until the client has received the information. In addition to the requirements of the third subparagraph, the investment firm shall be required to give the client the option of receiving the information on costs and charges over the phone prior to the conclusion of the transaction. 5. The information referred to in paragraphs 4 and 9 shall be provided in a comprehensible form in such a manner that clients or potential clients are reasonably able to understand the nature and risks of the investment service and of the specific type of financial instrument that is being offered and, consequently, to take investment decisions on an informed basis. Member States may allow that information to be provided in a standardised format. 5a. Investment firms shall provide all information required to be provided by this Directive to clients or potential clients in electronic format, except where the client or potential client is a retail client or potential retail client who has requested receiving the information on paper, in which case that information shall be provided on paper, free of charge. Investment firms shall inform retail clients or potential retail clients that they have the option of receiving the information on paper. Investment firms shall inform existing retail clients that receive the information required to be provided by this Directive on paper of the fact that they will receive that information in electronic format at least eight weeks before sending that information in electronic format. Investment firms shall inform those existing retail clients that they have the choice either to continue receiving information on paper or to switch to information in electronic format. Investment firms shall also inform existing retail clients that an automatic switch to the electronic format will occur if they do not request the continuation of the provision of the information on paper within that eight week period. Existing retail clients who already receive the information required to be provided by this Directive in electronic format do not need to be informed. 6. Where an investment service is offered as part of a financial product which is already subject to other provisions of Union law relating to credit institutions and consumer credits with respect to information requirements, that service shall not be additionally subject to the obligations set out in paragraphs 3, 4 and 5. 7. the client that investment advice is provided on an independent basis, that investment firm shall: (a) financial instruments available on the market which must be sufficiently diverse with regard to their type and issuers or product providers to ensure that the client’s investment objectives can be suitably met and must not be limited to financial instruments issued or provided by: (i) entities having close links with the investment firm; or (ii) investment firm has such close legal or economic relationships, such as contractual relationships, as to pose a risk of impairing the independent basis of the advice provided; (b) commissions or any monetary or non- monetary benefits paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to clients. Minor non- monetary benefits that are capable of enhancing the quality of service provided to a client and are of a scale and nature such that they could not be judged to impair compliance with the investment firm’s duty to act in the best interest of the client must be clearly disclosed and are excluded from this point. 8. management the investment firm shall not accept and retain fees, commissions or any monetary or non-monetary benefits paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to clients. Minor non-monetary benefits that are capable of enhancing the quality of service provided to a client and are of a scale and nature such that they could not be judged to impair compliance with the investment firm’s duty to act in the best interest of the client shall be clearly disclosed and are excluded from this paragraph. 9. Member States shall ensure that investment firms are regarded as not fulfilling their obligations under Article 23 or under paragraph 1 of this Article where they pay or are paid any fee or commission, or provide or are provided with any non-monetary benefit in connection with the provision of an investment service or an ancillary service, to or by any party except the client or a person on behalf of the client, other than where the payment or benefit: (a) is designed to enhance the quality of the relevant service to the client; and (b) does not impair compliance with the investment firm’s duty to act honestly, fairly and professionally in accordance with the best interest of its clients. The existence, nature and amount of the payment or benefit referred to in the first subparagraph, or, where the amount cannot be ascertained, the method of calculating that amount, must be clearly disclosed to the client, in a manner that is comprehensive, accurate and understandable, prior to the provision of the relevant investment or ancillary service. Where applicable, the investment firm shall also inform the client on mechanisms for transferring to the client the fee, commission, monetary or non- monetary benefit received in relation to the provision of the investment or ancillary service. The payment or benefit which enables or is necessary for the provision of investment services, such as custody costs, settlement and exchange fees, regulatory levies or legal fees, and which by its nature cannot give rise to conflicts with the investment firm’s duties to act honestly, fairly and professionally in accordance with the best interests of its clients, is not subject to the requirements set out in the first subparagraph. 9a. Member States shall 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: (a) before the execution or research services have been provided, an agreement has been entered into between the investment firm and the research provider, identifying the part of any combined charges or joint payments for execution services and research that is attributable to research; (b) the investment firm informs its clients about the joint payments for execution services and research made to the third party providers of research; and (c) the research for which the 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 1 billion, as expressed by end-year quotes for the years when they are or were listed or by the own-capital for the financial years when they are or were not listed. For the purpose of this Article, research shall be understood as covering research material or services concerning one or several financial instruments or other assets, or the issuers or potential issuers of financial instruments, or as covering research material or services closely related to a specific industry or market such that it informs views on financial instruments, assets or issuers within that industry or market. Research shall also comprise material or services that explicitly or implicitly recommend or suggest an investment strategy and provide a substantiated opinion as to the present or future value or price of financial instruments or assets, or otherwise contain analysis and original insights and reach conclusions based on new or existing information that could be used to inform an investment strategy and be relevant and capable of adding value to the investment firm’s decisions on behalf of clients being charged for that research. 10. An investment firm which provides investment services to clients shall ensure that it does not remunerate or assess the performance of its staff in a way that conflicts with its duty to act in the best interests of its clients. In particular, it shall not make any arrangement by way of remuneration, sales targets or otherwise that could provide an incentive to its staff to recommend a particular financial instrument to a retail client when the investment firm could offer a different financial instrument which would better meet that client’s needs. 11. When an investment service is offered together with another service or product as part of a package or as a condition for the same agreement or package, the investment firm shall inform the client whether it is possible to buy the different components separately and shall provide for a separate evidence of the costs and charges of each component. Where the risks resulting from such an agreement or package offered to a retail client are likely to be different from the risks associated with the components taken separately, the investment firm shall provide an adequate description of the different components of the agreement or package and the way in which its interaction modifies the risks. ESMA, in cooperation with EBA and EIOPA, shall develop by 3 January 2016, and update periodically, guidelines for the assessment and the supervision of cross- selling practices indicating, in particular, situations in which cross-selling practices are not compliant with obligations laid down in paragraph 1. 12. Member States may, in exceptional cases, impose additional requirements on investment firms in respect of the matters covered by this Article. Such requirements must be objectively justified and proportionate so as to address specific risks to investor protection or to market integrity which are of particular importance in the circumstances of the market structure of that Member State.. Member States shall notify the Commission of any requirement which they intend to impose in accordance with this paragraph without undue delay and at least two months before the date appointed for that requirement to come into force. The notification shall include a justification for that requirement. Any such additional requirements shall not restrict or otherwise affect the rights of investment firms under Articles 34 and 35 of this Directive. The Commission shall within two months from the notification referred to in the second subparagraph provide its opinion on the proportionality of and justification for the additional requirements. The Commission shall communicate to Member States and make public on its website the additional requirements imposed in accordance with this paragraph. Member States may retain additional requirements that were notified to the Commission in accordance with Article 4 of Directive 2006/73/EC before 2 July 2014 provided that the conditions laid down in that Article are met. 13. The Commission shall be empowered to adopt delegated acts in accordance with Article 89 to ensure that 3 c. Article 24 is replaced by the following: "Article 24 General principles and information to clients 1. Member States shall require that, when providing investment services or, where appropriate, ancillary services to clients, an investment firm act honestly, fairly and professionally in accordance with the best interests of its clients and comply, in particular, with the principles set out in this Article and in Article 25. 2. Investment firms which manufacture financial instruments for sale to clients shall ensure that those financial instruments are designed to meet the needs of an identified target market of end clients within the relevant category of clients, the strategy for distribution of the financial instruments is compatible with the identified target market, and the investment firm takes reasonable steps to ensure that the financial instrument is distributed to the identified target market. An investment firm shall understand the financial instruments they offer or recommend, assess the compatibility of the financial instruments with the needs of the clients to whom it provides investment services, also taking account of the identified target market of end clients as referred to in Article 16(3), and ensure that financial instruments are offered or recommended only when this is in the interest of the client. 3. All information, including marketing communications, addressed by the investment firm to clients or potential clients shall be fair, clear and not misleading. Marketing communications shall be clearly identifiable as such. 3a. When providing investment advice, portfolio management, or execution-only services, investment firms (a) shall only be remunerated through charges payable by or on behalf of the client, and shall not solicit or accept any other payments or benefits in relation to these services, regardless of whether it intends to refund the payments or pass the benefits on to the retail client; (b) shall not accept or receive fees, commissions or any benefits paid or provided by any third party of a person acting on behalf of a third party in relation to the provision of the service to the clients. Minor non-monetary benefits that are capable of enhancing the quality of service provided to a client and are of a scale and nature such that they could not be judged to impair compliance with the investment firm’s duty to act in the best interest of the client must be clearly disclosed and are excluded from this point; (c) shall not incentivise staff to recommend a particular financial instrument to a retail client when the firm could offer another that would better meet that client’s needs. 4. Appropriate information shall be provided in good time to clients or potential clients with regard to the investment firm and its services, the financial instruments and proposed investment strategies, execution venues and all costs and related charges. That information shall include the following: (a) when investment advice is provided, the investment firm must, in good time before it provides investment advice, inform the client: (i) whether or not the advice is provided on an independent basis. Where an investment firm informs the client that investment advice is provided on an independent basis, that investment firm shall assessesa sufficient range of third- party financial instruments available on the market which must be sufficiently diverse with regard to their type and issuers or product providers to ensure that the client’s investment objectives can be suitably met and must not be limited to financial instruments issued or provided by the investment firm or other entities with which the investment firm has such close legal or economic relationships, such as contractual relationships, as to pose a risk of impairing the independent basis of the advice provided (ii) whether the advice is provided based on a restricted analysis of different types of financial instruments and, in particular, whether the range is limited to in-house financial instruments issued or provided by entities having close links with the investment firm or any other legal or economic relationships, such as contractual relationships, so close as to pose a risk of impairing the independent basis of the advice provided; (iii) whether the investment firm will provide the client with a periodic assessment of the suitability of the financial instruments recommended to that client; (b) the information on financial instruments and proposed investment strategies must include appropriate guidance on and warnings of the risks associated with investments in those instruments or in respect of particular investment strategies and whether the financial instrument is intended for retail or professional clients, taking account of the identified target market in accordance with paragraph 2; (c) the information on all costs and associated charges must include information relating to both investment and ancillary services, including the cost of advice, where relevant, the cost of the financial instrument recommended or marketed to the client and how the client may pay for it. For the purposes of paragraph 4(a), investment firms should be required to transmit on an annual basis information to national competent authorities about the proportion of third-party financial instruments and the proportion of in- house financial instruments distributed to clients. National competent authorities should be required to transmit this information to ESMA. The information about all costs and charges, including costs and charges in connection with the investment service and the financial instrument, which are not caused by the occurrence of underlying market risk, shall be aggregated to allow the client to understand the overall cost as well as the cumulative effect on return of the investment, and where the client so requests, an itemised breakdown shall be provided. Where applicable, such information shall be provided to the client on a regular basis, at least annually, during the life of the investment. Where the agreement to buy or sell a financial instrument is concluded using a means of distance communication which prevents the prior delivery of the information on costs and charges, the investment firm may provide the information on costs and charges either in electronic format or on paper, where requested by a retail client, without undue delay after the conclusion of the transaction, provided that both of the following conditions are met: (i) the client has consented to receiving the information without undue delay after the conclusion of the transaction; (ii) the investment firm has given the client the option of delaying the conclusion of the transaction until the client has received the information. In addition to the requirements of the third subparagraph, the investment firm shall be required to give the client the option of receiving the information on costs and charges over the phone prior to the conclusion of the transaction. 5. The information referred to in paragraphs 4 and 9 shall be provided in a comprehensible form in such a manner that clients or potential clients are reasonably able to understand the nature and risks of the investment service and of the specific type of financial instrument that is being offered and, consequently, to take investment decisions on an informed basis. Member States may allow that information to be provided in a standardised format. 5a. Investment firms shall provide all information required to be provided by this Directive to clients or potential clients in electronic format, except where the client or potential client is a retail client or potential retail client who has requested receiving the information on paper, in which case that information shall be provided on paper, free of charge. Investment firms shall inform retail clients or potential retail clients that they have the option of receiving the information on paper. Investment firms shall inform existing retail clients that receive the information required to be provided by this Directive on paper of the fact that they will receive that information in electronic format at least eight weeks before sending that information in electronic format. Investment firms shall inform those existing retail clients that they have the choice either to continue receiving information on paper or to switch to information in electronic format. Investment firms shall also inform existing retail clients that an automatic switch to the electronic format will occur if they do not request the continuation of the provision of the information on paper within that eight week period. Existing retail clients who already receive the information required to be provided by this Directive in electronic format do not need to be informed. 6. Where an investment service is offered as part of a financial product which is already subject to other provisions of Union law relating to credit institutions and consumer credits with respect to information requirements, that service shall not be additionally subject to the obligations set out in paragraphs 3, 4 and 5. Where an investment firm informs assess a sufficient range of the investment firm itself or by other entities with which the not accept and retain fees, When providing portfolio 9. Member States shall ensure that investment firms are regarded as not fulfilling their obligations under Article 23 or under paragraph 1 of this Article where they are provided with any non-monetary benefit in connection with the provision of an investment service or an ancillary service, to or by any party except the client or a person on behalf of the client, other than where the payment or benefit: (a) is designed to enhance the quality of the relevant service to the client; and (b) does not impair compliance with the investment firm’s duty to act honestly, fairly and professionally in accordance with the best interest of its clients. The existence, nature and amount of the payment or benefit referred to in the first subparagraph, or, where the amount cannot be ascertained, the method of calculating that amount, must be clearly disclosed to the client, in a manner that is comprehensive, accurate and understandable, prior to the provision of the relevant investment or ancillary service. Where applicable, the investment firm shall also inform the client on mechanisms for transferring to the client the non-monetary benefit received in relation to the provision of the investment or ancillary service. The payment or benefit which enables or is necessary for the provision of investment services, such as custody costs, settlement and exchange fees, regulatory levies or legal fees, and which by its nature cannot give rise to conflicts with the investment firm’s duties to act honestly, fairly and professionally in accordance with the best interests of its clients, is not subject to the requirements set out in the first subparagraph. 9a. Member States shall 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: (a) before the execution or research services have been provided, an agreement has been entered into between the investment firm and the research provider, identifying the part of any combined charges or joint payments for execution services and research that is attributable to research; (b) the investment firm informs its clients about the joint payments for execution services and research made to the third party providers of research; and (c) the research for which the 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 1 billion, as expressed by end-year quotes for the years when they are or were listed or by the own-capital for the financial years when they are or were not listed. For the purpose of this Article, research shall be understood as covering research material or services concerning one or several financial instruments or other assets, or the issuers or potential issuers of financial instruments, or as covering research material or services closely related to a specific industry or market such that it informs views on financial instruments, assets or issuers within that industry or market. Research shall also comprise material or services that explicitly or implicitly recommend or suggest an investment strategy and provide a substantiated opinion as to the present or future value or price of financial instruments or assets, or otherwise contain analysis and original insights and reach conclusions based on new or existing information that could be used to inform an investment strategy and be relevant and capable of adding value to the investment firm’s decisions on behalf of clients being charged for that research. 10. An investment firm which provides investment services to clients shall ensure that it does not remunerate or assess the performance of its staff in a way that conflicts with its duty to act in the best interests of its clients. In particular, it shall not make any arrangement by way of remuneration, sales targets or otherwise that could provide an incentive to its staff to recommend a particular financial instrument to a retail client when the investment firm could offer a different financial instrument which would better meet that client’s needs. 11. When an investment service is offered together with another service or product as part of a package or as a condition for the same agreement or package, the investment firm shall inform the client whether it is possible to buy the different components separately and shall provide for a separate evidence of the costs and charges of each component. Where the risks resulting from such an agreement or package offered to a retail client are likely to be different from the risks associated with the components taken separately, the investment firm shall provide an adequate description of the different components of the agreement or package and the way in which its interaction modifies the risks. ESMA, in cooperation with EBA and EIOPA, shall develop by 3 January 2016, and update periodically, guidelines for the assessment and the supervision of cross- selling practices indicating, in particular, situations in which cross-selling practices are not compliant with obligations laid down in paragraph 1. 12. Member States may, in exceptional cases, impose additional requirements on investment firms in respect of the matters covered by this Article. Such requirements must be objectively justified and proportionate so as to address specific risks to investor protection or to market integrity which are of particular importance in the circumstances of the market structure of that Member State. Member States shall notify the Commission of any requirement which they intend to impose in accordance with this paragraph without undue delay and at least two months before the date appointed for that requirement to come into force. The notification shall include a justification for that requirement. Any such additional requirements shall not restrict or otherwise affect the rights of investment firms under Articles 34 and 35 of this Directive. The Commission shall within two months from the notification referred to in the second subparagraph provide its opinion on the proportionality of and justification for the additional requirements. The Commission shall communicate to Member States and make public on its website the additional requirements imposed in accordance with this paragraph. Member States may retain additional requirements that were notified to the Commission in accordance with Article 4 of Directive 2006/73/EC before 2 July 2014 provided that the conditions laid down in that Article are met. 13. The Commission shall be empowered to adopt delegated acts in accordance with Article 89 to ensure that investment firms comply with the principles set out in this Article when providing investment or ancillary services to their clients, including: (a) the conditions with which the information must comply in order to be fair, clear and not misleading; (b) the details about content and format of information to clients in relation to client categorisation, investment firms and their services, financial instruments, costs and charges; (c) the criteria for the assessment of a range of financial instruments available on the market; (d) the criteria to assess compliance of firms receiving inducements with the obligation to act honestly, fairly and professionally in accordance with the best interest of the client. In formulating the requirements for information on financial instruments in relation to point b of paragraph 4 information on the structure of the product shall be included, where applicable, taking into account any relevant standardized information required under Union law. 14. The delegated acts referred to in paragraph 13 shall take into account: (a) the nature of the service(s) offered or provided to the client or potential client, taking into account the type, object, size and frequency of the transactions; (b) the nature and range of products being offered or considered including different types of financial instruments; (c) the retail or professional nature of the client or potential clients or, in the case of paragraphs 4 and 5, their classification as eligible counterparties.
2022/10/20
Committee: ECON
Amendment 40 #

2021/0384(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 4 – point –a 2 (new)
Directive 2014/65/EU
Article 27 – paragraph 1 – third suparagraph
(-a2) In paragraph 1, third subparagraph is replaced by the following: "For the purposes of delivering best possible result in accordance with the first subparagraph where there is more than one competing venue to execute an order for a financial instrument, in order to assess and compare the results for the client that would be achieved by executing the order on each of the execution venues listed in the investment firm’s order execution policy that is capable of executing that order, the investment firm’s own commissions and the costs for executing the order on each of the eligible execution venues shall be taken into account in that assessment. Investment firms shall not request or propose to clients to choose a venue for order execution. "
2022/10/20
Committee: ECON
Amendment 178 #

2021/0376(COD)

Proposal for a directive
Recital 31 b (new)
(31 b) Member States should require UCITS management companies and AIFMs to act in such a way as to prevent undue costs from being charged to unit- holders. UCITS management companies and AIFMs should also be required to regularly carry out an annual assessment to demonstrate that they have not charged undue costs to their unit-holders. At the moment, divergent market and supervisory practices exist as what industry and supervisors may consider as ‘due’ or ‘undue’ costs. The lack of a consistent definition of the concept of ‘undue cost’ leaves room for regulatory arbitrage and risks of hampering competition between investment funds in the Union market. Furthermore, it may lead to different levels of investor protection depending on where an investment fund is domiciled. To ensure that UCITS management companies and AIFMs do not charge undue costs to investors, the European Securities and Markets Authority should be required to develop draft regulatory technical standards prescribing a definition of undue costs, including rules for AIFs and UCITS to assess on annual basis whether they have charged undue costs to their unit-holders.
2022/07/04
Committee: ECON
Amendment 239 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 3 – point b
Directive 2011/61/EU
Article 7 – paragraph 5 – subparagraph 4 – point d c (new)
(d c) the amount of fees generated by the AIFM and the amount of fees paid to the delegate;
2022/07/04
Committee: ECON
Amendment 259 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 4 c (new)
Directive 2011/61/EU
Article 13 – paragraph 1
(4 c) the first subparagraph of Article 13(1) is replaced by the following: '1. Member States shall require AIFMs to have remuneration policies and practices for those categories of staff, including senior management, risk takers, control functions, and any employees receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers, whose professional activities have a material impact on the risk profiles of the AIFMs or of the AIFs they manage, that are consistent with and promote sound and effective risk management, including ESG risks, and do not encourage risk-taking which is inconsistent with the risk profiles, rules or instruments of incorporation of the AIFs they manage'.
2022/07/04
Committee: ECON
Amendment 262 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 4 d (new)
Directive 2011/61/EU
Article 14a
(4 d) The following Article 14a is inserted: 'Article 14c Fees and undue costs 1. Member States shall prohibit AIFMs from charging performance fees to its unit-holders, except where these performance fees are symmetric 2. Member States shall require AIFMs to act in such a way as to prevent undue costs being charged to the AIFs that they manage. 3. Member States shall require AIFMs to carry out an annual assessment to demonstrate that they have not charged undue costs to the AIF and its unit- holders, including by having regard to at least the following elements: (a) the range and quality of services provided to unit-holders, including where these are provided by third parties; (b) the performance of the AIF, including with reference to other comparable AIF investment funds with similar risk profiles and investment strategies available on the market; (c) the level of charges and cost borne by unitholders, including with reference to other comparable AIF investment funds with similar risk profiles and investment strategies available on the market; (d) whether the AIF management company is able to achieve savings and benefits from economies of scale; 4. In order to ensure a consistent harmonisation and implementation of this Article by Member States, ESMA should be required to develop by ... [12 months after the entry into force of this Directive] draft regulatory technical standards to specify the scope of the ban on performance-related fees, a definition for undue costs and the procedures for the purpose of carrying out the assessment on undue costs in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
2022/07/04
Committee: ECON
Amendment 356 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 10 b (new)
Directive 2011/61/EU
Article 30 – paragraph 3 a (new)
(10 b) In Article 30, the following paragraph is added: '3a. The Commission shall adopt benchmarks for long-term financial solvency of target companies that are subject to leveraged buy-out operations by AIF. The benchmarks shall contain a combination of four indicators, which consist of: (a) debt service cover (the ratio of cash flow to total debt service); (b) total leverage “dynamic gearing 1” (the ratio of consolidated EBITDA to net cash interest); (c) dynamic gearing 2 (the ratio of net debt to free cash flow); (d) equity ratio (the ratio of equity to total capital). Target companies shall comply with all four indicators and shall conduct regular solvency tests. Dividend payouts shall be limited to one disbursement per year and shall not exceed earnings. In the event of negative solvency there shall be no dividend payout. '
2022/07/04
Committee: ECON
Amendment 360 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 11
Directive 2011/61/EU
Article 35 – paragraph 2 – point c
(c) the third country where the non-EU AIF is established has signed an agreement with the home Member State of the authorised AIFM and with each other Member State in which the units or shares of the non-EU AIF are intended to be marketed, which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention on Income and on Capital and ensures an effective exchange of information in tax matters, including any multilateral tax agreements, and the third country is not mentioned in Annex I or Annex II to the Council conclusions of 2020 on the revised EU list on non-cooperative jurisdictions for tax purposes54 .; __________________ 54 OJ C 64, 27.2.2020, p. 8.
2022/07/04
Committee: ECON
Amendment 363 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 12 – point b
Directive 2011/61/EU
Article 36 – paragraph 1 – point d
(d) the third country where the non-EU AIF is established has signed an agreement with the home Member State of the authorised AIFM and with each other Member State in which the units or shares of the non-EU AIF are intended to be marketed, which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention on Income and on Capital and ensures an effective exchange of information in tax matters, including any multilateral tax agreements, and that third country is not mentioned in Annex I or Annex II to the Council conclusions of 2020 on the revised EU list on non-cooperative jurisdictions for tax purposes.;
2022/07/04
Committee: ECON
Amendment 368 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2011/61/EU
Article 37 – paragraph 7 – point f
(f) the third country where the non-EU AIFM is established has signed an agreement with the Member State of reference, which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention on Income and on Capital and ensures an effective exchange of information in tax matters, including any multilateral tax agreements and the third country is not mentioned in Annex I or Annex II to the Council conclusions of 2020 on the revised EU list on non-cooperative jurisdictions for tax purposes.;
2022/07/04
Committee: ECON
Amendment 378 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 15
Directive 2011/61/EU
Article 40 – paragraph 2 – point c
(c) the third country where the non-EU AIF is established has signed an agreement with the Member State of reference and with each other Member State in which the units or shares of the non-EU AIF are intended to be marketed which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention on Income and on Capital and ensures an effective exchange of information in tax matters including any multilateral tax agreements, and the third country is not mentioned in Annex I or Annex II to the Council conclusions of 2020 on the revised EU list on non- cooperative jurisdictions for tax purposes.;
2022/07/04
Committee: ECON
Amendment 382 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 16 – point b
Directive 2011/61/EU
Article 42 – paragraph 1 – point d
(d) the third country where the non-EU AIF or non-EU AIFM is established has signed an agreement with the Member State in which the units or shares of the non-EU AIF are intended to be marketed, which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention on Income and on Capital and ensures an effective exchange of information in tax matters, including any multilateral tax agreements, and that third country is not mentioned in Annex I or Annex II to the Council conclusions of 2020 on the revised EU list on non- cooperative jurisdictions for tax purposes.;
2022/07/04
Committee: ECON
Amendment 449 #

2021/0376(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 3 – point c
Directive 2009/65/EC
Article 13 – paragraph 3 – subparagraph 2 – point d c (new)
(d c) The amount of fees generated by the management company and the amount of fees paid to the delegate
2022/07/04
Committee: ECON
Amendment 470 #

2021/0376(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 3 b (new)
Directive 2009/65/EC
Article 14a – paragraph 1
(3 b) Article 14a(1) is replaced by '1. Member States shall require management companies to establish and apply remuneration policies and practices that are consistent with, and promote, sound and effective risk management, including ESG risks, and that neither encourage risk taking which is inconsistent with the risk profiles, rules or instruments of incorporation of the UCITS that they manage nor impair compliance with the management company’s duty to act in the best interest of the UCITS.