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1665 Amendments of Billy KELLEHER

Amendment 46 #

2023/2077(INI)

Motion for a resolution
Paragraph 3
3. Stresses that additional public and private investment will be needed to face new challenges; underlines that a European Sovereignty Fund financed by additional fresh money wille need to address the fragmentation of the internal market, support the EU’s industrial strategy, reduce our critical dependencies and ensure our open strategic autonomy;
2023/11/07
Committee: ECON
Amendment 111 #

2023/2077(INI)

Motion for a resolution
Paragraph 12
12. Calls on the Commission to speed up antitrust procedures and introduce a time limit for antitrust cases in order to ensure the effectiveness of EU rules; underlines that Spotify filed a complaint against Apple in 2019 and that, in spite of the Commission having issued a statement of objections, no concrete actions have been taken thus far to address Apple’s restrictions, preventing app developers from freely communicating with their own users;
2023/11/07
Committee: ECON
Amendment 117 #

2023/2077(INI)

Motion for a resolution
Paragraph 13
13. Welcomes the opening of a formal investigation into possible anti- competitive practices by Microsoft regarding Teams; calls on the Commission to carefully assess the concessions, unilaterally offered by Microsoft, with the undertakings involved, in order to ensure that they address the concerns of existing consumers, as well as interoperability and pricing issues;deleted
2023/11/07
Committee: ECON
Amendment 141 #

2023/2077(INI)

Motion for a resolution
Paragraph 16
16. Welcomes the market investigation into Apple’s iMessage in order to assess its role as a gateway; highlights the inclusion by default of iMessage on all iOS devices for more than 144 million users; sStresses the importance of smartphones as an essential personal and professional tool; highlights that today’s market is dominated by two operating systems, with their own non-interoperable messaging services, which limits the possibility for users and businesses to freely move from one ecosystem to the other;
2023/11/07
Committee: ECON
Amendment 196 #

2023/0210(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 55 a (new)
(55 a) 'electronic communications service provider' means any provider falling under the scope of: (a) Directive (EU) 2018/1972 (European electronic communications code); or (b) Regulation (EU) 2022/1925 (Digital Markets Act).
2023/12/04
Committee: ECON
Amendment 399 #

2023/0210(COD)

Proposal for a regulation
Article 59 – paragraph 1
1. Where a payment services user who is a consumer was manipulated by a third party pretending to be an employee of the consumer’s payment service provider using the name or e-mail address or telephone number of that payment service provider unlawfully and that manipulation gave rise to subsequent fraudulent authorised payment transactions, the payment service provider shall refund the consumerconsumer shall be entitled to request refund of the full amount of the fraudulent authorised payment transaction under the condition that the consumer has, without any delay, reported the fraud to the police and notified its payment service provider.
2023/12/04
Committee: ECON
Amendment 406 #

2023/0210(COD)

Proposal for a regulation
Article 59 – paragraph 2 – introductory part
2. Within 10 business days after noting or being notified of the fraudulent authorised payment transaction by the consumer and being presented with the police report, the payment service provider shall do either of the following:
2023/12/04
Committee: ECON
Amendment 426 #

2023/0210(COD)

Proposal for a regulation
Article 59 a (new)
Article 59a Electronic communication service provider’s responsibilities and liability for impersonation fraud Electronic communication service providers and payment service providers shall ensure that all necessary technical measures, including specifically the security of the communication between PSPs and PSUs are in place to prevent fraud within their sphere of competence. Such technical measures shall at a minimum include: (a) confirming the authenticity of all calls and messages routed through telecommunication networks and preventing the use of a particular telephone number that is contrary to the conditions of attribution, authorisation or allocation of that telephone number; (b) preventing the use of electronic mailing for fraudulent purposes; (c) preventing the creation of websites that are used for fraudulent purposes and preventing internet search engines from displaying such websites in the list of search results; and, d) storing proof of all IT and identity verification measures, in particular in the event of SIMSWAP, to justify their due diligence. Such technical measures shall be provided free of charge. As a derogation from Article 59(1), in the event that electronic communication service providers fail to fulfil the technical measures in paragraph 1 of this Article, they shall be financially liable towards the payer’s payment service provider for the amount that the payment service provider has refunded to the payment service user. Electronic communications service providers shall take measures to assist users in identifying and preventing fraudulent actions, including informing users on: (a) how to identify fraudulent attempts; (b) the necessary actions and precautions to be taken to avoid falling victim of fraudulent actions targeting them; and, (c) where to report fraudulent actions and rapidly obtain fraud-related information.
2023/12/04
Committee: ECON
Amendment 27 #

2023/0208(COD)

Proposal for a regulation
Recital 5 a (new)
(5a) There are certain goods and services that all population groups need or have a right to access and therefore should be able to pay for these in cash. Therefore, in cases where the payee is a health care provider or pharmacy, a utilities provider, a retail grocery provider or a public body, cash should not be refused. Member States might extend this list of entities. Member States might, however, choose to permit micro enterprises falling within these categories of payee to nonetheless refuse to accept cash for reasons of proportionality.
2024/01/29
Committee: ECON
Amendment 35 #

2023/0208(COD)

Proposal for a regulation
Recital 7
(7) With a view to an effective implementation of their obligation to ensure sufficient and effective access to cash, Member States should regularly monitor the level of access to cash throughout their territory, in all their different regions, including urban and non- urban areas, on the basis of common indicators which allow for comparisons between the Member States. Common indicators could include factors that affect access to cash, such as density of cash access points in relation to population, withdrawal and deposit conditions, including fees, the existence of different networks with different access modalities for customers, urban-rural and socio- economic variations, and access difficulties for certain population groupsand the risk of financial exclusion of certain population groups. In addition to the social and geographical considerations, Member States should also consider the sustainability of the cash cycle. If in the light of their assessment access to cash is deemed sufficient and effective on their territory, Member States would not need to adopt specific measures in relation to their respective obligation. However, they would need to continue monitoring the situation. If a Member State concludes that access to cash is not sufficient and effective in all or part of its territory, or is at risk of deteriorating in the absence of action, appropriate remedial measures should be taken to remedy the situation, such as geographic access requirements on payment service providers providing cash withdrawal services to maintain cash services at a sufficient number of their branch offices where they conduct business, or through an appointed agent for online only credit institutions, or maintain a sufficient density of automated teller machines (ATMs) where they conduct business taking into account a good geographic spread in relation to population, also taking into account possible pooling of ATMs. Other remedial measures could include recommendations addressed to non-credit institutions, such as independent ATM operators, retailers or post offices, encouraging to complement the cash services of banks.
2024/01/29
Committee: ECON
Amendment 38 #

2023/0208(COD)

Proposal for a regulation
Recital 7 a (new)
(7a) Any further evolution of the cash infrastructure in a Member State, as a result of a Member State’s assessment, should be managed in a fair, orderly, transparent and equitable manner for all stakeholders.
2024/01/29
Committee: ECON
Amendment 39 #

2023/0208(COD)

Proposal for a regulation
Recital 8
The Commission should be empowered to adopt implementing acts on a set of common indicators of general application in the euro area, which would allow the Member States to effectively monitor and assess the acceptance of payments in cash and access to cash throughout their territory, in all their different regions, including urban and non-urban areas. In view of the preparation of such implementing acts, the Commission should consult the European Central Bank(8) Given its role in the supervision of monetary policy and financial stability, the ECB has significant data resources relating to banking infrastructures and services in the Member States. Member States should monitor the level of access to cash taking into account the Commission's indicative guidance on indicators considered relevant in the light of the data collected by the ECB. Collaboration between the Commission, the Member States and the ECB will help to ensure that the monitoring framework is based on available and relevant information. Recognising the diversity of Member States, each will have the possibility to define and adapt the monitoring methodology on the basis of existing data and local specificities. This flexibility is essential to maintain the relevance and applicability of the monitoring framework in different national contexts, in order to support the development of effective policies.
2024/01/29
Committee: ECON
Amendment 41 #

2023/0208(COD)

Proposal for a regulation
Recital 8
(8) The Commission should be empowered to adopt implementing acts on a set of common indicators of general application in the euro area, which would allow the Member States to effectively monitor and assess the acceptance of payments in cash and access to cash throughout their territory, in all their different regions, including urban and non- urban areas. The common indicators for determining the factors affecting access to cash should be developed in a transparent and equitable manner and the indicators should be made public. In view of the preparation of such implementing acts, the Commission should consult the European Central Bank.
2024/01/29
Committee: ECON
Amendment 59 #

2023/0208(COD)

Proposal for a regulation
Article 2 – paragraph 1
1. This Regulation applies to the settlement of pecuniary debts in so far as they are to be settled in cash, in whole or in part, where a payment obligation exists in accordance with the applicable law or established legal practices. To ensure the effectiveness of the legal tender of cash, this Regulation applies also to ex ante unilateral exclusion of payments in cash and to the access to cash.
2024/01/29
Committee: ECON
Amendment 62 #

2023/0208(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 4
4. ‘ex ante unilateral exclusions of cash’ means a situation when a retailer or service provider unilaterally excludes cash as a payment method for example by introducing a ‘no cash’ sign or by stipulating in a pre-formulated, non- negotiable, standard form contract. In this case, the payer and payee do not freely agree to a means of payment for a purchase;
2024/01/29
Committee: ECON
Amendment 66 #

2023/0208(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 8 a (new)
8a. ‘provider of utilities’ means a provider of an essential good or service including energy, water or telecommunications;
2024/01/29
Committee: ECON
Amendment 67 #

2023/0208(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 8 b (new)
8b. ‘retail grocery provider’ means an enterprise that has as its primary economic activity the provision of everyday foodstuffs on a retail basis, excluding catering services and the provision of hot food;
2024/01/29
Committee: ECON
Amendment 68 #

2023/0208(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 8 c (new)
8c. ‘microenterprise’ means an enterprise as defined in Article 2 point (3) of the Annex to Commission Recommendation 2003/361 concerning the definition of micro, small and medium-sized enterprises;
2024/01/29
Committee: ECON
Amendment 72 #

2023/0208(COD)

Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 1 – point b
(b) where, prior to the payment, the payee has agreed with the payer on a different means of payment, including by way of unilateral ex ante exclusion by the payee.
2024/01/29
Committee: ECON
Amendment 76 #

2023/0208(COD)

Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 1 (new) – point b a (new)
(ba) in accordance with Article 11 of Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro, where the payer tenders more than 50 coins in any single payment, except if the payee is the issuing authority or those persons specifically designated by the national legislation of the issuing Member State;
2024/01/29
Committee: ECON
Amendment 77 #

2023/0208(COD)

Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 1 – point b b (new)
(bb) where, prior to the payment, the payee realizes that the characteristics of the banknotes or coins tendered by the payer do not comply with current Union law or that those banknotes or coins are not fit for circulation according to Union law;
2024/01/29
Committee: ECON
Amendment 82 #

2023/0208(COD)

Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 2 a (new)
For the purposes of point (b), the burden of proof to establish that such an agreement existed in a particular case shall be on the payee.
2024/01/29
Committee: ECON
Amendment 84 #

2023/0208(COD)

Proposal for a regulation
Article 5 – paragraph 2 – point ii a (new)
(iia) In exceptional cases, if the acceptance of cash payments present significant security risks.
2024/01/29
Committee: ECON
Amendment 85 #

2023/0208(COD)

Proposal for a regulation
Article 5 – paragraph 2 a (new)
2a. Article 4 is without prejudice to actions taken by the payer or the payee in order to comply with Union law on the prevention of money laundering and terrorist financing.
2024/01/29
Committee: ECON
Amendment 86 #

2023/0208(COD)

Proposal for a regulation
Article 5 – paragraph 2 a (new)
2a. Paragraph 1 shall not apply in cases where the payee is: (i) a healthcare provider or pharmacy; (ii) a public body; or (iii) a provider of utilities; In addition, paragraph 1(b) shall not apply in cases where the payee is a retail grocery provider.
2024/01/29
Committee: ECON
Amendment 87 #

2023/0208(COD)

Proposal for a regulation
Article 5 – paragraph 2 b (new)
2b. Member States may extend the list of payees to which paragraph 2a applies.
2024/01/29
Committee: ECON
Amendment 88 #

2023/0208(COD)

Proposal for a regulation
Article 5 – paragraph 2 c (new)
2c. By way of derogation from paragraph 2a, Member States may decide to permit payees that are micro enterprises falling within the scope of paragraph 2a to avail of the exceptions set out in paragraph 1 for reasons of proportionality.
2024/01/29
Committee: ECON
Amendment 99 #

2023/0208(COD)

Proposal for a regulation
Article 7 – paragraph 1
1. In order to ensure the acceptance of cash in accordance with Article 4(2), Member States shall monitor the acceptance of payments in cash and the level of ex ante unilateral exclusions of payments in cash throughout their territory, in all their different regions, including urban and non- urban areas, on the basis of the common indicators adopted by the Commissiondrafted in accordance with Article 9(2) and shall assess the situation.
2024/01/29
Committee: ECON
Amendment 105 #

2023/0208(COD)

Proposal for a regulation
Article 7 – paragraph 3
3. If a Member State considers on the basis of their monitoring and assessment, that the level of acceptance of payments in cash in their territory or parts thereof undermines mandatory acceptance of euro banknotes and coins, it shall set out the remedial measures it commits to take in accordance with Article 9(4).
2024/01/29
Committee: ECON
Amendment 109 #

2023/0208(COD)

Proposal for a regulation
Article 8 – paragraph 1
1. Member States shall ensure sufficient and effective access to cash throughout their territory, in all their different regions, including urban and non- urban areas. In order to ensure sufficient and effective access to cash, Member States shall monitor access to cash throughout their territory, in all their different regions, including urban and non- urban areas, on the basis of the common indicators adopted by the Commissiondrafted in accordance with article 9(2) and shall assess the situation.
2024/01/29
Committee: ECON
Amendment 117 #

2023/0208(COD)

Proposal for a regulation
Article 8 – paragraph 3
3. If a Member State considers, on the basis of their monitoring and assessment, that sufficient and effective access to cash is not ensured, it shall set out the remedial measures it commits to take in accordance with Article 9(4).
2024/01/29
Committee: ECON
Amendment 120 #

2023/0208(COD)

Proposal for a regulation
Article 9 – paragraph 2
2. For the purposes of Articles 7 and 8, the ECB and the Commission shall adopt implementing acts of general application onjointly adopt guidelines to define a set of common indicators to be used by Member States shall use to monitor and assess the acceptance of payments in cash and access to cash throughout their territory, in all their different regions, including urban and non- urban areas. Those implementing actguidelines shall be adoptpublished [within X months after the entry into force of this Regulation] in accordance with the advisory procedure referred to in Article 11. When preparing those implementing acts, the Commission shall consult the European Central Bank.
2024/01/29
Committee: ECON
Amendment 125 #

2023/0208(COD)

Proposal for a regulation
Article 9 – paragraph 2 a (new)
2a. For the purposes of Articles 7 and 8, a Member State may use in its annual report, in addition to common indicators, specific indicators in order to present more detailed information on the specificities of its territory, regions and urban areas. These specific indicators shall allow for a common approach to the assessment and comparability of data.
2024/01/29
Committee: ECON
Amendment 126 #

2023/0208(COD)

Proposal for a regulation
Article 9 – paragraph 2 a (new)
2a. The Commission shall prepare these implementing acts in a transparent and equitable manner. The Commission and Member States shall make the common indicators public and easily accessible.
2024/01/29
Committee: ECON
Amendment 127 #

2023/0208(COD)

Proposal for a regulation
Article 9 – paragraph 3
3. The designated national competent authorities shall notifyreport on the results of their monitoring and assessment of the situation as regards the levels of acceptance of payments in cash and access to cash, giving grounds and data for their assessment, in an annual report to be addressed to the Commission and the European Central Bank as referred to in Article 13.
2024/01/29
Committee: ECON
Amendment 133 #

2023/0208(COD)

Proposal for a regulation
Article 9 – paragraph 4 a (new)
4a. Any further evolution of the cash infrastructure in a Member State as a result of a Member State’s assessment shall be managed in a fair, orderly, transparent and equitable manner for all stakeholders.
2024/01/29
Committee: ECON
Amendment 114 #

2023/0177(COD)

Proposal for a regulation
Recital 10
(10) ESG ratings play an important role in global capital markets, as investors, borrowers and issuers increasingly use those ESG ratings as part of making informed, sustainable investment and financing decisions. Credit institutions, investment firms, insurance undertakings, assurance undertakings, and reinsurance undertakings, amongst others, often use those ESG ratings as a reference for the sustainability performance or for the sustainability risks and opportunities in their investment activity. Consequently, ESG ratings have a significant impact on the operation of the markets and on the trust and confidence of investors and consumers. To ensure that ESG ratings used in the Union are independent, objective and of adequate quality, it is important that ESG rating activities are conducted in accordance with the principles of integrity, transparency, responsibility, and good governance. Better comparability and increased reliability of ESG ratings would enhance the efficiency of that fast-growing market, thereby facilitating progress towards the objectives of the Green Deal. (This amendment applies throughout the text in the context of describing the desired characteristics of ESG ratings.)
2023/10/25
Committee: ECON
Amendment 116 #

2023/0177(COD)

Proposal for a regulation
Recital 12 a (new)
(12 a) Aside from their use in the financial services sector, ESG rating assessments are also used in the procurement and supply chain context. Therefore, ESMA should take account of the distinction between ESG ratings providers in the financial sectors and non-financial sectors in its supervision of ESG rating providers.
2023/10/25
Committee: ECON
Amendment 128 #

2023/0177(COD)

Proposal for a regulation
Recital 17
(17) Given the use of ESG ratings from providers located outside the Union, it is necessary to introduce requirements based on which third-country ESG rating providers may offer their services in the Union. This is necessary to ensure market integrity, investor protection and proper enforcement. There are objective reasons why a third country ESG rating provider has to provide the ESG rating and why that ESG rating should be endorsed for use in the Union, including proximity to the issuer, a particular industry, centres of excellence for sub-components of ESG factors, expertise of staff employed outside the EU, and the development of ratings through the collaboration of global teams . Therefore, three possible regimes are proposed for those third countries ESG rating providers: equivalence, endorsement and recognition. As an overarching principle, supervision and regulation in a third country should be equivalent to Union supervision and regulation of ESG ratings. Therefore, ESG ratings provided by an ESG rating provider located in a third country can only be offered in the Union where a positive decision on equivalence of the third- country regime has been taken by the Commission. However, to avoid any adverse impact resulting from a possible abrupt cessation of the offering in the Union of ESG ratings provided by a third country ESG rating provider, it is also necessary to provide for certain other mechanisms, that is endorsement and recognition. Any ESG rating provider with a group structure should be able to use the mechanism of endorsement for the ESG ratings developed outside the Union, provided they establish, within the group, an authorised ESG rating provider in the Union. Smaller ESG rating providers, within the meaning of the maximum threshold of net turnover in the Union to define small undertakings in Directive 2013/34/EU26 , that generally do not belong to a group, and may not have the means to have a legal entity authorised in the Union, should be able to continue or start offering their services in the Union and should therefore benefit from a lighter regime, that is recognition. Where the third country ESG provider is subject to supervision, appropriate cooperation arrangements should be put in place in order to ensure the proper exchange of information with the relevant competent authority of the third country. _________________ 26 Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).
2023/10/25
Committee: ECON
Amendment 132 #

2023/0177(COD)

Proposal for a regulation
Recital 20
(20) To ensure the quality and reliability of ESG ratings, ESG rating providers should use rating methodologies that are rigorous, systematic, objectiveindependent, continuous and subject to validjustification. ESG rating providers should review ESG ratings methodologies on an on-going basis and at least annually.
2023/10/25
Committee: ECON
Amendment 135 #

2023/0177(COD)

Proposal for a regulation
Recital 21
(21) To ensure a higher-level transparency, ESG rating providers should disclose information to the public on the methodologies, models and key rating assumptions which those providers use in their ESG rating activities and in each of their ESG ratings product. In light of the uses of ESG ratings by investors, the rating products should explicitly disclose which dimension of the double materiality the rating addresses, whether it is both material financial risk to the rated entity and the material impact of the rated entity on the environment and society in general or whether it takes into account only one of them. They should also explicitly disclose whether the rating addresses other dimensions. For the same reason, ESG rating providers should provide more detailed information on the methodologies, models and key rating assumptions to subscribers of ESG ratings. That information should enable users of ESG ratings to perform their own due diligence when assessing whether to rely or not on those ESG ratings. In particular, ESG ratings providers should disclose whether E, S, or G factors are taken into account, or an aggregation thereof, the rating given to each relevant factor, and the weighting each of these factors is given in the aggregation. Disclosure of information concerning models should however not reveal sensitive business information or impede innovation.
2023/10/25
Committee: ECON
Amendment 139 #

2023/0177(COD)

Proposal for a regulation
Recital 21 a (new)
(21 a) This Regulation should not interfere with the ESG rating methodologies or content. Diversity in the methodologies of ESG ratings providers ensures that the broad requirements of users can be met and promotes competition in the market.
2023/10/25
Committee: ECON
Amendment 148 #

2023/0177(COD)

Proposal for a regulation
Article 1 a (new)
Article1a Use of an ESG rating A regulated financial undertaking may use an ESG rating or a combination of ESG ratings in the Union if the ESG rating is provided by an ESG rating provider included in the register referred to in Article 13 or if it has developed the ESG rating exclusively for in-house use.
2023/10/25
Committee: ECON
Amendment 155 #

2023/0177(COD)

(b) ESG ratings produced by regulated financial undertakings in the Union that are used for internal purposes or for providing in-house financial services and products and that are not used in external marketing of products or advice issued by the financial undertakings;
2023/10/25
Committee: ECON
Amendment 159 #

2023/0177(COD)

Proposal for a regulation
Article 2 – paragraph 2 – point b a (new)
(ba) ESG scores or factors that are produced as part of and incorportated into the public methodologies for credit ratings and are not marketed independently;
2023/10/25
Committee: ECON
Amendment 162 #

2023/0177(COD)

Proposal for a regulation
Article 2 – paragraph 2 – point c
(c) the provision of raw ESG data that do not contain an element of rating or scoring, and is not subject to any modelling or analysis resulting in the development of an ESG rating;
2023/10/25
Committee: ECON
Amendment 174 #

2023/0177(COD)

Proposal for a regulation
Article 2 – paragraph 2 – point f
(f) second-party opinions on sustainability bondle debt instruments, including but not limited to sustainability bonds, loans and other types of debt instruments, as well as financing frameworks that govern the use of such instruments;
2023/10/25
Committee: ECON
Amendment 176 #

2023/0177(COD)

Proposal for a regulation
Article 2 – paragraph 2 – point h
(h) ESG ratings from an authorised ESG rating provider that are made available to users by a third party or an affiliate of the authorised ESG rating provider within the same group structure;
2023/10/25
Committee: ECON
Amendment 197 #

2023/0177(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 1
(1) ‘ESG rating’ means a product marketed as providing an opinion, a score or a combination of both, or the analysis or modelling of data regarding an entity, a financial instrument, a financial product, or an undertaking’s ESG profile or characteristics or exposure to ESG risks or the impact on people, society and the environment, that are based on an established methodology andor defined ranking system of rating categories and that are provided to third parties, irrespective of whether such ESG rating is explicitly labelled as ‘rating’ or ‘ESG score’;
2023/10/25
Committee: ECON
Amendment 211 #

2023/0177(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 4
(4) ‘ESG rating providers’ means a legal person whose occupation includes the offering and distributionissuance of ESG ratings or scores on a professional basis;
2023/10/25
Committee: ECON
Amendment 242 #

2023/0177(COD)

Proposal for a regulation
Article 8 – paragraph 2 a (new)
2a. In the event of a withdrawal or suspension on the basis of the cases listed in points (b)-(d) of paragraph 1, ESMA shall publish the decision on its website.
2023/10/25
Committee: ECON
Amendment 281 #

2023/0177(COD)

Proposal for a regulation
Article 11 – paragraph 1
1. Until the Commission has adopted an equivalence decision as referred to in Article 9 or, where adopted, in the event that the equivalence decision is repealed, third country ESG rating providers with an annual net turnover on their ESG rating activities in the Union below EUR 12 million for three consecutive years may provide ESG ratings to regulated financial undertakings in the Union, provided that ESMA has recognised that third country ESG rating provider in accordance with this paragraphs XX and YY.
2023/10/25
Committee: ECON
Amendment 294 #

2023/0177(COD)

Proposal for a regulation
Article 14 – paragraph 7
7. ESG rating providers shall use rating methodologies for the ESG ratings they provide that are rigorous, systematic, objectiveindependent and capable of validjustification and shall apply those rating methodologies continuously.
2023/10/25
Committee: ECON
Amendment 317 #

2023/0177(COD)

Proposal for a regulation
Article 15 – paragraph 1 – point b
(b) the issuance and saledistribution of credit ratings;
2023/10/25
Committee: ECON
Amendment 321 #

2023/0177(COD)

Proposal for a regulation
Article 15 – paragraph 1 – point c
(c) the development of benchmarks by an administrator of benchmarks as defined in Article 3(1), point (3), of Regulation (EU) 2016/1011 of the European Parliament and of the Council;
2023/10/25
Committee: ECON
Amendment 335 #

2023/0177(COD)

Proposal for a regulation
Article 16 – paragraph 1
1. ESG rating providers shall ensure that rating analysts, employees and any other natural person whose services are placed at its disposal or under its control and who are directly involved in the provision of ESG ratings, including analysts directly involved in the rating process and persons involved in the provision of scores, have the knowledge and experience that is necessary for the performance of the duties and tasks assigned, in particular a sufficient understanding of potential material financial risk to the rated entity and potential material impact of the rated entity on the environment and society in general.
2023/10/25
Committee: ECON
Amendment 340 #

2023/0177(COD)

Proposal for a regulation
Article 16 – paragraph 7
7. Where a rating analyst terminates his or her employment with the ESG rating provider and, within one year, joins a rated entity which he or she has been involved in rating, the ESG rating provider shall review the work of the rating analyst over one year preceding his or her departure.
2023/10/25
Committee: ECON
Amendment 352 #

2023/0177(COD)

Proposal for a regulation
Article 18 – paragraph 2 – point a – point 4
(4) a proposed change to the ESG rating determination process;deleted
2023/10/25
Committee: ECON
Amendment 377 #

2023/0177(COD)

Proposal for a regulation
Article 21 – paragraph 1
1. ESG rating providers shall disclose, as a minimum, on their website the methodologies, models and key rating assumptions they use in their ESG rating activities, including the information referred to in point 1 of Annex III.
2023/10/25
Committee: ECON
Amendment 384 #

2023/0177(COD)

Proposal for a regulation
Article 21 – paragraph 3 a (new)
3 a. ESMA shall develop draft implementing technical standards to specify the data standards and formats for the elements that are to be disclosed in accordance with paragraph 1. ESMA shall submit those draft implementing technical standards to the Commission by XX XXXX XXXX.
2023/10/25
Committee: ECON
Amendment 390 #

2023/0177(COD)

Proposal for a regulation
Article 22 – paragraph 3 a (new)
3 a. ESMA shall develop draft implementing technical standards to specify the data standards and formats for the elements that are to be disclosed in accordance with paragraph 1. ESMA shall submit those draft implementing technical standards to the Commission by XX XXXX XXXX.
2023/10/25
Committee: ECON
Amendment 398 #

2023/0177(COD)

Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 1
Where there is a risk of a conflict of interest within an ESG rating provider due to the ownership structure, controlling interests, or activities of that ESG rating provider, of any entity owning or controlling the ESG rating provider, of an entity that is owned or controlled by the ESG rating provider, or of any the ESG rating provider’s affiliates, ESMA may require the ESG rating provider to take measures to mitigate that risk. Such measures may include the establishment of an independent oversight function representing stakeholders, including users of the ESG ratings and contributors to such ratings, in a balanced manner.
2023/10/25
Committee: ECON
Amendment 410 #

2023/0177(COD)

Proposal for a regulation
Article 25 – paragraph 1
1. ESG rating providers shall take steps that are adequate to ensure that fees charged to clients are fair, reasonable, transparent, and non-discriminatory and are based on costs.
2023/10/25
Committee: ECON
Amendment 462 #

2023/0177(COD)

Proposal for a regulation
Article 49 – paragraph 2
2. The Commission shall present a report on the main findings of the evaluation to the European Parliament and the Council. In carrying out the evaluation, the Commission shall take into account market developments and the relevant evidence at its disposal. In particular, the Commission shall consider:
2023/10/25
Committee: ECON
Amendment 463 #

2023/0177(COD)

Proposal for a regulation
Article 49 – paragraph 2 – point i (new)
(i) whether the framework facilitates the comparability of ESG ratings; and,
2023/10/25
Committee: ECON
Amendment 464 #

2023/0177(COD)

Proposal for a regulation
Article 49 – paragraph 2 – point ii (new)
(ii) whether ESG data providers should be subject to transparency and conflict of interest requirements.
2023/10/25
Committee: ECON
Amendment 472 #

2023/0177(COD)

Proposal for a regulation
Annex I – paragraph 1 – point i a (new)
(ia) where applicable, the ESG ratings provided by a third country ESG rating provider belonging to the same group that the ESG ratings provider expects to endorse;
2023/10/25
Committee: ECON
Amendment 479 #

2023/0177(COD)

Proposal for a regulation
Annex III – Part 1 – paragraph 1 – point a
(a) high level overview of the rating methodologies used (and changes thereto), including: (i) whether analysis is backward- looking or forward-looking; and, (ii) whether the analysis looks at potential material financial risk to the rated entity, or potential material impact of the rated entity on the environment and society in general, or both, the weighting of the two factors, and the explanation of the weighting method, including weight per factor;
2023/10/25
Committee: ECON
Amendment 483 #

2023/0177(COD)

Proposal for a regulation
Annex III – Part 1 – paragraph 1 – point b
(b) high level overview of data processes (data sources, including if they are public or non–public, and if they are sourced from sustainability statements required by Directive (EU) 2022/2464 and Regulation (EU) 2019/2088, estimation of input data in case of unavailability, frequency of data updates);
2023/10/25
Committee: ECON
Amendment 492 #

2023/0177(COD)

Proposal for a regulation
Annex III – Part 1 – paragraph 1 – point f
(f) in the case of an aggregated ESG rating, the rating given to the individual E, S and G factors, the weighting of the three overarching ESG factors categories (e.g., 33% Environment, 33% Social, 33% Governance), and the explanation of the weighting method, including weight per individual E, S and G factors;
2023/10/25
Committee: ECON
Amendment 499 #

2023/0177(COD)

Proposal for a regulation
Annex III – Part 1 – paragraph 1 – point k a (new)
(ka) any revisions of the rating of a rated entity and the factors contributing to this revision.
2023/10/25
Committee: ECON
Amendment 503 #

2023/0177(COD)

Proposal for a regulation
Annex III – Part 2 – paragraph 1 – point a – point 2 a (new)
(2a) whether the analysis looks at potential material financial risk to the rated entity, or potential material impact of the rated entity on the environment and society in general, or both, the weighting of the two factors, and the explanation of the weighting method, including weight per factor;
2023/10/25
Committee: ECON
Amendment 164 #

2023/0138(COD)

Proposal for a regulation
Recital 5
(5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public debt challenges and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic proved highly effective in mitigating the economic and social damage of the crisis, but the crisis resulted in a significant increase in public- and private-sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, while paying due attention to employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union including achieving a fair digital and green transition, including the Climate Law22 , ensuring energy security, open strategic autonomy, addressing demographic change, strengthening social and economic resilience and implementing the European Pillar of Social Rights1a, as well as the the strategic compass for security and defence, all of which requires reforms and sustained high levels of investment in the years to come. _________________ 1a COM(2021) 102 final 22 The European Climate Law sets a Union-wide climate neutrality objective by 2050 and requires Union institutions and Member States to progress in enhancing adaptive capacity, requiring significant public investment to reduce the negative socio-economic impacts of climate change on the EU and its Member States, including negative impacts on growth and fiscal sustainability.
2023/10/26
Committee: ECON
Amendment 176 #

2023/0138(COD)

Proposal for a regulation
Recital 6
(6) The economic governance framework of the Union should put debt sustainability and sustainable and inclusive growth, through both reforms and investments, at its core and therefore differentiate between Member States by taking into account their public debt challenges and allowing country-specific fiscal trajectories.
2023/10/26
Committee: ECON
Amendment 195 #

2023/0138(COD)

Proposal for a regulation
Recital 9
(9) National medium-term fiscal- structural plans should bring together the fiscal, structural reforms and investment commitments of each Member State and these plans should be the cornerstone of the economic governance framework of the Union. Each Member State should present a medium-term plan that sets out its fiscal trajectory as well as priority strategic public investment and reform commitments that together ensureshould contribute to sustained and gradual debt reduction and sustainable and inclusive growth and resilience, avoiding a pro- cyclical fiscal policy, as well as broader reform and investment commitments, including in relation to the green and digital transitions, social and economic resilience and the implementation of the European Pillar of Social Rights. During the lifetime of the Recovery and Resilience Facility25 , commitments undertaken in the national Recovery and Resilience Plans should be duly taken into account. _________________ 25 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).
2023/10/26
Committee: ECON
Amendment 202 #

2023/0138(COD)

Proposal for a regulation
Recital 10 a (new)
(10 a) Investments have proven to be an essential part of the economic and social recovery after the pandemic, and in response to inflation and the rise of the energy prices. In addition to investments in infrastructure, multiannual social investment in human capital, in particular in education, health and labour market integration, could harness the opportunities for societal and individual growth.
2023/10/26
Committee: ECON
Amendment 204 #

2023/0138(COD)

Proposal for a regulation
Recital 11
(11) The presentation of the national medium-term fiscal-structural plan should be accompanied by an opinion of the independent fiscal institutions of the Member State and should be preceded by a technical dialogue with the Commission to ensure compliance with the provisions of this Regulation. On the basis of a recommendation from the Commission, accompanied by a report from the European Fiscal Board, the Council should set the net expenditure path and endorse the reform and investment commitments, including those taken for the possible extension of the adjustment period, as appropriate.
2023/10/26
Committee: ECON
Amendment 211 #

2023/0138(COD)

Proposal for a regulation
Recital 12
(12) In order to simplify the Union fiscal framework and increase transparency, a single operational indicator anchored in debt sustainability should serve as a basis for setting the fiscal path and carrying out annual fiscal surveillance for each Member State. That single operational indicator should be based on nationally financed net primary expenditure, that is to say expenditure net of discretionary revenue measures and excluding interest expenditure as well as cyclical unemployment expenditure, costs related to the borrowing of funds for the loans related to the national plans in accordance with the Recovery and Resilience Facility, and expenditure on Union programmes fully matched by revenue from Union funds. This indicator allows for macro-economic stabilisation as it is not affected by the operation of automatic stabilisers, including revenue and expenditure fluctuations outside the direct control of the government.
2023/10/26
Committee: ECON
Amendment 243 #

2023/0138(COD)

Proposal for a regulation
Recital 16 a (new)
(16 a) In the development process of the medium-term fiscal-structural plan, Member States should also consider consulting relevant stakeholders, including local and regional authorities, social partners, civil society organisations, youth organisations.
2023/10/26
Committee: ECON
Amendment 245 #

2023/0138(COD)

Proposal for a regulation
Recital 17
(17) When Member States use assumptions in their medium-term fiscal- structural plan that differ from the Commission’s standard medium-term debt projection framework, they should explain and duly justify the differences in a transparent manner and based on sound economic arguments. The independent fiscal institutions of the Member State should also opine on the justifications for deviating from the technical trajectory.
2023/10/26
Committee: ECON
Amendment 253 #

2023/0138(COD)

Proposal for a regulation
Recital 20
(20) The Commission’s assessment of the national medium-term fiscal-structural plans should examine in particular the plausibility of the macroeconomic and fiscal assumptions, to the extent that they depart from those underlying the technical trajectory. In particular, the debt projections at unchanged policy to be included in the plan should be consistent and comparable with the Commission projections. The opinions of the independent fiscal institutions and European Fiscal Board should be duly taken into account by the Commission.
2023/10/26
Committee: ECON
Amendment 261 #

2023/0138(COD)

Proposal for a regulation
Recital 22
(22) To ensure a more gradual debt reduction, the adjustment period can be extended by a maximum of 3 years if the Member State underpins its medium-term fiscal-structural plan with a set of verifiable and time-bound reforms and investment that, taken altogether: are growth-enhancing, improve the resilience of the economy, support fiscal sustainability, address the common priorities of the Union, address relevant country-specific recommendations addressed to the Member State under the European Semester, and address the country-specific investment priorities without leading to cuts in other nationally financed public investment over the adjustment period in order to ensure a macroeconomic impact of investments and avoid crowding out of other investment priorities.
2023/10/26
Committee: ECON
Amendment 266 #

2023/0138(COD)

Proposal for a regulation
Recital 24 a (new)
(24 a) The investments required to ensure the Union is able to meet the challenges it faces in the short-term, including meeting its climate change commitments, are enormous. Private sector involvement will be required to fulfil the need for investment and to contribute to efficiency gains and economies of scale. In this context, Member States should be encouraged to commit to investments that crowd in private investment and, in turn, may account for this debt evenly until its maturity, in line with standard practice in the private sector.
2023/10/26
Committee: ECON
Amendment 269 #

2023/0138(COD)

Proposal for a regulation
Recital 25
(25) Where the verifiable and time- bound set of reform and investment commitments underpinning the more gradual net expenditure path is not met within the specified deadline, the Council, on a recommendation from the Commission, can recommend that adjustment be steepened, that is to say by shortening the extension of the net expenditure path. Both net expenditure significantly exceeding the net expenditure path and a significant cumulated debit balance should be considered as not in compliance with the net expenditure path. Such a measure should ensure that Member States undertake necessary consolidation even in times of economic growth.
2023/10/26
Committee: ECON
Amendment 277 #

2023/0138(COD)

Proposal for a regulation
Recital 27
(27) Independent fiscal institutions have proven their capacity to foster fiscal discipline and strengthen the credibility of Member States’ public finances. In order to enhance national ownership and the accountability of the national governments, the role of independent fiscal institutions, traditionally mandated to monitor compliance with the national framework, should be expanded to the economic governance framework of the Union.
2023/10/26
Committee: ECON
Amendment 291 #

2023/0138(COD)

(31) There should also be a country- specific escape clause to allow a deviation from the net expenditure path provided that it does not endanger fiscal sustainability in the medium term in the case of exceptional circumstances, such as unpredictable exogenous events that could not have been prevented and that require counter-cyclical fiscal measures, outside the control of the Member State which have a major impact on the public finances of the Member State. Such major impact should result in an overall size of the shock that exceeds a ‘normal’ range: for example costs of natural disasters should be factored in in budgetary planning within a certain range. Exceptional circumstances should be considered as a significant negative GDP shock. The triggering and extension of general and country-specific escape clauses are subject to a Council recommendation and accompanied by an opinion from the European Fiscal Board .
2023/10/26
Committee: ECON
Amendment 300 #

2023/0138(COD)

Proposal for a regulation
Article 1 – paragraph 1
This Regulation sets out rules ensuring effective coordination of economic policies of the Member States, thereby supporting the achievement of the Union’s objectives for growth andsustainable growth, competitiveness, and quality employment.
2023/10/26
Committee: ECON
Amendment 313 #

2023/0138(COD)

Proposal for a regulation
Article 1 – paragraph 2
It lays down detailed rules concerning the content, submission, assessment and monitoring of national medium-term fiscal- structural plans as part of multilateral budgetary surveillance by the Council and the Commission, with involvement of the European Parliament, so as to promote debt sustainability, strategic reforms and investments, and sustainable and inclusive growth in the Member States and prevent the occurrence of excessive government deficits, by medium-term planning.
2023/10/26
Committee: ECON
Amendment 325 #

2023/0138(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 2
(2) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures, costs related to the borrowing of funds for the loans related to the national plans in accordance with the Recovery and Resilience Facility in accordance with Regulation (EU) 2021/241, cyclical elements of unemployment benefit expenditure, and other budgetary variables outside the control of the government as set out in Annex II, point (a);
2023/10/26
Committee: ECON
Amendment 347 #

2023/0138(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 6
(6) ‘annual progress report’ means the document of a Member State reporting on the implementation of the national medium-term fiscal-structural plan, including the net expenditure path, and of the reforms and investment commitments included in its national medium-term fiscal-structural plan;
2023/10/26
Committee: ECON
Amendment 354 #

2023/0138(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)
(7 a) ‘planning horizon’ means adjustment period;
2023/10/26
Committee: ECON
Amendment 364 #

2023/0138(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 10 a (new)
(10 a) ‘projection period‘ means the adjustment period plus ten years.
2023/10/26
Committee: ECON
Amendment 387 #

2023/0138(COD)

Proposal for a regulation
Article 3 – paragraph 2 – point c
(c) the submission, assessment and endorsement of Member States’ medium- term fiscal-structural plans, where appropriate, as well as their monitoring via the annual progress reports;
2023/10/26
Committee: ECON
Amendment 391 #

2023/0138(COD)

Proposal for a regulation
Article 3 – paragraph 2 – point d a (new)
(d a) the surveillance to detect, prevent and correct challenges identified in the social convergence reports under the Social Convergence Framework;
2023/10/26
Committee: ECON
Amendment 407 #

2023/0138(COD)

Proposal for a regulation
Article 4 – paragraph 1
1. Where necessary, following the assessment pursuant to this Regulation of the medium-term fiscal-structural plans, the annual progress reports and the socio- economic situation of the Member States concerned, the Council shall, on the basis of recommendations from the Commission, address recommendations to those Member States making full use of the legal instruments provided in Articles 121 and 148 TFEU and related secondary legislation. Such recommendations shall identify relevant measures to be taken in case of insufficient progress towards achieving applicable targets in line with Member States' reporting under Article 3.
2023/10/26
Committee: ECON
Amendment 433 #

2023/0138(COD)

Proposal for a regulation
Article 5 – paragraph 1 a (new)
To aid the preparation of the report, the European Commission may consult the relevant Member State and national independent fiscal institution on the proposed technical trajectory. The report mentioned in paragraph 1 shall also be referred to the European Parliament. The European Parliament is entitled to organise a hearing or conduct a written consultation with the relevant Commissioner in order to gather additional information on the proposed technical trajectory in the two weeks following the submission of the report.
2023/10/26
Committee: ECON
Amendment 435 #

2023/0138(COD)

Proposal for a regulation
Article 6
Requirements for the technical trajectory The technical trajectory shall ensure that: (a) the public debt ratio is put or remains on a plausibly downward path, or stays at prudent levels; (b) the government deficit is brought and maintained below the 3% of GDP reference value; (c) the fiscal adjustment effort over the period of the national medium-term fiscal-structural plan is at least proportional to the total effort over the entire adjustment period; (d) the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory; and (e) national net expenditure growth remains below medium-term output growth, on average, as a rule over the horizon of the plan. The technical trajectories shall be differentiated for each Member State. The criteria for setting the technical trajectories are set out in Annex I.Article 6 deleted
2023/10/26
Committee: ECON
Amendment 510 #

2023/0138(COD)

Proposal for a regulation
Article 6 a (new)
Article6a Requirements for setting the technical trajectory When designing the technical trajectory for each Member State, the Commission shall ensure that: (a) by the end of the adjustment period, at the latest, the 10-year debt trajectory in the absence of further budgetary measures is on a credibly downward path or stays at prudent levels; (b) the government deficit is brought and maintained below the 3% of GDP reference value in the absence of further budgetary measures over the same 10- year period; (c) for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the technical trajectory is also consistent with the benchmark referred to under Article 3 of Regulation (EC) No 1467/97 as amended by Regulation (EU) [on the corrective arm]; (d) the public debt ratio stabilises over the adjustment period and is reduced over the projection period. The Commission will set out the minimum annual average adjustment figure for each Member State within a range of [x] p.p of debt to GDP and [y] p.p of debt to GDP, depending on that Member State's debt levels and sustainability and the business cycle, for the whole projection period. The technical trajectories shall be differentiated for each Member State.
2023/10/26
Committee: ECON
Amendment 514 #

2023/0138(COD)

Proposal for a regulation
Article 7 – paragraph 1 – introductory part
1. By [1 March] of the year [xxxx] in which the Member States have to submit for the first time their medium-term fiscal- structural plans or by [1 March] of the final year covered by the ongoing medium-term fiscal-structural plan or, as appropriate, within 3 weeks from the request of the Member State to submit a new plan, the Commission shall publish:
2023/10/26
Committee: ECON
Amendment 520 #

2023/0138(COD)

Proposal for a regulation
Article 7 – paragraph 1 – point a
(a) the underlying medium-term public debt projection framework, based on the debt sustainability analysis methodology, and results;
2023/10/26
Committee: ECON
Amendment 539 #

2023/0138(COD)

Proposal for a regulation
Article 7 – paragraph 2
2. For Member States having a government deficit below the 3% of GDP reference value and public debt below the 60% of GDP reference value, the Commission shall provide technical information regarding the structural primary balance necessary to ensure that the headline deficit is maintained below the 3% of GDP reference value and the public debt ratio remains below the 60% of GDP reference value, both without any additional policy measures over a 10-year period after the end of the national medium-term fiscal-structural plan.
2023/10/26
Committee: ECON
Amendment 543 #

2023/0138(COD)

Proposal for a regulation
Article 7 – paragraph 3
3. The Commission shall update the technical trajectories and the quantitative guidance at least once every 4 yearsfor every Member State as referred to in Article 5(1) in time for the submission of the next cycle of medium- term fiscal-structural plans.
2023/10/26
Committee: ECON
Amendment 554 #

2023/0138(COD)

Proposal for a regulation
Article 8 – paragraph 1
To assess plausibility that the projected public debt ratio of the Member State concerned is on a downward path or remains at a prudent level, the Commission shall use the methodology referred to in Annex Va methodology based on the following conditions: (i) public debt ratio should be declining, or stay at prudent levels, under the deterministic scenarios of the Commission’s medium-term public debt projection framework described in the Debt Sustainability Monitor 2022; (ii) the risk of the public debt ratio not decreasing in the 5 years following the adjustment period of the national medium-term fiscal-structural plan is sufficiently low. The risk is assessed with the help of the Commission’s stochastic analysis. The Commission shall adopt a delegated act defining the methodology to be used for assessing plausibility, in accordance with the provisions of Article 33. The Commission shall make public its analysis of plausibility and the underlying data.
2023/10/26
Committee: ECON
Amendment 570 #

2023/0138(COD)

Proposal for a regulation
Article 8 a (new)
Article8a Prior guidance by independent fiscal institutions 1. Each Member State shall make a draft plan available to the independent fiscal institution referred to in Article 8 of the Council Directive [on the national budgetary frameworks], at least 1 month before the submission of the national medium-term fiscal-structural plan. 2. The relevant independent fiscal institution shall assess the draft plan and shall give an opinion to the Member State. This opinion shall be made public. 3. In particular, the assessment shall address: (a) the feasibility of complying with the net expenditure path considering the macroeconomic forecast and assumptions and the expected impact of the fiscal policies included in the draft plan; (b) whether the draft plan complies with the requirements set out in Article 12; (c) the sound and verifiable economic arguments explaining the difference between the net expenditure path and the technical trajectory referred to in Article 11(2) of this Regulation.
2023/10/26
Committee: ECON
Amendment 580 #

2023/0138(COD)

Proposal for a regulation
Article 9 – paragraph 1
Each Member State shall submit to the Council and to the Commission a national medium-term fiscal-structural plan, accompanied by an opinion of the independent fiscal institutions of the Member State, before end-April following the entry into force of this Regulation. The Member State concerned and the Commission may agree to extend this deadline by a reasonable period if necessary.
2023/10/26
Committee: ECON
Amendment 583 #

2023/0138(COD)

Proposal for a regulation
Article 9 – paragraph 1 a (new)
Any extension of the deadline shall be reported in writing by the Commission to the European Parliament, including information about the extension and the reasons underlying it, subject to appropriate confidentiality arrangements if they are necessary. Each Member State shall submit to the Council and to the Commission a new national medium-term fiscal-structural plan before end-April of the final year covered by the ongoing medium-term fiscal-structural plan.
2023/10/26
Committee: ECON
Amendment 595 #

2023/0138(COD)

Proposal for a regulation
Article 10 – paragraph 1
Prior to the submission of its national medium-term fiscal-structural plan, the Member State concerned shall hold with the Commission a technical dialogue, with the objective of ensuring that the national medium-term fiscal-structural plan complies with Articles 11, 12 and, 14 and, where relevant, Article 143.
2023/10/26
Committee: ECON
Amendment 607 #

2023/0138(COD)

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1
The national medium-term fiscal-structural plan shall provide the information listed in Annex II. In particular, it shall present a net expenditure trajectorypath covering a period of at least 4 years, as well as the underlying macroeconomic assumptions and the planned fiscal-structural measures in order to demonstrate compliance with the requirements of Article 12.
2023/10/26
Committee: ECON
Amendment 623 #

2023/0138(COD)

Proposal for a regulation
Article 11 – paragraph 2
2. Where the national-medium-term fiscal-structural plan includes a higher net expenditure trajectory than in the technical trajectory issued by the Commission pursuant to Article 5, the Member State shall provide in its plan sound and verifiable economic arguments explaining the difference. The explanation shall be accompanied by an assessment by the Independent Fiscal Institutions of the Member State of the economic arguments put forward by the Member State.
2023/10/26
Committee: ECON
Amendment 627 #

2023/0138(COD)

Proposal for a regulation
Article 12 – title
Requirements of the national medium- term fiscal-structural plans
2023/10/26
Committee: ECON
Amendment 634 #

2023/0138(COD)

Proposal for a regulation
Article 12 – paragraph 1 – point a
(a) ensure the fiscal adjustment necessary to put or keep public debt on a plauscredibly downward path by the end of the adjustment period at the latest, or remain at prudent levels, and to bring and maintain the government deficit below the 3% of GDP reference value over the medium term;
2023/10/26
Committee: ECON
Amendment 637 #

2023/0138(COD)

Proposal for a regulation
Article 12 – paragraph 1 – point a a (new)
(a a) assess the national public and private investment gaps to achieve the common priorities of the Union listed in Article 12;
2023/10/26
Committee: ECON
Amendment 653 #

2023/0138(COD)

Proposal for a regulation
Article 12 – paragraph 1 – point b
(b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps;
2023/10/26
Committee: ECON
Amendment 661 #

2023/0138(COD)

Proposal for a regulation
Article 12 – paragraph 1 – point b a (new)
(b a) explain how it will ensure consistency with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps;
2023/10/26
Committee: ECON
Amendment 664 #

2023/0138(COD)

Proposal for a regulation
Article 12 – paragraph 1 – point b b (new)
(b b) explain how it will address the common priorities of the Union referred to in Annex VI, including the European Green Deal, European Pillar of Social Rights, including the related targets on employment, skills and poverty reduction by 2030, and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps. In addition, it shall explain how it will ensure consistency with the broad guidelines for the economic policies of the Member States and with the employment guidelines in accordance with Article 121(2) and Article 148(2) TFEU;
2023/10/26
Committee: ECON
Amendment 675 #

2023/0138(COD)

Proposal for a regulation
Article 12 – paragraph 1 – point d a (new)
(d a) quantify the current and planned green transition expenditures, in particular for activities listed in Annex VI of Regulation (EU) 2021/241 for sectors listed in NACE Rev.2 (A*64 aggregation level).
2023/10/26
Committee: ECON
Amendment 682 #

2023/0138(COD)

Proposal for a regulation
Article 12 – paragraph 1 – point d b (new)
(d b) explain how it will ensure consistency and, where appropriate, complementarity the EU funds, namely cohesion policy funds from which the Member State concerned benefits.
2023/10/26
Committee: ECON
Amendment 699 #

2023/0138(COD)

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 1
The set of reform and investment commitments underpinning an extension of the adjustment period, shall be commensurate with the degree of public debt challenges and challenges to medium- term growth in the Member State concerned, including demographic challenges.
2023/10/26
Committee: ECON
Amendment 708 #

2023/0138(COD)

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point i
(i) be growth enhancing or improve the resilience of the economy;
2023/10/26
Committee: ECON
Amendment 735 #

2023/0138(COD)

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point v
(v) ensure that the overall level of nationally financed public investment over the lifetime of the national medium- term fiscal-structural plan is higher than the medium-term level before the period of that plan.deleted
2023/10/26
Committee: ECON
Amendment 747 #

2023/0138(COD)

Proposal for a regulation
Article 13 – paragraph 3
3. Each of the reform and investment commitments underpinning an extension of the adjustment period shall be sufficiently detailed, front-loadedistributed proportionally throughout the period covered by the plan and at the latest by the end of the adjustment period, time-bound and verifiable.
2023/10/26
Committee: ECON
Amendment 752 #

2023/0138(COD)

Proposal for a regulation
Article 13 – paragraph 4
4. During the lifetime of the Recovery and Resilience Facility, in accordance with Regulation (EU) 2021/241, commitments included in the approved Recovery and Resilience Plan of the Member State concerned canshall be taken into account for an extension of the adjustment period, as long as they fulfil the requirements laid down in paragraphs 1, 2 and 3 of this Article.
2023/10/26
Committee: ECON
Amendment 754 #

2023/0138(COD)

Proposal for a regulation
Article 13 – paragraph 4 a (new)
4 a. Commitments included in the Partnership Agreement in Multiannual Financial Framework can also be taken into account for an extension of the adjustment period, as long as they fulfil the requirements laid down in paragraphs 1, 2 and 3.
2023/10/26
Committee: ECON
Amendment 755 #

2023/0138(COD)

Proposal for a regulation
Article 13 – paragraph 4 b (new)
4 b. Commitments that are matched by at least 40% private investment may, upon request for approval from the Commission, exceptionally account for this investment evenly until the maturity of the investment, meaning that the credit recorded in the control account may be spread evenly over the lifetime of the investment.
2023/10/26
Committee: ECON
Amendment 772 #

2023/0138(COD)

Proposal for a regulation
Article 14 – paragraph 1
1. A Member State may request to submit a revised national medium-term fiscal-structural plan to the Commission no later than six months before the end of its adjustment periodplanning horizon if there are objective circumstances preventing the implementation of the original national medium-term fiscal- structural plan or if the submission of a new national medium-term fiscal-structural plan is requested by a new government.
2023/10/26
Committee: ECON
Amendment 775 #

2023/0138(COD)

Proposal for a regulation
Article 14 – paragraph 1 a (new)
1 a. A revised national medium-term fiscal-structural plan submitted by a new government shall only reverse or remove investments present in the original plan if their removal does not result in unjustified additional costs for the Member State.
2023/10/26
Committee: ECON
Amendment 776 #

2023/0138(COD)

Proposal for a regulation
Article 14 – paragraph 1 b (new)
1 b. A revised national medium term fiscal structural plan shall be accompanied by an opinion of the Independent Fiscal Institutions of the Member State on the objective circumstances preventing the implementation of the original plan and, where relevant, the necessity to remove or reverse committed investments.
2023/10/26
Committee: ECON
Amendment 782 #

2023/0138(COD)

Proposal for a regulation
Article 14 – paragraph 2
2. Prior to the submission of the revised national medium-term fiscal- structural plan, the Commission shall put forward, in a report to the Economic and Financial Committee, a new technical trajectory or technical information, where applicable .
2023/10/26
Committee: ECON
Amendment 785 #

2023/0138(COD)

Proposal for a regulation
Article 14 – paragraph 3
3. Taking into account the phe new technical trajectory shall, ast adjustment of the Member State concerned rule, uphold the ambition orf the lack thereof, the new technical trajectory shallprevious fiscal path, not allow backloading of the fiscal adjustment effort and shall not lead to a lower fiscal adjustment effort.
2023/10/26
Committee: ECON
Amendment 798 #

2023/0138(COD)

Proposal for a regulation
Article 15 – paragraph 1
1. The Commission shall assess each national medium-term fiscal-structural plan within 2 months of its submission. The Member State concerned and the Commission may agree to extend the period of assessment by a reasonable period if necessary, not exceeding one additional month.
2023/10/26
Committee: ECON
Amendment 810 #

2023/0138(COD)

Proposal for a regulation
Article 15 – paragraph 2 – point a
(a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plauscredibly downward path by the end of the adjustment period at the latest, or stays at prudent levels;
2023/10/26
Committee: ECON
Amendment 823 #

2023/0138(COD)

Proposal for a regulation
Article 15 – paragraph 2 – point c
(c) whether the government deficit is maintained below the 3% of GDP reference value in the absence of further budgetary measures over a period of 10 years after the end of the plan;
2023/10/26
Committee: ECON
Amendment 854 #

2023/0138(COD)

Proposal for a regulation
Article 15 – paragraph 2 – point f
(f) for Member States fulfilling the criteria of Article 5(1), whether the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory.
2023/10/26
Committee: ECON
Amendment 885 #

2023/0138(COD)

Proposal for a regulation
Article 16 – paragraph 1 a (new)
The Commission recommendation shall be accompanied by a report from the European Fiscal Board assessing the plausibility of the expenditure path, the assumptions underlying the investment commitments if an extensions of the adjustment period is foreseen, and compliance with the criteria laid down in Article 15(2) and (3).
2023/10/26
Committee: ECON
Amendment 899 #

2023/0138(COD)

Proposal for a regulation
Article 18 – paragraph 1 – introductory part
The Council shall, on a recommendation from the Commission, recommend to the Member State concerned that the technical trajectory issued by the Commission, in accordance with Article 5, be the net expenditure path of the Member State where:
2023/10/26
Committee: ECON
Amendment 907 #

2023/0138(COD)

Proposal for a regulation
Article 18 – paragraph 1 – point c
(c) the Member State fails to submit an initial national medium term fiscal- structural plan or a new national medium- term fiscal-structural plan at the end of the periodfinal year covered by the previous national medium-term fiscal- structural plan.
2023/10/26
Committee: ECON
Amendment 913 #

2023/0138(COD)

Proposal for a regulation
Article 19 – paragraph 1
Where a Member State has been granted an extension of its adjustment period but fails to satisfactorily comply with its set of reform and investment commitments underpinning the extension referred to in Article 13(1), the Council may on a recommendation from the Commission, recommend that the Member State concerned submits an amended national medium-term fiscal-structural plan with a revised net expenditure path with a shorter adjustment period.
2023/10/26
Committee: ECON
Amendment 921 #

2023/0138(COD)

Proposal for a regulation
Article 20 – paragraph 1
1. Each Member State shall submit to the Commission an annual progress report on the implementation of its national medium-term fiscal-structural plan, by 15 April each year at the latesteach year in April, preferably by mid-April and not later than 30 April.
2023/10/26
Committee: ECON
Amendment 925 #

2023/0138(COD)

Proposal for a regulation
Article 20 – paragraph 2
2. The annual progress report referred to in paragraph 1 shall contain in particular information about the progress in the implementation of the net expenditure path, the implementation of broader reform and investment commitments in the European Semester context and, if applicable, in the implementation of the set of reform and investment commitments underpinning an extension of the adjustment period and progress in reducing the investment gaps referred to in Article 12 paragraph (aa).
2023/10/26
Committee: ECON
Amendment 933 #

2023/0138(COD)

Proposal for a regulation
Article 21 – paragraph 1
The Commission shall monitor the implementation of the national medium- term fiscal-structural plan, and in particular, the net expenditure path and the reform and investment commitments.
2023/10/26
Committee: ECON
Amendment 936 #

2023/0138(COD)

Proposal for a regulation
Article 21 – paragraph 2
The Commission shall set up a control account, functioning in accordance with Annex IV, and shall keep track of cumulative upward (debit) and downward (credit) deviations of actual net expenditures from the net expenditure path. The cumulated balance of the control account in a given period is the sum of the yearly debits and credits registered during that period. A Member state will be deemed not to be in compliance with its net expenditure path when: (a) net expenditure exceeds the net expenditure path by more than [xxx] % of GDP in one single year of the plan horizon;or, (b) the cumulated balance of the control account exceeds a debit of more than [xxx]% of GDP.
2023/10/26
Committee: ECON
Amendment 951 #

2023/0138(COD)

Proposal for a regulation
Article 22 – paragraph 1
Each national independent fiscal institution referred to in Article 8 of Council Directive […]32 [on the national budgetary frameworks] shall provide an assessment of compliance of the budgetary outturns data reported in the progress report referred to in Article 20 with the net expenditure path. Where applicable, each national independent fiscal institution shall also analyse the factors underlying a deviation from the net expenditure path. The assessment shall be made public and shall be submitted to the Member State and to the Commission. _________________ 32 Council Directive […] of […] [amending Council Directive 2011/85/EU on requirements for budgetary frameworks of the Member States] (OJ …., …, p,…)
2023/10/26
Committee: ECON
Amendment 958 #

2023/0138(COD)

Proposal for a regulation
Article 22 a (new)
Article22a European Fiscal Board 1. The European Fiscal Board (EFB) is established. It shall have legal personality and it shall have its seat in Brussels, Belgium. 2. The EFB shall act within the powers conferred by this Regulation and it shall be functionally autonomous from the EU institutions. 3. The EFB shall be responsible to provide independent assessments and advice on the application by the European Commission and the Council of the EU economic governance framework, and any other tasks that conferred to it in this regulation and those that may be conferred in the future. 4. The EFB shall carry out the following tasks: (a) determine and/or collect and analyse all the relevant and necessary information, for the purposes of achieving the objectives described in paragraph 3; (b) monitor and assess the application by the European Commission and the Council of the EU economic governance framework pursuant to paragraph 3; (c) provide advice to the European Parliament, the European Commission, the Council, the Eurogroup upon request; (d) collect and assess public information provided by independent fiscal institutions as referred to in Council Directive (2011/85/EU) on requirements for budgetary frameworks of the Member States; (e) support, facilitate, strengthen cooperation and exchange information among independent fiscal institutions as referred to in Council Directive (2011/85/EU) [on requirements for budgetary frameworks of the Member States]; (f) undertake any other specific tasks needed to achieve the objectives described in paragraph 3. 5. The EFB shall have full access to all relevant information collected by the European Commission from Member States in order to fulfil its objective pursuant to paragraph 2 and perform its task pursued to paragraph 3. 6. The EFB shall report once a year on its activities to the European Parliament and the Council. 7. The European Parliament and its competent committee may invite the Chair of the Board to participate in an exchange of views. 8. The EFB shall have a General Board, including a Chair, a Secretariat, and an Advisory Scientific Committee. The General Board shall take the decisions necessary to ensure the performance of the tasks entrusted to the EFB. The Secretariat shall be responsible for the day-to-day business of the EFB. It shall provide high-quality analytical, statistical, administrative and logistical support to the EFB under the direction of the Chair. The Advisory Scientific Committee shall provide advice and assistance on issues relevant to the work of the EFB. The Chair shall preside at the meetings of the General Board and the Advisory Scientific Committee and the General Board shall establish the internal rules of procedure. 9. The Chair and the Members of the General Board shall be nominated for a five years period with a possible renewal for an additional five years. They shall be appointed by the Commission following approval of the European Parliament and the Council. The Advisory Scientific Committee shall be composed of the Chair and six experts representing a wide range of relevant skills and experiences approved by the General Board for a four-year, renewable mandate. 10. The General board and the Advisory Scientific Committee shall be appointed on the basis of their experience and competence in public finances, debt sustainability assessments, macro- economic developments and forecasts. 11. When participating in the activities of the General Board and of the Advisory Scientific Committee or when conducting any other activity relating to the EFB, the members of the EFB shall perform their duties impartially and solely in the interest of the Union as a whole. They shall not seek nor take instructions from the Member States, the Union institutions or any other public or private body. No member of the General Board shall have a function in any other public institutions or in the private sector. 12. Neither the Member States, the Union institutions nor any other public or private body shall seek to influence the members of the EFB in the performance of the tasks set out in this Regulation or any future tasks that may be conferred to it.
2023/10/26
Committee: ECON
Amendment 970 #

2023/0138(COD)

Proposal for a regulation
Article 23 – paragraph 1
1. In the event of a significant risk of deviation from the net expenditure path or a risk that the government deficit may significantly exceed the 3% of GDP reference value, the Commission may address a warning to the Member State concerned in accordance with Article 121(4) TFEU.
2023/10/26
Committee: ECON
Amendment 982 #

2023/0138(COD)

Proposal for a regulation
Article 24 – paragraph 1
On a recommendation from the Commission, the Council may adopt a recommendation, accompanied by an opinion from the European Fiscal Board, allowing Member States to deviate from their net expenditure path, in the event of a severe economic downturn in the euro area or the Union as a whole, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such deviation.
2023/10/26
Committee: ECON
Amendment 1000 #

2023/0138(COD)

Proposal for a regulation
Article 25 – paragraph 1
On a recommendation from the Commission, accompanied by an opinion from the European Fiscal Board, the Council may adopt a recommendation allowing a Member State to deviate from its net expenditure path where exceptional circumstances outside the control of the Member State lead to a major impact on the public finances of the Member State concerned, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such a deviation.
2023/10/26
Committee: ECON
Amendment 1014 #

2023/0138(COD)

Proposal for a regulation
Article 26 – paragraph 1
The European Parliament shall be duly involved in the European Semester in order to increase the transparency and ownership of, and the accountability for the decisions taken, in particular by means of an economic dialogue, as well as for setting macroeconomic and social policy priorities. The Economic and Financial Committee, the Economic Policy Committee, the Employment Committee and the Social Protection Committee shall be consulted within the framework of the European Semester where appropriate. Relevant stakeholders, in particular the social partners, shall be involved within the framework of the European Semester, on the main policy issues where appropriate, in accordance with the provisions of the TFEU and national legal and political arrangements.
2023/10/26
Committee: ECON
Amendment 1031 #

2023/0138(COD)

Proposal for a regulation
Article 30 – paragraph 1
1. Where a Member State fails to 1. implement the reform and investment commitments included in its national medium-term fiscal-structural plan to address the country-specific recommendations that are relevant for the Macroeconomic Imbalance Procedure established by Regulation (EU) No 1176/2011, and wheren this leads the Commission to considers that the Member State concerned is affected by excessive imbalances in accordance with Article 7(1) of that Regulation, the procedure laid down in Article 7(2) of Regulation (EU) No 1176/2011 shall apply.
2023/10/26
Committee: ECON
Amendment 1036 #

2023/0138(COD)

Proposal for a regulation
Article 30 – paragraph 2 a (new)
2 a. Where the Council decides against opening an excessive imbalance procedure under Article 7 (2) of Regulation (EU) No 1176/2011 in cases where the Commission considers that the Member State concerned is affected by excessive imbalances on the basis of the in-depth review referred to in Article 5 of that Regulation, it shall publicly explain its position.
2023/10/26
Committee: ECON
Amendment 1038 #

2023/0138(COD)

Proposal for a regulation
Article 31 – paragraph 2 a (new)
Where a Member State becomes subject to a macroeconomic adjustment programme in accordance with Article 7 of Regulation (EU) No 472/2013, the medium-term fiscal-structural plan shall be taken into account in the design of the macroeconomic adjustment programme.
2023/10/26
Committee: ECON
Amendment 1045 #

2023/0138(COD)

Proposal for a regulation
Article 33 – paragraph 2
2. The power to adopt delegated acts referred to in Article 8 and Article 32 shall be conferred for an indeterminate period of time from XXXthe entry into force of this Regulation .
2023/10/26
Committee: ECON
Amendment 1047 #

2023/0138(COD)

Proposal for a regulation
Article 33 – paragraph 3
3. The delegations of power referred to in Article 8 and Article 32 may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect on the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.
2023/10/26
Committee: ECON
Amendment 1050 #

2023/0138(COD)

Proposal for a regulation
Article 33 – paragraph 6
6. A delegated act adopted pursuant to Article 8 and Article 32 shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of one month of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by one month at the initiative of the European Parliament or of the Council.
2023/10/26
Committee: ECON
Amendment 1059 #

2023/0138(COD)

Proposal for a regulation
Article 36 – paragraph 1
1. By [31 December 203029] and every 5 years thereafter, the Commission shall submit to the European Parliament and to the Council a report on the application of this Regulation accompanied, where appropriate, by a proposal to amend this Regulation. The Commission shall make that report public.
2023/10/26
Committee: ECON
Amendment 1061 #

2023/0138(COD)

Proposal for a regulation
Article 36 – paragraph 2 – introductory part
2. The report referred to in paragraph 1 shall assess and review:
2023/10/26
Committee: ECON
Amendment 1064 #

2023/0138(COD)

Proposal for a regulation
Article 36 – paragraph 2 – point a
(a) the effectiveness of this Regulation, particularly whether the provisions governing decision-making have proved sufficiently efficient in ensuring a downward path for public debt ratios or maintaining them at prudent levels in accordance with the relevant Council recommendations, in promoting debt sustainability and sustainable and inclusive growth in the Member States and in preventing the occurrence of excessive government deficits;
2023/10/26
Committee: ECON
Amendment 1066 #

2023/0138(COD)

Proposal for a regulation
Article 36 – paragraph 2 – point a a (new)
(a a) the use of the delegated powers as stated in Article 33;
2023/10/26
Committee: ECON
Amendment 1068 #

2023/0138(COD)

Proposal for a regulation
Article 36 – paragraph 2 – point b
(b) the progress in ensuring closer coordination of economic policies and sustained upward convergence of economic and social performances of the Member States.
2023/10/26
Committee: ECON
Amendment 1076 #

2023/0138(COD)

Proposal for a regulation
Annex I
Criteria for setting the technical trajectory for Member States having a public debt above 60% of GDP reference value or government deficit above 3% of GDP reference value For Member States having public debt above the 60% of GDP reference value or government deficit above the 3% of GDP reference value, the technical trajectory shall ensure that: (a) by the end of the adjustment period, at the latest, the 10-year debt trajectory in the absence of further budgetary measures is on a plausibly downward path or stays at prudent levels; (b) the government deficit is brought and maintained below the 3% of GDP reference value in the absence of further budgetary measures over the same 10- year period; (c) for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the technical trajectory is also consistent with the benchmark referred to under Article 3 of Council Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure as amended by Regulation [X]; (d) the adjustment effort is not postponed towards the final years of the adjustment period, that is to say the fiscal adjustment effort over the period of the national medium-term fiscal-structural plan is at least proportional to the total effort over the entire adjustment period; (e) the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory; and (f) national net expenditure growth remains below medium-term output growth, on average, as a rule over the horizon of the plan.deleted
2023/10/26
Committee: ECON
Amendment 1111 #

2023/0138(COD)

Proposal for a regulation
Annex II – paragraph 1 – point f
(f) In case the Member State makes use of assumptions referred to under point (e) that differ from the Commission’s assumptions over the adjustment period of the national medium-term fiscal-structural plan and the subsequent10-year period in the absence of further budgetary measures, or if the proposed technical trajectory deviates from the one put forward by the Commission, due explanations and justifications based on sound economic arguments of these differences.
2023/10/26
Committee: ECON
Amendment 1116 #

2023/0138(COD)

Proposal for a regulation
Annex II – paragraph 1 – point h
(h) If applicable, the duly substantiated reasons (with relevant sound and verifiable economic arguments) for deviating from the technical trajectory put forward by the Commission.deleted
2023/10/26
Committee: ECON
Amendment 1122 #

2023/0138(COD)

Proposal for a regulation
Annex II – paragraph 1 – point j
(j) Total public investment expenditure, as well as rReforms and public investment expenditure addressing the common priorities of the Union referred to in Annex VI.
2023/10/26
Committee: ECON
Amendment 1126 #

2023/0138(COD)

Proposal for a regulation
Annex II – paragraph 1 – point l
(l) A quantification, as much as possible, of the expected impacts of reforms and investment referred to under point (k) on fiscal sustainability, growth andsustainable and inclusive growth, competitiveness and quality employment, where applicable in line with commonly agreed methodologies.
2023/10/26
Committee: ECON
Amendment 1131 #

2023/0138(COD)

Proposal for a regulation
Annex II – paragraph 1 – point o
(o) The planned overall level of nationally financed public investment covering the period of the national medium-term fiscal-structural plan.deleted
2023/10/26
Committee: ECON
Amendment 1145 #

2023/0138(COD)

Proposal for a regulation
Annex III – paragraph 1 – point f
(f) During the lifetime of the Recovery and Resilience Facility, any EU investment instrument that would serve a similar purpose, information on the progress of implementation of the Recovery and Resilience Plan, to comply with the bi-annual reporting requirements in the context of the European Semester set out in Article 27 of Regulation (EU) 2021/241.
2023/10/26
Committee: ECON
Amendment 1159 #

2023/0138(COD)

Proposal for a regulation
Annex IV – paragraph 3
The cumulated balance of the control account in a given period is the sum of the yearly debits and credits registered during that period. A Member State will be deemed not to be in compliance with its net expenditure path when: (a) net expenditure exceeds the net expenditure path by more than [xxx] % of GDP in one single year of the plan horizon;or, (b) the cumulated balance of the control account exceeds a debit of more than [xxx]% of GDP.
2023/10/26
Committee: ECON
Amendment 1163 #

2023/0138(COD)

Proposal for a regulation
Annex V – paragraph 1 – introductory part
The methodology for the assessment of plausibility pursuant to Article 8 is replicable, predictable and transparent and based on the following conditions:
2023/10/26
Committee: ECON
Amendment 23 #

2023/0137(CNS)

Proposal for a regulation
Recital 8
(8) In order to simplify the Union fiscal framework and increase transparency, a single operational indicator anchored in debt sustainability should serve as a basis for setting the fiscal path and carrying out annual fiscal surveillance for each Member State. That single indicator should be based on nationally financed net primary expenditure, that is to say expenditure net of discretionary revenue measures and excluding interest expenditure as well as cyclical unemployment expenditure and expenditure on Union programmes fully matched by revenue from Union funds, including the costs related to the borrowing of funds for the loans related to Union programmes. This indicator allows for macro-economic stabilisation as it is not affected by the operation of automatic stabilisers, including revenue and expenditure fluctuations outside the direct control of the government.
2023/10/25
Committee: ECON
Amendment 48 #

2023/0137(CNS)

Proposal for a regulation
Recital 16 a (new)
(16a) For those years where deficit is expected to remain above the reference value, the net expenditure path should be consistent with an effective yearly reduction of 0.5% of the Member State GDP on average. The Commission will set an annual minimum adjustment figure for each Member State, and those figures will fall within a range of 0.2% to 0.8% of GDP as a benchmark. When deciding the exact figure for each Member State each year, the Commission will take into account the economic growth of the Union as a whole and of that Member State, together with the past adjustments and future projected adjustments of the Member State during the correction period. That way, deficit reduction will oscillate below or above a 0.5% target in order to avoid procyclicality, while compliance with the wider deficit reduction objective is preserved as there is an obligation to have an effective deficit reduction of 0.5% of GDP per year on average. During periods of high economic growth, the annual minimum adjustment should be set by the Commission above 0.5%, and the opposite should happen in times of economic contraction. When conducting the calculations and assessments to set the annual minimum adjustment figure, the Commission will also take into account deficit reduction in the previous years of the period and the remaining deficit reduction needed to ensure a reduction of 0.5% of GDP on average by the end of the correction period. Therefore, when providing the minimum adjustment figure for a given year, the Commission will also present the estimates for the annual minimum adjustment figure during the remaining years of the correction period. The Commission should incorporate into its assessment a worst-case scenario where an economic downturn persists until the end of the period and assess its likelihood, in order to avoid any potential backloading
2023/10/25
Committee: ECON
Amendment 69 #

2023/0137(CNS)

Proposal for a regulation
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 1 – paragraph 2 – point b
(b) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures, costs related to the borrowing of funds for the loans related to the national plans in accordance with the Recovery and Resilience Facility in accordance with Regulation (EU) 2021/241 , cyclical elements of unemployment benefit expenditure and other budgetary variables outside the control of the government, as defined in Annex II, point (a) of Regulation (EU) of the European Parliament and of the Council [on the preventive arm]*;
2023/10/25
Committee: ECON
Amendment 130 #

2023/0137(CNS)

Proposal for a regulation
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 2 – paragraph 3 – subparagraph 3 – point b
(b) the developments in the medium- term budgetary positions, including, in particular, the size of the actual deviation from the net expenditure path, in annual and cumulative terms as measured by the control account, and the extent to which the deviation is due to a severe economic downturn in the euro area or in the Union as a whole or to exceptional circumstances outside the control of the government with a major impact on the public finances of the Member State concerned in accordance with Articles 24 and 25 of Regulation (EU) [on the preventive arm]. Where relevant, the deviation compared to the technical trajectory shall also be taken into account when considering the size of the deviation;
2023/10/25
Committee: ECON
Amendment 186 #

2023/0137(CNS)

Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EC) No 1467/97
Article 3 – paragraph 4 – subparagraph 1
The Council recommendation made in accordance with Article 126(7) TFEU shall establish a maximum deadline of six months for effective action to be taken by the Member State concerned. When warranted by the seriousness of the situation, the deadline for effective action may be three months. The Council recommendation shall also establish a deadline for the correction of the excessive deficit. In its recommendation, the Council shall also request that the Member State implements a corrective net expenditure path, which ensures that the general government deficit remains or is brought and maintained below the reference value within the deadline set in the recommendation. For the years when the general government deficit is expected to exceed the reference value, the corrective net expenditure path shall be consistent with a minimum annual adjustment of at least 0,5% of GDP as a benchmarkon average. Each year, an annual minimum adjustment figure for each Member State shall be set by the Commission, after consulting the European Fiscal Board, within a range of 0.2% to 0.8% of GDP as a benchmark. The annual minimum adjustment figure shall be determined on the basis of the following criteria: (i) Expected GDP growth in the relevant year in both the Union as a whole and the specific Member State. (ii) Past adjustments and future forecasted adjustments by the specific Member State within the adjustment period. When providing the annual minimum adjustment figure, the Commission shall also release a projection of annual minimum adjustment figures for each of the remaining years of the adjustment period based on its own economic growth forecasts. The total minimum adjustment foreseen in that projection shall be equivalent to a 0.5 percent annual adjustment on average. The quantitative elements and the calculations needed for determining the annual minimum adjustment figures for each Member State shall be developed by the Commission in a delegated act in accordance with Article 17a(new) of this Regulation.
2023/10/25
Committee: ECON
Amendment 221 #

2023/0137(CNS)

Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point a
Regulation (EC) No 1467/97
Article 5 – paragraph 1 – subparagraph 1
Any Council decision to give notice to the participating Member State concerned to take measures for the deficit reduction in accordance with Article 126(9) TFEU shall be taken within two months of the Council decision under Article 126(8) TFEU establishing that no effective action has been taken. In the notice, the Council shall request that the Member State implements a corrective net expenditure path which ensures that the general government deficit remains or is brought and maintained below the reference value within the deadline set in the notice. For the years where the general government deficit is expected to exceed the reference value, the corrective net expenditure path shall be consistent with athe minimum annual adjustment of at least 0,5% of GDP as a benchmarkon average as referred to in Article 3, paragraph 4 of this Regulation.
2023/10/25
Committee: ECON
Amendment 277 #

2023/0137(CNS)

Proposal for a regulation
Article 1 – paragraph 1 – point 14 a (new)
Regulation (EC) No 1467/97
Article 17 c (new)
(14a) The following Article 17c is inserted: 'Article 17c Exercise of the delegation The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. The power to adopt the delegated acts referred to in Article 3 shall be conferred on the Commission for a period of one year from [Please insert the date of entry into force of this Council Regulation.] Before adopting a delegated act, the Commission shall consult experts designated by each Member State in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. A delegated act adopted pursuant to Article 3 shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of one month of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by one month at the initiative of the European Parliament or of the Council.’;
2023/10/25
Committee: ECON
Amendment 144 #

2023/0132(COD)

Proposal for a directive
Recital 2
(2) The most recent comprehensive revision took place between 2001 and 2004 while targeted revisions on post- authorisation monitoring (pharmacovigilance) and on falsified medicines were adopted subsequently. In the almost 20 years since the last comprehensive revision, the pharmaceutical sector has changed and has become more globalised, both in terms of development and manufacture. Moreover, science and technology have evolved at a rapid pace. However, there continues to be unmet medical needs, i.e. diseases without or only with suboptimal treatments, inappropriate or highly burdensome treatments or treatments addressing subpopulations of a disease only. Moreover, some patients may not benefit from innovation because medicines may be unaffordable or not placed on the market in the Member State concerned. There is also a greater awareness of the environmental impact of medicines. More recently, the COVID-19 pandemic has stress tested the framework.
2023/11/21
Committee: ENVI
Amendment 150 #

2023/0132(COD)

Proposal for a directive
Recital 3
(3) This revision is part of the implementation of the Pharmaceutical strategy for Europe and aims to promote innovation, in particular for unmet medical needs, while reducing regulatory burden and the environmental impact of medicines; ensure access to innovative and established medicines for all patients, with special attention to enhancing security of supply and addressing risks of shortages, taking into account the challenges of the smaller markets of the Union; and create a balanced and competitive system that keeps medicines affordable for health systems while rewarding innovation.
2023/11/21
Committee: ENVI
Amendment 151 #

2023/0132(COD)

Proposal for a directive
Recital 3 a (new)
(3 a) In parallel of this revision, the Union should build a new European pharmaceutical ecosystem to accelerate research and development of a new medicinal product and support innovation through the establishment of public- private partnerships, the multiplication of University Hospital Institutes, centres of excellence and bioclusters.
2023/11/21
Committee: ENVI
Amendment 153 #

2023/0132(COD)

Proposal for a directive
Recital 3 b (new)
(3 b) With the financial support from the Horizon Europe programme, the Union should participate to the establishment of a sustainable network of centres of excellence complementing each other to enable transnational research in ATMPs or other related innovative therapeutic modalities relevant to the future treatment of any diseases. These scientific and technical centres are expected to provide access and advance translatable, quality-controled technologies, share data, and build capacity to assist industrial and academic developers of ATMPs. They are also expected to explore the establishment of connections with clinical networks.
2023/11/21
Committee: ENVI
Amendment 220 #

2023/0132(COD)

Proposal for a directive
Recital 48
(48) While pricing and reimbursement decisions are a Member State competence, cooperation in this area is essential in order to avoid that decisions in one Member State create shortages in other Member States. For this reason, the Pharmaceutical Strategy for Europe announced actions to support cooperation of Member States to improve affordability. While the price paid within a given Member State reflects the preference of a national health system, more coordination on pricing and procurement could contribute to more equal and timely access to medicines, including for Member States with lower purchasing power. The Commission may support joint price negotiation with pharmaceutical companies, as per the Beneluxa Initiative on Pharmaceutical Policy and the Valletta Declaration. The Commission has transformed the group of National Competent Authorities on Pricing and Reimbursement and public healthcare payers (NCAPR) from an ad- hoc forum to a continuous voluntary cooperation with the aim to exchange information and best practices on pricing, payment and procurement policies to improve the affordability and cost- effectiveness of medicines and health system’s sustainability. The Commission is committed to stepping up this cooperation and further supporting information exchange among national authorities, including on national pricing, reimbursment and public procurement of medicines, while fully respecting the competences of Member States in this area. The Commission may also invite NCAPR members to participate in deliberations of the Pharmaceutical Committee on topics that may have an impact on pricing or reimbursement policies, such as the market launch incentive.
2023/11/21
Committee: ENVI
Amendment 225 #

2023/0132(COD)

Proposal for a directive
Recital 49
(49) Joint procurement, whether within a country or across countries, can improve access, affordability, and security of supply of medicines, in particular for smaller countries. Member States interested in joint procurement of medicines can make use of Directive 2014/24/EU47 , which sets out purchasing procedures for public buyers, the Joint Procurement Agreement48 and the proposed revised Financial Regulation49 . Upon request from the Member States the Commission may support interested Member States by facilitating coordination to enable access to medicines for patients in the Union as well as information exchange, in particular for medicines for rare and chronic diseases, antibiotics and generic and biosimilar medicinal products. _________________ 47 Directive 2014/24/EU of the European Parliament and of the Council of 26 February 2014 on public procurement and repealing Directive 2004/18/EC (OJ L 94, 28.3.2014, p. 65). 48 Regulation (EU) 2022/2371 of the European Parliament and of the Council of 23 November 2022 on serious cross-border threats to health and repealing Decision No 1082/2013/EU. 49 COM/2022/223 final.
2023/11/21
Committee: ENVI
Amendment 234 #

2023/0132(COD)

Proposal for a directive
Recital 50
(50) The establishment of a criteria- based definition of ‘unmet medical need’ is required to incentivise the development of medicinal products in therapeutic areas that are currently underserved. To ensure that the concept of unmet medical need reflects scientific and technological developments and, current knowledge in underserved diseases, as well as the many aspects that it embodies – e.g. the potential of medicines to improve quality of life, ease the burden of treatment and take account of the scope (addressing a subpopulation of a disease only) of treatments where they exist - the Commission should specify and update using implementing acts, the criteria of satisfactory method of diagnosis, prevention or treatment, ‘remaining high morbidity or mortality’, ‘relevant patient population’ following scientific assessment by the Agency. The Agency will seek input from a broad range of authorities and other relevant stakeholders such as relevant patient populations or bodies active along the lifecycle of medicinal products in the framework of the consultation process established under the [revised Regulation (EC) No 726/2004] and also take into account scientific initiatives at EU level or between Member States related to analysing unmet medical needs, – taking into account the impact, scope, ease of access and use as well as availability and appropiateness of treatments where they exist, and the potential of innovation to improve quality of life for patients and their families - burden of disease and priority setting for research and development. The criteria for ‘unmet medical need’ should be holistic, inclusive and take account of its many complex factors - can be subsequently used by Member States to identify specific therapeutic areas of interest.
2023/11/21
Committee: ENVI
Amendment 236 #

2023/0132(COD)

Proposal for a directive
Recital 50
(50) The establishment of a criteria- based definition of ‘unmet medical need’ is required to incentivise the development of medicinal products in therapeutic areas that are currently underserved. To ensure that the concept of unmet medical need reflects scientific and technological developments and current knowledge in underserved diseases, the Commission should specify and update using implementing acts, the criteria of satisfactory method of diagnosis, prevention or treatment, ‘remaining high morbidity or mortality’, ‘relevant patient population’ and 'quality of life' following scientific assessment by the Agency. The Agency will seek input from a broad range of authorities or bodies active along the lifecycle of medicinal products in the framework of the consultation process established under the [revised Regulation (EC) No 726/2004], consult relevant stakeholders including representatives from patient's organisations, healthcare professionals and industry and also take into account scientific initiatives at EU level or between Member States related to analysing unmet medical needs, burden of disease and priority setting for research and development. The criteria for ‘unmet medical need’ can be subsequently used by Member States to identify specific therapeutic areas of interest.
2023/11/21
Committee: ENVI
Amendment 262 #

2023/0132(COD)

Proposal for a directive
Recital 58
(58) An alternative way of demonstrating supply relates to the inclusion of medicinal products in a positive list of medicinal products covered by the national health insurance system in accordance with Directive 89/105/EEC. The related negotiations between companies and the Member State should be conducted in good faith. In addition, the timelines set by Directive 89/105/EEC should be respected during the negotiations between Member States and marketing authoriation holder to ensure a fast and timely patient's access to medicines.
2023/11/21
Committee: ENVI
Amendment 287 #

2023/0132(COD)

Proposal for a directive
Recital 63
(63) It is currently possible for applicants for marketing authorisation of generic, biosimilar, hybrid and bio-hybrid medicinal products to conduct studies, trials and the subsequent practical requirements necessary to obtain regulatory approvals for those medicinal products during the term of protection of the patent or Supplementary Protection Certificate (SPC) of the reference medicinal product, without this being considered patent or SPC infringement. The application of this limited exemption is however fragmented across the Union and it is considered necessary, in order to facilitate the market entry ofn day-one of medicinal products, in particular generic, biosimilar, hybrid and bio-hybrid medicinal products that rely on a reference medicinal product, to clarify its scope in order to ensure a harmonised application in all Member States, both in terms of beneficiaries and in terms of activities covered. The entry of generic, biosimilar, hybrid and bio-hybrid into the Union market on day-one is necessary to increase competition, improve patient's access to affordable medicines and reduce the pressure on national healthcare systems. The exemption must be confined to conduct studies and trials and other activities needed for the regulatory approval process or administrative purposes, health technology assessment and to obtain pricing reimbursement request, even though this may require substantial amounts of test production to demonstrate reliable manufacturing. During the term of protection of the patent or SPC of the reference medicinal product, there can be no commercial use of the resulting final medicinal products obtained for the purposes of the regulatory approval process.
2023/11/21
Committee: ENVI
Amendment 308 #

2023/0132(COD)

Proposal for a directive
Recital 67
(67) The provision of information to healthcare professionals and to patients on the appropriate use, storage and disposal of antimicrobials is a joint responsibility of marketing authorisation holders and of Member States who. Member States should ensure appropriate collection system for all medicinal products.
2023/11/21
Committee: ENVI
Amendment 316 #

2023/0132(COD)

Proposal for a directive
Recital 69 a (new)
(69 a) A progressive reform towards unitary packaging of medicines, in particular in hospital pharmacies, could result in a decrease of the materials used for the packaging of medicines, a reduction of the carbon footprint of the transport of medicines, a reduction in medicines waste, a better management of pollution from pharmaceutical waste, a prevention of tension and shortages of medicines, and an innovative tool to fight against antimicrobial resistance. The use of single dose unit containing all usefull information, in hospital environnement, could represent an improvement in favor of minimizing the risk of medication errors and therefore increased patient protection.
2023/11/21
Committee: ENVI
Amendment 324 #

2023/0132(COD)

Proposal for a directive
Recital 70
(70) Marketing authorisation applications for medicinal products in the Union should include an Environmental Risk Assessment (ERA) and risk mitigation measures. If the applicant fails to submit a complete or sufficiently substantiated environmental risk assessment or they do not propose risk mitigation measures to sufficiently address the risks identified in the environmental risk assessment, the marketing authorisation should be refused. The ERA should be updated when new data or knowledge about relevant risks become available. The Commission may explore creating an ecolabeling of medicinal products which respect the ERA's guidelines during their entire life cycle.
2023/11/21
Committee: ENVI
Amendment 357 #

2023/0132(COD)

Proposal for a directive
Recital 123
(123) Certain Member States impose on wholesalers who supply medicinal products to pharmacists and on persons authorised to supply medicinal products to the public certain public service obligations. Those Member States should be able to continue to impose those obligations on wholesalers established within their territory. They should also be able to impose them on wholesalers in other Member States on condition that they do not impose any obligation more stringent than those that they impose on their own wholesalers and provided that such obligations may be regarded as warranted on grounds of public health protection and are proportionate in relation to the objective of such protection. Member States should also impose certain obligations of public services to wholesalers within the limits of their responsibilities to ensure that medicinal products made available on one market are not placed on another market to avoid creating a shortage for patients.
2023/11/21
Committee: ENVI
Amendment 359 #

2023/0132(COD)

Proposal for a directive
Recital 123 a (new)
(123 a)Pharmacists have always had a role in primary care, particularly to compound, dispense and sell medicinal products that patients need, to provide advice on their proper use and possible adverse effects and to support patients suffering of acute and chronic illnesses. As responsible for dispensing the medicinal products, pharmacists also monitor their proper use and compliance by the patient, provide advice in particular to avoid the risks of iatrogenics (all the undesirable effects caused by taking one or more medications) and carry out medication reviews. In an hospital environment, hospital pharmacists are even setting up pharmaceutical consultations and designing personalised pharmaceutical plans, in cooperation with health professionals, patients and carers. Hospital pharmacists and community pharmacists could play a major role in the progressive use of electronic package leaflets.
2023/11/21
Committee: ENVI
Amendment 363 #

2023/0132(COD)

Proposal for a directive
Recital 128
(128) Member States have varying levels of digital literacy and internet access. In addition, patient and healthcare professional needs may differ. It is therefore necessary that Member States have a discretion on the adoption of measures enabling the electronic provision of product information while ensuring that no patient is left behind, taking into account the needs of different age categories and the different levels of digital literacy in the population, and making sure that product information is easily accessible to all patients. Member States should progressively allow the possibility for electronic product information, while ensuring full compliance with the rules on protection of personal data, and adhere to harmonised standards developed at EU level. Based on the findings from hospital pilots, the obligation to provide a paper leaflet should be lifted for medicinal products not intended for self- administration by the patient.
2023/11/21
Committee: ENVI
Amendment 367 #

2023/0132(COD)

Proposal for a directive
Recital 130
(130) The use of multi-language packages can be a tool for access to medicinal products, in particular for small markets and in public health emergencies. Where multi-language packages are used, Member States may allow the use on the labelling and package leaflet of an official language of the Union that is commonly understood in the Member States where the multi- language package is marketed. While electronic medicinal product information will facilitate their redistribution between Member States, language requirements on labels will remain a challenge. Removing the obligation for an official language and introducing the obligation to use the international non-proprietary name for medicinal products not intended for self- administration by the patient, in addition to providing electronic product information, could improve the availability of medicinal products and enable easier redistribution between Member States.
2023/11/21
Committee: ENVI
Amendment 387 #

2023/0132(COD)

Proposal for a directive
Article 1 – paragraph 2
2. This Directive shall apply to medicinal products for human use intended to be placed on the market in Member States and either prepared industrially or manufactured by a method involving an industrial process.
2023/11/21
Committee: ENVI
Amendment 395 #

2023/0132(COD)

Proposal for a directive
Article 1 – paragraph 5 – point c a (new)
(c a) medicinal product prepared in advance, in duly justified cases, by the pharmaceutical department of a hospital (‘hospital formula’). Hospital formulae are supplied on medical prescription to one or several patients by the hospital’s pharmaceutical department.
2023/11/21
Committee: ENVI
Amendment 396 #

2023/0132(COD)

Proposal for a directive
Article 1 – paragraph 5 – point c b (new)
(c b) radiopharmaceuticals, prepared in hospitals, health centres or clinics, by pharmacists or other persons legally authorised in the Member State concerned to carry out such process, or in accordance with a pharmacopoeia and if the radiopharmaceutical is intended to be used in-house, for diagnostic as well as therapeutic applications.
2023/11/21
Committee: ENVI
Amendment 400 #

2023/0132(COD)

6. Medicinal products referred to in paragraph 5, point (a), may be prepared in duly justified cases in advance by a pharmacy serving a hospital, on the basis of the estimated medical prescriptions within that hospital for the following seven daysaccording to appropriate stability.
2023/11/21
Committee: ENVI
Amendment 408 #

2023/0132(COD)

Proposal for a directive
Article 1 – paragraph 10 – point a
(a) the sale, supply or use of medicinal products as contraceptives or abortifacients;deleted
2023/11/21
Committee: ENVI
Amendment 419 #

2023/0132(COD)

Proposal for a directive
Article 2 – paragraph 1
1. By way of derogation from Article 1(1), only this Article shall apply to advanced therapy medicinal products prepared on a non-routine basis in accordance with the requirements set in paragraph 3 and used within the same Member State in a hospital under the exclusive professional responsibility of a medical practitioner and a hospital pharmacist, in order to comply with an individual medical prescription for a custom-made product for an individual patient (‘advanced therapy medicinal products prepared under hospital exemption’).
2023/11/21
Committee: ENVI
Amendment 430 #

2023/0132(COD)

Proposal for a directive
Article 2 – paragraph 2 a (new)
2 a. Member States may authorise the cross-border exchange of advanced therapy medicinal products prepared under hospital exemption in case of shortages of critical medicines or to ensure the treatment of patients affected by rare diseases, in the absence of other solutions.
2023/11/21
Committee: ENVI
Amendment 434 #

2023/0132(COD)

Proposal for a directive
Article 2 – paragraph 3
3. Member States shall ensure that advanced therapy medicinal products prepared under hospital exemption comply with the requirements equivalent to thegood pharmacy preparation practices that are adapted to hospital proceesses and based on good manufacturing practices and traceability for advanced therapy medicinal products referred to in Articles 5 and 15 of Regulation (EC) No 1394/200769 respectively, and with pharmacovigilance requirements equivalent to those provided for at Union level pursuant to [revised Regulation (EC) No 726/2004]. _________________ 69 Regulation (EC) No 1394/2007 of the European Parliament and of the Council of 13 November 2007 on advanced therapy medicinal products and amending Directive 2001/83/EC and Regulation (EC) No 726/2004 (OJ L 324, 10.12.2007, p. 1).
2023/11/21
Committee: ENVI
Amendment 443 #

2023/0132(COD)

Proposal for a directive
Article 2 – paragraph 4
4. Member States shall ensure that data on the use, safety, quality and the efficacy of advanced therapy medicinal products prepared under hospital exemption is collected and reported by the hospital exemption approval holder to the competent authority of the Member State at least annually. The competent authority of the Member State shall review such data and shall verify the compliance of advanced therapy medicinal products prepared under hospital exemption with the requirements referred to in paragraph 3.
2023/11/21
Committee: ENVI
Amendment 447 #

2023/0132(COD)

Proposal for a directive
Article 2 – paragraph 5
5. If a hospital exemption approval is revoked due to safety, quality, or efficacy concerns the competent authority of the Member States that approved the hospital exemption shall inform the Agency and the competent authorities of the other Member States.
2023/11/21
Committee: ENVI
Amendment 456 #

2023/0132(COD)

Proposal for a directive
Article 2 – paragraph 6
6. The competent authority of the Member State shall transmit the data related to the use, safety, quality and efficacy of an advanced therapy medicinal product prepared under the hospital exemption approval to the Agency annually. The Agency shall, in collaboration with the competent authorities of Member States and the Commission, set up and maintain a publicly accessible repository of that data in the form of an EU-wide registry.
2023/11/21
Committee: ENVI
Amendment 460 #

2023/0132(COD)

Proposal for a directive
Article 2 – paragraph 7 – subparagraph 1 – point a a (new)
(a a) the data to be collected by Member States, including a description of the use of hospital exemption, the number of patients treated, the clinical and quality of life outcomes used to measure efficacy and safety of the advance therapy medicinal products prepared under the hospital exemption;
2023/11/21
Committee: ENVI
Amendment 466 #

2023/0132(COD)

Proposal for a directive
Article 2 – paragraph 7 – subparagraph 1 – point d
(d) the modalities for harmonised implementation of preparation and use of advanced therapy medicinal products under hospital exemption on a non-routine basis.
2023/11/21
Committee: ENVI
Amendment 497 #

2023/0132(COD)

Proposal for a directive
Article 4 – paragraph 1 – point 22
(22) ‘antimicrobial’ means any medicinal product with a direct action on micro-organisms used for treatment or prevention of infections or infectious diseases, including antibiotics, antivirals, antiparasitics and antifungals;
2023/11/21
Committee: ENVI
Amendment 513 #

2023/0132(COD)

Proposal for a directive
Article 4 – paragraph 1 – point 30 b (new)
(30 b) 'platform technology’ means a specific technology or a collection of technologies used in the manufacturing process and/or the quality control, the nonclinical or clinical testing of one or more medicinal products and/or components that rely on prior knowledge and are established under the same underlying scientific principles.
2023/11/21
Committee: ENVI
Amendment 514 #

2023/0132(COD)

Proposal for a directive
Article 4 – paragraph 1 – point 30 a (new)
(30 a) platform technology master file’ means a document that contains a detailed description of a platform technology for which the underlying scientific principles under which the platform technology is established, and which is prepared in a separate document by the owner of the platform technology. This can encompass quality, pre-clinical and/or clinical data in relation to the medicinal products and/or components the platform technology refers to
2023/11/21
Committee: ENVI
Amendment 550 #

2023/0132(COD)

Proposal for a directive
Article 6 – paragraph 2 – subparagraph 1 (new)
The marketing authorisation application shall include the results of controlled clinical trials randomised versus an established medicinal product of proven therapeutic value with clinical endpoints or versus placebo in case of lack of established medicinal product of proven therapeutic value. Any other design shall be duly justified and accepted only for exceptional situations.
2023/11/21
Committee: ENVI
Amendment 551 #

2023/0132(COD)

Proposal for a directive
Article 6 – paragraph 2 a (new)
2 a. The marketing authorisation application shall include the particulars and documentation listed in Annex I, submitted in accordance with Annex II. Where justified for therapeutic purposes, a marketing authorisation may be granted for a medicinal product for which an active substance master file, an additional quality master file and/or a platform technology master file exists and is referred to in the application.
2023/11/21
Committee: ENVI
Amendment 574 #

2023/0132(COD)

Proposal for a directive
Article 15 – paragraph 2 – subparagraph 1
Where justified for therapeutic purposes, a marketing authorisation may, in exceptional circumstances, be granted for a medicinal product comprised of a fixed component and a variable component that is pre-defined in order to, where appropriate, target different variants of an infectious agent or, where necessary, to tailor the medicinal product to characteristics of an individual patient or a group of patients (‘platform technology’).
2023/11/21
Committee: ENVI
Amendment 593 #

2023/0132(COD)

Proposal for a directive
Article 17 – paragraph 3
3. The marketing authorisation holder shall ensure, wherever possible, that the antimicrobial may be dispensed per unit in a number corresponding to the quantities corresponding to the duration of treatment. If an antimicrobial can not be dispensed per unit, the marketing authorisation holder shall ensure that the pack size of the antimicrobial corresponds to the usual posology and duration of treatment.
2023/11/21
Committee: ENVI
Amendment 596 #

2023/0132(COD)

Proposal for a directive
Article 17 – paragraph 3 – subparagraph 1 (new)
Pharmacists should play a role in antimicrobial stewardship, including advising on the prudent use of antibiotics and other antimicrobials, as well as their correct disposal.
2023/11/21
Committee: ENVI
Amendment 618 #

2023/0132(COD)

Proposal for a directive
Article 22 – paragraph 3
3. The applicant shall also include in the ERA risk mitigation measures to avoid or where it is not possible, limit emissions to air, water and soil of pollutants listed in Directive 2000/60/EC, Directive 2006/118/EC, Directive 2008/105/EC and Directive 2010/75/EU. The applicant shall provide detailed explanation that the proposed mitigation measures are appropriate and sufficient to address the identified risks to the environment. When necessary, it shall also include information on available techniques and on the techniques that will be used to reduce the discharges and emissions of the medicinal product, in particular those occuring in manufacturing effluents before these effluents leave the manufacturing sites.
2023/11/21
Committee: ENVI
Amendment 632 #

2023/0132(COD)

Proposal for a directive
Article 22 – paragraph 4
4. The ERA for antimicrobials shall include an evaluation of the risk for antimicrobial resistance selection in the environment due to the entire manufacturing supply chain inside and outside the Union, use and disposal, including also by the healthcare professionnals and patients, of the antimicrobial taking into account, where relevant, the existing international standards that have established predicted no effect concentration (PNECs) specific for antibiotics.
2023/11/21
Committee: ENVI
Amendment 668 #

2023/0132(COD)

Proposal for a directive
Article 23 – paragraph 4 a (new)
4 a. The Agency shall ensure that the ERA is followed by clear recommandations to the marketing authorisation holders on how to respect the guidelines and to fulfill the requirements in the future.
2023/11/21
Committee: ENVI
Amendment 677 #

2023/0132(COD)

Proposal for a directive
Article 26 – paragraph 1 – subparagraph 1 a (new)
Marketing authorisation applicants may, instead of submitting the relevant data on the quality, safety and/or efficacy of a medicinal product required in accordance with Annex II, rely on an additional platform technology master file or a platform technology master file certificate granted by the Agency in accordance with this Article (‘platform technology master file certificate’).
2023/11/21
Committee: ENVI
Amendment 763 #

2023/0132(COD)

Proposal for a directive
Article 47 – paragraph 1 – point d
(d) the environmental risk assessment is incomplete or insufficiently substantiated by the applicant or if the risks identified in the environmental risk assessment have not been sufficiently addressed by the applicant, with the exception of medicinal products authorised before 30 October 2005 to avoid restricting patients' access to existing treatments;
2023/11/21
Committee: ENVI
Amendment 771 #

2023/0132(COD)

Proposal for a directive
Article 51 – paragraph 1 – point e
(e) is an antimicrobial of systemic administration; or
2023/11/21
Committee: ENVI
Amendment 789 #

2023/0132(COD)

Proposal for a directive
Article 51 – paragraph 2
2. Member States may setdecide to make an antimicrobial other than those referred to in paragraph 1 point (e) subject to prescription, and additional conditions on the prescription of antimicrobials, restrict the validity of medical prescription and limit the quantities prescribed to the amount required for the treatment or therapy concerned by authorising the use of pre-cut blister units or submitting certain antimicrobial medicinal products to special medical prescription or restricted prescription.
2023/11/21
Committee: ENVI
Amendment 1255 #

2023/0132(COD)

Proposal for a directive
Article 85 – paragraph 1 – introductory part
Patent rights, or supplementary protection certificates under the [Regulation (EC) No 469/2009 - OP please replace reference by new instrument when adopted] shall not be regarded as infringed when a reference medicinal product is used for the purposes of:
2023/11/21
Committee: ENVI
Amendment 1263 #

2023/0132(COD)

Proposal for a directive
Article 85 – paragraph 1 – point a – introductory part
(a) studies, trials and other activities conducted to generate data for an application, forare undertaken in order to:
2023/11/21
Committee: ENVI
Amendment 1273 #

2023/0132(COD)

Proposal for a directive
Article 85 – paragraph 1 – point a – point i
(i) obtain a marketing authorisation of generic, biosimilar, hybrid or bio-hybrid medicinal products and forand its subsequent variations;
2023/11/21
Committee: ENVI
Amendment 1281 #

2023/0132(COD)

Proposal for a directive
Article 85 – paragraph 1 – point a – point ii
(ii) undertake health technology assessment as defined in Regulation (EU) 2021/2282;
2023/11/21
Committee: ENVI
Amendment 1295 #

2023/0132(COD)

Proposal for a directive
Article 85 – paragraph 1 – point a – point iii
(iii) obtain pricing and reimbursement. listing;
2023/11/21
Committee: ENVI
Amendment 1305 #

2023/0132(COD)

Proposal for a directive
Article 85 – paragraph 1 – point a – point iii a (new)
(iii a) comply with all other regulatory or administrative requirement in the Union or in third countries;
2023/11/21
Committee: ENVI
Amendment 1310 #

2023/0132(COD)

Proposal for a directive
Article 85 – paragraph 1 – point a – point iii b (new)
(iii b) enable public and private procurement of medicinal products for the supply after expiry of the relevant patents or supplementary protection certificate;
2023/11/21
Committee: ENVI
Amendment 1314 #

2023/0132(COD)

(a a) the subsequent practical requirements linked to such activities.
2023/11/21
Committee: ENVI
Amendment 1322 #

2023/0132(COD)

Proposal for a directive
Article 85 – paragraph 1 – point b
(b) thThose activities conducted exclusively for the purposes set out in point (a), may cover the submission of the application for a marketing authorisation andfalling within the first subparagraph include the offering, manufacture, sale, supply, storage, import, export, use and purchase of patented medicinal products or processes, including by third party suppliers and service providers.
2023/11/21
Committee: ENVI
Amendment 1333 #

2023/0132(COD)

Proposal for a directive
Article 85 – paragraph 2
This exception shall not cover the placing on the market in a Member State of the medicinal products resulting from such activitiesmanufactured for the purposes mentioned above, while the relevant patent rights or supplementary protection certificates are in force in that Member State.
2023/11/21
Committee: ENVI
Amendment 1345 #

2023/0132(COD)

Proposal for a directive
Article 85 a (new)
Article85a 1. Applications, decision-making procedures and decisions to regulate marketing authorizations or the prices of medicinal products or to determine their inclusion within the scope of public health insurance systems or the public and private procurement of medicinal products shall be considered by Member States as regulatory or administrative procedures which, as such, are independent from the enforcement of intellectual property rights. 2. The protection of intellectual property rights shall not be a valid ground to refuse, suspend, delay, withdraw or revoke decisions relating to marketing authorisations, the price of a medicinal product or its inclusion within the public health insurance system, or the public and private procurement of medicinal products. 3. The applications, decision-making procedures and decisions referred to in paragraph 1 shall not be subject to conditions exposing applicants to risks of infringement of the intellectual property rights. 4. Paragraphs 1, 2 and 3 shall apply without prejudice to the Union and national legislation relating to the protection of intellectual property.
2023/11/21
Committee: ENVI
Amendment 1383 #

2023/0132(COD)

Proposal for a directive
Article 105 – paragraph 2
2. Marketing authorisation holders shall not refuse to consider reports of suspected adverse reactions received electronically or by any other appropriate means from patients, carers or healthcare professionals.
2023/11/21
Committee: ENVI
Amendment 1397 #

2023/0132(COD)

Proposal for a directive
Article 112 a (new)
Article112a Medicines under additional monitoring 1. The Agency shall, in collaboration with the Member States, set up, maintain and make public a list of medicinal products that are subject to additional monitoring. That list shall include the international non-proprietary names and active substances of: (a) medicinal products authorised in the Union that contain a new active substance which was not contained in any medicinal product authorised in the Union; (b) any biological medicinal product not covered by point (a) that was authorised after [date of implementation]; (c) medicinal products that are authorised pursuant to this Regulation, subject to the conditions referred to in point (f) of Article 12(4), point (a) of Article 20(1) or Articles 18, 19, 30 or 113; (d) medicinal products that are authorised pursuant to [revised Directive 2001/83/EC], subject to the conditions referred to in points (b) and (c) of the first paragraph of Article 44, Article 45, or point (a) of the first subparagraph of Article 87(1) thereof. At the request of the Commission, following consultation with the Pharmacovigilance Risk Assessment Committee, medicinal products that are authorised pursuant to this Regulation subject to the conditions referred to in points (d), (e) or (g) of Article 12(4), point (b) of Article 20 (1) or Article 46(2), may also be included in the list referred to in paragraph 1 of this Article. At the request of a national competent authority, following consultation with the Pharmacovigilance Risk Assessment Committee, medicinal products that are authorised pursuant to [revised Directive 2001/83/EC] subject to the conditions referred to in points (a), (d) or (f) of the first paragraph of Article 44, point (b) of the first subparagraph of Article 87 or Article 100(2) thereof, may also be included in the list referred to in paragraph 1 of this Article. 2. The list referred to in paragraph 1 shall include an electronic link to the product information and to the summary of the risk management plan. 3. In the cases referred to in points (a) and (b) of paragraph 1 of this Article, the Agency shall remove a medicinal product from the list five years after the Union reference date referred to in Article 108(5) of [revised Directive 2001/83/EC]. In the cases referred to in points (c) and (d) of paragraph 1 of this Article, the Agency shall remove a medicinal product from the list once the conditions have been fulfilled. 4. For medicinal products included in the list referred to in paragraph 1, the summary of product characteristics and the package leaflet shall include the statement ‘This medicinal product is subject to additional monitoring’. The statement shall be preceded by an inverted black triangle, and shall be followed by a standardised explanatory sentence. 5. The Agency shall, in cooperation with the competent authorities, develop and conduct awareness campaigns on the promotion of information about medicines under additional monitoring. Those campaigns shall be intended to raise awareness amongst healthcare professionals, patients, consumers and the general public of the pharmacovigilance system and the additional monitoring of medicines.
2023/11/21
Committee: ENVI
Amendment 1457 #

2023/0132(COD)

Proposal for a directive
Article 167 – paragraph 3 a (new)
3 a. To ensure continued supply to patients, the wholesale distributors shall not be authorised to supply medicinal products in another Member State should this, in any way, prevent them from covering the needs of the patients in the Member States concerned.
2023/11/21
Committee: ENVI
Amendment 1474 #

2023/0132(COD)

Proposal for a directive
Article 177 – paragraph 1 – subparagraph 1 (new)
Member States shall monitor the digital market services or products, websites, applications likely to broadcast advertising for prescription medicinal products for which advertising is prohibited according to article 177, paragraph 1.
2023/11/21
Committee: ENVI
Amendment 1545 #

2023/0132(COD)

Proposal for a directive
Article 195 – paragraph 2
2. The competent authorities of the Member States or, in the case of centralised marketing authorisation, the Commission may suspend, revoke or vary a marketing authorisation if a serious risk to the environment or public health has been identified and not sufficiently addressed by the marketing authorisation holder, with the exception of medicinal products authorised before 30 october 2005 to avoid restricting patients' access to existing treatments.
2023/11/21
Committee: ENVI
Amendment 1555 #

2023/0132(COD)

Proposal for a directive
Article 196 – paragraph 1 – point f
(f) a serious risk to the environment or to public health via the environment has been identified and not sufficiently addressed by the marketing authorisation holder, with the exception of medicinal products authorised before 30 october 2005 to avoid restricting patients’ access to existing treatments.
2023/11/21
Committee: ENVI
Amendment 1565 #

2023/0132(COD)

Proposal for a directive
Article 200 – paragraph 4 – subparagraph 1
The competent authority of the Member State may process personal health data from sources other than clinical studies, including real world data, to support their public health tasks and, in particular, the evaluation and monitoring to medicinal products, for the purpose of improving the robustness of the scientific assessment or verifying claims of the applicant or marketing authorisation holder.
2023/11/21
Committee: ENVI
Amendment 1588 #

2023/0132(COD)

Proposal for a directive
Article 207 – paragraph 1 – subparagraph 1 (new)
Member States shall promote awareness- raising and educational campaigns for the general public on the environmental risks of pharmaceuticals and on how to improve disposal practices.
2023/11/21
Committee: ENVI
Amendment 1590 #

2023/0132(COD)

Proposal for a directive
Article 208 – paragraph 1
1. In order to guarantee independence and transparency, the Member States shall ensure that members of staff of the competent authority responsible for granting authorisations, rapporteurs and experts concerned with the authorisation and surveillance of medicinal products have no financial or other interests in the pharmaceutical industry that could affect their impartiality and their independance. These persons shall make an annual declaration of their financial interests and update them annually and whenever necessary.
2023/11/21
Committee: ENVI
Amendment 1594 #

2023/0132(COD)

Proposal for a directive
Article 208 – paragraph 2 a (new)
2 a. 3. The multidisciplinarity of experts may constitute a guarantee of the independence and impartiality of their work.
2023/11/21
Committee: ENVI
Amendment 1598 #

2023/0132(COD)

Proposal for a directive
Article 216 – paragraph 1
By [OP please insert the date = 10 years following 18 months after the date of entering into force of this Directive], the Commission shall present a report to the European Parliament and the Council on the application of this Directive, including an assessment of the fulfilment of its objectives and the resources required to implement it, in particular regarding the prolongation of data protection period to take into account the evolution of scientific knowledge and innovation.
2023/11/21
Committee: ENVI
Amendment 204 #

2023/0131(COD)

Proposal for a regulation
Recital 2
(2) The Pharmaceutical Strategy for Europe marks a turning point with the addition of further key objectives and by creatingaiming to create an attractive environment for research, development and production of medicines in the Union, along with a modern framework that makes innovative and established medicinal products available to patients and healthcare systems at affordable prices, while ensuring security of supply and addressing environmental concerns.
2023/11/21
Committee: ENVI
Amendment 212 #

2023/0131(COD)

Proposal for a regulation
Recital 3
(3) Addressing unequal patient access of medicinal products has become a key priority of the Pharmaceutical Strategy for Europe as has been highlighted by the Council and the European Parliament. Member States and the Parliament have called for revised mechanisms and incentives for development of medicinal products tailored to the level of unmet medical need, while ensuring patient access and availability of medicinal products in all Member States.
2023/11/21
Committee: ENVI
Amendment 230 #

2023/0131(COD)

Proposal for a regulation
Recital 20
(20) Promising medicinal products that have the potential to significantly address patients’ unmet medical needs should benefit from early and enhanced scientific support, including through supporting innovative patient-relevant in vitro and in silico technologies which are key to the development of these products. Such support will ultimately help patients benefit from new therapies as early as possible.
2023/11/21
Committee: ENVI
Amendment 244 #

2023/0131(COD)

Proposal for a regulation
Recital 30
(30) The Agency should be empowered to give scientific recommendations on whether a product under development, which could potentially fall under the mandatory scope of the centralised procedure, meets the scientific criteria to be a medicinal product such as advanced therapy medicinal products (ATMPs). Such an advisory mechanism would address, as early as possible, questions related to borderline cases with other areas such as substances of human origin, cosmetics or medical devices, which may arise as science develops. To ensure that recommendations given by the Agency take into account the views of equivalent advisory mechanisms in other legal frameworks, the Agency should consult the relevant advisory or regulatory bodies. The ad-hoc working group on Advanced Therapies should consult the SoHo Coordination Board on borderline cases.
2023/11/21
Committee: ENVI
Amendment 263 #

2023/0131(COD)

Proposal for a regulation
Recital 36
(36) The expertise of the Committee for Advanced Therapies (CAT), the Committee for Orphan Medicinal Products (COMP), the Paediatric Committee (PDCO) and Committee for Herbal Medicinal Products (HMPC) is retained through working groups, working parties and a pool of experts who are organised based on different domains and who are giving input to the CHMP and PRAC. The CHMP and PRAC consists of experts from all Member States while working parties consist in majority of experts appointed by the Member States, based on their expertise, and of external experts. The model of rapporteurs remains unchanged. Representation of patients, their caregivers and health care professionals, with expertise in all areas, including rare and paediatric diseases, is increased at the CHMP and PRAC, in addition to the dedicated working groups representing patients and health care professionals.
2023/11/21
Committee: ENVI
Amendment 265 #

2023/0131(COD)

Proposal for a regulation
Recital 37
(37) Scientific committees like the CAT have been instrumental to ensure expertise and capacity building in an emerging technological field. However, after more than 15 years, advanced therapy medicinal products are now more common. The full integration of their assessment in the work of the CHMP will facilitate the assessment of medicinal products within the same therapeutic class, independent of the technology on which they are based. It will also ensure that all biological medicinal products are assessed by the same committee. The ad-hoc working group on Advanced Therapy Medicinal Products (ATMPs) should provide guidance on the classification of ATMPs and borderline cases to the CHMP.
2023/11/21
Committee: ENVI
Amendment 270 #

2023/0131(COD)

Proposal for a regulation
Recital 39
(39) To allow for a more informative decision making and for exchange of information and pooling of knowledge on general issues of scientific or technical nature related to the tasks of the Agency regarding medicinal products for human use, in particular to scientific guidelines on unmet medical needs and the design of clinical trials, or other studies and the generation of evidence along the life cycle of medicinal product, the Agency should be able to have recourse to a consultation process of authorities or bodies active along the life cycle of medicinal products. These authorities could be, as appropriate, representatives from Heads of Medicines Agencies, the Clinical Trial Coordination and Advisory Group, the SoHO Coordination Board, the Coordination Group on Health Technology Assessment, Medical Devices Coordination Group, medical devices national competent authorities, national competent authorities for pricing and reimbursement of medicines, national insurance funds or healthcare payers. The Agency should also be able to extend the consultation mechanism to consumers, patients and their caregivers, healthcare professionals, academia, industry, associations representing payers, or other stakeholders, as relevant.
2023/11/21
Committee: ENVI
Amendment 272 #

2023/0131(COD)

Proposal for a regulation
Recital 39
(39) To allow for a more informative decision making and for exchange of information and pooling of knowledge on general issues of scientific or technical nature related to the tasks of the Agency regarding medicinal products for human use, in particular to scientific guidelines on unmet medical needs and the design of clinical trials, or other studies and the generation of evidence along the life cycle of medicinal product, the Agency should be able to have recourse to a consultation process of authorities or bodies active along the life cycle of medicinal products. These authorities could be, as appropriate, representatives from Heads of Medicines Agencies, the Clinical Trial Coordination and Advisory Group, the SoHO Coordination Board, the Coordination Group on Health Technology Assessment, Medical Devices Coordination Group, medical devices national competent authorities, national competent authorities for pricing and reimbursement of medicines, national insurance funds or healthcare payers. The Agency should also be able to extend the consultation mechanism to consumers, patients and their caregivers, healthcare professionals, industry, associations representing payers, or other stakeholders, as relevant.
2023/11/21
Committee: ENVI
Amendment 285 #

2023/0131(COD)

Proposal for a regulation
Recital 46
(46) Directive 2010/63/EU of the European Parliament and of the Council on the protection of animals used for scientific purposes49 lays down provisions on the protection of animals used for scientific purposes based on the principles of replacement, reduction and refinement. Any study involving the use of live animals, which provides essential information on the quality, safety and efficacy of a medicinal product, should take into account those principles of replacement, reduction and refinement, where they concern the care and use of live animals for scientific purposes, and should be optimised in order to provide the most satisfactory results whilst using the minimum number of animals. The procedures of such testing should be designed to avoid causing pain, suffering, distress or lasting harm to animals and should follow the available Agency and the International Committee for Harmonisation (ICH) guidelines. In particular, the marketing authorisation applicant and the marketing authorisation holder should take into account the principles laid down in Directive 2010/63/EU, including, where possible, use ofgiving priority to new approach methodologies in place of animal testing. These can include but are not limited to: in vitro models, such as microphysiological systems including organ-on-chips, (2D and 3D) cell culture models, organoids and human stem cells- based models; in silico tools or read-across models. _________________ 49 Directive 2010/63/EU of the European Parliament and of the Council of 22 September 2010 on the protection of animals used for scientific purposes (OJ L 276, 20.10.2010, p. 33).
2023/11/21
Committee: ENVI
Amendment 310 #

2023/0131(COD)

Proposal for a regulation
Recital 66
(66) Expedited Regulatory Pathways are a well-utilised tool to make assessments of pharmaceuticals more efficient and to modernise regulatory systems. Through the Priority Medicines (PRIME) scheme, the Agency has gained experience of the provision of early scientific and regulatory support to developers of certain medicinal products that, based on preliminary evidence, are likely to address an unmet medical need and are considered promising at an early stage of development. IGiven the objectives of this Regulation – to futureproof and simplify the European regulatory system, it is appropriate to recognise and strengthen this early support mechanism, including for priority antimicrobials and repurposed medicinal products when they fulfil the criteria for the scheme, and allow the Agency, in consultation with the Member States and the Commission, to establish selection criteria for promising medicinal products.
2023/11/21
Committee: ENVI
Amendment 369 #

2023/0131(COD)

Proposal for a regulation
Recital 82
(82) A transfer of a voucher for a priority antimicrobial may be conducted by sale. The value of the transaction which may be monetary or otherwise agreed between the buyer and the seller, shall be made public so as to inform regulators and the public. The identity of the holder of a voucher that has been granted and not yet used should be publicly known at all times so as to ensure a maximum level of transparency and trust.deleted
2023/11/21
Committee: ENVI
Amendment 374 #

2023/0131(COD)

Proposal for a regulation
Recital 83
(83) The provisions related to transferable data exclusivity vouchers shall be applicable for a specified period from the entry into force of this Regulation or until a maximum number of vouchers are granted by the Commission in order to limit the total cost of the measure to Member State health systems. The limited application of the measure will also provide the possibility to assess the effect of the measure in addressing the market failure in the development of new antimicrobials addressing antimicrobial resistance and assess the cost on national health systems. Such assessment will provide the necessary knowledge to decide whether to extend the application of the measure.deleted
2023/11/21
Committee: ENVI
Amendment 377 #

2023/0131(COD)

Proposal for a regulation
Recital 84
(84) The period of application of the provisions on transferable exclusivity vouchers for priority antimicrobials and the total number of vouchers may be extended by the Parliament and the Council upon proposal by the Commission on the basis of the experience acquired.deleted
2023/11/21
Committee: ENVI
Amendment 389 #

2023/0131(COD)

Proposal for a regulation
Recital 88
(88) Regulation (EC) No 141/2000 of the European Parliament and of the Council55 has proved to be successful in boosting developments of orphan medicinal products in the Union; therefore an action at Union level remains preferable to uncoordinated measures by the Member States which may result in distortions of competition and barriers to intra-Union trade. The Union should not neglect or disregard the success of the Regulation since its entry into force in 2000, and build on its success driving and ensuring a similar degree of innovation under this Regulation. _________________ 55 Regulation (EC) No 141/2000 of the European Parliament and of the Council of 16 December 1999 on orphan medicinal products (OJ L 18, 22.1.2000, p. 1).
2023/11/21
Committee: ENVI
Amendment 399 #

2023/0131(COD)

Proposal for a regulation
Recital 92 a (new)
(92 a) Significant benefit should remain the main determining factor for eligibility for orphan status when assessing an orphan medicinal product that meets the incidence threshold.
2023/11/21
Committee: ENVI
Amendment 401 #

2023/0131(COD)

Proposal for a regulation
Recital 92 b (new)
(92 b) What constitutes significant benefit in a patient population can change over time, therefore, the concept should remain sufficiently flexible to ensure a future-proof regulatory framework while ensuring predictability through additional guidance developped in consultation with patient organisations.
2023/11/21
Committee: ENVI
Amendment 405 #

2023/0131(COD)

(93) If a satisfactory method of diagnosis, prevention or treatment of the condition in question has already been authorised in the Union, the orphan medicinal product will have to be of significant benefit to those affected by that condition. In this context, a medicinal product authorised in one Member State is generally deemed as being authorised in the Union. It is not necessary for it to have Union authorisation or to be authorised in all Member States to be considered as a satisfactory method. In addition, commonly used methods of diagnosis, prevention or treatment that are not subject to a marketing authorisation may be considered satisfactory if there is scientific evidence of their efficacy and safety. In certain cases, medicinal products prepared for an individual patient in a pharmacy according to a medical prescription, or according to the prescriptions of a pharmacopoeia and intended to be supplied directly to patients served by the pharmacy, may be considered as satisfactory treatment if they are well known and safe and this is a general practice for the relevant patient population in the Union. This only applies to medicinal products that are not advanced therapy medicinal products and that do not otherwise contain complex active substances.
2023/11/21
Committee: ENVI
Amendment 411 #

2023/0131(COD)

Proposal for a regulation
Recital 96 a (new)
(96 a) The regulatory pathway can be uncertain and lack flexibility towards the unique challenges of orphan medicinal products, both in the way developers are required to meet evidentiary standards and in the interactions between developers and the regulatory actors. Therefore, the Agency should develop a dedicated and tailored procedure for early engagement with developers of orphan medicinal products with a view to ensuring that more orphan medicinal product candidates are successful on the regulatory pathway, while managing resources in an efficient way.
2023/11/21
Committee: ENVI
Amendment 419 #

2023/0131(COD)

Proposal for a regulation
Recital 102
(102) In order to incentivise research and development of orphan medicinal products addressing high unmet needs, to ensure market predictability and to ensure a fair distribution of incentives, a modulation of market exclusivity has been introduced; pioneering orphan medicinal products addressing high unmet medical needareas where there is a total lack of approved treatments benefit from the longest market exclusivity, while market exclusivity for well-established use orphan medicinal products, requiring less investment, is the shortest. In order to ensure increased predictability for developers, the possibility to review the eligibility criteria for market exclusivity after six years after the marketing authorisation has been abolished.
2023/11/21
Committee: ENVI
Amendment 428 #

2023/0131(COD)

Proposal for a regulation
Recital 104
(104) To maximise the potential benefit of clinical research, continued exploration of new indications should be encouraged. To reward research into and development of new therapeutic indications, an additional period of one year of market exclusivity is provided for a new therapeutic indication (with a maximum of two indications). To continue incentivising innovation, especially in underserved areas, while also allowing generic entry, any subsequent new orphan marketing authorisations granted to the marketing authorisation holder should receive three years of market exclusivity bound to the indication, not the active substance. This will allow generic competition in the first two orphan indications, while allowing for continued research for those patients who could still benefit.
2023/11/21
Committee: ENVI
Amendment 433 #

2023/0131(COD)

Proposal for a regulation
Recital 105 a (new)
(105 a)One of the overarching goals of this Regulation is to help meeting the medical needs of patients with rare diseases, to improve the affordability of orphan medicinal products and the patient access to orphan medicinal products across the Union, and to encourage innovation in areas of need. While other Union programmes and policies also contribute to these goals, people living with a rare disease continue to face common challenges that are many and multifactorial, including delayed diagnoses, lack of available transformative treatments, and difficulties to access treatments where they live, reflecting the fragmentation of the market across the Member States. The European added value to addressing the needs of people living with a rare disease being exceptionally high due to the rarity of patients, experts, data, and resources, it is appropriate for the Commission to develop, to complement this Regulation, a dedicated framework for rare diseases to bridge relevant legislation, policies and programmes, and support national strategies with a view to better meet the unmet needs of people living with rare diseases and their carers. This framework should be needs driven and goals based, and developped in consultation with the Member States and patient organisations as well as, where relevant, other interested parties.
2023/11/21
Committee: ENVI
Amendment 438 #

2023/0131(COD)

(126) It is necessary to take measures for the supervision of medicinal products authorised by the Union, and in particular for the intensive supervision of undesirable effects of these medicinal products, and the collection of real-world data within the framework of Union pharmacovigilance activities, so as to ensure the rapid withdrawal from the market of any medicinal product presenting a negative benefit-risk balance under normal conditions of use.
2023/11/21
Committee: ENVI
Amendment 440 #

2023/0131(COD)

Proposal for a regulation
Recital 129
(129) Scientific and technological progresses in data analytics and data infrastructure are essential for the development, authorisation and supervision of medicinal products. The digital transformation has affected regulatory decision-making, making it more data- driven and multiplying the possibilities to access evidence and real-world data, across the life cycle of a medicinal product. This Regulation recognises the Agency’s experience and capacity to access and analyse data submitted independently from the marketing authorisation applicant or marketing authorisation holder. On this basis, the Agency should take initiative to update the summary of product characteristics in case new efficacy or safety data has an impact on the benefit- risk balance of a medicinal product. In such case, the Agency and the marketing authorisation holder should collaborate to determine the particulars of any such update.
2023/11/21
Committee: ENVI
Amendment 452 #

2023/0131(COD)

Proposal for a regulation
Recital 133
(133) Regulatory sandboxes can provide the opportunity for advancing regulation through proactive regulatory learning, enabling regulators to gain better regulatory knowledge and to find the best means to regulate innovations based on real-world evidence, especially at a very early stage of development of a medicinal product, which can be particularly important in the face of high uncertainty and disruptive challenges, as well as when preparing new policies. Regulatory sandboxes provide a structured context for experimentation, enable where appropriate in a real-world environment the testing of innovative technologies, products, regulatory methods services or approaches – at the moment especially in the context of digitalisation or the use of artificial intelligence and machine learning in the life cycle of medicinal products from drug discovery, development to the administration of medicinal products, including where medical devices or in- vitro diagnostics are used as combination products – for a limited time and in a limited part of a sector or area under regulatory supervision ensuring that appropriate safeguards are in place. In its conclusions of 23 December 2020 the Council has encouraged the Commission to consider the use of regulatory sandboxes on a case-by-case basis when drafting and reviewing legislation.
2023/11/21
Committee: ENVI
Amendment 457 #

2023/0131(COD)

Proposal for a regulation
Recital 134
(134) In the area of medicinal products, a high level of protection of inter alia citizens, consumers, health, as well as legal certainty, a level playing field and fair competition always need to be ensured and existing levels of protection need to be respected. Whenever possible, priority should be given to the use of non-animal approaches.
2023/11/21
Committee: ENVI
Amendment 470 #

2023/0131(COD)

Proposal for a regulation
Recital 136
(136) Shortages of medicinal products represent a growing threat to public health, with potential serious risks to the health of patients in the Union and impacts on the right of patients to access appropriate medical treatment, including longer delays or interruptions in care or therapy, longer periods of hospitalisation, increased risks of exposure to falsified medicinal products, medication errors, adverse effects resulting from the substitution of unavailable medicinal products with alternative ones, significant psychological distress for patients and increased costs for healthcare systems. The root causes of shortages are multifactorial, with challenges identified along the entire pharmaceutical value chain, from quality and manufacturing problems. In particular, shortages of medicinal products can result from supply chain disruptions and vulnerabilities affecting the supply of key ingredients and components. Therefore, all marketing authorisation holders should have shortage prevention plans in place, to prevent shortages. The Agency should provide guidance to marketing authorisation holders on approaches to streamline the implementation of those plans.
2023/11/21
Committee: ENVI
Amendment 477 #

2023/0131(COD)

Proposal for a regulation
Recital 137
(137) To achieve a better security of supply for medicinal products in the internal market and to contribute thereby to a high level of public health protection, it is appropriate to approximate the rules on monitoring and reporting of actual or potential shortages of medicinal products, including the procedures and the respective roles and obligations of concerned entities in this Regulation, while allowing Member States to adopt or maintain legislation ensuring a higher degree of protection against medicine shortages, in respect of the commitments taken in the framework of the "Voluntary Solidarity Mechanism for medicines". It is important to ensure continued supply of medicinal products, which is often taken for granted across Europe. This is especially true for the most critical medicinal products which are essential to ensure the continuity of care, the provision of quality healthcare and guarantee a high level of public health protection in Europe.
2023/11/21
Committee: ENVI
Amendment 482 #

2023/0131(COD)

Proposal for a regulation
Recital 138
(138) The national competent authorities should be empowered to monitor shortages of medicinal products that are authorised through both national and centralised procedures, based on notifications of marketing authorisation holders. The Agency should be empowered to monitor shortages of medicinal products that are authorised through the centralised procedure, also based on notifications of marketing authorisation holders. When critical shortages are identified, both national competent authorities and the Agency should work in a coordinated manner to manage those critical shortages, whether the medicinal product concerned by the critical shortage is covered by a centralised marketing authorisation or a national marketing authorisation. Marketing authorisation holders and other relevant entities must provide the relevant information to inform the monitoring. Wholesale distributors and other persons or legal entities, including patient organisations or health care professionals, may also report a shortage of a given medicinal product marketed in the Member State concerned to the competent authority. The Executive Steering Group on Shortages and Safety of Medicinal Products (‘the Medicines Shortages Steering Group’ (MSSG)) already established within the Agency pursuant to Regulation (EU) 2022/123 of the European Parliament and of the Council56 , should adopt a list of critical shortages of medicinal products and ensure monitoring of those shortages by the Agency. The MSSG should also adopt a list of critical medicinal products authorised in accordance with [revised Directive 2001/83/EC] or this Regulation to ensure monitoring of the supply of those products. Health professional and patient organisations should be consulted before the adoption of the list. The MSSG may provide recommendations on measures to be taken by marketing authorisation holders, the Member States, the Commission and other entities to resolve any critical shortage or to ensure the security of supply of those critical medicinal products to the market. Implementing acts can be adopted by the Commission to ensure that appropriate measures, including the establishment or maintenance of contingency minimum safety-stocks, are taken by marketing authorisation holders, wholesale distributors or other relevant entities. _________________ 56 Regulation (EU) 2022/123 of the European Parliament and of the Council of 25 January 2022 on a reinforced role for the European Medicines Agency in crisis preparedness and management for medicinal products and medical devices (OJ L 20, 31.1.2022, p. 1).
2023/11/21
Committee: ENVI
Amendment 484 #

2023/0131(COD)

Proposal for a regulation
Recital 138
(138) The national competent authorities should be empowered to monitor shortages of medicinal products that are authorised through both national and centralised procedures, based on notifications of marketing authorisation holders. The Agency should be empowered to monitor shortages of medicinal products that are authorised through the centralised procedure, also based on notifications of marketing authorisation holders. When critical shortages are identified, both national competent authorities and the Agency should work in a coordinated manner to manage those critical shortages, whether the medicinal product concerned by the critical shortage is covered by a centralised marketing authorisation or a national marketing authorisation. Marketing authorisation holders and other relevant entities must provide the relevant information to inform the monitoring. Wholesale distributors and other persons or legal entities, including patient organisations or health care professionals, may also report a shortage of a given medicinal product marketed in the Member State concerned to the competent authority. The Executive Steering Group on Shortages and Safety of Medicinal Products (‘the Medicines Shortages Steering Group’ (MSSG)) already established within the Agency pursuant to Regulation (EU) 2022/123 of the European Parliament and of the Council56 , should adopt a list of critical shortages of medicinal products and ensure monitoring of those shortages by the Agency. The MSSG should also adopt a list of critical medicinal products authorised in accordance with [revised Directive 2001/83/EC] or this Regulation to ensure monitoring of the supply of those products. The MSSG may provide recommendations on measures to be taken by marketing authorisation holders, the Member States, the Commission and other entities to resolve any critical shortage or to ensure the security of supply of those critical medicinal products to the market. Implementing acts can be adopted by the Commission to ensure that appropriate measures, including the establishment or maintenance of contingency stocks, are taken by marketing authorisation holders, wholesale distributors or other relevant entities. The MSSG should develop in coordination with the Agency a Voluntary Solidarity Mechanism to allow Member States where stocks of important medicines are critically low and where other available options have been exhausted to send out on a voluntary basis a notification, to which other Members States may respond on a voluntary basis to provide temporary relief. This mechanism should leverage existing structures, including the European Shortages Monitoring Platform (‘ESMP’), established by Regulation (EU) 2022/123, and should invite manufacturers and wholesalers to participate where relevant. _________________ 56 Regulation (EU) 2022/123 of the European Parliament and of the Council of 25 January 2022 on a reinforced role for the European Medicines Agency in crisis preparedness and management for medicinal products and medical devices (OJ L 20, 31.1.2022, p. 1).
2023/11/21
Committee: ENVI
Amendment 488 #

2023/0131(COD)

Proposal for a regulation
Recital 138 a (new)
(138 a)In addition to existing and planned policy, legislative and regulatory measures, the Union need a strategic and coordinated industrial approach to ensure the security of supply of the most critical medicines. The Critical Medicines Alliance and the future Critical Medicines Act could allow national authorities, industry, civil society representatives, the Commission and the EU agencies to develop together coordinated actions at Union level against the shortages of medicines, in compliance with the competition rules and the Union’s international commitments. The future Critical Medicines Act could support the European green, digital manufacturing of critical medicines, APIs and intermediate ingredients, diversify the EU pharmaceutical supply chains and secure the strategic autonomy of critical medicines.
2023/11/21
Committee: ENVI
Amendment 489 #

2023/0131(COD)

Proposal for a regulation
Recital 138 a (new)
(138 a)To avoid that measures foreseen or taken by a Member State to prevent or mitigate a shortage at national level when responding to the legitimate needs of its citizen increase the risk of shortages in another Member State, the Agency should assess those measures with regards to their potential or actual impact on the availability and security of supply in other Member States and at European level, and inform of its assessment the Member States and the MSSG.
2023/11/21
Committee: ENVI
Amendment 490 #

2023/0131(COD)

Proposal for a regulation
Recital 138 b (new)
(138 b)One of the aims of this Regulation is to set out a framework for the activities to be deployed by the Member States and the Agency to improve the Union's capacity to react efficiently and in a coordinated manner to support shortage management and security of supply of medicinal products, in particular critical medicinal products, to EU citizens, at all times. Those shortages are a persistent problem that has been increasingly affecting the health and lives of Union citizens for decades and the root causes are multifactorial. Therefore, this Regulation should be a first step towards improving the Union response to that persistent problem. The Commission should subsequently expand that framework to continue addressing the causes of shortages of medicinal products, and better prevent and mitigate their effects.
2023/11/21
Committee: ENVI
Amendment 491 #

2023/0131(COD)

Proposal for a regulation
Recital 138 c (new)
(138 c) To complement this Regulation and as a first step to a more structural, long term approach to reduce Union dependencies for critical medicines and ingredients, particularly for products where there are only a few supplying manufacturers or countries, the Commission should propose by (OP: 24 months after the date of entry into force of this Regulation) a legislative initiative for an EU Critical Medicines Act for supporting the European green, digital manufacturing of key medicines, active pharmaceutical ingredients, and intermediate pharmaceutical ingredients for which the Union is dependent on one country or a limited number of manufacturers.
2023/11/21
Committee: ENVI
Amendment 492 #

2023/0131(COD)

Proposal for a regulation
Recital 138 d (new)
(138 d)It is appropriate for the Commission to build upon the Communication addressing medicine shortages in the European Union of 24 October 2023 and the many tools which can be used to promote a coordinated industrial approach, bringing together public and private actors from the European health and industrial ecosystem.
2023/11/21
Committee: ENVI
Amendment 505 #

2023/0131(COD)

Proposal for a regulation
Recital 143
(143) To ensure uniform conditions for the implementation of this Regulation in relation to marketing authorisations for medicinal products for human use, implementing powers should be conferred on the Commission. The implementing powers related to the granting of centralised marketing authorisations and for suspending, revoking or withdrawing those authorisations, for granting vouchers, establishing and modifying regulatory sandboxes and decisions on the regulatory status of medicinal products should be exercised in accordance with Regulation (EU) 182/2011.
2023/11/21
Committee: ENVI
Amendment 508 #

2023/0131(COD)

Proposal for a regulation
Recital 145
(145) Experience shows that, in clinical trials with investigational medicinal products containing or consisting of GMOs, including some advanced therapy medicinal products, the procedure to achieve compliance with the requirements of Directives 2001/18/EC and 2009/41/EC as regards the environmental risk assessment and consent by the competent authority of a Member State is complex and can take a significant amount of time.
2023/11/21
Committee: ENVI
Amendment 517 #

2023/0131(COD)

Proposal for a regulation
Article 1 – paragraph 1
This Regulation lays down Union procedures for the authorisation, supervision and pharmacovigilance of medicinal products for human use at Union level, establishes rules and procedures at Union and at Member State level relating to the monitoring and management of shortages and critical shortages and security of supply of medicinal products, and lays down the governance provisions of the European Medicines Agency (‘the Agency’) established by Regulation (EC) No 726/2004 which shall carry out the tasks relating to medicinal products for human use that are laid down in this Regulation, Regulation (EU) No 2019/6 and other relevant Union legal acts.
2023/11/21
Committee: ENVI
Amendment 521 #

2023/0131(COD)

Proposal for a regulation
Article 2 – paragraph 2 – point 4
(4) ‘orphan medicineal product sponsor’ means any legal or natural person, established in the Union, who submitted an application for or has been granted an orphan designation by a decision referred to in Article 64(4);
2023/11/21
Committee: ENVI
Amendment 531 #

2023/0131(COD)

Proposal for a regulation
Article 2 – paragraph 2 – point 7 a (new)
(7 a) 'adverse reaction' means a response to a medicinal product that is noxious and unintended, and includes medication errors and uses outside of the terms of the marketing authorisation, including the misuse and abuse of the medication product;
2023/11/21
Committee: ENVI
Amendment 549 #

2023/0131(COD)

Proposal for a regulation
Article 2 – paragraph 2 – point 11 a (new)
(11 a) ‘demand’ means the request for a medicinal product or a medical device by a healthcare professional or patient in response to clinical need; the demand is satisfactorily met when the medicinal product or the medical device is acquired in appropriate time and in sufficient quantity to allow continuity of the best care of patients;
2023/11/21
Committee: ENVI
Amendment 550 #

2023/0131(COD)

Proposal for a regulation
Article 2 – paragraph 2 – point 11 a (new)
(11 a) ‘demand’ means the request for a medicinal product or a medical device by a healthcare professional or patient in response to clinical need; the demand is satisfactorily met when the medicinal product or the medical device is acquired in appropriate time and in sufficient quantity to allow continuity of the best care of patients;
2023/11/21
Committee: ENVI
Amendment 559 #

2023/0131(COD)

Proposal for a regulation
Article 2 – paragraph 2 – point 12
(12) ‘shortage’ means a situation in which the supply of a medicinal product that is authorised and placed on the market in a Member State or of a CE-marked medical device does not meet the demand for that medicinal product in that Member State.or medical device at a national level, whatever the cause
2023/11/21
Committee: ENVI
Amendment 560 #

2023/0131(COD)

Proposal for a regulation
Article 2 – paragraph 2 – point 12
(12) ‘shortage’ means a situation in which the supply of a medicinal product that is authorised and placed on the market in a Member State or of a CE-marked medical device does not meet the demand for that medicinal product or medical device in that Member State, whatever the cause.
2023/11/21
Committee: ENVI
Amendment 564 #

2023/0131(COD)

Proposal for a regulation
Article 2 – paragraph 2 – point 12 a (new)
(12 a) ‘supply’ means the total volume of stock of a given medicinal product or medical device that is placed on the market by a marketing authorisation holder or a manufacturer;
2023/11/21
Committee: ENVI
Amendment 565 #

2023/0131(COD)

Proposal for a regulation
Article 2 – paragraph 2 – point 12 a (new)
(12 a) ‘supply’ means the total volume of stock of a given medicinal product or medical device that is placed on the market by a marketing authorisation holder or a manufacturer;
2023/11/21
Committee: ENVI
Amendment 572 #

2023/0131(COD)

Proposal for a regulation
Article 2 – paragraph 2 – point 14 a (new)
(14 a) 'Healthcare professionals’ organisations’ means not-for-profit organisations that have an interest in patient care, and where healthcare professionals represent a majority of members in governing bodies.
2023/11/21
Committee: ENVI
Amendment 574 #

2023/0131(COD)

Proposal for a regulation
Article 2 – paragraph 2 – point 14 b (new)
(14 b) ‘Patients’ organisations’ means as not-for-profit organisations which are patient focused, and where patients and/or carers (the latter when patients are unable to represent themselves) represent a majority of members in governing bodies.
2023/11/21
Committee: ENVI
Amendment 577 #

2023/0131(COD)

Proposal for a regulation
Article 4 – title
Member State authorisation of generics of centrally authorisedspecific categories of medicinal products
2023/11/21
Committee: ENVI
Amendment 583 #

2023/0131(COD)

Proposal for a regulation
Article 4 – paragraph 1 – point a
(a) the application for marketing authorisation is submitted in accordance with Article 9, 10, 13 of [revised Directive 2001/83/EC], or for active substances used in fixed dose combination medicinal products that have previously been used in the composition of authorised medicinal products;
2023/11/21
Committee: ENVI
Amendment 585 #

2023/0131(COD)

Proposal for a regulation
Article 4 – paragraph 2
Point (b), first subparagraph, shall not apply to those parts of summary of product characteristics and package leaflet referring to indications, posologies, pharmaceutical forms, methods or routes of administration or any other way in which the medicinal product may be used which were still covered by a patent or a supplementary protection certificate for medicinal products at the time when the generic medicinal product was marketed and where the applicant for the generic medicinal product has requested not to include this information in their marketing authorisation.
2023/11/21
Committee: ENVI
Amendment 589 #

2023/0131(COD)

Proposal for a regulation
Article 5 – paragraph 5
5. Within 20 days of receipt of an application, the Agency shall check whether all the information and documentation required in accordance with Article 6 have been submitted, that the application does not contain critical deficiencies as defined in guidelines established under paragraph 7 that may prevent the evaluation of the medicinal product and decide whether the application is valid.
2023/11/21
Committee: ENVI
Amendment 591 #

2023/0131(COD)

Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 2
The documentation shall include a declaration to the effect that clinical trials carried out outside the Union meet the ethical requirements of Regulation (EU) No 536/2014. Those particulars and documentation shall take account of the unique, Union nature of the authorisation requested and, otherwise than in exceptional cases relating to the application of the law on trademarks pursuant to Regulation (EU) 2017/1001 of the European Parliament and of the Council66 , shall include the use of a single name for the medicinal product. The use of a single name does not exclude: (a) the use of additional qualifiers where necessary to identify different presentations of the medicinal product concerned. (b) the use of identified versions of the summary of product characteristics as referred to in article 62 of [Revised Directive] in situations where elements of the product information are still covered by patent law or supplementary protection certificates for medicinal products. (c) the use of additional qualifiers where necessary to identify different presentations of the medicinal product concerned. _________________ 66 Regulation (EU) 2017/1001 of the European Parliament and of the Council of 14 June 2017 on the European Union trade mark (OJ L 154, 16.6.2017, p. 1).
2023/11/21
Committee: ENVI
Amendment 599 #

2023/0131(COD)

Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1
For medicinal products that are likely to offer an exceptional therapeutic advancement in the diagnosis, prevention or treatment, including with regard to the quality of life of a relevant patient population or subpopulation, of a life- threatening, seriously debilitating or serious and chronic condition in the Union, the Agency may, following the advice of the Committee for Medicinal Products for Human Use regarding the maturity of the data related to the development, offer to the applicant a phased review of complete data packages for individual modules of particulars and documentation as referred to in paragraph 1.
2023/11/21
Committee: ENVI
Amendment 600 #

2023/0131(COD)

Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1
For medicinal products that are likely to offer an exceptional therapeutic advancement in the diagnosis, prevention or treatment, including the improvement of quality of life of certain patient's groups, of a life-threatening, seriously debilitating or serious and chronic condition in the Union, the Agency may, following the advice of the Committee for Medicinal Products for Human Use regarding the maturity of the data related to the development, offer to the applicant a phased review of complete data packages for individual modules of particulars and documentation as referred to in paragraph 1.
2023/11/21
Committee: ENVI
Amendment 607 #

2023/0131(COD)

Proposal for a regulation
Article 6 – paragraph 4
4. Where appropriate, the application may include an active substance master file certificate or an application for an active substance master file or any other quality master file certificate or application as referred to in Article 25 and Article 26 of [revised Directive 2001/83/EC].
2023/11/21
Committee: ENVI
Amendment 616 #

2023/0131(COD)

Proposal for a regulation
Article 6 – paragraph 7 – subparagraph 2
If the Committee for Medicinal Products for Human Use accepts the request, the time-limit laid down in Article 6(6), first subparagraph, shall be reduced to 1520 days.
2023/11/21
Committee: ENVI
Amendment 621 #

2023/0131(COD)

Proposal for a regulation
Article 6 a (new)
Article6a Parallel application for one or more new indications (1) During the scientific assessment of an initial marketing authorisation application of a medicinal product by the Agency, the applicant may submit to the Agency a separate parallel application for one or more new indications concerning the same medicinal product. (2) The parallel application shall be assessed by the Agency as a marketing authorisation application in accordance with this Regulation, subject to the following: (a) To the extent the Committee for Medicinal Products for Human Use can assess the parallel application within the timeframe applicable to the initial marketing authorisation application, leading to the same outcome for both applications it shall group the applications and issue a single opinion. (b) To the extent the said Committee cannot issue an opinion on the parallel application within the timeframe applicable to the initial marketing authorisation application the parallel application shall be converted to a Type II variation application in accordance with Commission Regulation (EC) No 1234/2008. (c) If the initial marketing authorisation application is withdrawn or receives a negative opinion from the Committee for Medicinal Products for Human Use, the Committee will pursue the assessment of the parallel application as a standalone marketing authorisation application.
2023/11/21
Committee: ENVI
Amendment 643 #

2023/0131(COD)

Proposal for a regulation
Article 12 – paragraph 4 – point h
(h) where appropriate, details of any recommended obligation to conduct any other post-authorisation studies, including post-authorisation treatment optimisation studies, to improve the safe and effective use of the medicinal product;
2023/11/21
Committee: ENVI
Amendment 668 #

2023/0131(COD)

Proposal for a regulation
Article 15 – paragraph 1 – point d
(d) the environmental risk assessment is incomplete or insufficiently substantiated by the applicant or if the risks identified in the environmental risk assessment have not been sufficiently addressed by the applicant, with the exception of medicinal products authorised before 30 october 2005 to avoid restricting patients’ access to existing treatments;
2023/11/21
Committee: ENVI
Amendment 677 #

2023/0131(COD)

Proposal for a regulation
Article 16 – paragraph 3 – subparagraph 1
The Agency shall immediately publish the assessment report on the medicinal product for human use and the reasons for its opinion in favour of granting marketing authorisation, after deletion of any information of a commercially confidential nature and subsequent consultation of patient organisations.
2023/11/21
Committee: ENVI
Amendment 724 #

2023/0131(COD)

Proposal for a regulation
Article 19 – paragraph 4
4. As part of the specific obligations referred to in paragraph 3, the marketing authorisation holder of a conditional marketing authorisation granted pursuant to this Article shall be required to complete ongoing studies, or to conduct new studies, with a view to confirming that the benefit- risk balance is favourable. After consultation with the marketing authorisation holder, the Agency shall lay down deadlines and criteria for the fulfilment of these conditions, and make them publicly available.
2023/11/21
Committee: ENVI
Amendment 756 #

2023/0131(COD)

Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 2 – point a
(a) if one of its indications or, posologies, pharmaceutical forms, methods or routes of administration or any other element is protected by a patent or a supplementary protection certificate in one or more Member States;
2023/11/21
Committee: ENVI
Amendment 757 #

2023/0131(COD)

Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 3
As soon as the relevant patent or supplementary protection certificate referred to in point (a) expires, the marketing authorisation holder shall withdraw the initial or duplicate marketing authorisation or where appropriate vary the term of the marketing authorisation to include the relevant SmPC information for which the corresponding patent(s) or supplementary protection certificate(s) has(ve) expired.
2023/11/21
Committee: ENVI
Amendment 762 #

2023/0131(COD)

Proposal for a regulation
Article 26 – paragraph 3
3. When applying paragraph 1, the Member State shall notify the Agency, which shall make the notification publicly available.
2023/11/21
Committee: ENVI
Amendment 770 #

2023/0131(COD)

Proposal for a regulation
Article 26 – paragraph 6
6. The Agency shall keep an up-to- date list of the opinions adopted in accordance with paragraph 4 and shall publish it in a central repository for compassionate use on its website.
2023/11/21
Committee: ENVI
Amendment 775 #

2023/0131(COD)

Proposal for a regulation
Article 29 – paragraph 1
Without prejudice to the law on the protection of industrial and commercial property, medicinal products for human use which have been authorised in accordance with this Regulation shall benefit from the periods of regulatory protection set out in Chapter VII of [revised Directive 2001/83/EC]. The granting of periods of regulatory protection shall be published and updated where appropriate by the Agency in a designated registry.
2023/11/21
Committee: ENVI
Amendment 782 #

2023/0131(COD)

Proposal for a regulation
Article 30 – paragraph 1
During a public health emergency, the Commission may grant a temporary emergency marketing authorisation (‘TEMA’) or a new temporary emergency therapeutic indication, including when grouped with an extension of an existing marketing authorisation under this Regulation, for medicinal products intended for the treatment, prevention or medical diagnosis of a serious or life- threatening disease or condition which are directly related to the public health emergency, prior to the submission of the complete quality, non-clinical, clinical data and environmental data and information.
2023/11/21
Committee: ENVI
Amendment 786 #

2023/0131(COD)

Proposal for a regulation
Article 31 – paragraph 1 – introductory part
A temporary emergency marketing authorisation or a temporary emergency therapeutic indication, including when grouped with an extension of the marketing authorisation, may be granted only after the recognition of a public health emergency at Union level in accordance with Article 23 of Regulation (EU) 2022/2371 of the European Parliament and of the Council67 and where the following requirements are met: _________________ 67 Regulation (EU) 2022/2371 of the European Parliament and of the Council of 23 November 2022 on serious cross-border threats to health and repealing Decision No 1082/2013/EU (OJ L 314, 6.12.2022, p. 26).
2023/11/21
Committee: ENVI
Amendment 809 #

2023/0131(COD)

Proposal for a regulation
Article 34 – paragraph 1 a (new)
1a. When the temporary emergency marketing authorisation or temporary emergency therapeutic indication, including when grouped with an extension of the marketing authorisation, ceases to be valid in accordance with paragraph 1 of this Article, the Agency may set a transitional period after consultation with the marketing authorisation holder in order to avoid any disruption in supply of the medicinal product concerned.
2023/11/21
Committee: ENVI
Amendment 814 #

2023/0131(COD)

Proposal for a regulation
Article 35 – paragraph 2 a (new)
2a. Where the Commission adopts any such implementing act, the provisions of Article 34, paragraph 1a shall apply.
2023/11/21
Committee: ENVI
Amendment 817 #

2023/0131(COD)

Proposal for a regulation
Article 36 – paragraph 2
For the purpose of regulatory data protection, the temporary emergency marketing authorisation or temporary emergency therapeutic indication, including when grouped with an extension of the marketing authorisation, and any subsequent marketing authorisation, as referred to in subparagraph 1, shall be considered as part of the same global marketing authorisation.
2023/11/21
Committee: ENVI
Amendment 828 #

2023/0131(COD)

Proposal for a regulation
Article 40
Granting the right to a transferable data 1. Following a request by the applicant when applying for a marketing authorisation, the Commission may, by means of implementing acts, grant a transferable data exclusivity voucher to a ‘priority antimicrobial’ referred to in paragraph 3, under the conditions referred to in paragraph 4 based on a scientific assessment by the Agency. 2. The voucher referred to in paragraph 1 shall give the right to its holder to an additional 12 months of data protection for one authorised medicinal product. 3. An antimicrobial shall be considered ‘priority antimicrobial’ if preclinical and clinical data underpin a significant clinical benefit with respect to antimicrobial resistance and it has at least one of the following characteristics: (a) it represents a new class of antimicrobials; (b) its mechanism of action is distinctly different from that of any authorised antimicrobial in the Union; (c) it contains an active substance not previously authorised in a medicinal product in the Union that addresses a multi-drug resistant organism and serious or life threatening infection. In the scientific assessment of the criteria referred to in the first subparagraph, and in the case of antibiotics, the Agency shall take into account the ‘WHO priority pathogens list for R&D of new antibiotics’, or an equivalent list established at Union level. 4. To be granted the voucher by the Commission, the applicant shall: (a) demonstrate capacity to supply the priority antimicrobial in sufficient quantities for the expected needs of the Union market; (b) provide information on all direct financial support received for research related to the development of the priority antimicrobial. Within 30 days after the marketing authorisation is granted, the marketing authorisation holder shall make the information referred to in point (b) accessible to the public via a dedicated webpage and shall communicate, in a timely manner the electronic link to that webpage to the Agency.Article 40 deleted exclusivity voucher
2023/11/21
Committee: ENVI
Amendment 832 #

2023/0131(COD)

1. Following a request by the applicant when applying for a marketing authorisation, the Commission may, by means of implementing acts, grant a transferable data exclusivity voucher to a ‘priority antimicrobial’ referred to in paragraph 3, under the conditions referrThe Commission shall establish a Union scheme of push and pull incentives to promote and accelerate the development of new priority antmicrobials and the access to existing and new antimicrobials. This scheme shall be financed through public reasearch funding and benefit from Union programmes. Member States shall also be encouraged to in paragraph 4 based on a scientific assessment by the Agencyticipate to the Union scheme. The Union scheme shall be coordinated by the Commission, through DG HERA.
2023/11/21
Committee: ENVI
Amendment 888 #

2023/0131(COD)

Proposal for a regulation
Article 40 a (new)
Article40a Push and pull incentives scheme to boost the development of priority antimicrobials 1. The Commission shall establish a Union push and pull incentives scheme to promote and urgently accelerate the development of novel antimicrobials, as well as promote increased access to existing and newly developed antimicrobials. Member States shall be encouraged to participate in the Union level scheme. 2. The Commission is empowered to adopt delegated acts in accordance with Article 175 to supplement this Regulation by further defining the scheme and its funding, which shall include i.a. the following incentives: (a) research grants under Union funds; (b) milestone prizes for novel antimicrobial developers; (c) voluntary joint procurement with subscription payment mechanisms or market entry rewards that delink or partially delink revenues and sales; 3. The Union push and pull incentives scheme shall be coordinated and managed by the Commission. 4. By ... [one year after the date of entry into force of this Regulation], the Commission shall have developed, and commenced the implementation of the Union push and pull incentives scheme. 5. By ... [7 years after the date of entry into force of this Regulation], the Commission shall present a report to the European Parliament and to the Council reviewing the application of the scheme laid down in this Article.
2023/11/21
Committee: ENVI
Amendment 903 #

2023/0131(COD)

Proposal for a regulation
Article 41
Transfer and use of the voucher 1. A voucher may be used to extend the data protection for a period of 12 months of the priority antimicrobial or another medicinal product authorised in accordance with this Regulation of the same or different marketing authorisation holder. A voucher shall only be used once and in relation to a single centrally authorised medicinal product and only if that product is within its first four years of regulatory data protection. A voucher may only be used if the marketing authorisation of the priority antimicrobial for which the right was initially granted has not been withdrawn. 2. To use the voucher, its owner shall apply for a variation of the marketing authorisation concerned in accordance with Article 47 to extend the data protection. 3. A voucher may be transferred to another marketing authorisation holder and shall not be transferred further. 4. A marketing authorisation holder to whom a voucher is transferred shall notify the Agency of the transfer within 30 days, stating the value of the transaction between the two parties. The Agency shall make this information publicly available.Article 41 deleted
2023/11/21
Committee: ENVI
Amendment 930 #

2023/0131(COD)

Proposal for a regulation
Article 42
1. A voucher shall cease to be valid in the following cases: (a) where the Commission adopts a decision in accordance with Article 47 to extend the data protection of the receiving medicinal product; (b) where it is not used within 5 years from the date it was granted. 2. The Commission may revoke the voucher prior to its transfer as referred to in Article 41(3) if a request for supply, procurement or purchase of the priority antimicrobial in the Union has not been fulfilled. 3. Without prejudice to patent rights, or supplementary protection certificates69 , if a priority antimicrobial is withdrawn from the Union market prior to expiry of the periods of market and data protection laid down in Articles 80 and 81 of [revised Directive 2001/83/EC], those periods shall not prevent the validation, authorisation and placing on the market of a medicinal product using the priority antimicrobial as a reference medicinal product in accordance with Chapter II, Section 2 of [revised Directive 2001/83]. _________________ 69 Regulation (EC) No 469/2009 of the European Parliament and of the Council, (OJ L 152, 16.6.2009, p. 1).Article 42 deleted Validity of the voucher
2023/11/21
Committee: ENVI
Amendment 944 #

2023/0131(COD)

Proposal for a regulation
Article 43
Duration of application of Chapter III This Chapter shall apply until [Note to OP: insert the date of 15 years after the date of entry into force of this Regulation] or until the date when the Commission has granted a total of 10 vouchers in accordance with this Chapter, whichever date is the earliest.Article 43 deleted
2023/11/21
Committee: ENVI
Amendment 946 #

2023/0131(COD)

Proposal for a regulation
Article 43 – paragraph 1
This Chapter shall apply until [Note to OP: insert the date of 15 years after the date of entry into force of this Regulation] or until the date when the Commission has granted a total of 10 vouchers in accordance with this Chapter, whichever date is the earliest.deleted
2023/11/21
Committee: ENVI
Amendment 962 #

2023/0131(COD)

Proposal for a regulation
Article 48 – paragraph 1 – subparagraph 1
An entity not engaged in an economic activity (‘not-for-profit entity’) may submit to the Agency or to a competent authority of the Member State substantive non- clinical or clinical evidence for a new therapeutic indication that is expected to fulfil an unmet medical need.
2023/11/21
Committee: ENVI
Amendment 968 #

2023/0131(COD)

Proposal for a regulation
Article 48 – paragraph 1 – subparagraph 2
The Agency may, at the request of a Member State, the Commission, or on its own initiative and on the basis of all available evidence make a scientific evaluation of the benefit-risk of the use of a medicinal product with a new therapeutic indication that concerns an unmet medical need.
2023/11/21
Committee: ENVI
Amendment 975 #

2023/0131(COD)

Proposal for a regulation
Article 48 – paragraph 3
3. Article 81(2), point (c) of [revised Directive 2001/83/EC] shall notmay apply for variations under this Article.
2023/11/21
Committee: ENVI
Amendment 977 #

2023/0131(COD)

Proposal for a regulation
Article 52 – paragraph 2 – subparagraph 1 – point a
(a) to lend its assistance by participating in a joint inspection with the supervisory authority of the site to assess the respect of the good manufacturing practice (GMP) including the practices relating to the environmental and social standards. In that case the supervisory authority leads the inspection and the follow up thereof. After completion of the inspection, the supervisory authority grants the relevant good manufacturing practice (GMP) certificate and enters the certificate in the Union database; or
2023/11/21
Committee: ENVI
Amendment 984 #

2023/0131(COD)

Proposal for a regulation
Article 58 – paragraph 1 – subparagraph 2
Such advice can also be requested for medicinal products referred to in Articles 83 and 84 of [revised Directive 2001/83/EC], and for medicinal products used with an in vitro diagnostic medical device.
2023/11/21
Committee: ENVI
Amendment 991 #

2023/0131(COD)

Proposal for a regulation
Article 58 – paragraph 3
3. In the preparation of the scientific advice referred to in paragraph 1 and in duly justified cases, the Agency may consult authorities established in other Union legal acts as relevant for the provision of the scientific advice in question or other public bodies established in the Union, as applicable. To avoid any conflict of interest, the Agency shall ensure a separation between the experts responsible for providing scientific advice to a medicinal product developer and those subsequently involved in evaluating marketing authorisation for the same medicine. In the absence of a sufficient panel in the context of a rare disease, an exception may be granted.
2023/11/21
Committee: ENVI
Amendment 993 #

2023/0131(COD)

Proposal for a regulation
Article 58 – paragraph 4
4. The Agency shall include in the European public assessment report the key areas of the scientific advice. The Agency shall also indicate the names of experts, rapporteurs and coordinators giving scientific advice. This report shall be made publicly available once the corresponding marketing authorisation decision has been taken in relation to the medicinal product, after deletion of any information of a commercially confidential nature.
2023/11/21
Committee: ENVI
Amendment 996 #

2023/0131(COD)

Proposal for a regulation
Article 58 – paragraph 4 a (new)
4 a. When granting scientific advice, the Agency shall ensure to the greatest extent possible that there is a separation between those responsible for providing scientific advice to a medicine developer and those subsequently involved in evaluating a marketing authorisation application for the same medicinal product. The Agency shall ensure that at least one of the two rapporteurs for a marketing authorisation application should not have taken part in any pre- submission activities concerning the medicinal product. The reasons for any exceptions shall be documented and published with the European Public Assessment Report.
2023/11/21
Committee: ENVI
Amendment 1009 #

2023/0131(COD)

Proposal for a regulation
Article 60 – paragraph 1 – introductory part
1. The Agency mayshall offer enhanced scientific and regulatory support, including as applicable consultation with other bodies as referred to in Articles 58 and 59 and accelerated assessment mechanisms, for certain medicinal products that, based on preliminary evidence submitted by the developer fulfil at least one of the following conditions:
2023/11/21
Committee: ENVI
Amendment 1010 #

2023/0131(COD)

Proposal for a regulation
Article 60 – paragraph 1 – introductory part
1. The Agency mayshall offer enhanced scientific and regulatory support, including as applicable consultation with other bodies as referred to in Articles 58 and 59 and accelerated assessment mechanisms, for certain medicinal products that, based on preliminary evidence submitted by the developer fulfil the following conditions:
2023/11/21
Committee: ENVI
Amendment 1019 #

2023/0131(COD)

Proposal for a regulation
Article 60 – paragraph 1 – point a a (new)
(a a) are innovative Advanced Therapy Medicinal Products (ATMPs);
2023/11/21
Committee: ENVI
Amendment 1022 #

2023/0131(COD)

Proposal for a regulation
Article 60 – paragraph 1 – point b
(b) are orphan medicinal products and are likely to address a high unmetlisted on the register of designated orphan medicinal need aproducts referred to in Aarticle 70(1); 67 (1) of this Regulation;
2023/11/21
Committee: ENVI
Amendment 1030 #

2023/0131(COD)

Proposal for a regulation
Article 60 – paragraph 1 – point c
(c) provide an exceptional therapeutic advancement or are expected to be of major interest from the point of view of public health, in particular as regards therapeutic innovation, taking into account the early stage of development, or antimicrobials with any of the characteristics mentioned in Article 40(3).
2023/11/21
Committee: ENVI
Amendment 1041 #

2023/0131(COD)

Proposal for a regulation
Article 61 – paragraph 1 – subparagraph 1
For products under development which may fall within the categories of medicinal products to be authorised by the Union listed in Annex I, a developer or a competent authority of the Member States may submit a duly substantiated request to the Agency for a scientific recommendation with a view to determining on scientific grounds whether the concerned product is potentially a ‘medicinal product’, including an ‘advanced therapy medicinal product’ as defined in Article 4 (7), (29) and (30) of [revised Directive 2001/83/EC] and Article 2 of Regulation (EC) No 1394/2007 of the European Parliament and of the Council71 . _________________ 71 Regulation (EC) No 1394/2007 of the European Parliament and of the Council of 13 November 2007 on advanced therapy medicinal products and amending Directive 2001/83/EC and Regulation (EC) No 726/2004 (OJ L 324, 10.12.2007, p. 121).
2023/11/21
Committee: ENVI
Amendment 1098 #

2023/0131(COD)

Proposal for a regulation
Article 68 – paragraph 1 – introductory part
1. The orphan medicine sponsor mayshall, prior to the submission of an application for marketing authorisation, request advice from the Agency on the following:
2023/11/21
Committee: ENVI
Amendment 1125 #

2023/0131(COD)

Proposal for a regulation
Article 70
Orphan medicinal products addressing a 1. An orphan medicinal product shall be considered as addressing a high unmet medical need where it fulfils the following requirements: (a) there is no medicinal product authorised in the Union for such condition orwhere, despite medicinal products being authorised for such condition in the Union, the applicant demonstrates that the orphan medicinal product, in addition to having a significant benefit, will bring exceptional therapeutic advancement; (b) the use of the orphan medicinal product results in a meaningful reduction in disease morbidity or mortality for the relevant patient population. 2. A medicinal product for which an application has been submitted in accordance with Article 13 of [revised Directive 2001/83/EC] shall not be considered as addressing a high unmet medical need. 3. Where the Agency adopts scientific guidelines for the application of this Article, it shall consult the Commission and the authorities or bodies referred to in Article 162.Article 70 deleted high unmet medical need
2023/11/21
Committee: ENVI
Amendment 1140 #

2023/0131(COD)

Proposal for a regulation
Article 70 – paragraph 1 – point b
(b) the use of the orphan medicinal product results in a meaningful reduction in disease morbidity or, mortality, severity or long term side effects for the relevant patient population.
2023/11/21
Committee: ENVI
Amendment 1152 #

2023/0131(COD)

Proposal for a regulation
Article 70 – paragraph 3
3. Where the Agency adopts scientific guidelines for the application of this Article, it shall consult the Commission and, the authorities or, bodies and stakeholders referred to in Article 162.
2023/11/21
Committee: ENVI
Amendment 1157 #

2023/0131(COD)

Proposal for a regulation
Article 71 – paragraph 2 – point a
(a) nineeight years for orphan medicinal products other than those referred to in points (b), (ba) and (c);
2023/11/21
Committee: ENVI
Amendment 1158 #

2023/0131(COD)

Proposal for a regulation
Article 71 – paragraph 2 – point a
(a) nine years for orphan medicinal products other than those referred to in points (b), (c) and (ca);
2023/11/21
Committee: ENVI
Amendment 1159 #

2023/0131(COD)

Proposal for a regulation
Article 71 – paragraph 2 – point a
(a) nine years for orphan medicinal products other than those referred to in points (b), (c) and (ca);
2023/11/21
Committee: ENVI
Amendment 1182 #

2023/0131(COD)

Proposal for a regulation
Article 71 – paragraph 2 – point b
(b) twelven years for orphan medicinal products addressing a high unmet medical need as referred to in Article 70;where no satisfactory treatment has been approved in the Union for the indication in question.
2023/11/21
Committee: ENVI
Amendment 1192 #

2023/0131(COD)

Proposal for a regulation
Article 71 – paragraph 2 – point b a (new)
(b a) Ten years for orphan medicinal products where one of the following criteria applies: i. fewer than three orphan medicinal products have been approved in the Union for the indication in question; ii. despite medicinal products being authorised for the indication in question, none has been approved in the Union for the relevant subpopulation that is covered by the therapeutic indication of the new medicinal product; iii. an orphan medicinal product has been approved in the Union for the indication, but the new orphan medical product will represent a new mechanism of action or technology, and will result in significant reduction in disease morbidity or mortality for the relevant patient population, or a major contribution to the quality of life of the relevant population.
2023/11/21
Committee: ENVI
Amendment 1194 #

2023/0131(COD)

Proposal for a regulation
Article 71 – paragraph 2 – point b a (new)
(b a) twelve years for orphan medicinal products addressing a high unmet medical need as referred to in Article 70 in the paediatric population;
2023/11/21
Committee: ENVI
Amendment 1209 #

2023/0131(COD)

Proposal for a regulation
Article 71 – paragraph 3
3. Where a marketing authorisation holder holds more than one orphan marketing authorisations for the same active substance, other than in cases foreseen in Article 72, paragraph 2, subparagraph 2, those authorisations shall not benefit from separate market exclusivity periods. The duration of the market exclusivity shall start from the date when the first orphan marketing authorisation was granted in the Union.
2023/11/21
Committee: ENVI
Amendment 1222 #

2023/0131(COD)

Proposal for a regulation
Article 72 – paragraph 1
1. The periods of market exclusivity referred to in Article 71, paragraph 2, points (a) and (b), shall be prolonged by 12 months, where the orphan marketing authorisation holder can demonstrate that the conditions referred to in Article 81(2), point (a), and Article 82(1) [of revised Directive 2001/83/EC] are fulfilled. The procedures set out in Articles 82(2) to (5) [of revised Directive 2001/83/EC] shall accordingly apply to the prolongation of market exclusivity.deleted
2023/11/21
Committee: ENVI
Amendment 1251 #

2023/0131(COD)

Proposal for a regulation
Article 72 – paragraph 2 – subparagraph 1
The period of market exclusivity shall be prolonged by an additional 12 months for orphan medicinal products referred to in Article 71(2), points (a), (b) and (ba), if at least two years before the end of the exclusivity period, the orphan marketing authorisation holder obtains a marketing authorisation for one or more new therapeutic indications for a different orphan condition.
2023/11/21
Committee: ENVI
Amendment 1259 #

2023/0131(COD)

Proposal for a regulation
Article 72 – paragraph 2 – subparagraph 2 a (new)
Any subsequent marketing authorisation obtained by the marketing authorisation holder for one or more new therapeutic indications for different orphan conditions shall receive a separate market exclusivity of three years, starting from the expiration date of the market exclusivity for the entire product under Article 71, where relevant as extended under paragraphs 1 and 2 of this article.
2023/11/21
Committee: ENVI
Amendment 1264 #

2023/0131(COD)

Proposal for a regulation
Article 72 – paragraph 2 a (new)
2 a. The period of market exclusivity shall be prolonged by an additional 12 months for orphan medicinal products referred to in Article 71(2), points (a), (b), and (ba) if the orphan medicinal product is not authorised for the indication in question in any third country at the time of granting the authorisation.
2023/11/21
Committee: ENVI
Amendment 1282 #

2023/0131(COD)

Proposal for a regulation
Article 73 a (new)
Article 73a European Framework for Rare Diseases By (OP: 24 months after the date of entry into force of this Regulation), the Commission shall, following appropriate consultation with the Member States, patient organisations and, where relevant, other interested parties, propose a needs driven and goals based European Framework for Rare Diseases with a view to bridge relevant Union legislation, policies and programmes, and support national strategies to better meet the unmet needs of people living with rare diseases, and their carers.
2023/11/21
Committee: ENVI
Amendment 1288 #

2023/0131(COD)

Proposal for a regulation
Article 75 – paragraph 1 – point b
(b) that the disease or condition for which the specific medicinal product or class is intended occurs only in adult populations, unless wthen the product is directed at a molecular target thatre is medical plausibility that the product, due to its mechanism of action and on the basis of existing scientific data, is responsible forcould address an unmet medical need in a different disease or condition in the same therapeutic area in children than the one for which the specific medicinal product or class of medicinal products is intended for in the adult population;
2023/11/21
Committee: ENVI
Amendment 1293 #

2023/0131(COD)

Proposal for a regulation
Article 75 – paragraph 1 – point c
(c) that the specific medicinal product is likely to not represent a significant therapeutic benefit over existing methods of diagnosis, prevention or treatments for paediatric patients.
2023/11/21
Committee: ENVI
Amendment 1294 #

2023/0131(COD)

Proposal for a regulation
Article 75 – paragraph 1 a (new)
1 a. The Agency shall, after consultation with the Commission and relevant interested parties, draw up guidelines for the application of this Article.
2023/11/21
Committee: ENVI
Amendment 1302 #

2023/0131(COD)

Proposal for a regulation
Article 76 – paragraph 1
1. A paediatric investigation plan or an application for waiver shall be submitted to the Agency with a request for agreement, except in duly justified cases, before the initiation of confirmatory safety and efficacy clinical studies so as to ensure that a decision on use in the paediatric population of the medicinal product concerned can be given at the time of the marketing authorisation or other application concerned.
2023/11/21
Committee: ENVI
Amendment 1341 #

2023/0131(COD)

Proposal for a regulation
Article 87 – paragraph 2 a (new)
2 a. Within the timelines for adoption of a decision foreseen in Articles 77, 78, 80, 81, 82 and 84, the Agency shall transmit its scientific conclusions to the applicant.
2023/11/21
Committee: ENVI
Amendment 1344 #

2023/0131(COD)

Proposal for a regulation
Article 87 – paragraph 2 b (new)
2 b. Within 20 days following receipt of the scientific conclusions, the applicant may submit to the Agency a written request, citing detailed grounds, for a re- examination. Within 30 days following receipt of a request for re-examination pursuant to paragraph 2b, the Agency shall confirm or revise its previous scientific conclusions.The Agency shall be able to question the applicant directly.The applicant may also offer to be questioned.Where the Agency considers it necessary, it may consult the Committee for Medicinal Products for Human Use or the appropriate working parties when re- examining the above mentioned scientific conclusions. If, within the 15-day period referred to in paragraph 4, the applicant does not request re-examination, the scientific conclusions shall become definitive. The Agency shall adopt a decision within a period not exceeding 15 days following the date on which the scientific conclusions have become definitive. This decision shall be communicated to the applicant in writing and shall annex the final scientific conclusions.
2023/11/21
Committee: ENVI
Amendment 1354 #

2023/0131(COD)

Proposal for a regulation
Article 88 – paragraph 1
Where a paediatric investigation plan, agreed in accordance with the provisions of Article 77, paragraphs 1, 2 and 4, is discontinued, the applicant shall notify the Agency of its intention to discontinue the conduct of the paediatric investigation plan and provide the reasons for such discontinuation no less than six months before the discontinuation or as soon as possible.
2023/11/21
Committee: ENVI
Amendment 1368 #

2023/0131(COD)

Proposal for a regulation
Article 101 – paragraph 1 – subparagraph 3
The Eudravigilance database shall contain information on suspected adverse reactions in human beings arising from use of the medicinal product within the terms of the marketing authorisation as well as from uses outside the terms of the marketing authorisation, including medication errors, and on those occurring in the course of post-authorisation studies with the medicinal product or associated with occupational exposure.
2023/11/21
Committee: ENVI
Amendment 1390 #

2023/0131(COD)

Proposal for a regulation
Article 111 – paragraph 1
The Agency and the Member States shall cooperate to continuously develop pharmacovigilance systems capable of achieving, including those that record adverse reactions including medication errors, processes and standards for medication safety, and implement digital technologies, with a view to achieve high standards of public health protection for all medicinal products, regardless of the routes of marketing authorisation, including the use of collaborative approaches, to maximise use of resources available within the Union.
2023/11/21
Committee: ENVI
Amendment 1399 #

2023/0131(COD)

Proposal for a regulation
Article 113 – paragraph 1 – point a
(a) it is not possible to adequately develop the medicinal product or category of products in compliance with the requirements applicable to medicinal products due to scientific or regulatory challenges arising from characteristics or methods related to the product;
2023/11/21
Committee: ENVI
Amendment 1408 #

2023/0131(COD)

Proposal for a regulation
Article 113 – paragraph 2 – subparagraph 1
The regulatory sandbox shall set out a regulatory framework, including scientific requirements, for the development and, where appropriate clinical trials and placing on the market of a product referred to in paragraph 1 under the conditions set out in this Chapter. The regulatory sandbox may allow targeted derogations to this Regulation, [revised Directive 2001/83/EC] or Regulation (EC) 1394/2007 under the conditions set out in Article 114, while balancing patient safety and innovation in regulatory process.
2023/11/21
Committee: ENVI
Amendment 1418 #

2023/0131(COD)

Proposal for a regulation
Article 113 – paragraph 3
3. The Agency shall monitor the field of emerging medicinal products and may request information and data from marketing authorisation holders, developers, independent experts and researchers, and representatives of healthcare professionals and of patients and mayshall engage with them in preliminary discussions.
2023/11/21
Committee: ENVI
Amendment 1430 #

2023/0131(COD)

Proposal for a regulation
Article 113 – paragraph 5
5. The Agency shall be responsible for developing a sandbox plan based on data submitted by developers of eligible products and following appropriate consultations, including, where relevant, of HTA bodies, patients and their caregivers, clinicians, sponsors, developers and academia. The plan shall set out clinical, scientific and regulatory justification for a sandbox, including the identification of the requirements of this Regulation, [revised Directive 2001/83/EC] and Regulation (EC) 1394/2007 that cannot be complied with and a proposal for alternative or mitigation measures, where appropriate. The plan shall also include a proposed timeline for the duration of the sandbox. Where appropriate, the Agency shall also propose measures in order to mitigate any possible distortion of market conditions as a consequence of establishing a regulatory.
2023/11/21
Committee: ENVI
Amendment 1484 #

2023/0131(COD)

Proposal for a regulation
Article 116 – paragraph 1 – point d
(d) a temporary disruption in supply of a medicinal product in a given Member State, of an expected and forecasted duration of in excess of two weeks or, based on the demand forecast of the marketing authorisation holder no less than six months before the start of such temporary disruption of supply or, if this is not possible and where duly justified, as soon as they become aware of such temporary disruption, to allow the Member State to monitor any potential or actual shortage in accordance with Article 118(1).
2023/11/21
Committee: ENVI
Amendment 1494 #

2023/0131(COD)

Proposal for a regulation
Article 117 – paragraph 1
1. TWithin 18 months of the entry into force of the present Regulation, the marketing authorisation holder as defined in Article 116(1) shall have in place and keep up to date a shortage prevention plan, for any medicinal product placed on the market. To put in place the shortage prevention plan, the marketing authorisation holder shall include the minimum set of information set out in Part V of Annex IV and take into account the guidance drawn up by the Agency according to paragraph 2.
2023/11/21
Committee: ENVI
Amendment 1505 #

2023/0131(COD)

Proposal for a regulation
Article 117 – paragraph 2
2. The Agency, in collaboration with the working party referred to in Article 121(1), point (c), shall and following consultation with health professionals and patient organisations, shall assess the plan and draw up guidance to marketing authorisation holders as defined in Article 116(1) to put in place the shortage prevention plan.
2023/11/21
Committee: ENVI
Amendment 1511 #

2023/0131(COD)

Proposal for a regulation
Article 118 – paragraph 1 – subparagraph 1
Based on the reports referred to in Articles 120(1) and 121(1), point (c), information referred to in Articles 119, 120(2) and 121 and the notification made pursuant to Article 116(1), points (a) to (d), the competent authority concerned as referred to in Article 116(1) shall continuously monitor any potential or actual shortage of those medicinal products through their national IT surveillance systems or data bases.
2023/11/21
Committee: ENVI
Amendment 1512 #

2023/0131(COD)

Proposal for a regulation
Article 118 – paragraph 1 a (new)
1 a. On the basis of the information provided pursuant to article 121(2), point (f), the Agency should monitor and assess any actions foreseen or taken by a Member State to mitigate a shortage at national level with regards to their impact on the availability and supply of medicinal products at European level. Or. en (See linked amendment on article 122 (1new))
2023/11/21
Committee: ENVI
Amendment 1515 #

2023/0131(COD)

Proposal for a regulation
Article 118 – paragraph 2
2. For the purposes of paragraph 1, the competent authority concerned as defined in Article 116(1) may request any additional information from the marketing authorisation holder as defined in Article 116(1). In particular, it may request the marketing authorisation holder to submit a shortage mitigation plan in accordance with Article 119(2), a risk assessment of impact of suspension, cessation or withdrawal in accordance with Article 119(3), or the shortage prevention plan referred to in Article 117, where this has not already been requested following paragraph 9 of article 127. The competent authority concerned mayshall set a deadline for the submission of the information requested.
2023/11/21
Committee: ENVI
Amendment 1522 #

2023/0131(COD)

Proposal for a regulation
Article 119 – paragraph 1 – point e a (new)
(e a) issue forecast of demand to provide early-warning of potential critical shortages.
2023/11/21
Committee: ENVI
Amendment 1525 #

2023/0131(COD)

Proposal for a regulation
Article 120 – paragraph 1
1. Wholesale distributors and other persons or legal entities that are authorised or entitled to supply medicinal products authorised to be placed on the market of a Member State pursuant to Article 5 of [revised Directive 2001/83/EC] to the public may report a shortage of a given medicinal product marketed in the Member State concerned to the competent authority in that Member State. In addition, wholesale distributors shall submit regular information on the available stocks of the medicines they supply to the competent authority.
2023/11/21
Committee: ENVI
Amendment 1533 #

2023/0131(COD)

Proposal for a regulation
Article 120 – paragraph 2
2. For the purposes of Article 118(1), where relevant, upon request from the competent authority concerned as defined in Article 116(1), entities including other marketing authorisation holders as defined in Article 116(1), importers and manufacturers of medicinal products or active substances and relevant suppliers of these, wholesale distributors, stakeholder representative associations or other persons or legal entities that are authorised or entitled to supply medicinal products to the public shall provide any information requested in a timely manner. Commercially sensitive information shall only be available to the relevant authorities.
2023/11/21
Committee: ENVI
Amendment 1541 #

2023/0131(COD)

Proposal for a regulation
Article 121 – paragraph 1 – point b
(b) publish information on actualll notified shortages of medicinal products, in cases in whichas soon as thate competent authority has assessed the shortage, on a publicly available website;
2023/11/21
Committee: ENVI
Amendment 1543 #

2023/0131(COD)

Proposal for a regulation
Article 121 – paragraph 1 – point b a (new)
(b a) establish an accessible and easily understandable system for patients and patient organisations to report shortages of medicinal products;
2023/11/21
Committee: ENVI
Amendment 1552 #

2023/0131(COD)

Proposal for a regulation
Article 121 – paragraph 1 – point c a (new)
(c a) address recommandations to health professionals and patients on the alternative medicinal products to use to pursue treatments;
2023/11/21
Committee: ENVI
Amendment 1554 #

2023/0131(COD)

Proposal for a regulation
Article 121 – paragraph 1 – point c b (new)
(c b) launch information campaign to discourage hoarding or to avoid waste, at any level of the supply chain, from wholesalers to patients.
2023/11/21
Committee: ENVI
Amendment 1559 #

2023/0131(COD)

Proposal for a regulation
Article 121 – paragraph 2 – point f
(f) inform the Agency within one week of any actions foreseen or taken by that Member State to mitigate the shortage at national level.
2023/11/21
Committee: ENVI
Amendment 1560 #

2023/0131(COD)

Proposal for a regulation
Article 121 – paragraph 2 a (new)
2 a. After the expansion of the ESMP referred to in article 122 (6) and for the purpose of articles 118 (1), and 121 (2), point (a), competent authorities of the Member States shall set up national IT systems which are interoperable with the ESMP and allow for the automated exchange of information with the ESMP while avoiding duplication of reporting.
2023/11/21
Committee: ENVI
Amendment 1562 #

2023/0131(COD)

Proposal for a regulation
Article 121 – paragraph 5 – point d
(d) inform the Agency in a timely manner of any actions foreseen or taken by that Member State in accordance with points (b) and (c) and report within one week on any other actions taken to mitigate or resolve the critical shortage in the Member State, as well as the results of these actions.
2023/11/21
Committee: ENVI
Amendment 1565 #

2023/0131(COD)

Proposal for a regulation
Article 121 a (new)
Article121a National websites on medicines shortages The website referred to in article 121 paragraph 1(b) shall include at least the following information: (a) trade name of the medicinal product and international non-proprietary name, for interoperability purposes; (b) indication; (c) reasons of the shortages; (d) start and end dates of the shortages; (e) information for healthcare professionals and patients, including information about therapeutic alternatives available.
2023/11/21
Committee: ENVI
Amendment 1567 #

2023/0131(COD)

Proposal for a regulation
Article 122 – paragraph 1
1. For the purposes of Article 118(1) and 118(1a)(new), the Agency may request additional information from the competent authority of the Member State, through the working party referred to in Article 121(1), point (c). The Agency may set a deadline for the submission of the information requested.
2023/11/21
Committee: ENVI
Amendment 1569 #

2023/0131(COD)

Proposal for a regulation
Article 122 – paragraph 1 a (new)
1 a. For the purpose of Article 118 (1a) (new) and based on the information provided pursuant to articles 121 (1), point (d), and 121 (2), the Agency shall assess the actions taken or foreseen by a Member State to mitigate a shortage at national level with regards to any potential or actual negative impacts of these actions on the availability and security of supply in another Member State and at European level. The Agency shall inform the Member State in question of its assessment in a timely manner and the MSSG and the Member States potentially or actually impacted through the single point of contact working party referred to in Article 3(6) of Regulation (EU) 2022/123. The Agency shall also inform the Commission of its assessment.
2023/11/21
Committee: ENVI
Amendment 1584 #

2023/0131(COD)

Proposal for a regulation
Article 122 – paragraph 6
6. For the purposes of implementing this Regulation, the Agency shall expand the scope of the ESMP. The Agency shall ensure that, where relevant, data is interoperable between the ESMP, Member States’ IT systems and, where relevant, with other relevant IT systems and databases, without duplication of reporting. Data included in the ESMP shall contain information on the expected duration of the shortages and the mitigation measures to resolve it. The ESMP shall be fully digitalised and automated and shall use artifical intelligence to provide information about trends in demand and supply from existing data.
2023/11/21
Committee: ENVI
Amendment 1596 #

2023/0131(COD)

Proposal for a regulation
Article 123 – paragraph 2
2. The MSSG shall review the status of the critical shortage whenever necessary and shall update the list when it considers that a medicinal product needs to be added or that the critical shortage has been resolved based on the report pursuant to Article 122(5). The MSSG may recommend monitoring forecasts of supply and demand for medicinal products for human use in the EU/EEA and monitoring of available stocks in the whole supply chain.
2023/11/21
Committee: ENVI
Amendment 1597 #

2023/0131(COD)

Proposal for a regulation
Article 123 – paragraph 2 – subparagraph 1 (new)
After adopting the list of critical shortages of medicinal products, the MSSG may analyse the vulnerabilities in the supply chain of those medicines.
2023/11/21
Committee: ENVI
Amendment 1601 #

2023/0131(COD)

Proposal for a regulation
Article 123 – paragraph 4
4. The MSSG mayshall provide recommendations on measures to resolve or to mitigate the critical shortage, in accordance with the methods referred to in Article 122(4), point (d), to relevant marketing authorisation holders, the Member States, the Commission, the representatives of healthcare professionals or other entities.
2023/11/21
Committee: ENVI
Amendment 1606 #

2023/0131(COD)

Proposal for a regulation
Article 123 – paragraph 4 – subparagraph 1 (new)
Member States, within the MSSG, may decide to activate the “Voluntary Solidarity Mechanism for medicines” to (a) notify a critical shortage of a medicinal product at national level to other Member States and the Commisison, (b) identify, with the support of the Agency, the availabilities of the medicinal product in other Member States, (c) organise, with the support of the Agency, meetings with the issuing Member States, the donating part and other relevant parties to discuss operational requirements, (d) request the activation of the Union Civil Protection Mechanism to coordinate and logistically support the voluntary transfer of medicines.
2023/11/21
Committee: ENVI
Amendment 1610 #

2023/0131(COD)

Proposal for a regulation
Article 124 – paragraph 2 – subparagraph 2
For the purposes of this paragraph, the Agency mayshall set a deadline for the submission of the information requested.
2023/11/21
Committee: ENVI
Amendment 1619 #

2023/0131(COD)

Proposal for a regulation
Article 124 – paragraph 3
3. The Agency shall establish within its web-portal referred to in Article 104 a publicly available webpage that provides information on actualll notified critical shortages of medicinal products in cases in whichas soon as the Agency has assessed the shortage and has provided recommendations to healthcare professionals and patients. This webpage shall also provide references to the lists of actual shortages published by the competent authorities of the Member State pursuant to Article 121(1), point (b).
2023/11/21
Committee: ENVI
Amendment 1622 #

2023/0131(COD)

Proposal for a regulation
Article 125 – paragraph 1 – point a
(a) provide any additional information that the Agency may request, including regular information on the available stocks of medicines;
2023/11/21
Committee: ENVI
Amendment 1631 #

2023/0131(COD)

Proposal for a regulation
Article 126 – paragraph 2 a (new)
2 a. The Commission shall take the appropriate steps to address any concerns raised by the assessment of the Agency referred to in Article 122 (1a) (new).
2023/11/21
Committee: ENVI
Amendment 1634 #

2023/0131(COD)

Proposal for a regulation
Article 127 – paragraph 1
1. The competent authority of the Member State shall identify critical medicinal products in that Member State, using the methodology set out in Article 130(1), point (a), following a consultation with national health professionals and patients organisations.
2023/11/21
Committee: ENVI
Amendment 1637 #

2023/0131(COD)

Proposal for a regulation
Article 127 – paragraph 3
3. For the purposes of the identification of critical medicinal products referred to in paragraph 1, the competent authority of the Member State may request relevant information including the shortage prevention plan referred to in Article 117 and information on the available stocks of medicines from the marketing authorisation holder as defined in Article 116(1).
2023/11/21
Committee: ENVI
Amendment 1647 #

2023/0131(COD)

Proposal for a regulation
Article 129 – paragraph 1
For the purposes of Article 127(4) and Article 130(2), point (c), and Article 130(4), point (c), where relevant, upon request from the competent authority concerned as defined in Article 116(1), entities including other marketing authorisation holders as defined in Article 116(1), importers and manufacturers of medicinal products or active substances and relevant suppliers of these, wholesale distributors, stakeholder representative associations or other persons or legal entities that are authorised or entitled to supply medicinal products to the public shall provide any information requested in a timely manner. Commercially sensitive information shall only be available to the relevant authorities.
2023/11/21
Committee: ENVI
Amendment 1654 #

2023/0131(COD)

Proposal for a regulation
Article 130 – paragraph 1 – subparagraph 1 – introductory part
The Agency shall, in collaboration with patient organisations and the working party referred to in Article 121(1), point (c), ensure the following:
2023/11/21
Committee: ENVI
Amendment 1669 #

2023/0131(COD)

Proposal for a regulation
Article 130 – paragraph 5
5. Following the adoption of the Union list of critical medicinal products in accordance with Article 131, the Agency shall assess and report to the MSSG on any relevant information received from the marketing authorisation holder pursuant to Article 133 and the competent authority of the Member State in accordance with Article 127, paragraphs 7 and 8.
2023/11/21
Committee: ENVI
Amendment 1670 #

2023/0131(COD)

Proposal for a regulation
Article 130 – paragraph 6 a (new)
6 a. Following the request by a Member State to launch the Voluntary Solidarity Mechanism referred to in article 132(5), the Agency shall provide assistance to the MSSG and may: (a) confirm that the conditions are met to launch the Voluntary Solidarity Mechanism; (b) notify the members of the MSSG of the launch of the Voluntary Solidarity Mechanism; (c) request from the members of the MSSG relevant information within a specific time-limit; (d) put the issuing country in contact with those Member States able to support them; (e) organise meetings with the issuing Member States, the donating party and other relevant concerned parties; (f) request the activation of the Union Civil Protection Mechanism to coordinate and logistically support the voluntary transfer of medicines.
2023/11/21
Committee: ENVI
Amendment 1679 #

2023/0131(COD)

Proposal for a regulation
Article 131 – paragraph 1
1. Following the reporting referred to in Article 130, paragraph 2, second subparagraph, and Article 130(5), the MSSG shall consult the working party referred to in Article 121(1), point (c) and health professionals and patients organisations. Based on this consultation, the MSSG shall propose a Union list of critical medicinal products authorised to be placed on the market of a Member State pursuant to Article 5 of [revised Directive 2001/83/EC] and for which coordinated Union level action is necessary (“the Union list of critical medicinal products”).
2023/11/21
Committee: ENVI
Amendment 1683 #

2023/0131(COD)

Proposal for a regulation
Article 132 – paragraph 1
1. Following the adoption of the Union list of critical medicinal products pursuant to Article 131(3), in consultation with the Agency and the working party referred to in Article 121(1), point (c), the MSSG may provide recommendations, in accordance with the methods referred to in Article 130(1), point (d), on appropriate security of supply measures to marketing authorisation holders as defined in Article 116(1), the Member States, the Commission or other entities. Such measures may include recommendations on increase of manufacturing capacity, reorganisation of manufacturing capacity, diversification of suppliers and, inventory management, establishment of minimum safety stock and if necessary, redistribution of available stock among Member States to address urgent needs.
2023/11/21
Committee: ENVI
Amendment 1687 #

2023/0131(COD)

Proposal for a regulation
Article 132 – paragraph 1
1. Following the adoption of the Union list of critical medicinal products pursuant to Article 131(3), in consultation with the Agency and the working party referred to in Article 121(1), point (c), the MSSG may provide recommendations, in accordance with the methods referred to in Article 130(1), point (d), on appropriate security of supply measures to marketing authorisation holders as defined in Article 116(1), the Member States, the Commission or other entities. Such measures may include recommendations on diversification of suppliers and, inventory management, on pricing mechanisms, tender practices and cost-containment measures, and on the use of regulatory flexibilities.
2023/11/21
Committee: ENVI
Amendment 1693 #

2023/0131(COD)

Proposal for a regulation
Article 132 – paragraph 1 b (new)
1 b. The MSSG shall set up a Voluntary Solidarity Mechanism to allow Member States to request assistance in obtaining stocks of a medicine during critical shortages. The MSSG shall specify the procedures and criteria to launch the Voluntary Solidarity Mechanism in consultation with the Member States, the Agency and the Commission.
2023/11/21
Committee: ENVI
Amendment 1705 #

2023/0131(COD)

Proposal for a regulation
Article 134 – paragraph 1 a (new)
1 a. The Commission shall also work with the European Centre for Disease prevention and Control on building reliable forecasts of potentiel threats and potential shortages.
2023/11/21
Committee: ENVI
Amendment 17 #

2022/2188(INI)

Draft opinion
Paragraph 2
2. Urges the British authorities to take further action in order to fully meet the subsidy commitments under the TCA, including regulations for specific sectors; emphasises that such work is still required despite the implementation of the Subsidy Control Act 2022 as additional regulations or measures may be needed to fully comply with the TCA’s subsidy provisions; notes that the EU Foreign Subsidy Regulation is due to enter into effect in July 20231a; _________________ 1a Regulation (EU) 2022/2560 of the European Parliament and Council on foreign subsidies distorting the internal market
2023/06/12
Committee: ECON
Amendment 25 #

2022/2188(INI)

Draft opinion
Paragraph 4
4. Reiterates the fact that decisions on equivalence are not reciprocal and do not form part of the TCA; notes also the UK’s decisions on equivalence in respect of the EU and also in respect of other non-EU countries such as Switzerland, where mutual recognition status has been agreed; recalls that decisions on equivalence could benefit EU firms in terms of greater access to the UK market, including for banking, payment services, investment services, and insurance; notes that the EU has only granted the UK equivalence status in one area – central counterparties – on a time- limited basis, recently extended until 2025; calls for further equivalence decisions to be considered, notes in this regard that the Commission has previously indicated that equivalence assessments for the UK could resume once the Memorandum of Understanding is agreed3a; notes that as of October 2021, the EU had granted 22 equivalence decisions to the United States compared to one in the case of the UK4 ; recognises that while equivalence assessments are predominantly technical, broader political factors are relevant, and supports the Commission’s position that decisions on equivalence should be made when they are in the EU’s interests; encourages the Commission to discuss further equivalence decisions in order to provide greater market access benefits to both EU and UK firms; _________________ 3a https://www.reuters.com/business/finance/ britain-eu-edge-forward-with-financial- services-forum-plan-2021-02-23/ 4 European Affairs Committee of the House of Lords, ‘1st Report of Session 2022–23: The UK-EUrelationship in financial services’, 23 June 2022.
2023/06/12
Committee: ECON
Amendment 32 #

2022/2188(INI)

Draft opinion
Paragraph 5
5. Notes the desire of the British Government to adopt divergent regulation from the EU in respect of financial services, including by way of the Financial Services and Markets Bill5 , which proposes to repeal, replace, or amend retained EU law in the area of financial services and to delegate greater responsibility to UK regulators; welcomes the EU’s recent progress on legislation in respect of financial services, even where this may result in regulatory divergence from the UK, including with respect to cryptocurrencies, taxonomy, listing and anti-money laundering; acknowledges that the UK and the EU may adopt different regulatory approaches in the area of financial services and may not necessarily maintain a harmonised regulatory regime; supports the EU’s legislative progress in this area, even where this may result in regulatory divergence from the UK; stresses, however, the benefits of future regulatory cooperation, and of engaging in the development and integration of international standards; _________________ 5 UK Parliament, ‘Financial Services and Markets Bill’, 11 May 2023.
2023/06/12
Committee: ECON
Amendment 40 #

2022/2188(INI)

Draft opinion
Paragraph 6
6. Notes that the TCA offers the EU an opportunity to develop and strengthen its own financial services infrastructure and expertise; strongly supports the completion of the capital markets union and the banking union, based on an approach that is outward-looking, innovative and competitive; recalls that the City of London remains a major centre for financial services with a global reach that EU businesses could benefit from accessing 6 ; recognises the importance of a strong financial services sector for both the EU and the UK and supports efforts to enhance the EU’s financial services infrastructure and expertise; _________________ 6 Reuters, ‘London is top global finance centre but lags in key areas, says study’, 27 January 2022.
2023/06/12
Committee: ECON
Amendment 59 #

2022/2188(INI)

Draft opinion
Paragraph 10
10. Recognises that the close economic links between Ireland and Northern Ireland will continue despite the latter being part of a designated third country; supports an acknowledgement of these economic links, including with respect to the supervision of transactions between both jurisdictions; calls for measures to ensure that such links are not disrupted by any changes in regulatory or legal frameworks, particularly in respect of services provided to consumers and SMEs who cannot take advantage of being mobile; emphasises the importance of maintaining close economic ties and minimising disruption in the aftermath of Brexit, particularly with respect to this relationship;
2023/06/12
Committee: ECON
Amendment 62 #

2022/2188(INI)

11. Recognises that following the entry into force of the TCA, a number of financial services firms based in London announced intentions to establish a new presence in and relocate some assets to the EU; notes that estimates suggest that 44 % of the UK’s largest financial services firms have announced plans to move some staff or operations7 , however only 7 000 jobs have been relocated outside of London thus far – far below the initial estimates of 75 0008 ; supports the efforts of the Member States to seek to attract post-Brexit business investment and; recalls the European Supervisory Authorities’ opinions to support supervisory convergence in the context of the UK leaving the EU and welcomes their continued monitoring of supervisory practices in assessing the relocation of firms to the EU8a; notes that several EU cities have been the focus of post- Brexit financial service industry investment, including Paris, Frankfurt, Amsterdam, Luxembourg and Dublin; acknowledges that this fragmentation means that the benefits of a concentrated ecosystem and cluster effect that characterise London have not yetstresses the need to continue working to complete the Banking Union and deepen the Capital Markets Union to prevent the further concentration of financial hubs and to reap the been recreated in the EUefits of efficiencies of scale; _________________ 7 Study – ‘Recent trends in UK financial sector regulation and possible implications for the EU, including its approach to equivalence’, European Parliament, Directorate-General for Internal Policies, Policy Department for Economic, Scientific and Quality of Life Policies, 8 February 2023. 8 EY, ‘EY Financial Services Brexit Tracker: Movement within UK financial services sector stabilises five years on from Article 50 trigger’, 29 March 2022, London; European Affairs Committee of the House of Lords, ‘1st Report of Session 2022–23: The UK-EU relationship in financial services’, 23 June 2022. 8a https://www.esma.europa.eu/sites/default/f iles/library/esma42-111- 7468_brexit_peer_review_report.pdf
2023/06/12
Committee: ECON
Amendment 74 #

2022/2188(INI)

Draft opinion
Paragraph 13 a (new)
13a. Stresses that such a forum must operate in a transparent manner with stakeholder engagement as appropriate; notes that, after several years of turmoil, institutions and investors in the EU and UK need clarity and legal certainty in order to make business decisions and investments;
2023/06/12
Committee: ECON
Amendment 76 #

2022/2188(INI)

Draft opinion
Paragraph 13 b (new)
13b. Calls on the parties to use the forum to identify and address mutual threats to financial stability and consumer protections, as well as new developments and innovations in the markets, to promote a consistent approach where possible;
2023/06/12
Committee: ECON
Amendment 78 #

2022/2188(INI)

Draft opinion
Paragraph 13 c (new)
13c. Stresses that the parties to the forum should engage in the spirit of sincere cooperation to ensure that the relationship is constructive and underpinned by the common objectives of safeguarding financial stability and consumer protection;
2023/06/12
Committee: ECON
Amendment 9 #

2022/2172(INI)

Draft opinion
Recital B
B. whereas the second basket of new own resources could include a financial transaction tax and a financial contribution linked to the corporate sector or a new common corporate tax base;
2022/12/19
Committee: ECON
Amendment 11 #

2022/2172(INI)

Draft opinion
Recital B a (new)
B a. whereas the own resources are intented to cover the repayment of Next Generation EU loans from 2028, and thus to limit the impact of Covid 19 pandemic on national budgets, avoiding future generations bearing the financial burden of financing the economic recovery plan, or even taxpayers bearing the impact of the crisis we have to deal with, following Russia's unjustified and unprovoked military aggression in Ukraine; whereas the own ressource based on the extension of the EU ETS would be used to finance support for the ecological transition for the most vulnerable households and companies (Social Fund for Climate) and not to repay the loan;
2022/12/19
Committee: ECON
Amendment 23 #

2022/2172(INI)

Draft opinion
Paragraph 1
1. Notes that, according to the roadmap in the Interinstitutional Agreement of December 2020, the Commission needs to put forward a proposal for the second basket of new own resources by June 2024; notes that the Commission has announced that it will finally present this second basket during the third quarter of 2023;
2022/12/19
Committee: ECON
Amendment 33 #

2022/2172(INI)

Draft opinion
Paragraph 2
2. Notes that none of the new own resources from the first basket are yet in place following the delay in the sectoral negotiations on the reform of the EU ETS and the border carbon adjustment mechanism, as well as the blockages in the Council on the adoption of the OECD agreement; stresses that these negotiations on the first two are nearing completion; urge the Council therefore to move forward as quickly as possible on introduction of these three instruments as own resources for EU budget;
2022/12/19
Committee: ECON
Amendment 40 #

2022/2172(INI)

Draft opinion
Paragraph 3
3. Is concerned that the first basket of own resources will not generate the revenues expected (15 billion euros per year until 2058) for several reasons; observes further that beyond the funding needed for NextGenerationEU which could itself increase due to inflation and rising interest rate, the Union may need additional resources to assist Ukraine financially and to further mitigate the impact of Russia’s war againstunjustified and unprovoked military aggression in Ukraine on the Union;
2022/12/19
Committee: ECON
Amendment 43 #

2022/2172(INI)

Draft opinion
Paragraph 3
3. Is concerned that the first basket of own resources will not generate the revenues expected for several reasons; notes that the first basket is largely comprised of environmental related taxes and therefore, by their very nature, should, if successful, reduce overtime; observes further that beyond the funding needed for NextGenerationEU, the Union may need additional resources to assist Ukraine financially and to further mitigate the impact of Russia’s war against Ukraine on the Union;
2022/12/19
Committee: ECON
Amendment 51 #

2022/2172(INI)

Draft opinion
Paragraph 4 a (new)
4 a. Stresses that a delicate balance must be struck between raising additional revenue for the Union, and preserving the competitiveness and attractiveness of the EU single market; moreover, any new own resources must be proportionate and fair for all Member States, taking into account their size and the primary economic sectors contributing to their economies;
2022/12/19
Committee: ECON
Amendment 53 #

2022/2172(INI)

Draft opinion
Paragraph 5
5. Calls on the Commission to consider, for its second basket of own resources, an EU-wide financial transaction tax based on its 2011 model, which should yield around EUR 41.5 billion per year;deleted
2022/12/19
Committee: ECON
Amendment 55 #

2022/2172(INI)

Draft opinion
Paragraph 5
5. Calls on the Commission to consider, for its second basket of own resources, an EU-wide financial transaction tax based on its 2011 model, which should yurges the Commission to reflect on the failures of its 2011 proposal to avoid these and ensure support of all Member States; furthermore, stresses that any proposal should be accompanield around EUR 41.5 billion per yearby a thorough impact assessment and that the Commission should take due account of the potential impacts of an FTT on the attractiveness and competitiveness of the EU financial markets;
2022/12/19
Committee: ECON
Amendment 67 #

2022/2172(INI)

Draft opinion
Paragraph 6
6. Calls on the Commission to come forward withnsider the merits of an own resource linked to either the upcoming ‘Business in Europe: Framework for Income Taxation’ proposal or to the proposal for a minimum tax directive1 implementing the OECD-led global tax deal,; stresses that any such own resource moust in particular Pillar IItake account of the impact the implementation of Pillar I and II of the OECD BEPS agreement will have on the revenues of certain Member States; _________________ 1 Commission proposal for a Council directive on ensuring a global minimum level of taxation for multinational groups in the Union (COM(2021)0823).
2022/12/19
Committee: ECON
Amendment 26 #

2022/2146(INI)

Motion for a resolution
Recital A
A. whereas Member States are free to decide on their own economic policies, in particular their own tax policies within the boundaries of the EU Treaties; whereas a well-functioning tax system is in the interest of Member States in order to ensure proper tax collection; whereas, although tax policy largely remains a responsibility of the Member States, the single market requires coordination in setting tax policy in order to further single market integration;
2023/07/06
Committee: ECON
Amendment 38 #

2022/2146(INI)

Motion for a resolution
Recital B
B. whereas a number of European companies are battling strong headwinds as a result of the current adverse economic and social situations;
2023/07/06
Committee: ECON
Amendment 51 #

2022/2146(INI)

Motion for a resolution
Recital C
C. whereas the BEPS action plan managed to establish a global consensus on many issues regarding the fight against tax avoidance and aggressive tax planning;
2023/07/06
Committee: ECON
Amendment 56 #

2022/2146(INI)

Motion for a resolution
Recital D
D. whereas the EU led by example in transposing international agreements into a high number of tax directives improving coordination and the EU’s fight against tax fraud, tax avoidance and aggressive tax planning;
2023/07/06
Committee: ECON
Amendment 62 #

2022/2146(INI)

Motion for a resolution
Recital E
E. whereas as of 16 December 2022, 138 statejurisdictions, including all EU Member States, had agreed on the reform of the international tax system through a two- pillar solution;
2023/07/06
Committee: ECON
Amendment 67 #

2022/2146(INI)

Motion for a resolution
Recital F
F. whereas tax policy fragmentation createsontributes to creation of various obstacles for citizens and companies in the single market, particularly small and medium- sized enterprises (SMEs); whereas these obstacles discourage cross-border economic activity and can distort the single market;
2023/07/06
Committee: ECON
Amendment 69 #

2022/2146(INI)

Motion for a resolution
Recital F
F. whereas tax policy fragmentation creates various obstacles for citizens and companies in the single market, particularly small and medium-sized enterprises (SMEs); whereas these obstacles discourage cross-border economic activity and can distort the single market; whereas Member States continue to lose tax revenue due to harmful tax practices enabled by loopholes between Member States’ legislation, or between Member States and third countries, and estimates of revenue lost as a result of harmful tax practices range from EUR 36-37 billion to EUR 160-190 billion per year; whereas policy fragmentations might increase the cost of enforcement for tax authorities;
2023/07/06
Committee: ECON
Amendment 110 #

2022/2146(INI)

Motion for a resolution
Paragraph 1 a (new)
1a. Underlines that EU Member States have a full responsibility for proper tax collection and they are entitled to decide on their own tax systems;
2023/07/06
Committee: ECON
Amendment 111 #

2022/2146(INI)

Motion for a resolution
Paragraph 1 b (new)
1b. Highlights that well-functioning tax systems and national tax administrations play a key role in tax collection and that sustainable tax revenue in the Member States´ public budgets is important in the current challenging economic climate;
2023/07/06
Committee: ECON
Amendment 128 #

2022/2146(INI)

Motion for a resolution
Paragraph 4
4. Takes note of the numerousWelcomes different tax directives since 2011 that have led to fairer, simpler and more effective corporate taxation in the EU, andbut also to a high number of tax compliance obligations on companies within the EU21 ; _________________ 21 See notably the Anti-Tax Avoidance Directives (ATAD I and ATAD II), the amendments of the Directive on administrative cooperation in the field of taxation (DAC 1 to DAC 7), the revision of the Parent Subsidiary Directive, the EU Dispute Settlement Directive, the Public Country-by-Country Reporting Directive, or the Pillar Two Directive.
2023/07/06
Committee: ECON
Amendment 159 #

2022/2146(INI)

Motion for a resolution
Paragraph 7
7. Calls on the Commission to present an overall evaluation of actions taken on corporate taxation since 2011 and to immediatelywith the aim to ease the burden on businesses by invoking a regulatory moratorium and to delaying those tax acts that would unnecessarily increase costs for businesses already under strain; calls on the Commission to carry out competitiveness checks for new legislative tax proposals, as requested by the European Council for all new proposals on 22 March 2023;
2023/07/06
Committee: ECON
Amendment 162 #

2022/2146(INI)

7. Calls on the Commission to present an overall evaluation of actions taken on corporate taxation since 2011 and to immediately ease the burden on businesses by invoking a regulatory moratorium and delaying those tax acts that would unnecessarily increase costs for businesses already under strain; calls on the Commission to carry out competitiveness checks for new legislative tax proposals, as requested by the European Council for all new proposals on 22 March 2023, and to ensure that the submission of any new proposal, if necessary, is essential for the smooth functioning of the single market ;
2023/07/06
Committee: ECON
Amendment 182 #

2022/2146(INI)

Motion for a resolution
Paragraph 10
10. Calls on the Member States to engage in policies of full expensing for capital investments, in particular for R&D investment, and to make capital allowance provisions permanent in order to improve real investments and to assist Europe’s competitiveness;
2023/07/06
Committee: ECON
Amendment 195 #

2022/2146(INI)

Motion for a resolution
Paragraph 12
12. Takes note ofWelcomes the two-pillar solution reached at the OECD/G20 Inclusive Framework on the allocation of taxing rights and the application of a minimum effective tax rate of 15 % on the global profits of MNEs; welcomes the adoption of the Pillar Two Directive implementing the international agreement in the EU law;
2023/07/06
Committee: ECON
Amendment 206 #

2022/2146(INI)

Motion for a resolution
Paragraph 13
13. Observes that, in addition to coping with a volatile business environment and an increasing number of EU tax directives, companies are focusing their financial and human resources on applying the Pillar Two rules; calls on the Commission to give companies bavoid creathing space and enough time to prepare for the possible new BEFIT rulesa disproportionate burden on companies when proposing further measures in the field of corporate taxation;
2023/07/06
Committee: ECON
Amendment 208 #

2022/2146(INI)

Motion for a resolution
Paragraph 13
13. Observes that, in addition to coping with a volatile business environment and an increasing number of EU tax directives, companies are focusing their financial and human resources on applying the Pillar Two rules; calls on the Commissioninvites the Commission to assess effectiveness and impact of the Pillar Two rules, namely in the context of expected aims, cost-benefits analysis, fight against tax evasion and avoidance, fair tax competition and higher tax revenue, and thus to give companies breathing space and enough time to prepare for the possible new BEFIT rules;
2023/07/06
Committee: ECON
Amendment 227 #

2022/2146(INI)

Motion for a resolution
Paragraph 14
14. Calls on the Commission to guidesuggest measures for all the Member States towards a simplified tax system to reduce the administrative burden for companies, especially SMEs; acknowledges that simplifying refund procedures, deductions and litigation are other solutions to reduce the administrative burden, especially for SMEs;
2023/07/06
Committee: ECON
Amendment 239 #

2022/2146(INI)

Motion for a resolution
Paragraph 16
16. WelcomNotes the Commission’s plan to work on a BEFIT proposal, expected in the third quarter of 2023, with a view to designing a new and single EU corporate tax rulebook, based on a fair, comprehensive and effective formulary apportionment and a common tax base of income taxation for businesses, which will provide clarity and predictability for companies and the intention to provide clarity and predictability for companies, especially those operating cross-border; stresses that any such proposal must not over-step or undermine agreements reached or discussions ongoing at the global level; reiterates that agreements on corporate tax frameworks are most effective when reached at a global level;
2023/07/06
Committee: ECON
Amendment 266 #

2022/2146(INI)

Motion for a resolution
Paragraph 19
19. Highlights the idea ofCalls for a one-stop- shop allowing for the filing of one consolidated tax return as a way of reducing administrative burden and minimising tax obstacles to the Single Market; calls on the Commission to introduce a one-stop-shop for the application of the BEFIT rules in a test phase and to incorporate it as a permanent feature of BEFIT if the test phase is successful;
2023/07/06
Committee: ECON
Amendment 273 #

2022/2146(INI)

Motion for a resolution
Paragraph 20
20. Takes note ofWelcomes the Commission proposal of 11 May 2022 addressing the debt-equity bias as a means to promoting financing through capital markets; deplores the Council decision of 6 December 2022 to suspend the examination of the proposal; calls on the Council to relaunch negotiations on this proposal;
2023/07/06
Committee: ECON
Amendment 28 #

2022/2142(INI)

Draft opinion
Paragraph 3
3. Recalls that Article 48(7) of the Treaty on European Union provides for two general passerelle clauses that allow the decision-making procedures to be changed in order to adopt measures in Council through qualified majority voting (QMV) in areas that are currently subject to unanimity; regrets the fact that these passerelle clauses have never been used; recalls that activating the passerelle clauses would in any case require unanimity in the European Council and Parliament’s consent;
2023/01/25
Committee: ECON
Amendment 36 #

2022/2142(INI)

Draft opinion
Paragraph 4
4. Recommends using the two general passerelle clauses for selected Treaty articles concerning the EU’s competences in the area of taxation; recalls that the Commission communication of 15 January 2019 entitled ‘Towards a more efficient and democratic decision making in EU tax policy’ (COM(2019)0008) and the conclusions of the Conference on the Future of Europe both recommended moving from unanimity voting to QMV on tax matters.deleted
2023/01/25
Committee: ECON
Amendment 3 #

2022/2104(DEC)

Draft opinion
Paragraph 5 a (new)
5 a. Highlights that the swift authorisation of sustainable feed additives and sustainable alternatives to pesticides plays an important role in reaching the ambitions of the Farm-to-Fork strategy; Stresses in that regard that sufficient capacity in terms of staff and their respective expertise is essential in order to prevent delays in application and assessment procedures for the approval of sustainable feed additives and sustainable alternatives to pesticides;
2023/01/18
Committee: ENVI
Amendment 3 #

2022/2080(INI)

Motion for a resolution
Citation 8 a (new)
— having regards to its resolution of 09 March 2022 on Citizenship and residence by investment schemes1a _________________ 1a OJ C 347, 9.9.2022, p. 97–109
2022/11/24
Committee: ECON
Amendment 7 #

2022/2080(INI)

Motion for a resolution
Recital B
B. whereas the Pandora Papers revealed how high-net-worth individuals, including politically exposed persons, criminals, public officials and celebrities, are assisted by intermediaries, such as banks, accountants and law firms, in designing complex corporate structures registered in secrecy jurisdictions or tax havens in close cooperation with offshore professional service providers in order to shield income and assets from taxation and possibly launder money, sanctions and other legal obligations and to enable money laundering and terrorist financing;
2022/11/24
Committee: ECON
Amendment 15 #

2022/2080(INI)

Motion for a resolution
Recital B a (new)
B a. whereas the Pandora Papers’ revelations reported on the creation of shell companies with the purpose of moving money between bank accounts, avoiding taxes and carrying out financial crimes, including money laundering, terrorist financing and circumventing EU sanctions for Russian oligarchs;
2022/11/24
Committee: ECON
Amendment 25 #

2022/2080(INI)

Motion for a resolution
Paragraph 1
1. Highlights the role of international investigative journalism and whistleblowers in exposing tax avoidance and evasion, corruption, organised crime and money laundering; deems it necessary to further protect the confidentiality of the sources of investigative journalism, including whistleblowerregrets that the obligation repeatedly falls on journalists and whistleblowers to identify and expose the loopholes in the international tax and money laundering and terrorist financing frameworks;
2022/11/24
Committee: ECON
Amendment 36 #

2022/2080(INI)

Motion for a resolution
Paragraph 2
2. RDeems it necessary to further protect the confidentiality of the sources of investigative journalism, including whistleblowers; regrets the fact that only 10 Member States have passed legislation to transpose the Whistleblowers Directive7 , 15 are still in the process of doing so, and two have taken no or minimal action; _________________ 7 Directive (EU) 2019/1937 of the European Parliament and of the Council of 23 October 2019 on the protection of persons who report breaches of Union law, OJ L 305, 26.11.2019, p. 17.
2022/11/24
Committee: ECON
Amendment 47 #

2022/2080(INI)

Motion for a resolution
Paragraph 3 a (new)
3 a. Welcomes the OECD / G20 agreement from October 2021 on the reform of the international corporate tax rules; points out that Pillar II of the agreement, once implemented, will introduce a global minimum effective corporate tax rate of 15% applicable to companies with a yearly revenue above EUR 750 million which should help reduce the use of tax havens globally; reiterates its call on the Council to swiftly adopt the Pillar II Directive to ensure the agreement is effective by January 2023; urges Hungary to put an immediate end to its blockage of the global tax deal in the Council;
2022/11/24
Committee: ECON
Amendment 54 #

2022/2080(INI)

Motion for a resolution
Paragraph 4
4. Points out that the so-called big four major accountancy firms – PwC, EY, Deloitte and KPMG – account for 87 % of the global tax advisory market share8 ; _________________ 8 ‘Global tax advisory revenues top $20bn’, Accountancy Daily, 28 January 2019.deleted
2022/11/24
Committee: ECON
Amendment 58 #

2022/2080(INI)

Motion for a resolution
Paragraph 5
5. RegDeplorets the fact that, as exposed by the Pandora Papers9 , PwC, along with other westernwestern intermediary firms, had a central role in assisting Russian oligarchs with their investments in the West through their networks of offshore shell companies10 ; highlights that such networks are hindering the application of EU sanctions on Russian individuals and that there is a high likelihood that such networks are being used to shield Russian owned assets from EU sanctions; regrets the absence of visible investigations into the intermediary sector in the EU following the Pandora Papers and the EU’s sanctions on Russian oligarchs; calls on the authorities in the Member States to investigate any wrongdoing by these firms; _________________ 10 ‘How Western Firms Quietly Enabled Russian Oligarchs’, The New York Times, 9 March 2022. 9 ‘The oligarch’s accountants: How PwC helped a Russia steel baron grow his offshore empire’, International Consortium of Investigative Journalists, Pandora Papers, 11 April 2022.
2022/11/24
Committee: ECON
Amendment 70 #

2022/2080(INI)

Motion for a resolution
Paragraph 7
7. Calls on the Commission and the Member States to recognise and address the risks of conflicts of interest stemming from the provision of legal advice, tax advice and auditing services when advising both corporate clients and public authorities; reiterates its cCalls on the Commission to proposeconsider introducing measures to clearly separate accountancy firms from financial or tax service providers as well as all advisory services;
2022/11/24
Committee: ECON
Amendment 74 #

2022/2080(INI)

Motion for a resolution
Paragraph 8
8. Welcomes the fact that the Commission is preparing new legislative initiatives in the field of the regulation of intermediaries through an act securing the activity framework of enablers (SAFE) in order to tackle the role of enablers involved in facilitating tax evasion and aggressive tax planning; urges the Commission to ensure that the framework includes robust enforcement against intermediaries creating and operating schemes which enable tax evasion and aggressive tax planning as well as facilitating and contributing to the concealment of wealth and assets; in that context, urges the Commission to continue to improve information sharing amongst Member State tax administrations and cooperation on the global stage; awaits the Commission proposal without further delay;
2022/11/24
Committee: ECON
Amendment 95 #

2022/2080(INI)

Motion for a resolution
Paragraph 11
11. Observes, in parallel, a growing trend for countries, andincluding EU Member States in particular, to adopt legal frameworks designed to attract high-net-worth individuals, foreign pensioners and highly skilled workers to invest or live in their territory, notably granting them generous tax benefits and exemptions which do not apply to nationals, in addition to offering golden visas and selling citizenship opportunities;
2022/11/24
Committee: ECON
Amendment 107 #

2022/2080(INI)

Motion for a resolution
Paragraph 13
13. Calls for the scope of the Code of Conduct Group on Business Taxation to be expanded, in particular to include preferential personal income or capital tax regimes, or personal income and wealth tax regimes that could lead to significant distortions in the single market; considers thfacilitate thise could enable the scope of the Code of Conduct Group to capture regimes aimed at attracting high net worth and high levels of income not created in the Member State proposing the tax regimencealment of assets, perpetuate corruption and enable money laundering;
2022/11/24
Committee: ECON
Amendment 111 #

2022/2080(INI)

Motion for a resolution
Paragraph 13 a (new)
13 a. Reiterates its concerns that schemes granting nationality or residency on the basis of a financial investment , also known as ‘golden passports’, are objectionable from an ethical, legal and economic point of view and pose several serious security risks for Union citizens, such as those stemming from money- laundering and corruption;
2022/11/24
Committee: ECON
Amendment 115 #

2022/2080(INI)

Motion for a resolution
Paragraph 14
14. Calls on the governments of the Member States to reverse the trend of curbing the taxes of top earners and proceed with the adoption of net wealth taxes; considers that such taxes should have a tailored scope to fit the asset portfolio of the wealthiest individuals, focusing on property, succession, financial assets and luxury goods above certain thresholds; calls on the Commission to promote initiatives at EU level to coordinate the implementation of such taxes in order to prevent evasion and avoidance in the single market;deleted
2022/11/24
Committee: ECON
Amendment 147 #

2022/2080(INI)

Motion for a resolution
Paragraph 16
16. Notes that shell companies are often used for aggressive tax planning or tax evasion purposes; Welcomes the Commission proposal for a Council directive laying down rules to prevent the misuse of shell entities for tax purposes and amending Directive 2011/16/EU14 ; calls on the Council to swiftly adopt the proposal once Parliament has submitted its opinion; underlines that establishing new transparency standards around the use of shell entities will help in making sure their abuse can be more easily detected by tax authorities; _________________ 14 COM(2021)0565.
2022/11/24
Committee: ECON
Amendment 165 #

2022/2080(INI)

Motion for a resolution
Paragraph 17
17. Is deeply disappointWelcomes the much-awaited agreement reached byat the failure of finance ministers to adopt the much-needed reform of the Code of Conduct for Business Taxation on 7 December 2021, after several unsuccessful attempts; condemns Hungary and Estonia, in particular, for blocking the reformCouncil on November 8 to broaden the scope of the Code of Conduct for Business Taxation to 'tax features of general application'; notes that these will be regarded as harmful if they lead to double non-taxation or the multiple use of tax benefits;
2022/11/24
Committee: ECON
Amendment 171 #

2022/2080(INI)

Motion for a resolution
Paragraph 18
18. Deplores, in particular, the Council’s lack of willingness to agree on the forthcoming transparency criterion with regard to ultimate beneficial ownership, the concealment of which was a common feature in the schemes exposed by the Panama Papers, and was a key contributing factor to the continuation and success of such schemes;
2022/11/24
Committee: ECON
Amendment 176 #

2022/2080(INI)

Motion for a resolution
Paragraph 18 a (new)
18 a. Stresses that the Pandora Papers are a further reminder of the need to make the EU list of non-cooperative jurisdictions more effective so that it not only serves as an instrument to help EU entities and authorities to identify risky entities and take precautionary measures, but also to actively encourage and cooperate with countries to make reforms to comply with international tax standards;
2022/11/24
Committee: ECON
Amendment 179 #

2022/2080(INI)

Motion for a resolution
Paragraph 18 b (new)
18 b. Reiterates the conclusions and recommendations of its resolution of 21 January 2021 on reforming the EU list of tax havens; calls to strengthen the EU list criteria, and to ensure greater implementation of commitments, especially for the “Fair taxation” stating that "the jurisdiction should not facilitate offshore structures or arrangements aimed at attracting profits which do not reflect real economic activity in the jurisdiction”;
2022/11/24
Committee: ECON
Amendment 183 #

2022/2080(INI)

Motion for a resolution
Paragraph 19
19. Instructs its President to forward this resolution to the Member State governments and parliaments, the Council and, the Commission and the Financial Action Task Force.
2022/11/24
Committee: ECON
Amendment 2 #

2022/2006(INI)

Motion for a resolution
Citation 13 a (new)
— having regard to the Commission communication of 6 December 2017 entitled ‘Further Steps Towards Completing Europe’s Economic and Monetary Union: A Roadmap’(COM(2017)821),
2022/01/20
Committee: ECON
Amendment 6 #

2022/2006(INI)

Motion for a resolution
Citation 17 a (new)
— having regard to the European Systemic Risk Board report of 16 February 2021 entitled ‘Financial stability implications of support measures to protect the real economy from the COVID-19 pandemic’,
2022/01/20
Committee: ECON
Amendment 9 #

2022/2006(INI)

Motion for a resolution
Citation 19 a (new)
— having regard to its resolution of 13 November 2020 on the Sustainable Europe Investment Plan - How to finance the Green Deal,
2022/01/20
Committee: ECON
Amendment 63 #

2022/2006(INI)

Motion for a resolution
Paragraph 1
1. Notes that the European economy is recovering faster than expected from the devastating impact of the global pandemic; underlines the crucial importance that timely and innovative policy interventions have played and will continue to play in mitigating the impact of the pandemic on the European economy;
2022/01/20
Committee: ECON
Amendment 73 #

2022/2006(INI)

Motion for a resolution
Paragraph 2
2. Is concerned about emerging new variants, localised pandemic lockdowns, increased energy prices, inflationary pressure, supply-side disruptions and emerging labour shortages; notes that these risks could hamper economic growth prospects in the coming months and delay the transition to a more sustainable, digital and future-proof economy;
2022/01/20
Committee: ECON
Amendment 92 #

2022/2006(INI)

Motion for a resolution
Paragraph 4
4. Recognises that the crisis triggered by the COVID-19 pandemic has been especially severe for enterprises, mostly small and medium-sized enterprises (SMEs), in tourism, hospitality and culture; recogniswelcomes the notion of European solidarity underpinning the establishment of the RRF;
2022/01/20
Committee: ECON
Amendment 135 #

2022/2006(INI)

Motion for a resolution
Paragraph 8
8. Is convinced that the coordination of national fiscal policies remains crucial in underpinning the recovery; notes that the overall fiscal stance, taking into account national budgets and the RRF, is projected to remain supportive in 2022 to sustain the recovery and to ensure a gradual shift in fiscal policy; is of the view that variations on the speed of recovery Member States and regions should lead to a tailored approach towards debt sustainability, with differentiated paths taking into account current debt levels; agrees with the Commission that Member States with low or medium levels of debt should pursue or maintain a supportive fiscal stance, and that Member States with high levels of debt should use the RRF to finance additional investment to support the recovery, while pursuing a prudent fiscal policy; agrees with the Commission that all Member States should preserve or broadly preserve their national financed investment;
2022/01/20
Committee: ECON
Amendment 156 #

2022/2006(INI)

Motion for a resolution
Paragraph 8 a (new)
8a. Notes that the Commission, the President of the Council and the President of the Eurogroup should regularly appear before the competent Committee of the European Parliament to provide information and exchange views on the latest economic and political events;
2022/01/20
Committee: ECON
Amendment 160 #

2022/2006(INI)

Motion for a resolution
Paragraph 9
9. Considers that it is crucial to coordinate national reform and investment efforts and the exchange of best practices in order to increase the convergence and resilience of our economies, promote sustainable, digital and inclusive growth, and improve institutional frameworks in line with the European Green Deal and the implementation of the European Pillar of Social Rights, and improve institutional frameworks to increase national ownership and accountability; recalls the urgent need to complete the Banking Union, to deepen the Capital Markets Union, to advance towards a credible fiscal capacity for the European Monetary Union, and to create a European Unemployment Reinsurance Scheme, based on the experience of the SURE Regulation;
2022/01/20
Committee: ECON
Amendment 60 #

2022/0432(COD)

Proposal for a regulation
Recital 1
(1) In order to keep pace with globalisation, technological development and new means of sale, such as online sales, it is necessary to adapt Regulation (EC) No 1272/2008 of the European Parliament and of the Council. While under that Regulation it is assumed that all responsible actors in the supply chain are established in the Union, practical experience has shown that economic operators established outside the Union sell chemicals online directly to the general public in the Union. Hence, enforcement authorities are unable to enforce Regulation (EC) No 1272/2008 against economic operators not established in the Union. It is therefore appropriatenecessary to require that there is a supplier established in the Union, which ensures that the substance or the mixture in question meets the requirements set out in that Regulation when it is being placed on the market, including via distance sales. This provision wshould improve compliance with and enforcement of the Regulation (EC) No 12727/2008 and thereby ensure a high level of protection of human health and the environment. In order to prevent situations where consumer becomes de jure and de facto an importer when buying the substance or the mixture via distance sales from the economic operators established outside the Union, it is necessary to specify that the supplier which ensures that the substance or the mixture in question meets the requirements set out in that Regulation acts in course of an industrial or professional activity.
2023/05/16
Committee: ENVI
Amendment 65 #

2022/0432(COD)

Proposal for a regulation
Recital 2
(2) From a toxicological point of view, substances with more than one constituent (‘multi-constituent substances’) are no different from mixtures composed of two or more substances. In accordance with Article 13 of Regulation (EC) No 1907/2006 of the European Parliament and of the Council39, aimed to limit animal testing, data on multi-substances containing more than one constituentsubstances is to be generated under the same conditions as data on any other substance, while data on individual constituents of a substance is normally not to be generated, except where individual constituents are also substances registered on their own. Where data on individual constituents is available, multi-substances containing more than one constituentsubstances should be evaluated and classified following the same classification rules as mixtures, unless Annex I to Regulation (EC) No 1272/2008 provides for a specific provision for those multi-constituentsubstancessubstances containing more than one constituenton the basis of sufficient and reliable scientific argumentation. Such derogations would be warranted where using data on constituents and calculation rules would result in a less appropriate classification of the complexsubstances than by using data on the substance itself. This could be the case for example when a complex substance like essential oil contains only structurally similar constituents or when there is proof of antagonistic effects among constituents. The Committee for Risk Assessment of the Agency set up pursuant to Article 76/1/(c) of Regulation (EC) no 1907/2006 should provide an assessment of the derogations when needed.This regulatory approach should contribute to the objectives of the EU Chemical Strategy for Sustainability to better protect citizens and the environment and to boost innovation for safe and sustainable chemicals by ensuring implementation of existing legal provisions of Regulation 1272/2008 and corresponding Guidance on the Application of the CLP criteria. _________________ 39 Regulation (EC) No 1907/2006 of the European Parliament and of the Council of 18 December 2006 concerning the registration, Evaluation, Authorisation and Restriction of Chemicals (REACH), establishing a European Chemicals Agency, amending Directive 1999/45/EC and repealing Council Regulation (EEC) No 793/93 and Commission Regulation (EC) No 1488/94 as well as Council Directive 76/769/EEC and Commission Directives 91/155/EEC, 93/67/EEC, 93/105/EC and 2000/21/EC (OJ L 396, 30.12.2006, p. 1).
2023/05/16
Committee: ENVI
Amendment 73 #

2022/0432(COD)

Proposal for a regulation
Recital 2 a (new)
(2a) Essential oils are derived from various sections of plants and are obtained by distillation, steam distillation or expression. They are complex substances that should warrant a tailored approach to their identification, including by providing for scientifically justified derogations from the rules applicable to the substances with more than one constituent under Article 5(3) of this Regulation. The European Commission and the Agency should assist the sector, particularly micro and small companies, that intends to benefit from the derogation, including by ensuring expeditious assessment of the dossier. This Regulation does not regulate safe use of essential oils in consumer products.
2023/05/16
Committee: ENVI
Amendment 85 #

2022/0432(COD)

Proposal for a regulation
Recital 3
(3) It is normally not possible to sufficiently assess the endocrine disrupting properties for human health and the environment and the persistent, bioaccumulative and mobile properties of a mixture or of a multi-substance containing more than one constituent substance on the basis of data on that mixture or substance. The data for the individual substances of the mixture or for the individual constituents of the multi- constituent substancesubstance containing more than one constituent should therefore normally be used as the basis for hazard identification of those multi-constituent substancessubstances containing more than one constituent or mixtures. However, in certain cases, data on those multi-substance containing more than one constituent substances themselves may also be relevant. This is the case in particular where that data demonstrates endocrine disrupting properties for human health and the environment, as well as persistent, bioaccumulative and mobile properties, or where it supports data on the individual constituents. Therefore, it is appropriate that data on multi-constituent substancessubstances containing more than one constituent are used in those cases.
2023/05/16
Committee: ENVI
Amendment 90 #

2022/0432(COD)

Proposal for a regulation
Recital 10
(10) To increase enforceability of the obligation placed on suppliers to update their labels after a change in the classification and labelling of their substance or mixture, a deadline should be laid down as regards that obligation. A similar obligation placed on registrants is set out in Commission Implementing Regulation (EU) 2020/143540. Where the new hazard class is additional to an existing hazard class or represents a more severe hazard class or category, or where new supplemental labelling elements are required under Article 25, the deadline to update the labelling information in the case of adaptation of the classification in accordance with the result of a new evaluation should be set at maximum6 months from the day on which the results of a new evaluation on the classification of that substance or that mixture were obtained. In case where a classification is updated to a less severe hazard class or category without triggering classification in an additional hazard class or new supplemental labelling requirements, the deadline for updating the labels should remain at 18 months from the day on which the results of a new evaluation on the classification of that substance or that mixture were obtained. It should also be clarified that, in cases of harmonised classification and labelling, the deadlines to update the labelling information should be set at the date of application of the provisions setting out the new or amended classification and labelling of the substance concerned, which is usually 18 months from the date of entry into force of those provisions. The same applies in case of changes triggered by other delegated acts adopted in light of the adaptation to technical and scientific progress, for instance as a result of the implementation of new or amended provisions of the UN Globally Harmonized System of Classification and Labelling of Chemicals (GHS). _________________ 40 Commission Implementing Regulation (EU) 2020/1435 of 9 October 2020 on the duties placed on registrants to update their registrations under Regulation (EC) No 1907/2006 of the European Parliament and of the Council concerning the Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) (OJ L 331, 12.10.2020, p.24.)
2023/05/16
Committee: ENVI
Amendment 92 #

2022/0432(COD)

Proposal for a regulation
Recital 11
(11) Regulation (EC) No 1272/2008 only allows for the use of fold-out labels if the general rules for the application of labels cannot be met due to the shape or form of the packaging or its small size, whilst it does not provide for a minimum font size of labels that would ensure readability. As a result of advancements in labelling technologies, more flexibility should be given to suppliers by providing for a broader use of fold-out labels, while durability and good readability of all physical labels should be ensured, including by laying down minimum font size and formatting requirement, using optimal typesets and contrasts between the print and the background and other formatting requirements. In order to ensure compatibility between bigger flexibility and minimum consumers safety, the front page of a fold-out label should display at least signal words, precautionary statement and hazard pictograms.
2023/05/16
Committee: ENVI
Amendment 97 #

2022/0432(COD)

Proposal for a regulation
Recital 12
(12) Regulation (EC) No 1272/2008 needs to be adjusted to technological and societal changes in the field of digitalisation and be prepared for future developments. Digital labelling could improve the efficiency of hazard communication, especially for vulnerable population groups and people who do not speak the national language of a Member State. Therefore, it is necessary to provide for voluntary digital labelling and to lay down technical requirements for such labelling. In order to provide for legal certainty, it is appropriate to specify the label elements that are allowed to be provided in a digital format only. That possibility should only exist for information which is not instrumental for the safety of the user or the protection of the environment. Unique Formula Identifier, the hazard statement, the signal word, and the hazard pictogram should always remain at the on-pack label to ensure they are in sight of consumers.
2023/05/16
Committee: ENVI
Amendment 99 #

2022/0432(COD)

Proposal for a regulation
Recital 13
(13) In order to adapt the label elements allowed to be provided only in a digital format to technical progress or to the level of digital readiness among alldifferent population groups in the Union, the Commission should be empowered to adopt delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union to amend the list of label elements allowed to be provided only in a digital format, taking into account societal needs and aensuring high level of protection of human health and the environment and sufficient information on chemicals that the citizens are exposed to.
2023/05/16
Committee: ENVI
Amendment 106 #

2022/0432(COD)

Proposal for a regulation
Recital 18
(18) Harmonised classification and labelling proposals need not necessarily be limited to individual substances and could cover a group of similar substances, where such similarity allows for similar classification of all substances in the group. The purpose of such grouping is to alleviate the burden on manufacturers, importers or downstream users, the Agency and the Commission in the procedure for harmonisation of classification and labelling of substances. It also avoids testing of substances when similar substances can be classified as a group. The grouping approach to harmonsied classification should therefore be used by default, whenever possible and scientifically justified.
2023/05/16
Committee: ENVI
Amendment 131 #

2022/0432(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 1 a (new)
Regulation (EC) 1272/2008
Article 1 – paragraph 5 – point c
(1a) In Article 1, paragraph 5, point c is replaced by the following: "(c) cosmetic products as defined in Directive 76/768/EEC; for human health hazard classes;" Or. en (32008R1272)
2023/05/16
Committee: ENVI
Amendment 139 #

2022/0432(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point a
Regulation (EC) 1272/2008
Article 2 – paragraph 7a
7a. ‘multi-constituent substance’ means a substance that contains more than one constituent.deleted
2023/05/16
Committee: ENVI
Amendment 153 #

2022/0432(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 4
Regulation (EC) 1272/2008
Article 5 – paragraph 3
A multi-constituent sSubstances containing at leastmore than one constituent, in the form of an individual constituent, an identified impurity or an additive for which relevant information referred to in paragraph 1 is available, shall be examined in accordance with the criteria set out in this paragraph, using the available information on those constituents as well as on the substance, unless Annex I lays down a specific provision.
2023/05/16
Committee: ENVI
Amendment 157 #

2022/0432(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 4
Regulation (EC) 1272/2008
Article 5 paragraph 3 – subparagraph 2
For the evaluation of multi-constituent substancessubstances containing more than one constituent pursuant to Chapter 2 in relation to the ‘germ cell mutagenicity’, ‘carcinogenicity’, ‘reproductive toxicity’, ‘endocrine disrupting property for human health’ and ‘endocrine disrupting property for the environment’ hazard classes referred to in sections 3.5.3.1, 3.6.3.1, 3.7.3.1, 3.11.3.1. and 4.2.3.1. of Annex I, the manufacturer, importer or downstream user shall use the relevant available information referred to in paragraph 1 for each of the individual constituents in the substance.
2023/05/16
Committee: ENVI
Amendment 159 #

2022/0432(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 4
Regulation (EC) 1272/2008
Article 5 – paragraph 3 – subparagraph 3
Relevant available information on the multi-constituent substancesubstances containing more than one constituent itself shall be taken into account where one of the following conditions are met, unless Annex I lays down a specific provision:
2023/05/16
Committee: ENVI
Amendment 164 #

2022/0432(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 4
Regulation (EC) 1272/2008
Article 5 – paragraph 3 – subparagraph 4
Relevant available information on the multi-constituent substancesubstances containing more than one constituent itself showing absence of certain properties or less severe properties shall not override the relevant available information on the constituents in the substance.
2023/05/16
Committee: ENVI
Amendment 169 #

2022/0432(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 4
Regulation (EC) 1272/2008
Article 5 – paragraph 3 – subparagraph 5
For the evaluation of multi-constituent substancessubstances containing more than one constituent pursuant to Chapter 2 in relation to the ‘biodegradation, persistence, mobility and bioaccumulation’ properties within the ‘hazardous to the aquatic environment’ ‘persistent, bioaccumulative and toxic’, ‘very persistent and very bioaccumulative’, ‘persistent, mobile and toxic’ and ‘very persistent and very mobile’ hazard classes referred to in sections 4.1.2.8 4.1.2.9, 4.3.2.3.1, 4.3.2.3.2, 4.4.2.3.1 and 4.4.2.3.2 of Annex I, the manufacturer, importer or downstream user shall use the relevant available information referred to in paragraph 1 for each of the individual constituents in the substance.
2023/05/16
Committee: ENVI
Amendment 171 #

2022/0432(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 4
Regulation (EC) 1272/2008
Article 5 – paragraph 3 – subparagraph 6
Relevant available information on the multi-constituent substancesubstances containing more than one constituent itself shall be taken into account where one of the following conditions are met, unless Annex I lays down a specific provision:
2023/05/16
Committee: ENVI
Amendment 179 #

2022/0432(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 4
Regulation (EC) 1272/2008
Article 5 – paragraph 3 – subparagraph 7
Relevant available information on the multi-constituent substancesubstances containing more than one constituent itself showing absence of certain properties or less severe properties shall not override the relevant available information on the constituents in the substance.
2023/05/16
Committee: ENVI
Amendment 181 #

2022/0432(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 4
Regulation (EC) 1272/2008
Article 5 – paragraph 3a (new)
In Article 5, the following paragraph 3a is added: 'The European Commission shall, where appropriate and scientifically justified, amend Annex I in accordance with the procedure referred to in Article 53, to lay down specific provisions granting derogation from the criteria set out in this Article for a substance containing more than one constituent. The Committee for Risk Assessment of the Agency set up pursuant to Article 76(1)(c) of Regulation (EC) No 1907/2006 shall, where necessary, adopt an opinion on the scientific argumentation for a derogation from the rules for substances containing more than one constituent provided under this article.'
2023/05/16
Committee: ENVI
Amendment 189 #

2022/0432(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 4
Regulation (EC) 1272/2008
Article 5 – paragraph 3 a (new)
In Article 5, the following paragraph 3a is added: 'Paragraph 3 shall not apply to UVCB substances of biological origin.'
2023/05/16
Committee: ENVI
Amendment 210 #

2022/0432(COD)

(7a) In Article 18, paragraph 3, point b is replaced by the following: "(b) the identity of all substances in the mixture that contribute to the classification of the mixture as regards acute toxicity, skin corrosion or serious eye damage, germ cell mutagenicity, carcinogenicity, reproductive toxicity, endocrine disruption for human health, endocrine disruption for the environment, respiratory or skin sensitisation, specific target organ toxicity (STOT) or aspiration hazard. , persistent, bioaccumulative and toxic (PBT), very persistent, very bioaccumulative (vPvB), persistent, mobile and toxic (PMT), very persistent, very mobile (vPvM)." Or. en (32008R1272)
2023/05/16
Committee: ENVI
Amendment 246 #

2022/0432(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 18 – point a
Regulation (EC) 1272/2008
Article 37 – paragraph 1 – subparagraph 3
The proposals for harmonised classification and labelling of a substance and also groups of substances referred to in the first and the second subparagraphs shall follow the format set out in Part 2 of Annex VI and contain the relevant information provided for in Part 1 of Annex VI.
2023/05/16
Committee: ENVI
Amendment 249 #

2022/0432(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 18 – point d a (new)
Regulation (EC) 1272/2008
Article 37 – paragraph 4
(da) In Article 37, paragraph 4 is replaced by the following "4. The Committee for Risk Assessment of the Agency set up pursuant to Article 76(1)(c) of Regulation (EC) No 1907/2006 shall adopt an opinion on any proposal submitted pursuant to paragraphs 1 or 2 within 18 months of receipt of the proposal, giving the parties concerned the opportunity to comment. The Agency shall forward this opinion and any comments to the Commission. The Agency may provide further guidance on the development of harmonised classification proposal for group(s) of substances and take into consideration the complexity of the proposal to allow sufficient time for the relevant stakeholders to provide comments." Or. en (32008R1272)
2023/05/16
Committee: ENVI
Amendment 252 #

2022/0432(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 18 – point e
Regulation (EC) 1272/2008
Article 37 – paragraph 6
6. Manufacturers, importers and downstream users who have new information which may lead to a change of the harmonised classification and labelling elements of substances in Part 3 of Annex VI shall submit a proposal in accordance with paragraph 2, second subparagraph, to the competent authority in one of the Member States in which the substances are placed on the market. The manufacturer, importer or downstream user that has, after refusal of submission to adapt classification to a less severe hazard class or category by a competent authority in one of the Member States, resorted to submitting the proposal to a competent authority in another Member States, shall be rejected and contribute with a fee to compensate for the costs borne by the competent authorities;
2023/05/16
Committee: ENVI
Amendment 267 #

2022/0432(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 21
Regulation (EC) 1272/2008
Article 42 – paragraph 2 – subparagraph 1 a (new)
In Article 42, paragraph 2, the following subparagraph 1a is added: 'The Agency may, where appropriate, delete obsolete and out-of-date information from the inventory;'
2023/05/16
Committee: ENVI
Amendment 282 #

2022/0432(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 26 – point a
Regulation (EC) 1272/2008
Article 53 – paragraph 1a
1a. The Commission is empowered to 1a. adopt delegated acts in accordance with Article 53a to amend section 1.6. of Annex I in order to adapt the label elements referred to in Article 34a(2) to technical progress or to the level of digital readiness among alldifferent population groups in the Union. When adopting those delegated acts, the Commission shall take into account the societal needs and a high level ofensure high level of protection of human health and the environment and take into account the societal needs. The Commission shall make sure that information which is critical to protection of human health and the environment shall remain easily accessible on physical label;
2023/05/16
Committee: ENVI
Amendment 283 #

2022/0432(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 26 – point a
Regulation (EC) 1272/2008
Article 53 – paragraph 1b – point d
(d) take into account the level of digital readiness among all population groups in the Union, as well as readiness of the necessary wireless and other technological infrastructure allowing unrestricted access to the information on chemicals;
2023/05/16
Committee: ENVI
Amendment 288 #

2022/0432(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 26 – point c
Regulation (EC) 1272/2008
Article 53 – paragraph 3 a (new)
3a. In Article 53, the following paragraph 3a is added: 'The Commission shall by December 2024 assess hazard criteria for immunotoxicity and neurotoxicity and, where appropriate, adopt delegated acts in accordance with Article 53;'
2023/05/16
Committee: ENVI
Amendment 309 #

2022/0432(COD)

Proposal for a regulation
Annex I – paragraph 1 – point 9
Regulation (EC) No 1272/2008
Annex I – Part 1 – Section 1.5.2.4.1. – point b – point iv a (new)
(iva) Serious eye damage/irritation, category 1;
2023/05/16
Committee: ENVI
Amendment 310 #

2022/0432(COD)

Proposal for a regulation
Annex I – paragraph 1 – point 9
Regulation (EC) No 1272/2008
Annex I – Part 1 – Section 1.5.2.4.1 – point b – point v a (new)
(va) Skin sensitisation, category 1 (sub- categories 1A and 1B);
2023/05/16
Committee: ENVI
Amendment 311 #

2022/0432(COD)

Proposal for a regulation
Annex II – paragraph 1 – point -1 (new)
Regulation (EC) No 1272/2008
Annex II – Part 3 – Section 3.1.1.1
3.1.1.1.-1. In in Part 3 of Annex II, point 3.1.1.1. is amended as following: ‘3.1.1.1. Packaging of whatever capacity containing a substance or mixture supplied to the general public and classified for acute toxicity, categories 1 to 3, STOT — single exposure category 1, STOT — repeated exposure category 1, or skin corrosion category 1, or serious eye damage category 1 shall be fitted with child-resistant fastenings.
2023/05/16
Committee: ENVI
Amendment 313 #

2022/0432(COD)

Proposal for a regulation
Annex II – paragraph 1 – point -1 a (new)
Regulation (EC) No 1272/2008
Annex II – Part 3 – section 3.2.1.
-1a. In in Part 3 of Annex II, section 3.2.1. is replaced by the following: ‘3.2.1. Packaging to be fitted with a tactile warning Where substances or mixtures are supplied to the general public and classified for acute toxicity, skin corrosion/skin irritation, serious eye damage/eye irritation, endocrine disruption for human health category 2, endocrine disruption for the environment category 2, germ cell mutagenicity category 2, carcinogenicity category 2, reproductive toxicity category 2, respiratory or skin sensitiszation, or Stot,STOT categories 1 andor 2, aspiration hazard, or flammable gases, liquids and solids in categories 1 and 2flammable liquids categories 1 or 2, or flammable solids, the packaging of whatever capacity, shall be fitted with a tactile warning of danger.
2023/05/16
Committee: ENVI
Amendment 315 #

2022/0432(COD)

Proposal for a regulation
Annex II – paragraph 1 – point 1
Regulation (EC) No 1272/2008
Annex II – Part 3 – section 3.4. – point b
(b) a label is firmly affixed on a visible place of the refill station and with a font size that is easily legible and without serifs and is provided free of charge by suppliers;
2023/05/16
Committee: ENVI
Amendment 320 #

2022/0432(COD)

Proposal for a regulation
Annex II – paragraph 1 – point 1
Regulation (EC) No 1272/2008
Annex II – Part 3 – Section 3.4. – point iv a (new)
(iva) Serious eye damage/irritation, category 1;
2023/05/16
Committee: ENVI
Amendment 322 #

2022/0432(COD)

Proposal for a regulation
Annex II – paragraph 1 – point 1
Regulation (EC) No 1272/2008
Annex II – Part 3 – Section 3.4. – point v a (new)
(va) Skin sensitisation, category 1 (sub- categories 1A and 1B);
2023/05/16
Committee: ENVI
Amendment 327 #

2022/0432(COD)

Proposal for a regulation
Annex II a (new)
Annex VI Part 2 is replaced by the following: ‘2. PART 2: DOSSIERS FOR HARMONISED CLASSIFICATION AND LABELLING This Part lays down general principles for preparing dossiers to propose and justify harmonised classification and labelling. The relevant parts of sections 1, 2 and 3 of Annex I to Regulation (EC) No 1907/2006 shall be used for the methodology and format of any dossier. For all dossiers any relevant information from registration dossiers shall be considered and other available information may be used. For hazard information which has not been previously submitted to the Agency, a robust study summary shall be included in the dossier. A dossier for harmonised classification and labelling shall contain the following: —Proposal The proposal shall include the identity of the substance or substances concerned and the harmonised classification and labelling proposed. —Justification for the proposed harmonised classification and labelling A comparison of the available information with the criteria contained in Parts 2 to 5, taking into account the general principles in Part 1, of Annex I to this Regulation shall be completed and documented in the format set out in Part B of the Chemical Safety Report in Annex I to Regulation (EC) No 1907/2006. For dossier for harmonised classification and labelling of groups of substances, justification for the grouping. —Justification for other effects at Community level For other effects than carcinogenity, mutagenicity, reprotoxicity and respiratory sensitisation a justification shall be provided that there is a need for action demonstrated at Community level. This does not apply for an active substance in the meaning of Directive 91/414/EEC or Directive 98/8/EC.
2023/05/16
Committee: ENVI
Amendment 111 #

2022/0413(CNS)

Proposal for a directive
Recital 39
(39) In order to ensure compliance witha proper enforcement of the rules under theis Directive 2011/16/EU, Member States should lay down the rules on penalties, and other compliance measures that should be effective, proportionate and dissuasive. Each Member State should apply those rules in accordance with their national laws and the provisions set forth in this Directpplicable to infringements of national provisions on mandatory exchange of information reported by crypto-asset service providers, that should be effective, proportionate and dissuasive.
2023/04/28
Committee: ECON
Amendment 113 #

2022/0413(CNS)

Proposal for a directive
Recital 40
(40) To guarantee an adequate level of effectiveness in all Member States, minimum levels of penalties should be established in relation to two conducts that are considered grievous: namely failure to report after two administrative reminders and when the provided information contains incomplete, incorrect or false data, which substantially affects the integrity and reliability of the reported information. Incomplete, incorrect or false data substantially affect the integrity and reliability of the reported information when they amount to more than 25 % of the total data that the taxpayer or reporting entity should have correctly reported in accordance with the required information set forth in Annex VI, Section II, subparagraph (B). These minimum amounts of penalties should not prevent Member States from applying more stringent sanctions for these two types of infringements. Member States still have to apply effective, dissuasive and proportional penalties for other types of infringements.deleted
2023/04/28
Committee: ECON
Amendment 116 #

2022/0413(CNS)

Proposal for a directive
Recital 41
(41) In order to take into account possible changes in the prices for goods and services, the Commission should evaluate the penalties provided for in this Directive every 5 years.deleted
2023/04/28
Committee: ECON
Amendment 198 #

2022/0413(CNS)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2011/16/EU
Article 25a – title
Article 25a Penalties and other compliance measures
2023/04/28
Committee: ECON
Amendment 200 #

2022/0413(CNS)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2011/16/EU
Article 25a – paragraph 1
1. Member States shall lay down rules on penalties applicable to infringements of national provisions adopted pursuant to this Directive and concerning Article 8(3a), Articles 8aa to 8ad and shall take all necessary measures to ensure that they are implemented and enforced. Penalties and compliance measures provided for shall be effective, proportionate and dissuasive.
2023/04/28
Committee: ECON
Amendment 204 #

2022/0413(CNS)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2011/16/EU
Article 25a – paragraph 2
2. Member States shall ensure that where penalties and compliance measures can be applied to legal persons in the event of a non-compliance with national provisions transposing this Directive, and to the members of the management body and to other natural persons who under national law are responsible for the non- compliance in accordance with national law. Member States shall ensure that legal persons can be held liable for the non- compliance with national provisions transposing this Directive by any person acting individually or as part of an organ of that legal person and having a leading position within the legal person. Any of the following circumstances shall indicate the leading position within the legal person: (a) (b) behalf of the legal person; (c) the legal person.deleted power to represent the legal person authority to take decisions on authority to exercise control within
2023/04/28
Committee: ECON
Amendment 207 #

2022/0413(CNS)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2011/16/EU
Article 25a – paragraph 3
3. [...]deleted
2023/04/28
Committee: ECON
Amendment 224 #

2022/0413(CNS)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2011/16/EU
Article 25a – paragraph 4
4. Member States shall indicate whether penalties stipulated in national legislation are applied by reference to individual cases of infringement or on a cumulative basis. The minimum penalties stipulated in subparagraph (3) shall be applied on a cumulative basis.deleted
2023/04/28
Committee: ECON
Amendment 228 #

2022/0413(CNS)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2011/16/EU
Article 25a – paragraph 5
5. Member States shall set penalties for a false self-certification as referred to in Annex I, Section I and Annex VI, Section III of this Directive.deleted
2023/04/28
Committee: ECON
Amendment 229 #

2022/0413(CNS)

Proposal for a directive
Article 1 – paragraph 1 – point 13
Directive 2011/16/EU
Article 25a – paragraph 6
6. When imposing penalties and other compliance measures, competent authorities shall, where relevant, cooperate closely with one another and with other relevant competent authorities and shall coordinate their actions where appropriate, when dealing with cross- border cases.;deleted
2023/04/28
Committee: ECON
Amendment 31 #

2022/0341(COD)

Proposal for a regulation
Recital 9
(9) It would not be proportionate to impose on payment institutions and electronic money institutions an obligation to offer the service of sending and receiving instant credit transfers in euro, because those institutions cannot be admitted as participants in a payment system designated in accordance with Directive 98/26/EC of the European Parliament and of the Council36 . Those institutions may therefore experience difficulties in accessing the infrastructure necessary to execute instant credit transfers. It is therefore appropriate to excludeallow payment institutions and electronic money institutions from the obligationto act as participants in a payment system designated in accordance with Directive 98/26/EC of the European Parliament and of the Council. A targeted amendment to Directive 98/26/EC would allow those institutions to access settlement systems and therefore be able to offer the services of sending and receiving instant credit transfers in euro. Those institutions, once in scope, would then be subject to the requirements of this Regulation. __________________ 36 Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).
2023/04/21
Committee: ECON
Amendment 45 #

2022/0341(COD)

Proposal for a regulation
Recital 11
(11) Security of instant credit transfers in euro is fundamental for increasing PSUs’ confidence in such services and ensuring their use. Payers intending to send a credit transfer to a given payee may, as a result of fraud or error, provide a payment account identifier which does not correspond to an account held by that payee. Under Directive (EU) 2015/2366 of the European Parliament and of the Council37 , the only determinant of the correct execution of the transaction with respect to the payee is the unique identifier, and PSPs are not required to verify the name of the payee. In the case of instant credit transfers, there is not enough time for the payer to realise the occurrence of a fraud or error and to try to recover the funds before they are credited to the payee’s account. PSPsBefore the authorisation of an instant credit transfer in line with this regulation, PSPs of the payer and the payee should therefore verify whether there is any discrepancy between the unique identifier of the payee and the name of the payee provided by the payer, and. The PSP of the payer must request the verification from the PSP of the payee, the PSP of the payee must notify the PSP of the payer about the result and the PSP of the payer must notify the payer placing a payment order for an instant credit transfer in euro about any such discrepancies detected for an instant credit transfer in accordance with this regulation. To avoid undue frictions or delays in the processing of the transaction instantly, the payer’s PSP should provide such notification within no more than a few secondsout delay from the moment the payer provided the payee information. To allow the payer to decide whether to proceed with the intended transaction, the payer’s PSP should provide such notification before the payer authorises the transaction. __________________ 37 Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).
2023/04/21
Committee: ECON
Amendment 97 #

2022/0341(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a
Regulation (EU) No 260/2012
Article 2 – paragraph 1 – point 1e (new)
(1e) ‘legal entity identifier’ means a unique alphanumeric reference code based on the ISO 17442 standard assigned to a legal entity.
2023/04/21
Committee: ECON
Amendment 102 #

2022/0341(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5a – paragraph 1 – subparagraph 1
PSPs that offer to their PSUs a payment service of sending and receiving credit transfers to and from accounts denominated in euro shall offer to all their PSUs a payment service of sending and receiving instant credit transfers to and from accounts denominated in euro.
2023/04/21
Committee: ECON
Amendment 106 #

2022/0341(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5a – paragraph 1 – subparagraph 1
PSPs in all Member States that offer to their PSUs a payment service of sending and receiving credit transfers shall offer to all their PSUs a payment service of sending and receiving instant credit transfers.
2023/04/21
Committee: ECON
Amendment 107 #

2022/0341(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5a – paragraph 1 – subparagraph 2
However, this paragraph shall not apply to electronic money institutions as defined in Article 2, point (1), of Directive 2009/110/EC and payment institutions as defined in Article 4, point (4), of Directive (EU) 2015/2366.deleted
2023/04/21
Committee: ECON
Amendment 115 #

2022/0341(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5a – paragraph 1a (new)
(1a) PSPs shall be permitted to extend the execution time of instant credit transfers by the time necessary for currency-conversion with regards to instant credit transfers to and from payment accounts denominated in a currency other than euro.
2023/04/21
Committee: ECON
Amendment 150 #

2022/0341(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5a – paragraph 4 – subparagraph 1
PSPs as referred to in paragraph 1 that are located in a Member State whose currency is the euro shall offer PSUs the service of receiving instant credit transfers in euro by … [PO please insert the date = 612 months after the date of entry into force of this Regulation], and the service of sending instant credit transfers in euro by … [PO please insert the date = 124 months after the date of entry into force of this Regulation].
2023/04/21
Committee: ECON
Amendment 188 #

2022/0341(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5c – paragraph 1
With regard to regular and instant credit transfers, a payer’s PSP shall verify whether the payment account identifier and the name of the payee provided by the payer match. Where they do not match, thatwhere the payee’s payment account identifier specified in point (1)(a) of the Annex and name have been inserted in the payment order by the payer, the payer’s PSP shall provide a service for matching the payment account identifier with the payee’s name. The payee’s PSP shall on the payer’s PSP's request verify whether the payment account identifier and the name of the payee provided by the payer match. By way of derogation, where the payee is a legal entity, a payer’s PSP shall allow for the possibility to verify whether the payment account identifier and, instead of the name of the payee, the legal entity identifier of the payee provided by the payer match. In both cases, where they do not match, the payer's PSP shall notify the payer of any discrepancies detected and the degree of any such discrepancy, based on information provided by the payee’s PSP.
2023/04/21
Committee: ECON
Amendment 190 #

2022/0341(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5c – paragraph 1 – subparagraph 1
With regard to instant credit transfers, a payer’s PSP shall verifyinitiate verification of the payment account identifier and the name of the payee as provided by the PSU with payee's PSP. The payee's PSP shall verify and confirm back to the payer's PSP whether the payment account identifier and the name of the payee provided by the payer match. Where they do not match, thate payee's PSP shall notify the payer's PSP of any discrepancies detected and the degree of any such discrepancy. The payer's PSP shall notify the payer of the verification results provided by the payee's PSP.
2023/04/21
Committee: ECON
Amendment 199 #

2022/0341(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5c – paragraph 1 – subparagraph 2
PSPs shall provide that service immediatwithout delay after the payer provided to its PSP the payment account identifier of the payee and the name of the payee, and before the payer is offered the possibility to authorise the instant credit transfer.
2023/04/21
Committee: ECON
Amendment 221 #

2022/0341(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5c – paragraph 5
5. The service referred to in paragraph 1 shall be provided to the payer regardless of the PSU interface used by the payer to place a payment order for an instant credit transfer. Where a PSP provides a PSU interface that does not require the payer to insert an account identifier specified in point (1)(a) of the Annex or a name, the PSP shall ensure that the payee designated by the payer is properly identified. Such PSP shall maintain robust internal procedures to ensure payees’ identification. Each Member State shall designate one or more national competent authorities with the power to investigate the robustness of these internal procedures. Member State may assign this role to an existing authority or authorities.
2023/04/21
Committee: ECON
Amendment 229 #

2022/0341(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 2
(5a) Any charges applied by a PSP on payers and payees in respect of verifying the discrepancy between the name and payment account identifier of a payee as referred in the paragraph 1 shall be included in the charges referred in the Article 5b paragraph 1.
2023/04/21
Committee: ECON
Amendment 239 #

2022/0341(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5c – paragraph 6 – subparagraph 1
PSPs located in a Member State whose currency is the euro shall comply with this Article by …[ PO please insert the date = 124 months after the date of entry into force of this Regulation].
2023/04/21
Committee: ECON
Amendment 281 #

2022/0341(COD)

Proposal for a regulation
Article 2a (new)
Directive 98/26/EC
Article 2 – point b
Article 2a Amendment to Directive 98/26/EC In Article 2 of Directive 98/26/EC, point (b) is amended as follows: “(b) ‘institution' shall mean: i. a credit institution as defined in the first indent of Article 1 of Directive 77/780/EEC (1) including the institutions set out in the list in Article 2(2) thereof, or ii. a payment institution as defined in Article 4, point (4), of Directive (EU) 2015/2366, or iii. a e-money institutions as defined in Article 2, point (1), of Directive 2009/110/EC or iv. an investment firm as defined in point 2 of Article 1 of Directive 93/22/EEC (2 ) excluding the institutions set out in the list in Article 2(2)(a) to (k) thereof, or v. public authorities and publicly guaranteed undertakings, or vi. any undertaking whose head office is outside the Community and whose functions correspond to those of the Community credit institutions, payment institutions, e-money institutions and investment firms as defined in the first, second, third and fourth indent, which participates in a system and which is responsible for discharging the financial obligations arising from transfer orders within that system. If a system is supervised in accordance with national legislation and only executes transfer orders as defined in the second indent of (i), as well as payments resulting from such orders, a Member State may decide that undertakings which participate in such a system and which have responsibility for discharging the financial obligations arising from transfer orders within this system, can be considered institutions, provided that at least three participants of this system are covered by the categories referred to in the first subparagraph and that such a decision is warranted on grounds of systemic risk;”
2023/04/21
Committee: ECON
Amendment 284 #

2022/0341(COD)

Proposal for a regulation
Article 2 a (new)
Directive 98/26/EC
Article 2 – point b
Article 2a Amendment of Directive 98/26/EC In Article 2, point (b) of the Directive 98/26/EC, the following points are added: - a payment institution as defined in Article 4 (4) of Directive (EU) 2015/2366, or - an electronic money institution as defined in Article 2 (2) of Directive 2009/110/EC."
2023/04/21
Committee: ECON
Amendment 286 #

2022/0341(COD)

Proposal for a regulation
Article 2 b (new)
Article 2b Transposition of amendments of Directive 98/26/EC Member States shall adopt, publish and apply, by 18 months after the date of entry into force of this Regulation, the laws, regulations and administrative provisions necessary to comply with Article 2a.
2023/04/21
Committee: ECON
Amendment 277 #

2022/0196(COD)

Proposal for a regulation
Title 1
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the sustainable use of plant protection products and ensuring sustainable crop protection, and amending Regulations (EU) 2021/2115 and (EC) 1107/2009 (Text with EEA relevance)
2023/04/04
Committee: ENVI
Amendment 298 #

2022/0196(COD)

Proposal for a regulation
Recital 3
(3) The European Parliament resolution of 12 February 2019 on the implementation of Directive 2009/128/EC on the sustainable use of pesticides41 noted that the Union must act without delay to transition to a more sustainable use of pesticides and called on the Commission to propose an ambitious Union-wide binding target for the reduction of pesticide use. The European Parliament re-affirmed its call for binding reduction targets in its resolution of 20 October 2021 on a Farm to Fork Strategy for a fair, healthy and environmentally-friendly food system42 ., while stressing that their achievability depends on the availability of safer, effective and efficient alternatives; __________________ 41 P8_TA(2019)0082, 12 February 2019. 42 P9_TA(2021)0425, 20 October 2021.
2023/04/04
Committee: ENVI
Amendment 363 #

2022/0196(COD)

Proposal for a regulation
Recital 11
(11) Biological control agents are a sustainable control alternative to the use of chemical products for the control of harmful organisms. As noted in Council Decision (EU) 2021/110257 , biological control agents have a growing importance in sustainable agriculture and forestry and have an instrumental role to play in the success of integrated pest management and organic farming. Access to biological controls facilitates moving away from chemical plant protection products. It is appropriate to encourage farmers to switch to low input agricultural methods including organic farming. It is therefore appropriate to define the concept of biological control as a basis for Member States to set indicativend set targets tofor increaseing the percentage of crops on which biological control agents are usedsales of low risk and biological control plant protection products. __________________ 57 Council Decision (EU) 2021/1102 of 28 June 2021 requesting the Commission to submit a study on the Union’s situation and options regarding the introduction, evaluation, production, marketing and use of invertebrate biological control agents within the territory of the Union and a proposal, if appropriate in view of the outcomes of the study (OJ L 238, 6.7.2021, p. 81).
2023/04/04
Committee: ENVI
Amendment 367 #

2022/0196(COD)

Proposal for a regulation
Recital 12
(12) The objective of the Farm to Fork Strategy is to make substantial progress in the reduction of the use of chemical plant protection products in an economically viable way. In order to achieve that aim, it is necessary to set quantified targets at Union and Member State levels for the reduction in the use and risk of chemical plant protection products and the use of more hazardous plant protection products to monitor progress. National targets should be established by national law in order to ensure adequate progress and accountability in relation to them. These binding national targets should also be achieved by Member States by 2030. The reduction in the use of chemical plant protection products is expected to significantly reduce occupational safety and health risks for professional users. In order to ensure that professional users of plant protection products are still able to adequately protect crops against pests and diseases, this regulation should also ensure that more low risk and biological control plant protection products are available. Considering that a reduction in chemical plant protection products is only sustainable if crop failures in agriculture can continue to be prevented, the reduction targets for chemical plant protection products should only apply if sufficient alternatives are available and new genomic techniques can be used to grow healthier crops. Therefore, this regulation should set Union and national targets to increase the sales of low risk and biological control plant protection products ('replacement targets').
2023/04/04
Committee: ENVI
Amendment 388 #

2022/0196(COD)

Proposal for a regulation
Recital 13
(13) Given the different levels of historical progress and differences in intensity of pesticide use between Member States, it is necessary to allow Member States some flexibility when setting their own binding national targets (“national 2030 reduction targets”). Intensity of use is best measured by dividing the total quantity of active substances placed on the market, and therefore used, in the form of plant protection products in a particular Member State by the surface area over which the active substances were applied. Intensity in the use of chemical pesticides, and in particular of the more hazardous pesticides, correlates with greater dependency on chemical pesticides, greater risks to human health and the environment and less sustainable farming practices. It is therefore appropriate to allow Member States to take their lower intensity of use of chemical pesticides than the Union average into account in setting their national 2030 reduction targets. It is also appropriate to require them to take their higher intensity of use of chemical pesticides than the Union average into account in setting their national 2030 reduction targets. In addition, in order to give recognition to past efforts by Member States, they should also be allowed to take into account historical progress prior to the adoption of the Farm to Fork Strategy when setting national 2030 reduction targets. Conversely, where Member States have increased, or made only limited reductions in, their use and risk of chemical plant protection products, they should now make a greater contribution to the achievement of the Union 2030 reduction targets, while also taking account of their intensity of pesticide use. In order to ensure a fair and collective effort towards the achievement of Union-wide targets and an adequate level of ambition, minimum limits should be laid down for national 2030 reduction targets. Member States should be allowed to justify their inability to meet the national 2030 reduction targets due to a lack of available alternatives to chemical plant protection products or due to taken measures to ensure food security and safety. The EU’s outermost regions, as listed in Article 349 of the Treaty, are located in the Atlantic, Caribbean and Indian Ocean. Due to permanent constraints such as their remoteness to the European continent, insularity and high exposure to climate change, it is appropriate to allow Member States to take into account the specific needs of these regions as regards the use of plant protection products and measures tailored to specific climatic conditions and crops. In order to ensure a fair and collective effort towards the achievement of Union-wide targets, where a Member State reaches the level of its 2030 national reduction target before 2030, it should not be required to undertake additional reduction efforts, but it should closely monitor annual fluctuations in the use and risk of chemical plant protection products and in the use of more hazardous plant protection products to ensure progress towards meeting the respective 2030 national reduction target. In the interests of transparency, Member State responses to any Commission recommendations in relation to the level of ambition of national targets and the annual progress made towards them should be publicly accessible.
2023/04/04
Committee: ENVI
Amendment 400 #

2022/0196(COD)

Proposal for a regulation
Recital 13 a (new)
(13a) The overall objective of this regulation should be to reduce the environmental impact of plant protection measures. Reduction in the use of chemical plant protection products is only one of multiple measures that can contribute to achieving this goal. Considering that there is currently not enough data at Union level to properly assess the overall environmental impact of plant protection measures, the harmonised risk indicators based on the sales plant protection products are used. However, some Member States have and will continue to develop indicators for the integral assessment of environmental impact of plant protection measures. Member States should be able to fulfil their obligations for national reduction targets by setting and reaching targets on the basis of these new indicators. Member States should be able to include in their national action plan a methodology, baseline reference year and set target, to be approved by the Commission.
2023/04/04
Committee: ENVI
Amendment 413 #

2022/0196(COD)

Proposal for a regulation
Recital 14
(14) Member States should draft and publish national action plans. In order for the Member State national action plans to be effective, they should contain quantitative objectives, references to binding national 2030 reduction targets as set out in national law, together with related indicative targets set out in the national action plans, measures, timetables and indicators to reduce risks and impacts of pesticide use on human health and the environment and to increase the availability of alternative measures for plant protection. This will allow for a structured approach to the setting of quantitative objectives and targets, with a clear link to the national 2030 reduction targets. In order to monitor compliance with the provisions of this Regulation, Member States should also be required to report annually on targets and precise quantitative data relating to compliance with provisions on use, training, application equipment and integrated pest management.
2023/04/04
Committee: ENVI
Amendment 423 #

2022/0196(COD)

Proposal for a regulation
Recital 15
(15) In order to achieve the Union-wide reduction targets (‘Union 2030 reduction targets’) as well as national 2030 reduction targets, it is necessary to increase the availability and use of biological control and other non-chemicallow risk alternatives. Availability of these alternatives will incentivise the adoption of low pesticide- input pest management practices such as organic farming. In order to ensure that sufficient low risk and biological plant protection products are available to meet the Union reduction and replacement targets, it is appropriate to amend Regulation (EC) 1107/2009 to enable provisional authorisation for these products.
2023/04/04
Committee: ENVI
Amendment 469 #

2022/0196(COD)

Proposal for a regulation
Recital 20
(20) An approach to pest control that follows integrated pest management in ensuring careful consideration of all available means that discourage the development of populations of harmful organisms, while keeping the use of chemical plant protection products to levels that are economically and ecologically justified and minimising risks to human health and the environment is necessary for the protection of human health and the environment. ‘Integrated pest management’ emphasises the growth of a healthy crop with the least possible disruption to agro-ecosystems, encourages natural pest control mechanisms and uses chemical control only when all other control means are exhausted or if the use of chemical methods is considered to be economically and ecologically justified. To ensure that integrated pest management is implemented consistently on the ground, it is necessary to lay down clear rulguidelines in this Regulation. In order to comply with the obligation to follow integrated pest management, a professional user should consider and implement all methods and practices that avoid the use of plant protection products. Chemical plant protection products should only be used when all other control means have been exhausted or if the use of chemical methods is considered to be economically and ecologically justified. In order to ensure and monitor compliance with this requirement, it is important that professional users keep a record of the reasons why they apply plant protection products or the reasons for any other action taken in line with integrated pest management and of advice received in support of their implementation of integrated pest management from independent advisors. These records are also required for aerial applications.
2023/04/04
Committee: ENVI
Amendment 510 #

2022/0196(COD)

Proposal for a regulation
Recital 25
(25) Use of plant protection products may have particularly negative impacts in certain areas that are frequently used by the general public or by vulnerable groups, communities in which people live and work and ecologically sensitive areas, such as Natura 2000 sites protected in accordance with Directive 2009/147/EC of the European Parliament and of the Council67 and Council Directive 92/43/EEC68 . If plant protection products are used in areas used by the general public, the possibility of exposure of humans to such plant protection products is high. In order to protect human health and the environment, the use of plant protection products in sensitive areas, to be defined by Member States as part of their national action plan, and within 3 metres of such areas, should therefore be prohibited. Derogations from the prohibitiThe application of low-risk and biological control products should remain possible. Deviations from the 3-metre buffer zone should only be allowed under certain conditions and on a case-by-case basisbe justified by Member States as part of their national action plan. __________________ 67 Directive 2009/147/EC of the European Parliament and of the Council of 30 November 2009 on the conservation of wild birds (OJ L 20, 26.1.2010, p. 7). 68 Council Directive 92/43/EEC of 21 May 1992 on the conservation of natural habitats and of wild fauna and flora (OJ L 206, 22.7.1992, p. 7).
2023/04/04
Committee: ENVI
Amendment 574 #

2022/0196(COD)

Proposal for a regulation
Recital 37
(37) In order to monitor progress achieved in the reduction of risks and adverse impacts to human health and the environment from the use of plant protection products it is necessary to continue using the system of harmonised risk indicators established under Directive (EU) 2009/128/EC. The Commission should however also publish a report evaluating the feasibility of developing a harmonised Union indicator for the environmental impact of plant protection measures that focusses on more aspects beyond quantity of plant protection products.
2023/04/04
Committee: ENVI
Amendment 581 #

2022/0196(COD)

Proposal for a regulation
Recital 38
(38) Statistical data on plant protection products collected in accordance with Regulation (EC) No 1185/2009 of the European Parliament and of the Council74 should be used in calculating these harmonised risk indicators and progress towards achieving binding Union and national targets based on the Farm to Fork Strategy. Given that pesticide use fluctuates between years depending, in particular, on the weather, a three year baseline period is appropriate to take account of such fluctuations. The baseline period for the calculation of harmonised risk indicators 1 and 2 is 2011–2013, as this was the first three year period for which data was received by the Commission under Regulation (EC) No 1185/2009 and coincides with the entry into force of Directive 2009/128/EC. The baseline period for the calculation of progress towards the Union 2030 reduction targets is 2015–3-2017, as this was the three most recent years for which data was available at the time of the announcement of the Farm to Fork Strategy5. The baseline period for the calculation of a new harmonised risk indicator 2a is 2022–2024, as this will be the first three year period for which data on the areas treated under each authorisation for an emergency situation in plant protection will be available. __________________ 74 Regulation (EC) No 1185/2009 of the European Parliament and of the Council of 25 November 2009 concerning statistics on pesticides (OJ L 324, 10.12.2009, p. 1).
2023/04/04
Committee: ENVI
Amendment 2152 #

2022/0196(COD)

Proposal for a regulation
Article 18 – paragraph 3 – point a
(a) a proven serious and exceptional risk of the spread of quarantine pests or invasive alien species exists;
2023/04/05
Committee: ENVI
Amendment 2168 #

2022/0196(COD)

Proposal for a regulation
Article 18 – paragraph 5
5. The competent authority referred to in paragraph 3 shall decide on the application for a permit for the use of a plant protection product in a timely manner to ensure that the risk as referred to in point (a) of paragraph 3 is avoided, and latest within 21 weeks of its submission.
2023/04/05
Committee: ENVI
Amendment 2177 #

2022/0196(COD)

Proposal for a regulation
Article 18 – paragraph 6 – point b
(b) if necessary for the protection of the general public and vulnerable groups, the obligation to display notices regarding use of plant protection products on the perimeter of the area to be treated, and any specific form such display is to take;
2023/04/05
Committee: ENVI
Amendment 2185 #

2022/0196(COD)

Proposal for a regulation
Article 18 – paragraph 7
7. AIf necessary for the protection of the general public and vulnerable groups, a professional user that has been granted a permit to use a plant protection product in a sensitive area shall display notices to that regard on the perimeter of the area to be treated in the form indicated in the permit.
2023/04/05
Committee: ENVI
Amendment 2205 #

2022/0196(COD)

Proposal for a regulation
Article 19 – paragraph 1
1. The use of all plant protection products is prohibited on all surface waters and within 3 metres of such waters. This 3 metre buffer zone shall not be reduced by using alternative risk-mitigation techniques, with the exception of low-risk plant protection products and biocontrol products for the 3 metres buffer zone. Deviation of this 3 metre buffer zone shall be justified by the Member State in its National Action Plan, and may be justified if the risk for the sensitive area is negligible, by the use of alternative risk-mitigation techniques or implementation of the buffer zone would require a disproportionate amount of agricultural land.
2023/04/05
Committee: ENVI
Amendment 2221 #

2022/0196(COD)

Proposal for a regulation
Article 19 – paragraph 3
3. By … [OP: please insert the date of application of this Regulation], Member States shall have in place appropriate measures to avoid deterioration caused by plant protection products of surface and groundwater status as well as coastal and marine waters and allow achievement of good surface and groundwater status, to protect the aquatic environment and drinking water supplies from the impact of plant protection products with the aim to achieve, at least, the objectives set out in Directives 2000/60/EC, 2006/118/EC, 2008/105/EC, 2008/56/EC and (EU) 2020/2184.
2023/04/05
Committee: ENVI
Amendment 2434 #

2022/0196(COD)

Proposal for a regulation
Article 26 – paragraph 3
3. Each professional user shall consult an independent advisor at least once a year for the purposes of receiving the strategic advice referred to in paragraph 4. Where the circumstances of the plant protection measures taken by the professional user have not changed significantly, a shortened version of the strategic advice may be given, and the user does not have to fulfil all the requirements of paragraph 4. The strategic advice shall be designed in such a way that it will not cause disproportionate administrative burden or cost to professional users. Member States may, as part of their National Action Plan, define criteria under which professional users do not have to comply with article 3 and 4 of this paragraph. Such criteria shall ensure that only professional users are excluded for which the benefits of the strategic advice will be negligible.
2023/04/05
Committee: ENVI
Amendment 2442 #

2022/0196(COD)

Proposal for a regulation
Article 26 – paragraph 4 – point a
(a) application of relevant control techniques to prevent harmful organisms and diseases;
2023/04/05
Committee: ENVI
Amendment 2526 #

2022/0196(COD)

Proposal for a regulation
Article 29 – paragraph 1
1. By … [OP please insert the date = first day of the month following 9 months after the date of entry into force of this Regulation], an owner of application equipment in professional use shall enter the fact that he or she is the owner of the application equipment in the electronic register of application equipment in professional use referred to in Article 33, using the form set out in Annex V, unless the Member State in which the owner uses the equipment has exempted that equipment from inspection in accordance with Article 32(3). Member States shall ensure that the registration procedure will not result in disproportionate administrative burdens or costs for professional users.
2023/04/05
Committee: ENVI
Amendment 2655 #

2022/0196(COD)

Proposal for a regulation
Article 35 – title
Methodology for calculating harmonised risk indicators 1, 2 and 2a, 2a, and new indicators for assessment of the environmental impact of plant protection measures.
2023/04/05
Committee: ENVI
Amendment 2659 #

2022/0196(COD)

Proposal for a regulation
Article 35 – paragraph 3 a (new)
3a. The Commission shall by 2027, publish a report evaluating the indicators developed by Member States under article 4a for the environmental impact of plant protection measures. This report shall, on the basis of the indicators developed by Member States, evaluate the feasibility of developing a harmonised Union indicator for the environmental impact of plant protection measures.
2023/04/05
Committee: ENVI
Amendment 2666 #

2022/0196(COD)

Proposal for a regulation
Article 35 – paragraph 4
4. The Commission is empowered to adopt delegated acts in accordance with Article 40 amending this Article and Annex VI in order to take into account technical progress, including progress in the availability of statistical data, and scientific and agronomic developments. Such delegated acts may modify the existing harmonised risk indicators or, provide for new harmonised risk indicators, which may take into account Member States’ progress towards achieving the target of having 25% of their utilised agricultural area devoted to organic farming by 2030 as referred to in Article 8(1), point (d)or provide new indicators for the integral environmental impact of plant protection measures following the report as mentioned in paragraph 3a of this Article.
2023/04/05
Committee: ENVI
Amendment 2668 #

2022/0196(COD)

Proposal for a regulation
Article 35 – paragraph 5
5. By… [OP please insert the date = first day of the month following 12 months after the date of entry into force of this Regulation], the Commission shall complete an evaluation of harmonised risk indicators 1, 2 and 2a. This evaluation shall be based on scientific research from the Joint Research Centre and extensive consultation of stakeholders, including Member States, scientific experts and civil society organisations. The evaluation shall in particular focus on the suitability of the harmonised risk indicators to assess the overall environmental impact of plant protection measures, taking into account the impact of possible crop failures due to reduction in the use of plant protection products. The evaluation shall include the methodologies to be used in formulating new and modifying existing harmonised risk indicators in accordance with paragraph 4.
2023/04/05
Committee: ENVI
Amendment 2671 #

2022/0196(COD)

Proposal for a regulation
Article 35 – paragraph 6
6. Taking into account the results of the evaluation provided for in paragraph 5 and no later than 18 months after the publication of the statistics on the use of plant protection products in agriculture for the first reference period as referred to in Article 9 of Regulation xxx/xxx [reference to adopted act to be inserted], the Commission shall, if it considers it appropriate, establish new harmonised risk indicators or, modify the existing ones on the basis of statistical data related to the use of plant protection products, or establish new indicators for the environmental impact of plant protection measures in accordance with paragraph 4 of this Article.
2023/04/05
Committee: ENVI
Amendment 2699 #

2022/0196(COD)

Proposal for a regulation
Article 39 – paragraph 1
Member States may recover the costs related to carrying out their obligations under this Regulation by means of fees or charges. Member States shall ensure that funds received from these fees or charges are reserved for the competent authority.
2023/04/05
Committee: ENVI
Amendment 2733 #

2022/0196(COD)

Proposal for a regulation
Article 43 a (new)Regulation (EU) 1107/2009

Article 30 a (new)
Article 43a Amendments to Regulation (EU) 1107/2009 In Regulation (EC) No 1107/2009, the following Article 30a is inserted: 'Article 30a Provisional authorisation for biological control plant protection products 1. By way of derogation from Article 29(1)(a), Member States may authorise for a provisional period not exceeding 5 years, the placing on the market of biological control plant protection products containing an active substance not yet approved, provided that: (a) pursuant to Article 9 the dossier on the active substance is admissible in relation to the proposed uses; and (b) the Member State concludes that the active substance can satisfy the requirements of Article 4(2) and (3) and that the plant protection product may be expected to satisfy the requirements of Article 29(1)(b) to (h); and 2. In such cases the Member State shall immediately inform the other Member States and the Commission of its assessment of the dossier and of the terms of the authorisation, giving at least the information provided for in Article 57(1). 3. If the authorisation granted under paragraph 1 for the provisional period of 5 years expires, Member States may extend this provisional authorisation provided that it can be justified that the substance can satisfy the requirements of Article 4(2) and (3).
2023/04/05
Committee: ENVI
Amendment 2735 #

2022/0196(COD)

Proposal for a regulation
Article 43 b (new)
Regulation (EU) 1107/2009
Article 74
Article 43b Amendments to Regulation (EU) 1107/2009 Regulation (EC) No 1107/2009 is amended as follows: (1) In Article 74, the following paragraphs are added: '3. Member States shall ensure that funds received from the fees or charges referred to in paragraph 1 are reserved for the competent authority as designated under article 75. 4. Member States shall ensure that sufficient funding is ring-fenced for the competent authority as designated under article 75 to prevent delays in authorisation procedures.'
2023/04/05
Committee: ENVI
Amendment 2793 #

2022/0196(COD)

Proposal for a regulation
Annex I – paragraph 1 – subparagraph 1 – point 4
4. The baseline for reduction target 1 shall be set at 100, and is equal to the average result of the above calculation for the period 20153-20175.
2023/04/05
Committee: ENVI
Amendment 2808 #

2022/0196(COD)

Proposal for a regulation
Annex I – paragraph 1 – subparagraph 2 – point 3
3. The baseline for reduction target 2 shall be set at 100, and is equal to the average result of the above calculation for the period 20153-20175.
2023/04/05
Committee: ENVI
Amendment 2942 #

2022/0196(COD)

Proposal for a regulation
Annex VI – Section 3 – point 8
8. With effect from 1 January 2027, the Commission is empowered to adopt delegated acts in accordance with Article 40 to enable that the methodology of harmonised risk indicator 2 shallcan be replaced by the methodology of harmonised risk indicator 2a referred to in section 4 of this Annex.
2023/04/05
Committee: ENVI
Amendment 2135 #

2022/0140(COD)

Proposal for a regulation
Annex I – Table A - MAIN CHARACTERISTICS OF ELECTRONIC HEALTH DATA CATEGORIES
Electronic health data category Main characteristics of electronic health data included under the category 1. Patient summary Electronic health data that includes important clinical facts related to an identified person and that is essential for the provision of safe and efficient healthcare to that person. The following information is part of a patient summary: 1. Personal details 2. Contact information 3. Information on insurance 4. Allergies 5. Medical alerts 6. Vaccination/prophylaxis information, possibly in the form of a vaccination card 7. Current, resolved, closed or inactive problems 8. Textual information related to medical history 9. Medical devices and implants 10. Procedures 11. Functional status 11a (new) Prescription, dispensation and administration of current and past medications across the continuum of care, including, hospital and ambulatory/day hospitals 12. Current and relevant past medicines 13. Social history observations related to health 14. Pregnancy history 15. Patient provided data 16. Observation results pertaining to the health condition 17. Plan of care 18. Information on a rare disease such as details about the impact or characteristics of the disease 2. Electronic prescription Electronic health data constituting a prescription for a medicinal product as defined in Article 3(k) of Directive 2011/24/EU. 3. Electronic dispensation Information on the supply of a medicinal product to a natural person by a pharmacy based on an electronic prescription. 4. Medical image and image Electronic health data related to the use of or produced report by technologies that are used to view the human in order to prevent, diagnose, monitor, or treat medical conditions. 5. Laboratory result Electronic health data representing results of studies performed notably through in vitro diagnostics such as clinical biochemistry, haematology, transfusion medicine, microbiology, immunology, and others, and including, where relevant, reports supporting the interpretation of the results. 6. Discharge report Electronic health data related to a healthcare encounter or episode of care and including essential information about admission, treatment and discharge of a natural person.
2023/04/05
Committee: ENVILIBE
Amendment 278 #

2022/0104(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 3 – point a
Directive 2010/75/EU
Article 3 – paragraph 1 – point 3
(3) ‘installation’ means a stationary technical unit within which one or more activities listed in Annex I, in Annex Ia or in Part 1 of Annex VII are carried out, and any other directly associated activities on the same site which have a technical connection with the activities listed in those Annexes and which could have an effect on emissions and pollution;;
2022/12/14
Committee: ENVI
Amendment 337 #

2022/0104(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 3 – point e
Directive 2010/75/EU
Article 3 – paragraph 1 – point 23 b
(23b) ‘cattle’ means domestic animals of the species Bos taurus;deleted
2022/12/14
Committee: ENVI
Amendment 341 #

2022/0104(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 3 – point e
Directive 2010/75/EU
Article 3 – paragraph 1 – point 23 c
(23c) ‘livestock unit’ or ‘LSU’ means the grazing equivalent of one adult dairy cow producing 3 000 kg of milk annually, without additional concentrated foodstuffs, which is used to express the size of farms rearing different categories of animals, using the conversion rates, with reference to actual production within the calendar year, set out in Annex II to Commission Implementing Regulation (EU) No 808/2014**’. ** Commission Implementing Regulation (EU) No 808/2014 of 17 July 2014 laying down rules for the application of Regulation (EU) No 1305/2013 of the European Parliament and of the Council on support for rural development by the European Agricultural Fund for Rural Development (EAFRD) (OJ L 227 31.7.2014, p. 18).deleted
2022/12/14
Committee: ENVI
Amendment 574 #

2022/0104(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 9 – point a
Directive 2010/75/EU
Article 13 – paragraph 1
1. In order to draw up, review and, where necessary, update BAT reference documents, the Commission shall organise an exchange of information between Member States, the industries and farmers concerned, non-governmental organisations promoting environmental protection, the European Chemicals Agency and the Commission.
2022/12/20
Committee: ENVI
Amendment 1236 #

2022/0104(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 24
Directive 2010/75/EU
Chapter VIa – title
SPECIAL PROVISIONS FOR REARING POULTRY, PIGS AND CATTLE AND PIGS
2022/12/20
Committee: ENVI
Amendment 1242 #

2022/0104(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 25
Directive 2010/75/EU
Article 70a – paragraph 1
This Chapter shall apply to the activities set out in Annex Ia which reach the capacity thresholds set out in that Annexof indoor rearing of poultry and pigs : (a) with more than 40.000 places for poultry, (b) with more than 2000 places for production pigs (over 30 kg) or (c) with more than 750 places for sows.
2022/12/20
Committee: ENVI
Amendment 1251 #

2022/0104(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 25
Directive 2010/75/EU
Article 70br
Article 70b Aggregation rule If two or more installations are located close to each other and if their operator is the same or if the installations are under the control of operators who are engaged in an economic or legal relationship, the installations concerned shall be considered as a single unit for the purpose of calculating the capacity threshold referred to in Article 70a.deleted
2022/12/20
Committee: ENVI
Amendment 1252 #

2022/0104(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 25
Directive 2010/75/EU
Article 70b – title
Aggregation ruledeleted
2022/12/20
Committee: ENVI
Amendment 1256 #

2022/0104(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 25
Directive 2010/75/EU
Article 70b – paragraph 1
If two or more installations are located close to each other and if their operator is the same or if the installations are under the control of operators who are engaged in an economic or legal relationship, the installations concerned shall be considered as a single unit for the purpose of calculating the capacity threshold referred to in Article 70a.deleted
2022/12/20
Committee: ENVI
Amendment 1304 #

2022/0104(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 25
Directive 2010/75/EU
Article 70c – paragraph 3
3. Applications shall also include a non-technical summary of the information referred to in paragraph 2.deleted
2022/12/20
Committee: ENVI
Amendment 1315 #

2022/0104(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 25
Directive 2010/75/EU
Article 70c – paragraph 4a (new)
4a. The Commission shall, one year following the full implementation of permitting and registration system in Member States, submit a report to the European Parliament assessing the impact of the system on the economic viability of farms falling within the scope of this directive, taking into account all costs related to complying with the conditions set out, so as to adapt certain dispositions emanating from the directive accordingly.
2022/12/20
Committee: ENVI
Amendment 1387 #

2022/0104(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 25
The Commission shall, in cooperation with farmers whose production falls within
Article 70i – paragraph 1 – subparagraph 1 – introductory part
The Commission shall, in cooperation with farmers whose production falls within the scope of this Directive, establish operating rules containing requirements consistent with the use of best available techniques for the activities listed in Annex Iarticle 70a, which shall include the following:
2022/12/20
Committee: ENVI
Amendment 1418 #

2022/0104(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 25
Directive 2010/75/EU
Article 70i – paragraph 1 – subparagraph 2 a (new)
The operating rules shall incorporate the existence of emerging techniques in animal husbandry and specify the conditions under which the competent authority may grant a permit to an installation using such techniques.
2022/12/20
Committee: ENVI
Amendment 1464 #

2022/0104(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 27
Directive 2010/75/EU
Article 74 – paragraph 2 – subparagraph 1 – introductory part
2. In order to allow the provisions of this Directive to meet its objectives to prevent or reduce pollutants emissions and achieve a high level of protection of human health and the environment, the Commission shall be empowered to adopt a delegated act, in accordance with Article 76, to amend Annex I or Annex Ia by including in those Annexes an agro- industrial activity that meets the following criteria:
2022/12/20
Committee: ENVI
Amendment 1579 #

2022/0104(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 34
Directive 2010/75/EU
Annex Ia
(34) Annex Ia as set out in Annex II to this Directive is inserdeleted.
2022/12/21
Committee: ENVI
Amendment 1636 #

2022/0104(COD)

Proposal for a directive
Annex I – paragraph 1 – point g
(i) biological treatment (such as anaerobic digestion except for manure);
2022/12/21
Committee: ENVI
Amendment 1651 #

2022/0104(COD)

Proposal for a directive
Annex II
Directive 2010/75/EU
Annex Ia
‘ANNEX Ia Activities referred to in Article 70a 1. installations of 150 livestock units (LSU) or more. 2. following animals: cattle, pigs, poultry, in installations of 150 LSU or more. The approximate equivalent in LSU is based on the conversion rates established in Annex II to Commission Implementing Regulation (EU) No 808/2014*. _______________ * Commission Implementing Regulation (EU) No 808/2014 of 17 July 2014 laying down rules for the application of Regulation (EU) No 1305/2013 of the European Parliament and of the Council on support for rural development by the European Agricultural Fund for Rural Development (OJ L 227, 31.07.2014, p.18).’deleted Rearing of cattle, pigs or poultry in Rearing of any mix of the
2022/12/21
Committee: ENVI
Amendment 124 #

2022/0099(COD)

Proposal for a regulation
Recital 6
(6) It is important that this Regulation ensures that the Union complies with its international obligations under the Kigali Amendment to the Protocol in the long- term, in particular, with regards to the reduction of consumption and production of HFCs, reporting and licensing requirements, in particular by introducing a phase-down for production and adding reduction steps for the placing of HFCs on the market for the time after 2030. However to achieve the climate target in energy sector, there might be a rising need of HFCs, in particular in light of the new target established by RePower to deploy 60 million new heat pumps by 2030. It is therefore of outermost importance that this Regulation takes into account the new target as well as the need to further invest in electrification and to expand power grid.
2022/11/23
Committee: ENVI
Amendment 126 #

2022/0099(COD)

Proposal for a regulation
Recital 6 a (new)
(6 a) Future legislative proposals including the revision of REACH and the potential phase-out of PFAS shall take into account the strict phasing out of HFCs under this Regulation and avoid putting at risk the development of alternative and innovative solutions that could help to fight the climate crisis.
2022/11/23
Committee: ENVI
Amendment 165 #

2022/0099(COD)

Proposal for a regulation
Recital 18 a (new)
(18 a) Metered Dose Inhalers (MDIs) are life-saving medicines for patients suffering from asthma and chronic obstructive pulmonary disease. To avoid any shortages and ensure a smooth transition to safe, accessible and affordable alternatives, the European Commission, the European Medicine Agency and the Health Emergency Preparedness and Response Authority together with patient associations and healthcare professionals' organisations shall work closely together.
2022/11/23
Committee: ENVI
Amendment 168 #

2022/0099(COD)

Proposal for a regulation
Recital 20
(20) Considering the market value of the allocated quota, it is appropriate to claim a price for its allocation. This avoids a further fragmentation of the market to the detriment of those undertakings that are in need of the HFC supply and already dependent on HFC trade in the declining market. It is assumed that undertakings that decide not to claim and pay any quota, for which they would be entitled in the year(s) prior to the calculation of reference values, have decided to leave the market and thus they do not get a new reference value. The revenue should be used to cover administrative costs. Any remaining revenue should be allocated to Horizon Europe Fund to incentivise the development of alternatives to HFCs.
2022/11/23
Committee: ENVI
Amendment 183 #

2022/0099(COD)

Proposal for a regulation
Recital 39
(39) In implementing this Regulation, tThe Commission should establish a so- called Consultation Forum to ensure a balanced participation of Member States’ representatives and representatives of civil society, including environmentalfacilitate the implementation of this Regulation. The Consultation Forum shall ensure a balanced participation of Member States’ representatives and of all relevant stakeholders including representatives of environmental organisations, patient associations and healthcare professionals' organisations, representatives of manufacturers, operators and certified persons.
2022/11/23
Committee: ENVI
Amendment 192 #

2022/0099(COD)

Proposal for a regulation
Recital 41
(41) In order to amend certain non- essential elements of this Regulation, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union (‘TFEU’) should be delegated to the Commission in respect of the establishment of a list of products and equipment for which the recovery of gases or their destruction is technically and economically feasible and the specification of the technologies to be applied; labelling requirements; the exclusion from quota requirements of HFCs in accordance with decisions of the Parties to the Protocol; concerning the amounts due for the allocation of quota and the mechanism to allocate remaining quotas; additional measures for the monitoring of substances and of products and equipment placed under temporary storage and customs procedures; the rules applicable to the release for free circulation of products and equipment imported from and exported to any entity not covered by the Protocol; the update of global warming potentials of listed substances. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level and that twith the Consultation Forum. Those consultations should be conducted in accordance with the principles laid down in the Inter-institutional Agreement of 13 April 2016 on Better Law-Making38 . In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts. _________________ 38 OJ L 123, 12.5.2016, p. 1.
2022/11/23
Committee: ENVI
Amendment 197 #

2022/0099(COD)

Proposal for a regulation
Article 2 – paragraph 1
1. This Regulation applies to the fluorinated greenhouse gases listed in Annexes I, II and III, whether alone or in a mixture.
2022/11/23
Committee: ENVI
Amendment 199 #

2022/0099(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 3 a (new)
(3 a) 'Fluorinated greenhouse gas' means the hydrofluorocarbons, perfluorocarbons, sulphur hexafluoride and other greenhouse gases that contain fluorine, listed in Annex I, II and III or mixtures containing any of those substances;
2022/11/23
Committee: ENVI
Amendment 343 #

2022/0099(COD)

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1
The placing on the market of products and equipment, including parts thereof, listed in Annex IV, with an exemption for military equipment, shall be prohibited from the date specified in that Annex, differentiating, where applicable, according to the type or global warming potential of the gas contained.
2022/11/23
Committee: ENVI
Amendment 357 #

2022/0099(COD)

Proposal for a regulation
Article 11 – paragraph 2 a (new)
2 a. The prohibition set out in paragraph 1, first subparagraph shall not apply to spare parts needed for the repairing and maintenance of existing installations.
2022/11/23
Committee: ENVI
Amendment 363 #

2022/0099(COD)

Proposal for a regulation
Article 11 – paragraph 4 – subparagraph 1 – introductory part
Following a substantiated request by a competent authority of a Member State and taking into account the objectives of this Regulation, the Commission may, exceptionally, by means of implementing acts, authorise an exemption for up to four eight years to allow the placing on the market of products and equipment listed in Annex IV, including parts thereof, containing fluorinated greenhouse gases or whose functioning relies upon those gases, where it is demonstrated that:
2022/11/23
Committee: ENVI
Amendment 373 #

2022/0099(COD)

Proposal for a regulation
Article 11 – paragraph 5 – subparagraph 1
Only undertakings that hold a certificate required under Article 10(1), point (a) or the training attestation required under Article 10(2), or undertakings that employ persons holding such a certificate or a training attestation shall be allowed to purchase fluorinated greenhouse gases listed in Annex I or Annex II, Section 1, and spare parts for the purpose of carrying out the installation, servicing, maintenance or repair of the equipment containing those gases, or whose functioning relies upon those gases, referred to in Article 5(2), points (a) to (g), and Article 10(2). The prohibition set out in paragraph 1, first subparagraph shall not cover spare parts that are needed for repair and maintenance of existing installations.
2022/11/23
Committee: ENVI
Amendment 415 #

2022/0099(COD)

Proposal for a regulation
Article 13 – paragraph 4
4. The use of desflurane as inhalation anaesthetic is prohibited as from 1 January 20269, except when such use is strictly required and no other anaesthetic can be used on medical grounds. The user shall provide evidence, upon request, on the medical justification to the competent authority of the Member State and the Commission.
2022/11/23
Committee: ENVI
Amendment 432 #

2022/0099(COD)

Proposal for a regulation
Article 16 – paragraph 2 – point e a (new)
(e a) supplied directly by a producer or an importer for medical use if the usage is of medical necessity and if no other suitable alternative is available.
2022/11/23
Committee: ENVI
Amendment 439 #

2022/0099(COD)

Proposal for a regulation
Article 16 – paragraph 2 – point e b (new)
(e b) supplied directly by a producer or an importer to repair existing installations.
2022/11/23
Committee: ENVI
Amendment 444 #

2022/0099(COD)

Proposal for a regulation
Article 16 – paragraph 4 – subparagraph 1 – introductory part
Following a substantiated request by a competent authority of a Member State and taking into account the objectives of this Regulation, the Commission may, exceptionally by means of implementing acts, authorise an exemption for up to foureight years to exclude from the quota requirement laid down in paragraph 1 hydrofluorocarbons for use in specific applications, or specific categories of products or equipment, where it is demonstrated in the request that:
2022/11/23
Committee: ENVI
Amendment 463 #

2022/0099(COD)

Proposal for a regulation
Article 17 – paragraph 5 – subparagraph 1
The allocation of quotas is subject to the payment of the amount due which equals to threfive euro for each tonne of CO2 equivalent of quota to be allocated. Importers and producers shall be notified via the F-gas Portal of the total amount due for its calculated maximum quota allocation for the following calendar year and of the deadline for completing the payment. The Commission may, by means of implementing acts, determine the modalities and the detailed arrangements for the payment of the amount due. Those implementing acts shall be adopted in accordance with the examination procedure referred to in 34(2).
2022/11/23
Committee: ENVI
Amendment 479 #

2022/0099(COD)

Proposal for a regulation
Article 17 – paragraph 7
7. The revenue generated from the quota allocation amount shall constitute external assigned revenue in accordance with Article 21(5) of Regulation (EU, Euratom) No 2018/1046. That revenue shall be assigned to the LIFE programme and to Heading 7 of the multiannual financial framework (European Public Administration), to cover the costs of external staff working on the management of the quota allocation, IT services, and licensing systems for the purpose of implementation of this Regulation and for ensuring compliance with the Protocol. Any revenue remaining after covering these costs shall be entered into the general budget of the Unionallocated to Horizon Europe Fund.
2022/11/23
Committee: ENVI
Amendment 537 #

2022/0099(COD)

Proposal for a regulation
Article 31 – paragraph 5 – subparagraph 1
In cases of unlawful production, import, export, placing on the market, or use of fluorinated greenhouse gases or of products and equipment containing those gases or whose functioning relies on those gases, Member States shall envisage maximum administrative fines of at least fivesix times the market value of the concerned gases or products and equipment concerned. In case of a repeated infringement within a five- year period, the Member States shall envisage maximum administrative fines of at least eightten times the value of the gases or products and equipment concerned.
2022/11/23
Committee: ENVI
Amendment 543 #

2022/0099(COD)

Proposal for a regulation
Article 33 – paragraph 1
The Commission shall establish a Consultation Forum for providing advice and expertise in relation to the implementation of this Regulation. The Consultation Forum shall ensure a balanced participation of representatives of Member States and of all relevant stakeholders including environmental organisations, patient associations and healthcare professionals organisations, representative of manufacturers, operators and certified persons. The rules of procedure of the Consultation Forum shall be established by the Commission and shall be published.
2022/11/23
Committee: ENVI
Amendment 627 #

2022/0099(COD)

Proposal for a regulation
Annex IV – point 17
(17) Plug-in room and other self-contained air-conditioning and heat pump 1 January equipment that contain fluorinated greenhouse gases with GWP of 150 20257 or more.
2022/11/24
Committee: ENVI
Amendment 636 #

2022/0099(COD)

Proposal for a regulation
Annex IV – point 18
(18) Stationary split air-conditioning and split heat pump equipment : (a) Single split systems containing less than 3 kg of fluorinated greenhouse gases listed in Annex I, that contain, or whose 1 January 1 January greenhouse gases listed in Annex I, that contain, or whose 2025 functioning relies upon, fluorinated greenhouse gases listed in 2025 Annex I with GWP of 750 or more; (b) Split systems of a rated capacity of up to and including 12 kW containing, or whose functioning relies upon, fluorinated greenhouse gases with GWP of 150 or more, except when required to meet safety standards; 1 January (c) Split systems of a rated capacity of more than 12 kW containing, 20279 containing, or whose functioning relies upon, fluorinated greenhouse gases with GWP of 750 or more, except when required to meet safety standards.
2022/11/24
Committee: ENVI
Amendment 650 #

2022/0099(COD)

Proposal for a regulation
Annex IV – point 23
(a) medium voltage switchgear for primary and secondary distribution up to 24 kV, with insulating or breaking medium using, or (23) Installation and whose functioning relies upon, gases with replacement of the 1 January GWP of 10 or more, or with GWP of 2000 following electricalmore than 1000 or more, unless 2026 or more than 2000, unless evidence is switchgear:2026 evidence is provided that no suitable alternative is alternative is available based on technical grounds within (23) Installation and grounds within the lower GWP ranges replacement of referred to above; the following (b) medium voltage switchgear for primary and electrical secondary distribution from more than 24 switchgear: kV and up to 52 kV, with insulating or breaking medium using, or whose 1 January functioning relies upon gases with GWP of 1 January 10 or more, or with GWP of more than 2030 2more than 1000, unless evidence is provided that no provided that no suitable alternative is available based on available based on technical grounds within the lower GWP the lower GWP ranges referred to above; (c) high voltage switchgear from 52 and up to 145 kV and up to 50 kA short circuit current with insulating or breaking medium using, or whose functioning relies upon gases with 1 January GWP of 10 or more, or with GWP of 2028 1 January GWP of more than 21000, unless evidence is 2028 is provided that no suitable alternative is available based on technical grounds within the lower GWP ranges referred to above; (d) high voltage switchgear of more than 145 kV or more than 50 kA short circuit current with insulating or breaking medium using, or whose functioning relies upon gases with 1 January GWP of 10 or more, or with GWP of 2031 1 January GWP of more than 21000, unless evidence is 2031 is provided that no suitable alternative is available based on technical grounds within the lower GWP ranges referred to above.
2022/11/24
Committee: ENVI
Amendment 678 #

2022/0099(COD)

Proposal for a regulation
Annex VII – point 1
Maximum Quantity Years in tonnes CO2 equivalent 2024 – 2026 415 701 077 2027 – 2029 17 688 36030 850 539 2030 – 2032 9 132 09717 688 360 2033 – 2035 8 445 7139 132 097 2036 – 2038 6 782 265 2039 – 2041 4 6 136 73238 941 2042 – 2044 5 491 193 247 259 2045 – 2047 4 845 6661 623 629 2048 onwards-2049 811 814 4 2050 133 0
2022/11/24
Committee: ENVI
Amendment 7 #

2021/2184(INI)

Motion for a resolution
Citation 10 a (new)
— having regard to the document 'ECB Banking Supervision: SSM Supervisory Priorities 2022-2024'36b; _________________ 36b https://www.bankingsupervision.europa.e u/banking/priorities/pdf/ssm.supervisory_ priorities2022~0f890c6b70.en.pdf
2022/02/17
Committee: ECON
Amendment 8 #

2021/2184(INI)

Motion for a resolution
Citation 10 b (new)
— having regard to the study requested by the ECON Committee entitled ‘The digital euro: policy implications and perspectives’36a _________________ 36a https://www.europarl.europa.eu/RegData/ etudes/STUD/2022/703337/IPOL_STU(20 22)703337_EN.pdf
2022/02/17
Committee: ECON
Amendment 39 #

2021/2184(INI)

B. whereas the BUanking Union is open to all EU Member States;
2022/02/17
Committee: ECON
Amendment 51 #

2021/2184(INI)

Motion for a resolution
Recital C
C. whereas the problems of the banking sector may worsen after the temporary support measures introduced during the COVID-19 crisis are liftbanking sector has remained resilient over the course of the pandemic, the lifting of the temporary support measures introduced during the COVID-19 crisis may expose the sector to vulnerabilities that will need to be closely monitored and managed;
2022/02/17
Committee: ECON
Amendment 61 #

2021/2184(INI)

Motion for a resolution
Recital D
D. whereas some financial institutions in the BUanking Union are heavily invested in the debt of their own home sovereign;
2022/02/17
Committee: ECON
Amendment 69 #

2021/2184(INI)

Motion for a resolution
Recital E
E. whereas the role of the banking sector is crucial to the recovery and transition to a low-carbon-neutral and digitalised economy;
2022/02/17
Committee: ECON
Amendment 71 #

2021/2184(INI)

Motion for a resolution
Recital E a (new)
E a. Whereas climate change, environmental degradation and the transition to a low-carbon economy are factors to be taken into account when assessing the sustainability of banks’ balance sheets, as a source of risk potentially impacting investments across regions and sectors; whereas sophisticated risk models should already capture many of the risks associated with climate change;
2022/02/17
Committee: ECON
Amendment 85 #

2021/2184(INI)

Motion for a resolution
Recital G
G. whereas there is a need for an effective and robust anti-money laundering supervision; ory framework throughout the European banking sector and weaknesses in the framework must be addressed;
2022/02/17
Committee: ECON
Amendment 110 #

2021/2184(INI)

Motion for a resolution
Paragraph 1
1. Recalls that one goal of the BUanking Union is the security of the banking system and the prevention of bank bailouts by taxpayers; supports efforts to strengthen the BUanking Union; stresses that a solid BUanking Union will result in increased confidence in the banking sector;
2022/02/17
Committee: ECON
Amendment 115 #

2021/2184(INI)

Motion for a resolution
Paragraph 2
2. Considers that the BU should be built in a friendly and attractive way, including for Member States outsideanking Union should be completed as soon as possible, as a means to improve the stability of the euro area, to promote the international role of the euro, areand to complement the Capital Markets Union;
2022/02/17
Committee: ECON
Amendment 124 #

2021/2184(INI)

Motion for a resolution
Paragraph 3
3. Stresses that theNotes that European banks entered the Covid-19 crisis with strong capital positions as a result of the regulatory reforms adopted in the wake of the previous global financial crisis; Stresses that the banking sector maintained relatively good performance of banks during the COVID- 19 crisis ias related toa result of the policies implemented by the Member States during the pandemic, as well as to temporary measures introduced under Regulation (EU) 575/2013 (Capital Requirements Regulation), and additional capital space provided by the ECB;
2022/02/17
Committee: ECON
Amendment 133 #

2021/2184(INI)

Motion for a resolution
Paragraph 3 a (new)
3 a. Notes that there is a prospect of gradually phasing out emergency measures and returning to pre-COVID-19 capital requirements;
2022/02/17
Committee: ECON
Amendment 137 #

2021/2184(INI)

Motion for a resolution
Paragraph 4
4. Recalls the key role ofplayed by the EU banking sector in financing the recovery of the Europeancontinuing to support the real economy during the pandemic and now in financing the recovery of the European economy and the transition to a digitalised and carbon- neutral economy;
2022/02/17
Committee: ECON
Amendment 149 #

2021/2184(INI)

Motion for a resolution
Paragraph 5
5. Notes that the EBA, the ECB and the SRB still see many problems in the banking system, such as high stocks of non-performing loans (NPLs), exposures to sectors which are sensitive to the COVID- 19 crisis, deficiencies in risk management, and discrepancies in the implementation of International Financial Reporting Standard 9 (IFRS 9); underlines with concern that these problems are likely tomay increase after the withdrawal of the emergency measures; welcomes in this regard, the 2022-2024 supervisory priorities of the ECB that fully acknowledge the potential risks posed to banks as the economy emerges from the pandemic and the focus of their supervisory activities on these vulnerabilities36c; _________________ 36c https://www.bankingsupervision.europa.e u/banking/priorities/html/ssm.supervisory _priorities2022~0f890c6b70.en.html
2022/02/17
Committee: ECON
Amendment 161 #

2021/2184(INI)

Motion for a resolution
Paragraph 5 a (new)
5 a. Considers the reduction of NPLs should remain a priority; warns that their number is likely to increase rapidly after the withdrawal of emergency support measures; draws attention to the importance of prudential compliance, early identification and proactive management of NPLs;
2022/02/17
Committee: ECON
Amendment 162 #

2021/2184(INI)

Motion for a resolution
Paragraph 5 b (new)
5 b. Welcomes the adoption of the Directive (EU) 2018/063 on credit purchasers, credit servicers and the recovery of collateral as a means to prevent future increases of non- performing banks in the balance sheets of EU banks;
2022/02/17
Committee: ECON
Amendment 166 #

2021/2184(INI)

Motion for a resolution
Paragraph 6
6. Supports ongoing work on the implementation of the Basel III rules; stresses that the international standards must be implemented in the EU in a timely manner whilst ensuring that the EU banking sector remains competitive vis-à-vis its global competitors; highlights the persistent out-performing of EU banks by US banks, with recent figures showing that the median return on equity of US banks was over 5% higher than that of EU banks36d; _________________ 36d European Central Bank, Financial Stability Review, November 2021, p9, Chart 4, https://www.ecb.europa.eu/pub/pdf/fsr/ecb .fsr202111~8b0aebc817.en.pdf
2022/02/17
Committee: ECON
Amendment 183 #

2021/2184(INI)

Motion for a resolution
Paragraph 7
7. Notes that the banking sector is adapting to the challenges of digitalisation; stresses the need for further investments, research and adequate regulations; appreciates the work on the digital finance package; considers that the priorityies should be customer safety, inclusiveness and technological neutrality; observes with interest the work on the digital euro;
2022/02/17
Committee: ECON
Amendment 201 #

2021/2184(INI)

Motion for a resolution
Paragraph 9
9. Notes that there is a prospect of gradually phasing out emergency measures and returning to pre-COVID-19 capital requirements;deleted
2022/02/17
Committee: ECON
Amendment 207 #

2021/2184(INI)

Motion for a resolution
Paragraph 10
10. Considers the reduction of NPLs should remain a priority; warns that their number is likely to increase rapidly after the withdrawal of emergency support measures; draws attention to the importance of prudential compliance, early identification and proactive management of NPLs;deleted
2022/02/17
Committee: ECON
Amendment 218 #

2021/2184(INI)

Motion for a resolution
Paragraph 11
11. Is concerned about the rising level of sovereign debt on the balance sheets of banks in the BUeuro area; notes that government bonds are not risk-free assets and that risks are differentiated; emphasises that the issue of regulatory treatment of sovereign exposures requires an in-depth examination of the consequences of different approaches to ensure the prevention of the so-called 'doom-loop'; takes note of the work of the Basel Committee on Banking Supervision (BCBS) on sovereign risk in this regard, and stresses that the EU regulatory framework on prudential treatment of sovereign debt should be consistent with international standards; calls for further reflection and discussion on the creation of a European safe asset based on the experience of the issuance of recovery bonds;
2022/02/17
Committee: ECON
Amendment 234 #

2021/2184(INI)

Motion for a resolution
Paragraph 12
12. Notes that the transition to a low- carbon economy presents new challenges and risks related to the preference for sustainable investments; stresses the need for an in-depth analysis of the economic efficiency of sustainable investments in order to avoid a future bubble of green assetemphasises the importance of the banking sector, to complement public investment, in helping fund the crucial transition to a carbon- neutral economy; stresses the need for an in-depth analysis of the economic efficiency of sustainable investments in order to avoid a future bubble of green assets and welcomes the ECB’s commitment to carrying out climate-stress tests in 2022 as an important element to tackling climate-related risk; stresses the need for further improvements in the disclosure of climate-related and environmental risks by banks, as well as improvements in the disclosure of transition strategies by entities to facilitate banks’ and supervisors’ assessment of risk; ; calls for banks to take the double materiality perspective when assessing their climate risks; calls for clear guidelines for banks based on economic data;
2022/02/17
Committee: ECON
Amendment 256 #

2021/2184(INI)

13. Recalls that the impact of special measures during the pandemic should be taken into account in the assessment of the current condition of banks; stresses that these measures distort the picture, as the decline in real economic activity does not fully translate into banks’ balance sheets;
2022/02/17
Committee: ECON
Amendment 261 #

2021/2184(INI)

Motion for a resolution
Paragraph 14
14. Draws attention to the dangers of a very loose monetary policy stimulating inflation; points out the need for the gradual tightening of monetary policy, and welcomes the remarks made by President Lagarde in the last monetary dialogue, where she stated that the ECB will use any tools and instruments needed in order to ensure that its monetary policy is transmitted;
2022/02/17
Committee: ECON
Amendment 269 #

2021/2184(INI)

Motion for a resolution
Paragraph 14 a (new)
14 a. Highlights the disparity in interest rates offered across the EU with banks in some Member States charging double the euro area average; acknowledges that these disparities are, inter alia, a result of legacy issues stemming from the financial crisis; urges the Commission and banking supervisors to consider measures to ease the burden on mortgage holders and SMEs in these Member States to ensure that all citizens and businesses can access much needed capital at fair and competitive rates;
2022/02/17
Committee: ECON
Amendment 279 #

2021/2184(INI)

Motion for a resolution
Paragraph 15
15. Indicates that the trend towardsneed for cross- border consolidation in the banking sector is likely to increasehas become more pressing as a result of the pandemic; recognises the challenges posed to banking supervision by large systemically important institutions, whose possible problems may affect financial stability in many jurisdictions;
2022/02/17
Committee: ECON
Amendment 286 #

2021/2184(INI)

Motion for a resolution
Paragraph 16
16. Notes the problems and challenges related to home/host issuStresses the need for improvements in the cross-border provision of services to create a truly EU- wide banking sector and to improve the competitiveness of the sector and consumer choice; notes the problems and challenges related to home/host issues that have hindered the ability to offer cross- border services; points out that greater market integration requires credible safeguards in EU law for host Member States;
2022/02/17
Committee: ECON
Amendment 300 #

2021/2184(INI)

Motion for a resolution
Paragraph 17
17. Stresses the need for effective anti- money laundering supervision; notwelcomes the Commission’s adoption of the anti- money laundering (AML) package of proposals; highlights that the establishment of an anti-money laundering authority (AMLA) at EU level will significantly increase the quality of the supervision over EU banks and ensure consistent supervision across the EU;
2022/02/17
Committee: ECON
Amendment 307 #

2021/2184(INI)

Motion for a resolution
Paragraph 18
18. Underlines the need to protect consumersat it should be borne in mind that the ultimate beneficiaries of a complete Banking Union should be the consumers and businesses of the real economy; highlights in this regard, that all measures taken towards the completion of the Banking Union should ensure that consumers are adequately protected from abuses and harmful practices;
2022/02/17
Committee: ECON
Amendment 319 #

2021/2184(INI)

Motion for a resolution
Paragraph 19
19. Welcomes the activities of the SRB in 2021, including the further completion of the Single Resolution Fund; takes note of the SRB’s work programme for the coming years, which includes making the effective resolution of all banks under the SRB possible by 2023; calls for the SRB to be entrusted with coordination powers over national authorities;
2022/02/17
Committee: ECON
Amendment 327 #

2021/2184(INI)

Motion for a resolution
Paragraph 20
20. Supports the specification of the public interest assessment criteria so that the SRM is applied in a more consistent and predictable manner and relies on objective thresholds; calls for the public interest assessment to be positive for all banks supervised by the Single Supervision Mechanism and cross-border groups; proposes that an alternative liquidation regime for small and medium- sized banks be considered; asks for a more proportionate setting of the minimum requirement for own funds and eligible liabilities (MREL) level;
2022/02/17
Committee: ECON
Amendment 344 #

2021/2184(INI)

Motion for a resolution
Paragraph 21 a (new)
21 a. Welcomes the adoption of the so- called “Daisy Chain” proposal by the Commission as a means to improve the resolution framework and creating a supervisory level playing field for the different resolution strategies;
2022/02/17
Committee: ECON
Amendment 382 #

2021/2184(INI)

Motion for a resolution
Paragraph 24
24. Considers that the main obstacles for EDIS are concerns about risks in some banking systems; stresses that the implementation of credible and effective risk reduction measures could enableis a necessary step for reaching an agreement on EDIS;
2022/02/17
Committee: ECON
Amendment 3 #

2021/2097(INI)

Motion for a resolution
Citation 19 a (new)
— having regard to the European Securities and Markets Authority's final report of 23 September 2020 on the MAR Review,
2021/11/25
Committee: ECON
Amendment 28 #

2021/2097(INI)

Motion for a resolution
Recital E
E. whereas complex refund procedures increase the administrative burden for cross-border investments, particularly SME and individual investors, and may create an obstacle to market integration and the advancement of the Capital Markets Union;
2021/11/25
Committee: ECON
Amendment 49 #

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 have been ruled illegal; together the schemes 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;
2021/11/25
Committee: ECON
Amendment 65 #

2021/2097(INI)

Motion for a resolution
Paragraph 3
3. Welcomes the agreement reached by the G20/OECD Inclusive Framework on a two-pillar reform, including a global minimum effective tax rate; considers this an important step towards ending the practice of shifting profits to low-tax jurisdictions; regrets the fact that the scope is limited to multinational enterprises with a global consolidated turnover of at least EUR 750 millcalls on the Commission to bring forward a proposal to implement the international agreement in EU law that respects the spirit of the agreement and not to go beyond what has been agreed so as to preserve the competitiveness of the Union;
2021/11/25
Committee: ECON
Amendment 82 #

2021/2097(INI)

Motion for a resolution
Paragraph 6
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 ratewill reduce the complexity for investors and stem the practice of "treaty-shopping"; the Commission may consider mesures such as the standardisation of the reclaims procedure or the introduction of a minimum effective tax rate on all dividend, interest and royalties payments flowing out the EU;
2021/11/25
Committee: ECON
Amendment 92 #

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 encohas been a contributing factor to the stalling of negotiations on the reform of the Directive; urages the inclusion of such a measure in the announced directive for the implementCouncil to swiftly resume and conclude the negotiations of Pillar IIn the IRD;
2021/11/25
Committee: ECON
Amendment 98 #

2021/2097(INI)

Motion for a resolution
Paragraph 8
8. Notes that the lack of an effective minimum tax rate on dividend payments to 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 shareholders in the EU, thereby reducing harmful tax competition in this realm;deleted
2021/11/25
Committee: ECON
Amendment 123 #

2021/2097(INI)

Motion for a resolution
Paragraph 11
11. Calls on the Commission 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; takes note in this regard of ESMA's recommendation to the Commission to remove the legal limitations to the exchange of information between these authorities1a; shares ESMA's concern that withholding tax reclaim schemes are rarely confined to EU borders1b and therefore stresses the importance of continued international cooperation on this matter; _________________ 1aEuropean Securities and Markets Authority (ESMA), MAR Review Report, [ESMA70-156-2391], 23 September 2020, paragraph 624 1bEuropean Securities and Markets Authority (ESMA), MAR Review Report, [ESMA70-156-2391], 23 September 2020, paragraph 617
2021/11/25
Committee: ECON
Amendment 143 #

2021/2097(INI)

Motion for a resolution
Paragraph 14
14. NotStrongly welcomes the Commission’s intention to put forward a proposal by the end of 2022 establishing a European withholding tax framework for dividend, interest or royalty payments, accompanied by a mechanism for the exchange of information and cooperation among tax administrations;
2021/11/25
Committee: ECON
Amendment 151 #

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; calls on the Commission to consider, as part of this harmonisation, inter alia, the introduction of a standardised format and process for reclaim requests, the lack of a uniform definition of "beneficial owner", the alignment of the time periods for request and reclaim, and language barriers;
2021/11/25
Committee: ECON
Amendment 161 #

2021/2097(INI)

Motion for a resolution
Paragraph 16
16. Notes that digitalising these procedures and improving cooperation between national tax administrations could reduce the administrative burden and uncertainty in cross-border investments in the short-term; in the mid- to long-term, calls the Commission to consider the possibility of developing and introducing a fully integrated, centralised and automated system to allow a seamless, and fraud-proof system for relief at source; calls on the Commission, in this regard, to take account of existing digital solutions in Member States and the potential benefits of using distributed ledger technology (DLT) as the foundations of such a system, and to consider the establishment of a pilot project;
2021/11/25
Committee: ECON
Amendment 72 #

2021/2074(INI)

Motion for a resolution
Paragraph 1
1. Recalls that Member States are free to decide on their own economic policies and in particular their own tax policies; emphasises that it logically follows that decisions in the Council regarding tax matters require unanimity; recalls, however, that Member States must exercise this competence consistently with Union law;
2021/10/28
Committee: ECON
Amendment 92 #

2021/2074(INI)

Motion for a resolution
Paragraph 4
4. Notes that tax base harmonisation such as the common corporate tax base or the ‘Business in Europe: Framework for Income Taxation’ could reduce the cost of tax compliance for SMEs that operate in more than one Member State; stresses that its proposed introduction must not lead to direct or indirect taxation of companies by the EU;
2021/10/28
Committee: ECON
Amendment 2 #

2021/2013(INI)

Motion for a resolution
Citation 3 a (new)
— having regard to the Commission communication of 5 May 2021 on Updating the 2020 New Industrial Strategy: Building a stronger Single Market for Europe's recovery (COM(2021)350),
2021/06/10
Committee: ENVI
Amendment 418 #

2021/2013(INI)

Motion for a resolution
Paragraph 12
12. Insists that a competitive EU pharmaceutical industry is strategic and more responsive to patients’ needs; points out that the industry needs a stable, flexible and agile regulatory environment; believes that it can thrive globally with a clear, robust and efficient intellectual property system; welcomes the initiative to build interoperable digital infrastructure for the European Health Data Space; calls on the Commission to develop guidance to promote the secondary use of data for research and to ensure fair, transparent and non-discriminatory access to data throughout Europe;
2021/06/10
Committee: ENVI
Amendment 447 #

2021/2013(INI)

Motion for a resolution
Paragraph 12 a (new)
12 a. Calls for the Commission and Member States to use real-world data for regulatory decisions on medicines to complement evidence from randomised- controlled clinical trials;
2021/06/10
Committee: ENVI
Amendment 513 #

2021/2013(INI)

Motion for a resolution
Paragraph 15
15. Highlights the fact that gene and cell therapies, personalised medicine, nanotechnology, next-generation vaccines, e-health and the ‘Million plus genomes’ initiative have a transformative potential and can bring enormous benefits to patients and societies in relation to the prevention, diagnosis, treatment and post- treatment of all diseases; urges the Commission to ensure sufficient regulatory expertise to support dialogue with developers, to develop appropriate regulatory frameworks, to guide new business models without compromising safety standards and product efficacy, and to run information campaigns to raise awareness and encourage the use of these innovations; calls on Member States to authorize the use of these innovative treatments abroad in an effective and timely manner and to accelerate the reimbursement process for cross-border treatment of patients;
2021/06/10
Committee: ENVI
Amendment 537 #

2021/2013(INI)

Motion for a resolution
Paragraph 16
16. Calls on the Commission to fully implement the Clinical Trials Regulation9 ; welcomes the revision of pharmaceutical legislation to adapt it to cutting-edge products, scientific advances and technological transformation; supports clinical trials that are more patient- centred as well as a new framework for the design of innovative trials and the pilot project to adopt a framework for the reuse of off- patent medicines; welcomes the launch of a vaccine platform to monitor vaccine efficacy and safety, supported by an EU- wide clinical trials network; _________________ 9 Regulation (EU) No 536/2014 of the European Parliament and of the Council of 16 April 2014 on clinical trials on medicinal products for human use, and repealing Directive 2001/20/EC, OJ L 158, 27.5.2014, p. 1.
2021/06/10
Committee: ENVI
Amendment 580 #

2021/2013(INI)

Motion for a resolution
Paragraph 19
19. Recalls that the EU’s open strategic autonomy is linked to the constant and sufficient availability of medicines in all Member States; recognises the multiple drivers of shortages; stresses the importance to involve all stakeholders including manufacturers, wholesalers and pharmacists to prevent and manage medicines’ shortages; recommends, when shortages of medicine occur, to inform healthcare professionals and patients about available alternatives; calls on the Commission to develop an early warning system for drug shortages, based on a European information network on supply problems, to increase public-private collaboration and to monitor the obligation on the part of industry to provide early and transparent information on the availability of medicines, parallel trade activities, export bans and unexpected manufacturing or quality problems, while limiting the administrative burdens on stakeholders and safeguarding confidentiality; calls on the Commission to develop a mechanism to safeguard transparency in production and supply chains in the event of emergencies;
2021/06/10
Committee: ENVI
Amendment 4 #

2021/2010(INI)

Motion for a resolution
Citation 4
— having regard to the Commission proposals pending for adoption, in particular on the Common Corporate Tax Base (CCTB) , the Common Consolidated Corporate Tax Base (CCCTB)4 , and the digital taxation package5 , as well as Parliament’s positions on these proposals,; _________________ 4Proposal of 25 October 2016 for a Council Directive on a Common Corporate Tax Base (CCTB), COM(2016)0685 and of 25 October 2016 on a Common Consolidated Corporate Tax Base (CCCTB), COM(2016)0683. 5 The package consists of the Commission communication of 21 March 2018 entitled ‘Time to establish a modern, fair and efficient taxation standard for the digital economy’ (COM(2018)0146), the proposal of 21 March 2018 for a Council directive laying down rules relating to the corporate taxation of a significant digital presence (COM(2018)0147), the proposal of 21 March 2018 for a Council directive on the common system of a digital services tax on revenues resulting from the provision of certain digital services (COM(2018)0148) and the Commission recommendation of 21 March 2018 relating to the corporate taxation of a significant digital presence (C(2018)1650).
2021/03/01
Committee: ECON
Amendment 5 #

2021/2010(INI)

Motion for a resolution
Citation 4 a (new)
— having regard the conclusions of the European Council of 21 July 2020,
2021/03/01
Committee: ECON
Amendment 25 #

2021/2010(INI)

Motion for a resolution
Recital C a (new)
C a. whereas OECD/G20 Base Erosion and Profit Shifting (BEPS) final report from 2015 concludes that the digital economy increasingly is becoming the economy itself, why it would be difficult, if not impossible, to ring-fence the digital economy from the rest of the economy for tax purposes;
2021/03/01
Committee: ECON
Amendment 56 #

2021/2010(INI)

Motion for a resolution
Paragraph 1 a (new)
1 a. Notes that sale and consumption are not considered to be a part of the value creation of a product; notes that value creation is linked to production and R&D; notes that consumption is taxed with VAT or consumption taxes; highlights that if the concept of value creation is widened out, small exporting countries risk losing tax revenue to larger consumer facing markets creating a fundamental shift in taxation between various EU member countries;
2021/03/01
Committee: ECON
Amendment 79 #

2021/2010(INI)

Motion for a resolution
Paragraph 3 a (new)
3 a. Highlights that the assumption of digital companies not paying their fair share of tax is contested1a; urges in this regard to have a factual approach to the issue and potential need for a digital tax; regrets the biased approach to digital companies; _________________ 1aSee European Centre for International Political Economy (ECIPE): Digital Companies and Their Fair Share of Taxes: Myths and Misconceptions.https://ecipe.org/wp- content/uploads/2018/02/ECI_18_Occasio nalPaper_Taxing_3_2018_LY08.pdf
2021/03/01
Committee: ECON
Amendment 80 #

2021/2010(INI)

Motion for a resolution
Paragraph 3 b (new)
3 b. Highlights that the OECD/G20 Base Erosion and Profit Shifting (BEPS) final report from 2015 concludes that the digital economy increasingly is becoming the economy itself, why it would be difficult, if not impossible, to ring-fence the digital economy from the rest of the economy for tax purposes;
2021/03/01
Committee: ECON
Amendment 85 #

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 also puts businesses, especially SMEs, at a disadvantage, while creating barriers for new local entrants; highlights the need to consider potential SME entry-barriers when proposing regulation in the digital area in order to avoid creating a sector with only a few big actors;
2021/03/01
Committee: ECON
Amendment 154 #

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 toat a global agreement must be reached at the G20/OECD IF; urges the Commission to refrain from rolling out its own solutions for taxing the digital 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 digital services in the EU by ensuring that the latter are taxed at an adequate rate; invites the Commission to consider in particular introducing a European Digital Services Tax as a necessary first step; stresses the need to create a level playing field for providers of traditional services and digital services in the EU;
2021/03/01
Committee: ECON
Amendment 202 #

2021/2010(INI)

Motion for a resolution
Paragraph 13
13. RegretNotes 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; recalls on the Member States to reconsider their position on these proposals, and to consider all options provided for by the Treaties if no unanimous agreement can be reachedimportance of reaching an agreement at OECD-level in order to avoid potential trade wars; highlights that taxation is a member state competence;
2021/03/01
Committee: ECON
Amendment 214 #

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’;deleted
2021/03/01
Committee: ECON
Amendment 217 #

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’Recalls that taxation is a member state competence;
2021/03/01
Committee: ECON
Amendment 94 #

2021/0433(CNS)

Proposal for a directive
Recital 20
(20) The effectiveness and fairness of the global minimum tax reform heavily relies on its worldwide implementationswift and consistent implementation worldwide and by EU Member States by 2023. It will thus be vital that all major trading partners of the Union apply either a qualified IIR or an equivalent set of rules on minimum taxation. In this context, and in support of legal certainty and efficiency of the global minimum tax rules, it is important to further delineate the conditions under which the rules implemented in a third country jurisdiction which will not transpose the rules of the global agreement can be granted equivalence to a qualified IIR. To this end, this Directive should provide for an assessment, by the Commission, of the equivalence criteria based on certain parameters together with a listing of third country jurisdictions that meet the equivalence criteria. This list would be modified, through a delegated act, following any subsequent assessment of the legal framework implemented by a third country jurisdiction in its domestic law. The implementation of the Pillar II Directive will require an increased exchange of information between Member States and third country jurisdictions. To this end, the Directive on administrative cooperation(DAC) should be reviewed in accordance with the future OECD work on a competent authority agreement to be developed by the end of 2022.
2022/03/30
Committee: ECON
Amendment 403 #

2021/0420(COD)

Proposal for a regulation
Recital 46
(46) Being the entry and exit points for the land infrastructure of the trans- European transport network, maritime ports play an important role as cross-border multimodal nodes which serve not only as transport hubs, but also as gateways for trade, industrial clusters and energy hubs, for example with regard to the deployment of on-shore and off-shore wind installations.
2022/11/16
Committee: TRAN
Amendment 414 #

2021/0420(COD)

Proposal for a regulation
Recital 46 a (new)
(46a) Maritime seaports are clean energy hubs of the future and important facilitators of the energy transition across Europe. In their role as energy hubs, maritime seaports play a key role in realising the EU’s climate objectives for 2030 and 2050, as well as the ambitions outlined in the REPowerEU plan.
2022/11/16
Committee: TRAN
Amendment 415 #

2021/0420(COD)

Proposal for a regulation
Recital 46 b (new)
(46b) Maritime seaports increasingly take up new responsibilities and are involved in new services, such as sustainable energy production, research on the blue economy, and military mobility. In their role as multi-service actors, maritime seaports can substantially contribute to a sustainable, digital and resilient European economy.
2022/11/16
Committee: TRAN
Amendment 1124 #

2021/0420(COD)

Proposal for a regulation
Article 24 – paragraph 4 – introductory part
4. A maritime port shallIn order to be part of the comprehensive network where, a maritime port shall meet at least one of the following conditions is met:
2022/11/17
Committee: TRAN
Amendment 1141 #

2021/0420(COD)

Proposal for a regulation
Article 24 – paragraph 4 a (new)
4a. It is considered by its Member State as a critical node for the supply of renewable energy in the EU and is considered to be instrumental to reach the ambitions of REPowerEU.
2022/11/17
Committee: TRAN
Amendment 1146 #

2021/0420(COD)

Proposal for a regulation
Article 24 – paragraph 4 b (new)
4b. The total annual wind energy volume, derived from both onshore and offshore wind, imported through the maritime port exceeds 0.1% of the total annual wind energy deployed by the Union. The reference amount for this volume is the latest available five-year average, based on the statistics published by Eurostat.
2022/11/17
Committee: TRAN
Amendment 102 #

2021/0385(COD)

Proposal for a regulation
Title 1
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) No 600/2014 as regards enhancing market data transparency, removing obstacles to the emergence of a consolidated tape, and optimising the trading obligations and prohibiting receiving payments for forwarding client orders (Text with EEA relevance)
2022/10/20
Committee: ECON
Amendment 110 #

2021/0385(COD)

Proposal for a regulation
Recital 6
(6) Article 4 of Regulation (EU) No 600/2014 allows competent authorities to waive the pre-trade transparency requirements for market operators and investment firms operating a trading venue who determine their prices by reference to the midpoint price of the primary market or the most relevant market in terms of liquidity. As there is no justification for excluding the smallest orders from a transparent order book and in order to increase pre-trade transparency and thereby reinforce the price formation process, that waiver should be applicable to orders with a size greater than or equal toof a minimum at twice the standard market size. Further clarifications should be provided by ESMA. Where the consolidated tape for shares and exchange- traded funds (ETFs) will provide bid and offer prices from which a midpoint can be derived, the reference price waiver should also be available for systems deriving the midpoint price from the consolidated tape.
2022/10/20
Committee: ECON
Amendment 115 #

2021/0385(COD)

Proposal for a regulation
Recital 7
(7) Dark trading is trading without pre- trade transparency, 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 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 in that instrument on that venue is suspended. Secondly the amount of dark trading 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 in that instrument is suspended. 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 threshold. ESMA should be empowered to determine the DVC based on market conditions, the price formation process and liquidity available in the market.
2022/10/20
Committee: ECON
Amendment 127 #

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 size. ESMA should be empowered to determine the threshold in accordance with Article 4(6) point f.
2022/10/20
Committee: ECON
Amendment 132 #

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 longernot 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. In order to clarify, ESMA should be empowered to determine the size appropriate for the market conditions.
2022/10/20
Committee: ECON
Amendment 135 #

2021/0385(COD)

Proposal for a regulation
Recital 13
(13) Market participants need core market data to be able to make informed investment decisions. Pursuant to the current Article 27h of Regulation (EU) 600/2014, sourcing core market data about certain financial instruments directly from trading venues and APAs requires that consolidated tape providers enter into separate licensing agreements with all those data contributors. That process is burdensome, costly and time consuming. It has been one of the obstacles to consolidated tape providers emerging on a cross market basis. This obstacle should be removed in order to enable consolidated tape providers to obtain the market data and to overcome licencing issues. Trading venues and APAs, or investment firms and systematic internalisers without intervention of APAs (‘market data contributors’) should be required to submit their market data to consolidated tape providers, and to use harmonised templates respecting high–quality data standards to do so. Only CTPs selected and authorised by ESMA should be able to collect harmonised market data from the individual data sources in accordance with the mandatory contribution rule. To make the market data useful for investors, market data contributors should be required to provide the CTP with market data as close as technically possible to real time.no later than one minute after the transaction
2022/10/20
Committee: ECON
Amendment 161 #

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 in the revenue participation scheme is therefore considered appropriate to allow these smOn that note, the CT can offer more visibility to the smaller exchanges. Therefore, it is important for aller exchanges to maintain their local admissions and safeguard a rich and vibrant ecosystemcontribute to the tape, which is, moreover, fully in line with the objectivesidea of the Capitinternal Mmarkets Union.
2022/10/20
Committee: ECON
Amendment 163 #

2021/0385(COD)

Proposal for a regulation
Recital 23
(23) Small regulated markets are regulated markets which admit shares of issuers for which trading in the secondary market tends to be less liquid than the trading of shares admitted to trading on larger regulated markets. In order to avoid that lower trading volumes (or nominal values) penalise smaller exchanges in the revenue participation scheme designed for the consolidated tape for shares, data from trades in these less liquid shares should attract a higher remuneration than their notional trading value would indicate. Whether a shareThe desired outcome would be to provide end investors with a truly consolidated overview of the trading opportunities available in the Union and to increase the overall domestic and international attractiveness of the Union capital markets, isn less liquid should be determinedine with the objectives onf the basis of the proportion of pre-trade transparent liquidity displayed by the regulated market that admits the less liquid share, Capital Markets Union, and to include small regulated markets in the picture crelative to the average daily trading turnover in that shared by the consolidated tape.
2022/10/20
Committee: ECON
Amendment 172 #

2021/0385(COD)

Proposal for a regulation
Recital 32
(32) Financial intermediaries should strive to achieve the best possible price and the highest possible likelihood of execution for trades that they execute on behalf of their clients. To that end,ensure that the best execution requirement described in Article 27 of Directive 2014/65/EU can be met financial intermediaries should select the trading venue or counterparty for executing their client trades solely on the basis of achieving best execution for their clients. It should be incompatible with that principle of best execution that a financial intermediary receives a payment from a trading counterpart in exchange for ensuring the execution of client trades. Investment firms should be therefore be prohibited from receiving such payment.
2022/10/20
Committee: ECON
Amendment 181 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 2 – point c
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 35
(35) ‘consolidated tape provider’ or ‘CTP’ means a person authorised in accordance with Title IVa, Chapter 1 of this Regulation to provide the service of collecting market data for shares, ETFs, bonds or derivatives, from market data contributors, and of consolidating those data into a continuous electronic live data stream providing core market data per share, ETF, bond or derivatives and of providing them to user of market data;;
2022/10/20
Committee: ECON
Amendment 234 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 3 – point b a (new)
Regulation (EU) No 600/2014
Article 4 – paragraph 6 – subparagraph 1 – point f (new)
(b a) in paragraph 6, the following point is added: "(b a) the minimum size of an order that may be matched using the trading methodology referred to in paragraph 1(a), which shall not be lower than twice the standard market size."
2022/10/20
Committee: ECON
Amendment 239 #

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)(i) where the percentage of 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 as determined by ESMA according to Article 5 (9) of this regulation. Trading venues shall base their decision to suspend the use of those waivers 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 283 #

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 twiche the standard market sizereshold determined by ESMA in accordance with Article 4(6)(f). 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 sizehat threshold.
2022/10/20
Committee: ECON
Amendment 287 #

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 equivalentthe minimum of twice the standard market size of a share, depositary receipt, ETF, certificate, or other financial instrument that is similar to those financial instruments and that is traded on a trading venue. 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 size for the class of shares, depositary receipts, ETFs, certificates or financial instruments that are similar to those financial instruments, to whhe minimum of twiche the financial instrument belongsstandard market size. 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 310 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 9
Regulation (EU) No 600/2014
Article 17a – paragraph 2
2. The application of the tick sizes set in accordance with Article 49 of Directive 2014/65/EU shall not prevent systematic internalisers from matching orders large in scale at mid-point within the current bid and offer prices. Matching orders at mid- point within the current bid and offer prices below large in scale but above twiche the standard market sizereshold determined by ESMA in accordance with Article 4(6)(f) shall be allowed in so far as those tick sizes are complied with.;
2022/10/20
Committee: ECON
Amendment 313 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 9 a (new)
Regulation (EU) No 600/2014
Article 18
(9 a) in Article 18, paragraph 1 is deleted.
2022/10/20
Committee: ECON
Amendment 347 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22b – paragraph 1
1. The Commission shall set up an expert stakeholder group by [OP add 3 months as of entry into force] to provide advice on the quality and the substance of market data, the common interpretation of market data and the quality of the transmission protocol referred to in Article 22a(1). TESMA should work closely with the expert stakeholder group which shall provide advice on a yearly basis. That advice shall be made public.
2022/10/21
Committee: ECON
Amendment 349 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22b – paragraph 2 – first subparagraph
2. The Commission shall be empowered to adESMA should developt delegated acts in accordance with Article 50 to specify the quality and the substance of the market data and the quality of the transmission protocolraft regulatory standards.
2022/10/21
Committee: ECON
Amendment 351 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22b – paragraph 2 – second subparagraph – introductory part
Those delegated actregulatory technical standards shall in particular specify all of the following:
2022/10/21
Committee: ECON
Amendment 353 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22b – paragraph 2 – third subparagraph
ESMA shall submit those draft regulatory technical standards to the Commission by […]. 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. For the purposes of the first subparagraph, the Commission shall take into account the advice from ESMA and from the technical expert group established in accordance with paragraph 2, international developments, and standards agreed at Union or international level. The Commission shall ensure that the delegated actregulatory technical standards adopted take into account the reporting requirements laid down in Articles 3, 6, 8, 10, 14, 18, 20, 21 and 27g.
2022/10/21
Committee: ECON
Amendment 360 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 11 b (new)
Regulation (EU) No 600/2014
Article 26 – paragraph 1
(11 b) in Article 26, paragraph 1, is replaced by the following: "1. Investment firms which execute transactions in financial instruments shall report complete and accurate details of such transactions to the competent authority as quickly as possible, and no later than the close of the following working day. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20220228)Following an impact assessment of the European Commission, further alignements to other regulations such as UCITS, AIFMD or EMIR can be advantageous. However, additional reporting and unproportionate requirements shall not be the outcome of such a review. Or. en
2022/10/21
Committee: ECON
Amendment 398 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 4
4. The selection of the CTP for sharebonds shall, in addition to the criteria in paragraph 2, consider the revenue participation scheme, and in particular the formula, applicable to regulated markets that are market data contributors. ESMA shall, when considering the competing tenders, select the CTP for sharebonds that offers the revenue participation scheme that provides regulated markets, in particular smaller regulated markets, with the highest amount of revenue that remains for distribution once deducted operating costs and a small incentivising margin which is deemed appropriate and reasonable margin. This revenue shall be distributed in accordance with Article 27h(1)(c), and in a manner commensurate to the market data contributed according to Article 22a.
2022/10/21
Committee: ECON
Amendment 415 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 16
Regulation (EU) No 600/2014
Article 27h – paragraph 1 – subparagraph 1 – point c
(c) in the case of market data concerning shares, redistribute part of their revenues for the purposes of covering the cost related to mandatory contribution and of ensuring a fairreasonable level of participation for regulated markets, and in particular smaller regulated markets, in the revenue generated by the consolidated tape, in accordance with Article 27da(4);
2022/10/21
Committee: ECON
Amendment 420 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 16
Regulation (EU) No 600/2014
Article 27h – paragraph 1 – subparagraph 1 – point d
(d) make consolidated core market data, for the provision of which the CTP is selected in accordance with Article 27da, available in accordance with the data quality requirements set out in Article 22b to users into a continuous electronic data stream on non-discriminatory terms as close to real time as technically possibleno later than one minute after the transaction;
2022/10/21
Committee: ECON
Amendment 426 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 16
Regulation (EU) No 600/2014
Article 27h – paragraph 1 – second subparagraph
For the purpose of establishing the participarevenue redistribution in point (c), the revenue of the CTP shall be allocated among regulated markets according to a formula that reflects the proportion of pre-trade transparent liquidity in shares displayed by a regulated market relativcore market data provided while taking into account the ratio of market data revenue to the aoverage daily turnover in these shares in the Unionll revenue within the legal group structure.
2022/10/21
Committee: ECON
Amendment 446 #

2021/0385(COD)

Proposal for a regulation
Article 1 – paragraph 26
Regulation (EU) No 600/2014
Article 39 a (new)
(26) the following Article 39a is inserted: ‘ Article 39a Ban on payment for forwarding client orders for execution Investment firms acting on behalf of clients shall not receive any fee or commission or non-monetary benefits from any third party for forwarding client orders to such third party for their execution.; ’deleted
2022/10/21
Committee: ECON
Amendment 30 #

2021/0384(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 2
Directive 2014/65/EU
Article 2 – paragraph 1 – point d – point ii
(ii) are members of or participants in a regulated market or an MTF with the exception for non-financial entities who execute transactions on a trading venue for the purpose of commercial activity or treasury financing activity;
2022/10/20
Committee: ECON
Amendment 39 #

2021/0384(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 4 – point –a 1 (new)
Directive 2014/65/EU
Article 27 – paragraph 1 – subparagraph 2
Where an(-a1) in paragraph 1, second subparagraph is replaced by the following: "Third party payments may be received if conflicts of interests are properly managed and disclosed. This is assumed under the following circumstances: (a) the investment firm is executes an order on behalf of a retail client, the best possible result shall be determined in terms of the toing the order following a specific instruction from the client. (i) is executing the order following a specific instruction from the client (ii) does not steer the client to the use of an execution platform preferred by the investment firm (iii) does not advertise its services as costless towards retail consideration, representing the price of the financial instrument and the costs relating to execution, which shall include all expenses incurred by the client which are directly relating to the execution of the order, including execution venue fees, clearing and settlement fees and any other fees paid to third parties involved in the execution of the order. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20220228)lients. (b) The order is executed on a regulated market- (c) In case the investment firm acts on behalf of a retail client and the order is not executed on a regulated market the order process shall achieve best possible result as defined in the second subparagraph of Article 27 (1). (d) The investment firm must disclose to the client any remuneration, discount or non-monetary benefit for having routed the client orders to the particular trading venue or execution venue. (e) In the case of equities, the Investment firm must not systematically route its client orders to a single market maker, a systematic internaliser or other trading venue. At least one alternative execution venue must be offered. Such alternative venue must be a regulated market or a multilateral trading facility. Upon request, the client must be provided with the execution prices at these venues as well as the execution costs as defined in the third subparagraph of Article 27 (1). " Or. en
2022/10/20
Committee: ECON
Amendment 41 #

2021/0384(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 4 – point a
Directive 2014/65/EU
Article 27 – paragraph 3
(a) paragraph 3 is deleted;replaced by the following: "3. Member States shall require that for financial instruments subject to the trading obligation in Articles 23 and 28 Regulation (EU) No 600/2014 that following execution of a transaction on behalf of a client the investment firm shall inform the client where the order was executed. "
2022/10/20
Committee: ECON
Amendment 42 #

2021/0384(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 4 – point a a (new)
Directive 2014/65/EU
Article 27 – paragraph 6
(a a) paragraph 6 is deleted
2022/10/20
Committee: ECON
Amendment 50 #

2021/0380(COD)

Proposal for a regulation
Recital 5
(5) For the functioning of ESAP, collection bodies should be designated to collect from the relevant entities the information in relation to financial services, capital markets and sustainability. In the absence of a collection body already established under Union law, Member States shall designate one of the Officially Appointed Mechanisms established under Directive 2004/109/EC of the European Parliament and of the Council20a collection body to collect and store the information, and notify the European Securities and Markets Authority (ESMA) accordingly. That Officially Appointed Mechanism should act as a collection body, as defined in Article 2, point (2) of Regulation (EU) XXXX/XXX [ESAP Regulation] and should carry out the specific tasks set out in that Regulation. Where a European Supervisory Authority or a competent authority is required under Union law to draw-up and publish on its website information on the relevant entities and their financial products in relation to financial services, capital markets and sustainability, that authority should act as a collection body as defined in Article 2, point (2) of Regulation (EU) XXXX/XXX [ESAP Regulation]. That authority should publish information in a data extractable format, include the names and, where available, the legal entity identifier of the entity, and specify the type of information. _________________ 20 Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).
2022/11/11
Committee: ECON
Amendment 52 #

2021/0380(COD)

Proposal for a regulation
Recital 7
(7) In order for the information to be digitally usable, entities should submit to the collection bodies the information in a data extractable format or, where required under Union law, in a machine-readable format. Entities should also accompany the information they submit to the collection bodies with the metadata requested by those collection bodies. The Commission should be empowered to adopt implementing technical standards developed by the relevant European Supervisory Authority specifying the metadata for each piece of information, the data structuring of the information and information for which a machine-readable format is required and which machine- readable format is to be used in that case. In respect of standards concerning sustainability information, the Joint Committee of the European Supervisory Authorities should consult the European Financial Reporting Advisory Group (EFRAG) on the development of these draft implementing standards. All standards should seek to make ESAP future-proof and consider potential interoperability at a global level in the future, thus should draw upon global standards and best practices where relevant.
2022/11/11
Committee: ECON
Amendment 53 #

2021/0380(COD)

Proposal for a regulation
Recital 8
(8) Entities should be held responsible for the information they submit to the collection bodies. Ensuring data integrity and credibility of the source would enable to protect entities from undue alteration of their information, and build public trust in ESAP. To that purpose, documents submitted by entities to the collection bodies should be accompanied by a qualified electronic seal included by the reporting entity on the information submitted to the collection bodies where such seal is required, in accordance with specifications set out in Regulation (EU) XXXX/XXX [ESAP Regulation].
2022/11/11
Committee: ECON
Amendment 54 #

2021/0380(COD)

Proposal for a regulation
Recital 8 a (new)
(8 a) Collection bodies should not be responsible for verifying the accuracy of the content of the information, unless mandated to do so in accordance with the relevant Union law listed in the Annex to this Regulation. Entities subject to mandatory reporting should be responsible for ensuring the accuracy of the information submitted owing to their legal obligations under the relevant Union law listed in the Annex to this Regulation or national law.
2022/11/11
Committee: ECON
Amendment 62 #

2021/0380(COD)

Proposal for a regulation
Article 1 – paragraph 1
Regulation (EC) No 1060/2009
Article 13a – paragraph 1 – subparagraph 1
1. From 1 January 20267, when making public any information pursuant to Article 8(1), Article 8(6) and Article 8(7), Article 8a(1), Article 8a(3), Article 10(1), Article 10(4), Article 11(1), and Article 12, credit rating agencies shall submit that information to the relevant collection body referred to in paragraph 3 of this Article at the same time for accessibility on ESAP established under Regulation (EU) XX/XXXX [ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 63 #

2021/0380(COD)

Proposal for a regulation
Article 1 – paragraph 1
Regulation (EC) No 1060/2009
Article 13a – paragraph 1 – subparagraph 2– point b – point v a (new)
(v a) the country of establishment of the entity;
2022/11/11
Committee: ECON
Amendment 64 #

2021/0380(COD)

Proposal for a regulation
Article 1 – paragraph 1
Regulation (EC) No 1060/2009
Article 13a – paragraph 1 – subparagraph 2 – point b – point v b (new)
(v b) the industry sector(s) of the entity’s economic activities, as specified pursuant to Article 7(4) of Regulation (EU) XX/XXXX[ESAP Regulation].
2022/11/11
Committee: ECON
Amendment 65 #

2021/0380(COD)

Proposal for a regulation
Article 1 – paragraph 1
Regulation (EC) No 1060/2009
Article 13a – paragraph 3 – subparagraph 2
From 1 January 20267, for the purposes of making accessible on ESAP the information referred to in Article 5(3), Article 8d(2), Article 11(2), Article 11a(1), Article 11a(2), Article 18(3), Article 24(5), and Article 36d(1), the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be ESMA. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the name, where available, and the legal entity identifier of the credit rating agency as specified pursuant to Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 67 #

2021/0380(COD)

Proposal for a regulation
Article 1 – paragraph 1
Regulation (EC) No 1060/2009
Article 13a – paragraph 3 – subparagraph 2 a (new)
To ensure consistency with the digital mark-up of sustainability information, ESMA shall consult the European Financial Reporting Advisory Group on the development of draft implementing standards pertaining to the disclosure of sustainability information.
2022/11/11
Committee: ECON
Amendment 68 #

2021/0380(COD)

Proposal for a regulation
Article 1 – paragraph 1
Regulation (EC) No 1060/2009
Article 13a – paragraph 4 a (new)
4 a. If necessary, ESMA shall adopt guidance for entities to ensure the metadata submitted, in accordance with Article 4, point (a), is relevant.
2022/11/11
Committee: ECON
Amendment 69 #

2021/0380(COD)

Proposal for a regulation
Article 2 – paragraph 1
Regulation (EC) No 236/2012
Article 11a – paragraph 1 – subparagraph 1
1. From 1 January 20245, when making public any information pursuant to Article 6(1), the natural or legal person shall submit that information to the relevant collection body referred to in paragraph 3 of this Article at the same time for accessibility on ESAP established under Regulation (EU) XX/XXXX [ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 72 #

2021/0380(COD)

Proposal for a regulation
Article 3 – paragraph 1
Regulation (EU) No 648/2012
Article 38a – paragraph 1 – subparagraph 1
1. From 1 January 20267, when making public any information pursuant to Article 26(7), Article 28(2), Article 38(1), Article 38(3) second subparagraph, Article 38(4), Article 38(5), Article 39(7), Article 39(8), and Article 49(3), CCPs and clearing members shall submit that information to the relevant collection body referred to in paragraph 3 of this Article at the same time for accessibility on ESAP established under Regulation (EU) XX/XXXX [ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 73 #

2021/0380(COD)

Proposal for a regulation
Article 3 – paragraph 1
Regulation (EU) No 648/2012
Article 38a – paragraph 3 – subparagraph 2
From 1 January 20267, for the purposes of making accessible on ESAP the information referred to in Article 6(1), Article 18(2), second subparagraph, Article 25(4), fourth subparagraph, Article 25m(1), Article 25q(3), Article 59(3), Article 68(1), Article 73(3), and Article 77(2), fourth subparagraph, the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be ESMA. That information shall be prepared in a data extractable format as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and, where available, the legal entity identifier of the CCPs and clearing members as specified pursuant to Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 74 #

2021/0380(COD)

Proposal for a regulation
Article 3 – paragraph 1
Regulation (EU) No 648/2012
Article 38a – paragraph 3 – subparagraph 3
From 1 January 20267, for the purposes of making accessible on ESAP the information referred to in Article 12(2), the collection bodies as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be the national competent authorities. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of the [ESAP Regulation], include the names and, where available, the legal entity identifier of the CCP and clearing members as specified pursuant to Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 75 #

2021/0380(COD)

Proposal for a regulation
Article 4 – paragraph 1
Regulation (EU) No 345/2013
Article 13a – paragraph 1
From 1 January 20267, in order to make accessible on ESAP established under the Regulation (EU) XX/XXXX [ESAP Regulation] of the European Parliament and of the Council* the information referred to in Article 17(1), the collection body as defined in Article 2, point (2), of that Regulation shall be ESMA. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names, where available, and the legal entity identifier of the fund as specified pursuant to Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 76 #

2021/0380(COD)

From 1 January 20267, in order to make accessible on ESAP established under the Regulation (EU) XX/XXXX [ESAP Regulation] of the European Parliament and of the Council* the information referred to in Article 18(1), the collection body as defined in Article 2, point (2), of that Regulation shall be ESMA. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and, where available, the legal entity identifier of the fund as specified pursuant to Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation. ________________
2022/11/11
Committee: ECON
Amendment 77 #

2021/0380(COD)

Proposal for a regulation
Article 6 – paragraph 1
Regulation (EU) No 575/2013
Article 434b – paragraph 1 – subparagraph 1
1. From 1 January 20267, when making public any information pursuant to part Eight of this Regulation, the institutions shall submit that information to the relevant collection body referred to in paragraph 3 of this Article at the same time for accessibility on ESAP established under Regulation (EU) XX/XXXX[ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 81 #

2021/0380(COD)

Proposal for a regulation
Article 9 – paragraph 1
Regulation (EU) No 600/2014
Article 23a – paragraph 1
From 1 January 20267, in order to make accessible on ESAP established under Regulation (EU) XX/XXXX[ESAP Regulation] of the European Parliament and of the Council* the information referred to in Article 14(6), Article 15(1) second subparagraph, Article 18(4), Article 27(1), Article 34, Article 40(5), Article 44(2), Article 45(6) and Article 48, ESMA shall qualify as the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation]. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and, where available, the legal entity identifier of the investment firm as specified pursuant to Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 85 #

2021/0380(COD)

Proposal for a regulation
Article 10 – paragraph 1
Regulation (EU) No 909/2014
Article 74a – paragraph 1 – subparagraph 1
1. From 1 January 20267, when making public any information pursuant to Article 7(1), Article 7(9), Article 26(4), Article 27(4), Article 27(7), Article 28(2), Article 33(1), Article 33(2), Article 34(1), Article 38(6), Article 39(3), Article 41(2), Article 54(3), point (e), Article 54(4), point (f) and Article 59(4), point (j) of this Regulation, the CSD shall submit that information to the relevant collection body referred to in paragraph 3 of this Article at the same time for accessibility on ESAP established under Regulation (EU) XX/XXXX [ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 89 #

2021/0380(COD)

Proposal for a regulation
Article 10 – paragraph 1
Regulation (EU) No 909/2014
Article 74a – paragraph 3 – subparagraph 2
From 1 January 20267, for the purposes of making accessible on ESAP the information referred to in Article 12(2) and Article 62, the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be ESMA. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the name and, where available, the legal entity identifier of the CSD as specified under Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 96 #

2021/0380(COD)

Proposal for a regulation
Article 11 – paragraph 1
Regulation (EU) 1286/2014
Article 29a – paragraph 1 – subparagraph 1
1. From 1 January 20267, when making public the key information document pursuant to Article 5(1), the PRIIPs manufacturer shall submit that key information document to the relevant collection body referred to in paragraph 3 of this Article at the same time for accessibility of such information on ESAP established under Regulation (EU) XX/XXXX[ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 98 #

2021/0380(COD)

Proposal for a regulation
Article 11 – paragraph 1
Regulation (EU) 1286/2014
Article 29a – paragraph 3 – subparagraph 1
3. By 31 December 20256, for the purposes of making accessible on ESAP the key information document referred to in paragraph 1, Member States shall designate one of the officially appointed mechanisms referred to in Article 21(2) of Directive 2004/109/EC as the collection body defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] and notify ESMA thereof.
2022/11/11
Committee: ECON
Amendment 99 #

2021/0380(COD)

Proposal for a regulation
Article 11 – paragraph 1
Regulation (EU) 1286/2014
Article 29a – paragraph 3 – subparagraph 2
From 1 January 20267, for the purposes of making accessible on ESAP the information referred to in Article 27(1) and Article 29(1), the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be the competent authority. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and, where available, the legal entity identifier of the PRIIP manufacturer as specified pursuant to Article 7(4) of that Regulation, and the type of information as specified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 100 #

2021/0380(COD)

Proposal for a regulation
Article 12 – paragraph 1
Regulation (EU) 2015/760
Article 25a – paragraph 1
From 1 January 20267, in order to make accessible on ESAP established under the Regulation (EU) XX/XXXX [ESAP Regulation] of the European Parliament and of the Council* the information referred to in Article 3(3), the collection body as defined in Article 2, point (2), of that Regulation shall be ESMA. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and, where available, the legal entity identifier of the fund as defined pursuant to Article 7(4) of Regulation (EU) XX/XXXX [ESAP Regulation], and the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 101 #

2021/0380(COD)

Proposal for a regulation
Article 13 – paragraph 1
Regulation (EU) 2015/2365
Article 32a – paragraph 1 – subparagraph 1
1. From 1 January 20245, when making public any information pursuant to Article 8(3), Article 12(1), Article 19(8), Article 26(1), and Article 26(4) of this Regulation, entities shall submit that information to the relevant collection body referred to in paragraph 3 of this Article at the same time for accessibility on ESAP established under Regulation (EU) XX/XXXX [ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 102 #

2021/0380(COD)

Proposal for a regulation
Article 13 – paragraph 1
Regulation (EU) 2015/2365
Article 32a – paragraph 3 – subparagraph 1
3. From 1 January 20245, for the purposes of in paragraph 1, the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be ESMA.
2022/11/11
Committee: ECON
Amendment 103 #

2021/0380(COD)

Proposal for a regulation
Article 13 – paragraph 1
Regulation (EU) 2015/2365
Article 32a – paragraph 3 – subparagraph 2
From 1 January 20245, for the purposes of making accessible on ESAP the information referred to in Article 22(4), point (b), Article 25(1), Article 25(2), Article 25(3), the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be ESMA. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and, where available, the legal entity identifier of the entity as specified pursuant to Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 104 #

2021/0380(COD)

Proposal for a regulation
Article 14 – paragraph 1
1. From 1 January 20265, when making public any information pursuant to Articles 4(5), Article 11(1) point (c), Article 12(3), Article 13(1), Article 25(7), Article 26(3), Article 27(1), and Article 28(1), the administrator shall submit that information to the relevant collection body referred to in paragraph 3 of this Article at the same time for accessibility on ESAP established under Regulation (EU) XX/XXXX[ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 105 #

2021/0380(COD)

Proposal for a regulation
Article 14 – paragraph 1
Regulation (EU) 2016/1011
Article 28a – paragraph 3 – subparagraph 3
From 1 January 20265, for the purposes of making accessible on ESAP the information referred to in Article 36, the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be ESMA. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and, where available, the legal entity identifier of the administrator as specified pursuant to Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 106 #

2021/0380(COD)

Proposal for a regulation
Article 15 – paragraph 1
Regulation (EU) 2017/1129
Article 21a – paragraph 1 – subparagraph 1
1. From 1 January 20245, when making public any information pursuant to Article 1(4) points (f) and (g), Article 1(5) first subparagraph, points (e) and (f), Article 8(5), Article 9(4), Article 10(2), Article 17(2), Article 21(1), Article 21(9), and Article 23(1), the issuer, the offeror or the person asking for admission to trading on a regulated market, where relevant, shall submit that information to the relevant collection body referred to in paragraph 3 of this Article at the same time for accessibility on ESAP established under Regulation (EU) XX/XXXX[ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 110 #

2021/0380(COD)

Proposal for a regulation
Article 15 – paragraph 1
Regulation (EU) 2017/1129
Article 21a– paragraph 3 – subparagraph 2
From 1 January 20245, for the purposes of making accessible on ESAP the information referred to in Articles 25(1), Article 25(4), and Article 26(2), the collection body defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be ESMA. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and, where available, the legal entity identifier of the issuer or, where applicable, the offeror as specified pursuant to Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 111 #

2021/0380(COD)

Proposal for a regulation
Article 17 – paragraph 1
Regulation (EU) 2017/1131
Article 70a – paragraph 1 – subparagraph 1
1. From 1 January 20267, when making public any information pursuant to Article 26(1) of this Regulation, the PEPP provider shall submit that information to the relevant collection body referred to in paragraph 3 of this Article at the same time for accessibility of such information on ESAP established under Regulation (EU) XX/XXXX[ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 112 #

2021/0380(COD)

Proposal for a regulation
Article 17 – paragraph 1
Regulation (EU) 2017/1131
Article 70a – paragraph 3 – subparagraph 1
3. By 31 December 20256, for the purposes of making accessible on ESAP the information referred to in paragraph 1, Member States shall designate one of the officially appointed mechanisms referred to in Article 21(2) of Directive 2004/109/EC as the collection body referred to in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] and notify ESMA thereof.
2022/11/11
Committee: ECON
Amendment 113 #

2021/0380(COD)

Proposal for a regulation
Article 17 – paragraph 1
Regulation (EU) 2017/1131
Article 70a – paragraph 3 – subparagraph 2
From 1 January 20267, for the purposes of making accessible on ESAP the information referred to in Article 65(6), the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be EIOPA. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and, where available, the legal entity identifier of the insurance or reinsurance undertaking as specified pursuant to Article 7(4) of that Regulation (EU), and include the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 114 #

2021/0380(COD)

Proposal for a regulation
Article 17 – paragraph 1
Regulation (EU) 2017/1131
Article 70a – paragraph 3 – subparagraph 3
From 1 January 20267, for the purposes of making accessible on ESAP the information referred to in Article 63(4), Article 69(1) and 69(4), the collection bodies as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be the competent authorities. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and, where available, the legal entity identifier of the insurance or reinsurance undertaking, as specified pursuant to Article 7(4) of ), and include the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 115 #

2021/0380(COD)

Proposal for a regulation
Article 18 – paragraph 1
Regulation (EU) 2019/1238
Article 46a – paragraph 1 – subparagraph 1
1. From 1 January 20267, when making public any information pursuant to Part Six of this Regulation, investment firms shall submit that information to the relevant collection body referred to in paragraph 3 of this Article at the same time for accessibility of such information on ESAP established under Regulation (EU) XX/XXXX[ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 118 #

2021/0380(COD)

Proposal for a regulation
Article 20 – paragraph 1
Regulation (EU) 2020/852
Article 8a – paragraph 1 – subparagraph 1
1. From 1 January 20245, when making public any information pursuant to Article 7 and Article 8(2) of this Regulation, the undertaking shall submit that information to the relevant collection body referred to in paragraph 3 of this Article at the same time for accessibility on ESAP established under Regulation (EU) XX/XXXX[ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 119 #

2021/0380(COD)

3. By 31 December 20234, for the purposes of making accessible on ESAP the information referred to in paragraph 1, Member States shall designate one of the officially appointed mechanisms referred to in Article 21(2) of Directive 2004/109/EC as the collection body defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] and notify the ESMA thereof.
2022/11/11
Committee: ECON
Amendment 122 #

2021/0380(COD)

Proposal for a regulation
Article 21 – paragraph 1
Regulation (EU) 2021/23
Article 95a – paragraph 1 – subparagraph 1
1. From 1 January 20267, when making public any information pursuant to Article 50(2), Article 72(3), Article 82(2), point (a), and Article 83(1) of this Regulation, the resolution authorities shall submit that information to the collection body referred to in paragraph 3 of this Article at the same time for accessibility on ESAP established under Regulation (EU) XX/XXXX[ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 52 #

2021/0379(COD)

Proposal for a directive
Recital 5
(5) For the functioning of ESAP, collection bodies should be designated to collect from the entity the information in relation to financial services capital markets and sustainability. In the absence of a collection body already established under Union law, Member States shall designate one of the Officially Appointed Mechanism established under Directive 2004/109/EC of the European Parliament and of the Council20a collection body to collect and store the information, and notify the European Securities and Markets Authority (ESMA) accordingly. That Officially Appointed Mechanism should act as a collection body, as defined in Article 2, point (2) of Regulation (EU) XXXX/XXX [ESAP Regulation] and should carry out the specific tasks set out in that Regulation. Where a European Supervisory Authority or a competent authority is required under Union law to draw-up and publish on its website information on the entities and their financial products in relation to financial services, capital markets and sustainability, that authority should act as a collection body as defined Article 2, point (2) of Regulation (EU) XXXX/XXX [ESAP Regulation]. That authority should publish the information in a data extractable format, include the names and, where available, the legal entity identifier of the entity, and specify the type of information. _________________ 20 Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).
2022/11/11
Committee: ECON
Amendment 54 #

2021/0379(COD)

Proposal for a directive
Recital 7
(7) In order for the information to be digitally usable, the entities should submit to the collection bodies the information in a data extractable format or, where required under Union law, in a machine-readable format. The entities should also accompany the information they submit to the collection bodies with the metadata requested by those collection bodies. The Commission should be empowered to adopt implementing technical standards developed by the relevant European Supervisory Authority specifying the metadata for each piece of information, the data structuring of the information, and the information for which the machine- readable format is required and which machine-readable format is to be used in that case. In respect of standards concerning sustainability information, the Joint Committee of the European Supervisory Authorities should consult the European Financial Reporting Advisory Group (EFRAG) on the development of these draft implementing standards. All standards should seek to make ESAP future-proof and consider potential interoperability at a global level in the future, thus should draw upon global standards and best practices where relevant.
2022/11/11
Committee: ECON
Amendment 55 #

2021/0379(COD)

Proposal for a directive
Recital 8
(8) Entities should be held responsible for the information they submit to the collection bodies. Ensuring data integrity and credibility of the source would enable to protect the entities from undue alteration of their information, and build public trust in ESAP. To that purpose, documents submitted by entities to the collection bodies should be accompanied by a qualified electronic seal included by the reporting entity on the information submitted to the collection bodies where such seal is required, in accordance with the specifications set out in Regulation (EU) XXXX/XXX [ESAP Regulation].
2022/11/11
Committee: ECON
Amendment 56 #

2021/0379(COD)

Proposal for a directive
Recital 8 a (new)
(8 a) Collection bodies should not be responsible for verifying the accuracy of the content of the information, unless mandated to do so in accordance with the relevant Union law listed in the Annex to this Regulation. Entities subject to mandatory reporting should be responsible for ensuring the accuracy of the information submitted owing to their legal obligations under the relevant Union law listed in the Annex to this Regulation or national law.
2022/11/11
Committee: ECON
Amendment 64 #

2021/0379(COD)

Proposal for a directive
Article 1 – paragraph 1
Directive 2002/87/EC
Article 30b – paragraph 1 – subparagraph 1
1. From 1 January 20267, Member 1. States shall ensure that, when making public any information pursuant to Article 9(4) of this Directive, the regulated entities submit at the same time that information to the collection body referred to in paragraph 3 of this Article for accessibility on ESAP established under Regulation (EU) XX/XXXX[ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 65 #

2021/0379(COD)

Proposal for a directive
Article 1 – paragraph 1
Directive 2002/87/EC
Article 30b – paragraph 1– subparagraph 2 – point b – point v a (new)
(v a) the country of establishment of the entity;
2022/11/11
Committee: ECON
Amendment 66 #

2021/0379(COD)

Proposal for a directive
Article 1 – paragraph 1
Directive 2002/87/EC
Article 30b – paragraph 1 – point b – point v b (new)
(v b) the industry sector(s) of the entity’s economic activities, as specified pursuant to Article 7(4) of Regulation (EU) XX/XXXX [ESAP Regulation].
2022/11/11
Committee: ECON
Amendment 67 #

2021/0379(COD)

Proposal for a directive
Article 1 – paragraph 1
Directive 2002/87/EC
Article 30b – paragraph 3
3. By 31 December 20256, for the purposes of paragraph 1, Member States shall designate one of the officially appointed mechanisms as defined in Article 21, point (2) of Directive 2004/109/EC as thea collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] and notify ESMA thereof.
2022/11/11
Committee: ECON
Amendment 69 #

2021/0379(COD)

Proposal for a directive
Article 1 – paragraph 1
Directive 2002/87/EC
Article 30b – paragraph 4 – subparagraph 2 a (new)
To ensure consistency with the digital mark-up of sustainability information, ESMA shall consult the European Financial Reporting Advisory Group on the development of draft implementing standards pertaining to the disclosure of sustainability information.
2022/11/11
Committee: ECON
Amendment 70 #

2021/0379(COD)

Proposal for a directive
Article 1 – paragraph 1
Directive 2002/87/EC
Article 30b – paragraph 4 a (new)
4 a. If necessary, ESMA shall adopt guidance for entities to ensure the metadata submitted, in accordance with Article 4, point (a), is relevant.
2022/11/11
Committee: ECON
Amendment 72 #

2021/0379(COD)

Proposal for a directive
Article 2 – paragraph 1
Directive 2004/25/EC
Article 16a – paragraph 1 – subparagraph 1
1. From 1 January 20256, Member States shall ensure that, when making public an information pursuant to Article 4(2), point (c), Article 5(4), Article 6(1), Article 6(2) and Article 9(5) of this Directive, companies submit at the same time that information to the relevant collection body referred to in paragraph 3 of this Article for accessibility on ESAP established under Regulation (EU) XX/XXXX [ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 73 #

2021/0379(COD)

Proposal for a directive
Article 3 – paragraph 1 – point 1
Directive 2004/109/EC
Article 23a – paragraph 1 – subparagraph 1
1. From 1 January 20245, Member States shall ensure that, when disclosing the regulated information pursuant to Article 21 (1) of this Directive, the issuer or the person who has applied for admission to trading on a regulated market without the issuer's consent shall at the same time submit that regulated information to the relevant collection body referred to in paragraph 2 of this Article for accessibility on ESAP established pursuant to Regulation (EU) XX/XXXX [ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 74 #

2021/0379(COD)

Proposal for a directive
Article 3 – paragraph 1 – point 1
Directive 2004/109/EC
Article 23a – paragraph 2 – subparagraph 2
From 1 January 20245, for the purposes of making accessible on ESAP the information referred to in Article 29(1), the collection bodies a defined in Article 2 (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be the competent authorities. That information shall be prepared in a data extractable format as defined in Article 2 (3), of the Regulation (EU) XX/XXXX [ESAP Regulation],include the names and, where available, the legal entity identifier of the issuer, as specified pursuant to Article 7(4) of that Regulation, and include the type of information, as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 76 #

2021/0379(COD)

Proposal for a directive
Article 5 – paragraph 1
Directive 2007/36/EC
Article 14c – paragraph 1 – subparagraph 1
1. From 1 January 20256, Member States shall ensure that, when making public any information pursuant to Article 3g(1), Article 3h(1), Article 3h(2), Article 3j(1), Article 3j(2), Article 9a(7), Article 9b(5), Article 9c(2), Article 9c(7), and Article 14(2) of this Directive, companies submit at the same time that information to the collection body referred to in paragraph 3 of this Article for accessibility on ESAP established under Regulation (EU) XX/XXXX [ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 77 #

2021/0379(COD)

Proposal for a directive
Article 5 – paragraph 1
Directive 2007/36/EC
Article 14c – paragraph 3
3. By 31 December 2024, for the purposes of making accessible on ESAP the information referred to in paragraph 1, Member States shall designate one of the officially appointed mechanisms referred to in Article 21, point (2) of Directive 2004/109/EC as thea collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] and notify ESMA thereof.
2022/11/11
Committee: ECON
Amendment 79 #

2021/0379(COD)

Proposal for a directive
Article 6 – paragraph 1
Directive 2009/65/EC
Article 82a – paragraph 1 – subparagraph 1
1. From 1 January 20267, Member States shall ensure that, when making public any information pursuant to Article 68(1), Article 76, Article 78(1) of this Directive, UCITS submit that information at the same time to the relevant collection body referred to in paragraph 3 of this Article on for accessibility on ESAP established under Regulation (EU) XX/XXXX [ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 82 #

2021/0379(COD)

Proposal for a directive
Article 6 – paragraph 1
Directive 2009/65/EC
Article 82a – paragraph 3 – subparagraph 2
From 1 January 20267, for the purposes of making accessible on ESAP the information referred to in Article 6(1), the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be ESMA. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and, where available, the legal entity identifier of the UCITS, as specified pursuant to Article 7(4) of that Regulation, and include the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 83 #

2021/0379(COD)

Proposal for a directive
Article 6 – paragraph 1
Directive 2009/65/EC
Article 82a – paragraph 3 – subparagraph 3
From 1 January 20267, for the purposes of making accessible on ESAP the information referred to in Article 99b(1), the collection body as defined in Article 2, point (2), of the Regulation (EU) XX/XXXX [ESAP Regulation] shall be the national competent authority. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of the Regulation (EU) XX/XXXX [ESAP Regulation], include the names and, where available, the legal entity identifier of the UCITS, as specified pursuant to Article 7(4) of that Regulation, and include the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 85 #

2021/0379(COD)

Proposal for a directive
Article 7 – paragraph 1
Directive 2009/138/EC
Article 304b – paragraph 1 – subparagraph 1
1. From 1 January 20267, Member States shall ensure that, when making public any information pursuant to Article 51(1) and Article 256(1) of this Directive, insurance or reinsurance undertakings submit at the same time that information to the relevant collection body referred to in paragraph 3 of this Article for accessibility on ESAP established under Regulation (EU) XX/XXXX[ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 86 #

2021/0379(COD)

Proposal for a directive
Article 7 – paragraph 1
Directive 2009/138/EC
Article 304b – paragraph 3 – subparagraph 1
3. By 31 December 20256, for the purposes of making accessible on ESAP the information referred to under paragraph 1, Member States shall designate one of the officially appointed mechanisms referred to in Article 21, point (2) of Directive 2004/109/EC as thea collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] and notify ESMA thereof.
2022/11/11
Committee: ECON
Amendment 88 #

2021/0379(COD)

Proposal for a directive
Article 7 – paragraph 1
Directive 2009/138/EC
Article 304b – paragraph 3 – subparagraph 2
From 1 January 20267, for the purposes of making accessible on ESAP the information referred to in Article 25a and Article 52(2) of this Directive, the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be EIOPA. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and, where available, the legal entity identifier of the insurance or reinsurance undertaking, as specified pursuant to Article 7(4) of that Regulation and the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 89 #

2021/0379(COD)

Proposal for a directive
Article 7 – paragraph 1
Directive 2009/138/EC
Article 304b – paragraph 3 – subparagraph 1
From 1 January 20267, for the purposes of making accessible on ESAP the information referred to in Article 271(1) and Article 280(1) of this Directive, the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be the competent authority. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and, where available, the legal entity identifier of the insurance or reinsurance undertaking, as specified pursuant to Article 7(4) of that Regulation and the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 90 #

2021/0379(COD)

Proposal for a directive
Article 8 – paragraph 1
Directive 2011/61/EU
Article 69b – paragraph 1 – subparagraph 1
1. From 1 January 20267, Member States shall ensure that, when making public the information pursuant to Article 7(5) of this Directive, competent authorities submit at the same time that information to the collection body defined in paragraph 2 of this Article for accessibility on ESAP established under Regulation (EU) XX/XXXX [ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 91 #

2021/0379(COD)

Proposal for a directive
Article 8 – paragraph 1
Directive 2011/61/EU
Article 69b – paragraph 2 – subparagraph 2
From 1 January 20267, that information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include names and – where available - the legal entity identifier of the AIFM and the list of AIFs managed or marketed as specified pursuant to Article 7(4) of that Regulation, and the type of information as specified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 93 #

2021/0379(COD)

Proposal for a directive
Article 9 – paragraph 1
Directive 2013/34/EU
Article 33a – paragraph 1 – subparagraph 1
1. From 1 January 20256, Member States shall ensure that, when making public the duly approved annual financial statements, management report, consolidated financial statements, consolidated management report, audit report and the report on payments to governments pursuant to Article 30 and Article 42 of this Directive, the undertakings referred to in Article 19a and Article 29a submit that duly approved annual financial statements, management report, consolidated financial statements, consolidated management report, audit report and the report on payments to governments to the collection body referred to in paragraph 3 of this Article in order to make that information accessible on ESAP established under Regulation (EU) XX/XXXX[ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 94 #

2021/0379(COD)

Proposal for a directive
Article 9 – paragraph 1
Directive 2013/34/EU
Article 33a – paragraph 1 a (new)
1 a. From 1 January 2025, Member States shall ensure that, when making public the duly approved statements and reports pursuant to Article 40a of this Directive, the undertakings referred to in that Article submit those statements and reports to the collection body referred to in paragraph 2 of this Article in order to make that information accessible on ESAP established under Regulation (EU) XX/XXXX [ESAP Regulation] of the European Parliament and of the Council.
2022/11/11
Committee: ECON
Amendment 95 #

2021/0379(COD)

Proposal for a directive
Article 9 – paragraph 1
Directive 2013/34/EU
Article 33a – paragraph 2
2. By 31 December 20245, for the purposes of paragraph 1, Member States shall designate one of the officially appointed mechanisms referred to in Article 21, point (2) of Directive 2004/109/EC as thea collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] and notify ESMA thereof.
2022/11/11
Committee: ECON
Amendment 97 #

2021/0379(COD)

Proposal for a directive
Article 10 – paragraph 1
Directive 2013/36/EU
Article 116a – paragraph 1 – subparagraph 1
1. From 1 January 20267, Member States shall ensure that, when making public any information pursuant to Article 68 and Article 131(12) of this Directive, the institutions submit at the same that information to the collection body referred to in paragraph 3 of this Article time for accessibility on ESAP established under Regulation (EU) XX/XXXX[ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 100 #

2021/0379(COD)

Proposal for a directive
Article 11 – paragraph 1
Directive 2014/59/EU
Article 128a – paragraph 1 – subparagraph 1
1. From 1 January 20267, Member States shall ensure that, when making public any information pursuant to Article 26(1), Article 29(1), Article 33a(8), Article 35(1), Article 45i(3), Article 83(4), Article 111(2) point (a), and Article 112(1) of this Directive, the relevant entities submit to the relevant collection body referred to in paragraph 3 at the same time for accessibility on ESAP established under Regulation (EU) XX/XXXX[ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 101 #

2021/0379(COD)

Proposal for a directive
Article 11 – paragraph 1
Directive 2014/59/EU
Article 128a – paragraph 3
3. By 31 December 20256, for the purposes of making accessible on ESAP the information referred to in paragraph 1, Member States shall designate one of the officially appointed mechanisms referred to in Article 21, point (2) of Directive 2004/109/EC as thea collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] and notify ESMA thereof.
2022/11/11
Committee: ECON
Amendment 102 #

2021/0379(COD)

Proposal for a directive
Article 12 – paragraph 1
Directive 2014/65/EU
Article 87a – paragraph 1 – subparagraph 1
1. From 1 January 20267, Member States shall ensure that, when making public any information pursuant to Article 27(3), Article 27(6), , Article 33(3) points (c), (d), and (f), and Article 46(2) of this Directive, investment firms or market operators submit that information at the same time to the relevant collection body referred to in paragraph 3 of this Article for accessibility on ESAP established under Regulation (EU) XX/XXXX[ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 104 #

2021/0379(COD)

Proposal for a directive
Article 12 – paragraph 1
3. By 31 December 20256, for the purposes of making accessible on ESAP the information referred to in paragraph 1 Member States shall designate one of the officially appointed mechanisms referred to in Article 21, point (2) of Directive 2004/109/EC as the collection body defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] and notify ESMA thereof.
2022/11/11
Committee: ECON
Amendment 105 #

2021/0379(COD)

Proposal for a directive
Article 12 – paragraph 1
Directive 2014/65/EU
Article 87a – paragraph 3 – subparagraph 2
From 1 January 20267, for the purposes of making accessible on ESAP the information referred to in Article 71(1), Article 32(2) first subparagraph, and Article 52(2), the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be the national competent authority. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and, where available, the legal entity identifier of the investment firm or market operator as specified pursuant to Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 106 #

2021/0379(COD)

Proposal for a directive
Article 12 – paragraph 1
Directive 2014/65/EU
Article 87a – paragraph 3 – subparagraph 3
From 1 January 20267, for the purposes of making accessible on ESAP the information referred to in Article 5(3), Article 18(10) fourth sentence, Article 58(1) point (a), and Article 59(3), the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be ESMA. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and, where available, the legal entity identifier of the investment firm or market operator as specified pursuant to Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 107 #

2021/0379(COD)

Proposal for a directive
Article 12 – paragraph 1
Directive 2014/65/EU
Article 87a – paragraph 3 – subparagraph 4
From 1 January 20267, for the purposes of making accessible on ESAP the information referred to in Article 29(3), the collection body as defined in Article 2 (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be the public register. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and the legal entity identifier of the tied agent as specified pursuant to Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 109 #

2021/0379(COD)

Proposal for a directive
Article 13 – paragraph 1
Directive (EU) 2016/97
Article 40a
From 1 January 20267, for the purposes of making accessible on ESAP the information referred to in Article 32(1) and Article 32(2) of this Directive, the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be the competent authority. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the name and - where available - the legal entity identifier of the entity as specified pursuant to Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 111 #

2021/0379(COD)

Proposal for a directive
Article 14 – paragraph 1
Directive (EU) 2016/2341
Article 63a – paragraph 1 – subparagraph 1
1. From 1 January 20267, Member States shall ensure that, when making public any information pursuant to Article 23 (2) and Article 29 of this Directive, IORP submit at the same time that information to the relevant collection body referred to in paragraph 3 of this Article for accessibility on ESAP established under Regulation (EU) XX/XXXX[ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 112 #

2021/0379(COD)

Proposal for a directive
Article 14 – paragraph 1
Directive (EU) 2016/2341
Article 63a – paragraph 3 – subparagraph 1
3. By 31 December 20256, for the purposes of making accessible on ESAP the information referred to in paragraph 1, Member States shall designate one of the officially appointed mechanisms referred to in Article 21, point (2) of Directive 2004/109/EC as thea collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] and notify ESMA thereof.
2022/11/11
Committee: ECON
Amendment 114 #

2021/0379(COD)

Proposal for a directive
Article 14 – paragraph 1
Directive (EU) 2016/2341
Article 63a – paragraph 3 – subparagraph 2
From 1 January 20267, for the purposes of making accessible on ESAP the information referred to in Article 30 and 48(4), the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be the competent authority. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and the legal entity identifier of the investment firm as specified pursuant to Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 116 #

2021/0379(COD)

Proposal for a directive
Article 15 – paragraph 1
Directive (EU) 2019/2034
Article 44a – paragraph 1 – subparagraph 1
1. From 1 January 20267, Member States shall ensure that, when making public any information pursuant to Article 44 of this Directive, investment firms submit that information at the same time to the relevant collection body referred to in paragraph 3 of this Article for accessibility on ESAP established under Regulation (EU) XX/XXXX[ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 117 #

2021/0379(COD)

Proposal for a directive
Article 15 – paragraph 1
Directive (EU) 2019/2034
Article 44a – paragraph 3 – subparagraph 1
3. By 31 December 20256, for the purposes of making accessible on ESAP the information referred to in paragraph 1, Member States shall designate one of the officially appointed mechanisms referred to in Article 21, point (2) of Directive 2004/109/EC as thea collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] and notify ESMA thereof.
2022/11/11
Committee: ECON
Amendment 119 #

2021/0379(COD)

Proposal for a directive
Article 15 – paragraph 1
Directive (EU) 2019/2034
Article 44a – paragraph 3 – subparagraph 2
From 1 January 20267, for the purposes of making accessible on ESAP the information referred to in Article 20, the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be EBA. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and the legal entity identifier of the investment firm as specified pursuant to Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 120 #

2021/0379(COD)

Proposal for a directive
Article 16 – paragraph 1
Directive (EU) 2019/2162
Article 29a – paragraph 1 – subparagraph 1
1. From 1 January 20267, Member State shall ensure that, when making public any information pursuant to Article 14 of this Directive, credit institutions permitted to issue covered bonds submit that information at the same time to the relevant collection body referred to in paragraph 3 of this Article for accessibility on ESAP established pursuant to Regulation (EU) XX/XXXX[ESAP Regulation] of the European Parliament and of the Council*.
2022/11/11
Committee: ECON
Amendment 121 #

2021/0379(COD)

Proposal for a directive
Article 16 – paragraph 1
Directive (EU) 2019/2162
Article 29a – paragraph 3 – subparagraph 1
3. By 31 December 20256, for the purposes of making accessible on ESAP the information referred to in paragraph 1, Member States shall designate one of the officially appointed mechanisms referred to in Article 21, point (2) of Directive 2004/109/EC as thea collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] and notify ESMA thereof.
2022/11/11
Committee: ECON
Amendment 123 #

2021/0379(COD)

Proposal for a directive
Article 16 – paragraph 1
Directive (EU) 2019/2162
Article 29a – paragraph 3 – subparagraph 2
From 1 January 20267, for the purposes of making accessible on ESAP the information referred to in Articles 24, Article 26(1), point (b) and Article 26(1), point (c), the collection body as defined in Article 2, point (2), of Regulation (EU) XX/XXXX [ESAP Regulation] shall be the competent authority. That information shall be prepared in a data extractable format as defined in Article 2, point (3), of Regulation (EU) XX/XXXX [ESAP Regulation], include the names and the legal entity identifier of the credit institution permitted to issue covered bonds as specified pursuant to Article 7(4) of that Regulation, and the type of information as classified pursuant to Article 7(4) of that Regulation.
2022/11/11
Committee: ECON
Amendment 75 #

2021/0378(COD)

Proposal for a regulation
Recital 3
(3) ESAP should provide the public with an easy centralised access to information about entities and their products that is made public in relation to financial services, capital markets and sustainability. ESAP should also provide access to information relevant to financial services and capital markets that is made public on a voluntary basis by any entity governed by the law of a Member State, where such entity chooses to make that information accessible on ESAP. As presented in the Digital Finance Strategy, ESAP should be established as from 2024ESAP should be established as from 2025. It should also allow for more retail-oriented accessibility of relevant information in order to meet growing demand for quality information, in particular when it comes to sustainability. That should translate into an interface that is as user-friendly as possible, with a high degree of data comparability, and search criteria that are relevant to retail investors.
2022/11/11
Committee: ECON
Amendment 81 #

2021/0378(COD)

Proposal for a regulation
Recital 4
(4) The information to be made publicly accessible on ESAP should be collected by collection bodies designated for the purpose of collecting the information that the entities are under an obligation to make public. In order to ensure the efficient functioning of ESAP, the collection bodies should make the information available to ESAP in automated ways through a single application programming interface. For the information to be digitally usable and searchable, entities should make such information available in a data extractable format or, where required by Union law, in a machine- readable format. Compared to data extractable formats, machine-readable formats are file formats structured so that software applications can easily identify, recognise and extract specific data, including individual statements of fact, and their internal structure. To ensure that entities submit the information in the correct format and to address possible technical issues encountered by the entities, the collection bodies should provide technical assistance to those entities.
2022/11/11
Committee: ECON
Amendment 85 #

2021/0378(COD)

Proposal for a regulation
Recital 5
(5) Apart from the information in relation to financial services, capital markets and sustainability that has to be made public under Union law, investors, market participants, advisors, academia and the public at large may have an interest in obtaining other information that an entity wants to make accessible. Small and medium-sized enterprises, that are not subject to the mandatory disclosure requirements under Union law, may want to make more information publicly accessible in order to become more visible to potential investors and thereby increase funding and diversify funding opportunities. Also, market participants may want to provide more information than that required by law or to make public the information required by national law but not available at Union level in order to complement the information provided to the public at the Union level. Any entity should therefore be allowed to make financial, sustainability- related and other relevant information accessible on ESAP. Pursuant to the principle of data miniSuch voluntary submisatsion, entities should ensure that no personal data are included, except where those data constitute a necessary element of the information about their economic activities, including when the name of the entity coincides with the name of the owner. Where such information contains personal data, the entities should ensure that they can rely for such disclosure on one of the lawful grounds of processing laid down in Article 6 of Regulation (EU) 2016/679 of the European Parliament and of the Council26 . _________________ 26 Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1) should, nonetheless, be subject to the same format and data quality requirements so as not to jeopardise the integrity of the ESAP. Moreover, entities that are not subject to mandatory reporting, in accordance with the Union law listed in the Annex to this Regulation, that choose to voluntarily submit information corresponding to that due under Union law, should ensure that they submit a complete data set to facilitate comparison and contextualise the data.
2022/11/11
Committee: ECON
Amendment 88 #

2021/0378(COD)

Proposal for a regulation
Recital 5 a (new)
(5 a) Pursuant to the principle of data minimisation, entities should ensure that no personal data are included, except where those data constitute a necessary element of the information about their economic activities, including when the name of the entity coincides with the name of the owner. Where such information contains personal data, the entities should ensure that they can rely for such disclosure on one of the lawful grounds of processing laid down in Article 6 of Regulation (EU) 2016/679 of the European Parliament and of the Council1a . _________________ 1a Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).
2022/11/11
Committee: ECON
Amendment 89 #

2021/0378(COD)

Proposal for a regulation
Recital 7
(7) In order to enable entities and the public to identify the collection bodies providing information to ESAP, ESMA should publish on its website a list of the collection bodies and keep it up to date. The designation of collection bodies should be at the discretion of Member States but should respect the “file-once principle”.
2022/11/11
Committee: ECON
Amendment 91 #

2021/0378(COD)

Proposal for a regulation
Recital 8
(8) ESAP risks being subject to confidentiality breaches, integrity risks or risks on availability of the system and on the information processed therein. Those threats include accidents, errors, deliberate attacks and natural events, and need to be recognised as operational risks. ESMA, and the collection bodies, should implement appropriate and proportionate policies to ensure that ESAPthe protectsion of the information processed and functions as needed.
2022/11/11
Committee: ECON
Amendment 92 #

2021/0378(COD)

Proposal for a regulation
Recital 9
(9) To facilitate the searching, finding, retrieving and use of data, ESMA should ensure that ESAP offers a set of functionalities, including a search function, machine translation and possibilities to extract the information. The search functions should be offered in all the official languages of the Union and build at least on the metadata provided pursuant to the directives and regulations listed in the Annex. By 31 December 20245, ESMA should ensure that ESAP provides users with a minimum set of functionalities, to be completed by 31 December 20256.
2022/11/11
Committee: ECON
Amendment 94 #

2021/0378(COD)

Proposal for a regulation
Recital 9 a (new)
(9 a) When designing the user inter- face for ESAP, it should be borne in mind that it will potentially have a broad range of users, including both professional and retail investors, as well as academic institutions and civil society organisations. Therefore, the user- interface and search function should be designed in a manner that caters for a broad range of potential users.
2022/11/11
Committee: ECON
Amendment 97 #

2021/0378(COD)

Proposal for a regulation
Recital 10
(10) Re-using information that is available on ESAP can improve the functioning of the internal market and promote the development of new services that combine and make use of such information. It is therefore necessary, where justified on grounds of a public interest objective, to allow re-use of the information that is available on ESAP for purposes other than the purposes for which the information was drawn up. However,, unless it is justified on grounds of a public interest objective to place conditions on the use and re-use of that information. These conditions should be subject to objective, proportionate and non- discriminatory conditions. For that purpose, conditions corresponding to those laid down in open, standard licences within the meaning of Directive (EU) 2019/1024 of the European Parliament and of the Council27 should apply. The licensing terms of those standard licences should allow for data and content to be freely accessible, used, modified and shared by anyone for any purpose. ESMA should bear no liability for the use and re-use of information accessible on ESAP. The submission of information by the collection bodies should either not be subject to conditions or be subject to an open standard licence enabling the licensing terms applying for information accessible in the ESAP. _________________ 27 Directive (EU) 2019/1024 of the European Parliament and of the Council of 20 June 2019 on open data and the re-use of public sector information (OJ L 172, 26.6.2019, p. 56).
2022/11/11
Committee: ECON
Amendment 99 #

2021/0378(COD)

Proposal for a regulation
Recital 11 a (new)
(11 a) The validation procedure should be limited to verifying compliance with this Regulation, including the formatting requirements. Collection bodies should not be responsible for verifying the accuracy of the content of the information, unless mandated to do so in accordance with the relevant Union law listed in the Annex to this Regulation. Entities subject to mandatory reporting should be responsible for ensuring the accuracy of the information submitted owing to their legal obligations under the relevant Union law listed in the Annex to this Regulation or national law.
2022/11/11
Committee: ECON
Amendment 102 #

2021/0378(COD)

Proposal for a regulation
Recital 12
(12) ESAP should provide users with access to information for free and without discrimination and should make it possible for those users to search, access and download the information through ESAP. However, taking into account the need to protect ESMA from an excessive financial burden in relation to costs incurred for serving the needs of intensive users, if any, ESMA should have the ability to generate revenues. Therefore, by way of derogation from the principle that information should be accessible free of charge, ESMA should be allowed to impose fees for those specific services, including for services with high maintenance costs due to searches for and downloads of very large volumes of information or to frequent access to ESAP. Public bodies, academic institutions, and civil society organisations should not be subject to fees. The calculation of fees should be transparent and based on clear principles. Any fees imposed should, however, not exceed the cost of the service provided.
2022/11/11
Committee: ECON
Amendment 109 #

2021/0378(COD)

Proposal for a regulation
Recital 15
(15) In order to build and maintain public trust in ESAP and to protect each entity from undue alteration of its information, ESAP should ensure data integrity and credibility of the source of the information submitted to the collection bodies. Therefore, information submitted by the entities should include a qualified electronic seal attached to the information submitted as defined in Article 3(20), of Regulation (EU) No 910/2014 of the European Parliament and of the Council29 . A specific legal entity identifier may be a mandatory attribute of that certificate. That seal or signature acquired by ESAP should be made available to users. Where available, the legal entity identifier should be based on a globally recognised standard in order to facilitate interoperability. _________________ 29 Regulation (EU) No 910/2014 of the European Parliament and of the Council of 23 July 2014 on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93/EC (OJ L 257, 28.8.2014, p. 73).
2022/11/11
Committee: ECON
Amendment 113 #

2021/0378(COD)

Proposal for a regulation
Recital 16
(16) In order for the information to be comparable over time, users should have access to past information. It is therefore necessary to require ESAP to provide access to information for a reasonable period of time, to the extent compatible with other applicable provisions of Union law. For that purpose, ESMA should ensure that no personal data are made accessible for longer than necessary as provided for under Union law. In order to enable ESMA and the collection bodies to prepare the operation of ESAP, ESAP should only provide access to the information submitted as from 1 January 20245.
2022/11/11
Committee: ECON
Amendment 114 #

2021/0378(COD)

Proposal for a regulation
Recital 17
(17) To ensure a smooth processing of the information received or drawn-up by the collection bodies and made available to ESAP, it is necessary to lay down certain clear and detailed requirements specifying the format and the metadata of that information and which collection bodies should collect such information. In order to ensure the quality of the information submitted to ESAP by the collection bodies, it is also necessary to define the characteristics of the automated validations to be carried out on each information reaching the collection bodies, and the characteristics of the qualified electronic seal to be attached to that information by the entities. To ensure the use and re-use of data on ESAP, a list of the designated open standard licences would need to be defined. To facilitate the searching, finding, retrieving of the data in a timely manner, the characteristics of the application programming interface and the metadata to be implemented will also need to be designed. Additional requirements as regards efficient search functions will need to be implemented such as the specific legal entity identifier, the classification of the type of information, and the categories of the size of the entities. To that purpose, the Joint Committee of the European Supervisory Authorities should develop draft implementing technical standards. Additionally, ESMA might develop draft implementing technical standards to determine the nature and extent of the specific services for which fees may be charged and the associated fee structureIn respect of standards concerning sustainability information, the Joint Committee of the European Supervisory Authorities should consult the European Financial Reporting Advisory Group (EFRAG) on the development of these draft implementing standards, in particular on standards defining requirements for the accessibility formats of sustainability information. All standards should seek to make ESAP future-proof and consider potential interoperability at a global level in the future, thus should draw upon global standards and best practices where relevant. Additionally, ESMA might develop draft implementing technical standards to determine the nature and extent of the specific services for which fees may be charged and the associated fee structure. To ensure full transparency of the cases when fees may be charged, ESMA should make public and easily available on ESAP the thresholds of volumes of information and the frequencies above which those fees apply. The Commission should be empowered to adopt those implementing technical standards by means of implementing acts pursuant to Article 291 TFEU and in accordance with Article 15 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council30 , No 1094/2010 of the European Parliament and of the Council31 and No 1095/2010 of the European Parliament and of the Council32 . _________________ 30 Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12). 31 Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (OJ L 331, 15.12.2010, p. 48). 32 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).
2022/11/11
Committee: ECON
Amendment 123 #

2021/0378(COD)

Proposal for a regulation
Article 1 – paragraph 1 – introductory part
1. By 31 December 20245, the European Securities and Markets Authority (ESMA) shall establish and operate a European single access point (“ESAP”) providing centralised electronic access to the following information:
2022/11/11
Committee: ECON
Amendment 128 #

2021/0378(COD)

Proposal for a regulation
Article 1 – paragraph 2
2. ESAP shall not provide access to information submitted before 1 January 20245.
2022/11/11
Committee: ECON
Amendment 129 #

2021/0378(COD)

Proposal for a regulation
Article 2 – paragraph 1 – point 7
(7) ‘metadata’ means structured information that makes it easier to retrieve, use, contextualise or manage an information resource, including by describing, explaining, or locating that information resource.
2022/11/11
Committee: ECON
Amendment 134 #

2021/0378(COD)

Proposal for a regulation
Article 3 – paragraph 1 – introductory part
1. Any natural or legal person may submit to a collection body the information referred to in Article 1(1), point (b) to make that information accessible on ESAP. When submitting that information, the natural or legal person shall:
2022/11/11
Committee: ECON
Amendment 136 #

2021/0378(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point a a (new)
(a a) Specify that the information submitted is done so on a voluntary basis;
2022/11/11
Committee: ECON
Amendment 137 #

2021/0378(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point c
(c) use, at least, a data extractable format for drawing up that information;
2022/11/11
Committee: ECON
Amendment 138 #

2021/0378(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point d
(d) ensure that no personal data are included, except where the personal data constitute a necessary element of the information about its economic activities, including when the name of the entity coincides with the name of the owner. If personal data is justifiably included, this shall be specified.
2022/11/11
Committee: ECON
Amendment 140 #

2021/0378(COD)

Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 (new)
Information submitted on a voluntary basis that corresponds to the information referred to in Article(1), point (a), must be done so in a manner that ensures the information is comprehensive, contextualised, and comparable with information submitted on a mandatory basis.
2022/11/11
Committee: ECON
Amendment 147 #

2021/0378(COD)

Proposal for a regulation
Article 3 – paragraph 2 – point c a (new)
(c a) the minimum data fields that must be completed if information corresponding to that referred to in Article 1(1), point (a) is submitted on a voluntary basis.
2022/11/11
Committee: ECON
Amendment 154 #

2021/0378(COD)

Proposal for a regulation
Article 3 – paragraph 2 a (new)
2 a. If necessary, the Joint Committee of the European Supervisory Authorities shall adopt guidance for entities to ensure the metadata submitted is relevant.
2022/11/11
Committee: ECON
Amendment 165 #

2021/0378(COD)

Proposal for a regulation
Article 5 – paragraph 1 – point f – paragraph 1 – subparagraph 1 (new)
For the purpose of point (fa), the collection body shall notify ESMA if information is removed or replaced. This notification shall remain available for 6 months.
2022/11/11
Committee: ECON
Amendment 166 #

2021/0378(COD)

Proposal for a regulation
Article 5 – paragraph 1 – point f a (new)
(f a) remove any information that is notified to the collecting body as being false or containing errors.
2022/11/11
Committee: ECON
Amendment 170 #

2021/0378(COD)

Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 (new)
Collection bodies shall notify the entities of the rejection and the reasons thereof within a reasonable timeframe.
2022/11/11
Committee: ECON
Amendment 171 #

2021/0378(COD)

Proposal for a regulation
Article 5 – paragraph 4
4. Entities shallubject to mandatory reporting shall be responsible for ensuring the accuracy of the information submitted owing to their legal obligations under the relevant Union law listed in the Annex to this Regulation or national law. Entities shall also ensure the accuracy of the information they submit to the collection bodies on a voluntary basis.
2022/11/11
Committee: ECON
Amendment 175 #

2021/0378(COD)

Proposal for a regulation
Article 5 – paragraph 5
5. As regards the information falling under this Regulation, the collection bodies shall not exercise the right of the maker of a database, referred to in Article 7(1) of Directive 96/9/EC of the European Parliament and of the Council33 , tor any other intellectual property rights, in a way that prevents or restricts the use and re- use of the contents of the database or to restrict re- use of those contentspursuant to Article 9. _________________ 33 Directive 96/9/EC of the European Parliament and of the Council of 11 March 1996 on the legal protection of databases (OJ L 77, 27.3.1996, p. 20).
2022/11/11
Committee: ECON
Amendment 181 #

2021/0378(COD)

Proposal for a regulation
Article 7 – paragraph 3 – point b
(b) the legal entity identifier of the entity that submitted the information and, where applicable, the legal entity identifier of its subsidiaries;
2022/11/11
Committee: ECON
Amendment 184 #

2021/0378(COD)

Proposal for a regulation
Article 7 – paragraph 3 – point c
(c) the type of information submitted by the entity that submitted the information;
2022/11/11
Committee: ECON
Amendment 186 #

2021/0378(COD)

Proposal for a regulation
Article 7 – paragraph 3 – point e a (new)
(e a) the country of establishment of the entity;
2022/11/11
Committee: ECON
Amendment 187 #

2021/0378(COD)

Proposal for a regulation
Article 7 – paragraph 3 – point e b (new)
(e b) the industry sector(s) of the entity’s economic activities;
2022/11/11
Committee: ECON
Amendment 189 #

2021/0378(COD)

Proposal for a regulation
Article 7 – paragraph 4 – point d a (new)
(d a) the categories of industry sectors referred to in paragraph 3, point (eb).
2022/11/11
Committee: ECON
Amendment 190 #

2021/0378(COD)

Proposal for a regulation
Article 7 – paragraph 4 a (new)
4 a. To ensure consistency with the digital mark-up of sustainability information, for the purpose of paragraphs 1, 2 and 3, the Joint Committee of the European Supervisory Authorities shall consult the European Financial Reporting Advisory Group on the development of draft implementing standards pertaining to the disclosure of sustainability information.
2022/11/11
Committee: ECON
Amendment 195 #

2021/0378(COD)

Proposal for a regulation
Article 8 – paragraph 2 – subparagraph 1
ESMA may, however, charge fees for specific services that involve searches and downloads for a very large volume of information or for frequently updated information, except when those services are used by civil society organisations, public bodies and academic institutions. Those fees shall not exceed the cost incurred by ESMA for the provision of the service.
2022/11/11
Committee: ECON
Amendment 205 #

2021/0378(COD)

Proposal for a regulation
Article 8 – paragraph 4 a (new)
4 a. If ESMA decides to charge fees to certain users of ESAP or for certain services of ESAP, it shall publish and make easily accessible on the ESAP website the fee structure, the volume thresholds, if relevant, and rate, and review the rate and thresholds on an annual basis.
2022/11/11
Committee: ECON
Amendment 209 #

2021/0378(COD)

Proposal for a regulation
Article 10 – paragraph 2
2. ESMA shall implement appropriate technical processes to automatically notify a collection body that the information submitted does not comply with the requirements laid down in Article 5(1), point (b). The collection body shall notify the submitting entity of the rejection and the reasons for in accordance with Article 2(2), subparagraph 2.
2022/11/11
Committee: ECON
Amendment 220 #

2021/0378(COD)

Proposal for a regulation
Article 13 – paragraph 1
By [PO, please insert a date 5 years after the entry into force of this Regulation], the Commission shall review the functioning of ESAP and assess its effectiveness, taking into account the annual reports referred to in Article 12, review the functioning of ESAP and assess its effectiveness, including: - the contribution of ESAP to making entities, including SMEs, more visible to cross-border investors; - the interoperability of the ESAP with similar global or national initiatives; - the cost incurred by entities and collection bodies for reporting to ESAP; - the costs incurred by ESMA for operating ESAP; - the fee structure, if applicable; - the benefits, if any, of extending the scope of ESAP to allow third-country entities to voluntarily submit information in accordance with all legislation listed in the annex to this Regulation. The Commission shall report to the European Parliament and to the Council on the results of this review.
2022/11/11
Committee: ECON
Amendment 118 #

2021/0376(COD)

Proposal for a directive
Recital 2
(2) A robust delegation regime, an equal treatment of custodians, coherence of supervisory reporting through the removal of duplications and redundant requirements and a harmonised approach to the use of LMTs are equally necessary for the management of undertakings for collective investment in transferable securities (‘UCITS’). Therefore, it is appropriate to also amend Directive 2009/65/EC of the European Parliament and of the Council26, which lays down rules regarding the authorisation and operation of UCITS, in the areas of delegation, asset safekeeping, supervisory reporting and liquidity risk management. __________________ 26 Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).
2022/07/04
Committee: ECON
Amendment 129 #

2021/0376(COD)

Proposal for a directive
Recital 6
(6) To develop a reliable overview of delegation activities in the Union governed by Article 20 of Directive 2011/61/EU and to inform future policy decisions or supervisory actions, competent authorities should provide the European Securities and Markets Authority (‘ESMA’) with delegation notifications where an AIFM delegates more portfolio management, or risk management functions of the AIF, foster convergence in the supervision of delegation amongst the national competent authorities, ESMA should use information shared with it by the competent authorities to monitor the supervision of delegation and the development of the practice within the Union and to third countries. ESMA should, on a risk-based approach, use all means withain it manages itself to entities located in third countrs competence to promote supervisory convergence, including conducting peer reviews.
2022/07/04
Committee: ECON
Amendment 133 #

2021/0376(COD)

Proposal for a directive
Recital 7
(7) In order to ensure consistent harmonisation of the notification processreporting requirement in the area of delegation, power should be delegated to the Commission to adopt regulatory technical standards by means of delegated acts pursuant to Article 290 of the Treaty on the Functioning of the European Union (TFEU) in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council30 to specify the contents, forms and procedures to standardise the notification process of the AIFMs’ delegation arrangements. The notification form should contain data fields indicating the activities making up the risk and portfolio management functions in order to determine whether an AIFM has delegated more of such functions than it has retained. Those regulatory technical standards should be adopted on the basis of a draft developed by ESMA. __________________ 30 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).
2022/07/04
Committee: ECON
Amendment 137 #

2021/0376(COD)

Proposal for a directive
Recital 7 a (new)
(7 a) The marketing of AIFs is not always conducted by the AIFM directly but by one or several distributors either on behalf of the AIFM or on their own behalf. There could also be cases where an independent financial advisor markets a fund without the AIFM’s knowledge. Most fund distributors are subject to regulatory requirements pursuant to Directive2014/65/EU or Directive 2016/97/EU, which define the scope and extent of their responsibilities towards their own clients. Directive 2011/61/EU should therefore acknowledge the diversity of distribution arrangements and distinguish between arrangements whereby a distributor operates on behalf of the AIFM, which should be considered to be a delegation arrangement, and arrangements whereby a distributor acts on its own behalf, in which case the provisions of that Directive regarding delegation should not apply.
2022/07/04
Committee: ECON
Amendment 140 #

2021/0376(COD)

Proposal for a directive
Recital 8 a (new)
(8 a) White-label services, by their very nature, can entail a systematic risk of conflict of interest and moral hazard and therefore require a heightened level of supervision. AIFMs intending to provide such services should notify their intentions to the competent authority detailing the measures they intend to take to mitigate the conflict of interest and ensure a clear delineation of tasks and responsibilities.
2022/07/04
Committee: ECON
Amendment 142 #

2021/0376(COD)

Proposal for a directive
Recital 9
(9) Common rules should also be laid down to establish an efficient internal market for loan-originating AIFs, to ensure a uniform level of investor protection in the Union, to make it possible for AIFs to develop their activities by originating loans in all Member States of the Union and to facilitate the access to finance by EU companies, a key objective of the Capital Markets Union (‘CMU’).31 However, given the fast-growing private credit market, it is necessary to address the potential micro risks and macro prudential risks that loan originating AIFs could pose and spread to the broader financial system. The rules applicable to AIFMs managing loan- originating funds should be harmonised in order to improve risk management across the financial market and increase transparency for investors. The provisions laid down in this Directive that are applicable to AIFMs that manage loan- originating AIFs should not prevent Member States from implementing national product frameworks that define certain categories of AIFs and the applicable requirements. __________________ 31 Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions, A Capital Markets Union for people and businesses-new action plan (COM/2020/590 final).
2022/07/04
Committee: ECON
Amendment 146 #

2021/0376(COD)

Proposal for a directive
Recital 13
(13) Directive 2011/61/EU should recognise the right of AIFs to originate loans and trade those loans on the secondary market. To avert moral hazard and maintain the general credit quality of loans, with the exception of shareholder loans, originated by AIF’s, such loans should be subject to risk retention requirements to avoid situations in which loans are originated with the sole purpose of selling them.
2022/07/04
Committee: ECON
Amendment 147 #

2021/0376(COD)

Proposal for a directive
Recital 14
(14) Long-term, illiquid loans held by AIF may create liquidity mismatches if the AIFs open-ended structure allows investors to redeem their fund units or shares on a frequent basis. It is therefore necessary to mitigate risks related to maturity transformation by imposing a closed-ended structure for AIFs originating loans to a significant extent because close-ended funds would not be vulnerable to redemption demands and could hold originated loans to maturity. There should be a grace period for AIFs that reach the prescribed threshold for loan origination vis-a-vis the net asset value of the fund to allow the AIFM to take measures to restore the liquidity of the fund.
2022/07/04
Committee: ECON
Amendment 151 #

2021/0376(COD)

Proposal for a directive
Recital 14 a (new)
(14 a) Funds with the purpose of directly investing in sustainable and social causes, in accordance with Article 2(17) and Article 9 of Regulation (EU) 2019/20881a should not be subject to a limitation on the extent of their loan origination activities. __________________ 1a Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability- related disclosures in the financial services sector (OJ L 317, 9.12.2019, p. 1– 16).
2022/07/04
Committee: ECON
Amendment 152 #

2021/0376(COD)

Proposal for a directive
Recital 16
(16) To support market monitoring by the supervisory authorities the information gathering and sharing through supervisory reporting could be improved. Duplicative reporting requirements that exist under Union and national legislation, in particular Regulation (EU) No 600/2014 of the European Parliament and of the Council35 , Regulation (EU) 2019/834 of the European Parliament and of the Council36 , Regulation (EU) No 1011/2012 of the European Central Bank37 and Regulation (EU) No 1073/2013 of the European Central Bank38 , could be eliminated to improve efficiency and reduce administrative burdens for AIFMs. The European supervisory authorities (‘ESAs’) and the European Central Bank (ECB), with the support of national competent authorities, where necessary, should assess the data needs of the different supervisory authorities so that the changes to the supervisory reporting template for AIFMs are effective. Reporting requirements need to remain as similar as possible, so as to not overburden AIFMs when reporting to different institutions. In order to achieve that objective, the reporting requirements on the obligation to report the information on the assets and liabilities of investment funds to national central bank should be aligned. __________________ 35 Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 Text with EEA relevance (OJ L 173, 12.6.2014, p. 84). 36 Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories (OJ L 141, 28.5.2019, p. 42). 37 Regulation (EU) No 1011/2012 of the European Central Bank of 17 October 2012 concerning statistics on holdings of securities (OJ L 305, 1.11.2012, p. 6). 38 Regulation (EU) No 1073/2013 of the European Central Bank of 18 October 2013 concerning statistics on the assets and liabilities of investment funds (OJ L 297, 7.11.2013, p. 73).
2022/07/04
Committee: ECON
Amendment 153 #

2021/0376(COD)

Proposal for a directive
Recital 17
(17) In preparation for the future changes to the supervisory reporting obligations the scope of the data that can be required from AIFMs should be widened by removing the limitations, which focus on major trades and exposures or counterparties. If ESMA determines that a full portfolio disclosure to supervisors on a periodic basis is warranted, the provisions of Directive 2011/61/EU should accommodate the necessary broadening of the reporting scope. Furthermore, ESMA should be mandated with drafting a report for the development of an integrated supervisory data collection that will be forwarded to the Commission.
2022/07/04
Committee: ECON
Amendment 155 #

2021/0376(COD)

Proposal for a directive
Recital 21
(21) To enable managers of open-ended AIFs based in any Member State to deal with redemption pressures under stressed market conditions, they should be required to choose at least onetwo LMTs from the harmonised list set out in the Annex, in addition to the possibility to suspend redemptions. When aAn AIFM takes a decision toshould, without delay, notify the competent authorities of its home Member States when activateing or deactivateing the LMT, it should notify the supervisory authoritisuspension of redemptions and subscriptions or redemption gates. This would allow supervisory authorities to better handle potential spill-overs of liquidity tensions into the wider market. An AIFM should also notify the activation or deactivation of any other liquidity management tool when done so in a manner that is not in the ordinary course of business as envisaged in the fund documentation.
2022/07/04
Committee: ECON
Amendment 160 #

2021/0376(COD)

Proposal for a directive
Recital 24
(24) To ensure investor protection and to address financial stability risks, in exceptional circumstances, the competent authorities should be able to request that a manager of an open-ended fund activate or deactivate the appropriate LMT.
2022/07/04
Committee: ECON
Amendment 164 #

2021/0376(COD)

Proposal for a directive
Recital 28
(28) To support supervisory convergence in the area of delegation, ESMA should conduct peer review on the supervisory practices with a particular focus on preventing the creation of letter- box entities. ESMA’s analysis of the peer reviews will feed into the review of the measures adopted in this Directive and inform the European Parliament, the Council and the Commissionget a better understanding of the application of the provisions of this Directive, including in the area of appropriate oversight and control of the delegation arrangements, in all the Member States. To that end, it should draw on reporting obligations to competent authorities, and on the exercise in the area of delegation of its supervisory convergence powers, before the next review of this Directive takes place. ESMA’s analysis of the data collected and of the results of the exercise of its supervisory convergence powers will feed in a report, to be provided before the start of the review, analysing market practices regarding delegation, substance rules, prevention of letter-box entities and compliance with related requirements of the Directive and informing of any additional measures that may be needed to support the effectiveness of the delegation regimes laid down in Directive 2011/61/EU.
2022/07/04
Committee: ECON
Amendment 179 #

2021/0376(COD)

Proposal for a directive
Recital 32
(32) To increase market transparency and effectively employ available AIF market data, ESMA should be permitted to disclose the market data at its disposal in an aggregate or summary form and therefore the confidentiality standard should be relaxed to permit such data use.deleted
2022/07/04
Committee: ECON
Amendment 181 #

2021/0376(COD)

Proposal for a directive
Recital 33
(33) The requirements for third-country entities with access to the internal market should be aligned to the standards laid down in the Council conclusions of 2020 on the revised EU list on non-cooperative jurisdictions for tax purposes43 and Directive (EU) 2015/849 of the European Parliament and of the Council.44 In addition, non-EU AIFs or non-EU AIFMs that are subject to national rules and that are active in individual Member States should satisfy the requirement that they are not located in a third country that is deemed un-cooperative in tax matters. Should a jurisdiction be added to the list of jurisdictions deemed uncooperative in tax matters, closed-ended funds should be afforded a two-year grace period before being deemed to be non-compliant with this Directive. __________________ 43 OJ C 64, 27.2.2020, p.8. 44 Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (OJ L 141, 5.6.2015, p. 73).
2022/07/04
Committee: ECON
Amendment 185 #

2021/0376(COD)

Proposal for a directive
Recital 38
(38) To develop a reliable overview of delegation activities in the Union governed by Article 13 of Directive 2009/65/EC and to inform future policy decisions or supervisory actions, competent authorities should provide ESMA with delegation notifications where a UCITS management company delegates more portfolio management or risk management functions, than it manages itself, to entities located in third countries.deleted
2022/07/04
Committee: ECON
Amendment 192 #

2021/0376(COD)

Proposal for a directive
Recital 39
(39) In order to ensure consistent harmonisation of the notification procesreporting requirements in the area of delegation, power should be delegated to the Commission to adopt regulatory technical standards by means of delegated acts pursuant to Article 290 of the Treaty on the Functioning of the European Union (TFEU) in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council45 to specify the contents, forms and procedures to standardise the notification process of UCITS delegation arrangements. The notification form should contain data fields indicating the activities making up the risk and portfolio management functions in order to determine whether a UCITS management company has delegated more of such functions than it has retained. Those regulatory technical standards should be adopted based on a draft developed by ESMA. __________________ 45 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).
2022/07/04
Committee: ECON
Amendment 194 #

2021/0376(COD)

Proposal for a directive
Recital 39 a (new)
(39 a) The marketing of UCITS is not always conducted by the management company directly but by one or several distributors either on behalf of the management company or on their own behalf. There could also be cases where an independent financial advisor markets a fund without the management company’s knowledge. Most fund distributors are subject to regulatory requirements pursuant to Directive 2014/65/EU or Directive 2016/97/EU, which define the scope and extent of their responsibilities towards their own clients. Directive 2009/65/EU should therefore acknowledge the diversity of distribution arrangements and distinguish between arrangements whereby a distributor operates on behalf of the management company, which should be considered to be a delegation arrangement, and arrangements whereby a distributor acts on its own behalf, in which case the provisions of that Directive regarding delegation should not apply.
2022/07/04
Committee: ECON
Amendment 195 #

2021/0376(COD)

Proposal for a directive
Recital 39 b (new)
(39 b) White-label services, by their very nature, can entail a systematic risk of conflict of interest and moral hazard and therefore require a heightened level of supervision. Management companies intending to provide such services should notify their intentions to the competent authority detailing the measures they intend to take to mitigate the conflict of interest and ensure a clear delineation of tasks and responsibilities.
2022/07/04
Committee: ECON
Amendment 196 #

2021/0376(COD)

Proposal for a directive
Recital 42
(42) To enable UCITS management companies based in any Member State to deal with redemption pressures under stressed market conditions, they should be required to choose at least onetwo LMTs from the harmonised list set out in the Annex in addition to the possibility to suspend redemptions. When aA management company takes a decision toshould notify the competent authorities of its home Member State when activateing or deactivateing the LMT, it should notify the supervisory authoritisuspension of redemptions or redemption gates. This would allow supervisory authorities to better handle potential spill-overs of liquidity tensions into the wider market. A management company should also notify the activation or deactivation of any other liquidity management tool when such action is taken in a manner that is not in the ordinary course of business as envisaged in the fund documentation.
2022/07/04
Committee: ECON
Amendment 198 #

2021/0376(COD)

Proposal for a directive
Recital 44
(44) To ensure investor protection and to address financial stability risks, in exceptional circumstances, the competent authorities should be able to request that a UCITS management company activates or deactivates the appropriate LMT.
2022/07/04
Committee: ECON
Amendment 203 #

2021/0376(COD)

Proposal for a directive
Recital 50
(50) To support supervisory convergence in the area of delegation, ESMA should conduct peer reviews on the supervisory practices particularly focusing on preventing creation of letter-box entities. ESMA’s analysis of the peer reviews would feed into the review of the measures adopted in this Directive and inform the European Parliament, the Council and the Commission whatget a better understanding of the application of the provisions of this Directive, including in the area of appropriate oversight and control of the delegation arrangements, in all the Member States. To that end, it should draw on reporting obligations to competent authorities and on the exercise in the area of delegation of its supervisory convergence powers before the next review of this Directive takes place. ESMA’s analysis of the data collected and of the results of the exercise of its supervisory convergence powers will feed into a report, to be provided before the start of the review, analysing market practices regarding delegation, substance rules, prevention of letter-box entities and compliance with related requirements of the Directive and informing of any additional measures that may be needed to support the effectiveness of the delegation regimes laid down in Directive 2009/65/EC.
2022/07/04
Committee: ECON
Amendment 206 #

2021/0376(COD)

Proposal for a directive
Recital 52
(52) Furthermore, to improve supervisory cooperation, ESMA should be able to request that a competent authority presents a case before the ESMA, where that case has cross-border implications and may affect investor protection or financial stability. Competent authorities of the host Member State should remain adequately updated on the evolution of the case. ESMA analyses of such cases will give other competent authorities a better understanding of the discussed issues and will contribute to preventing similar instances in the future and protect the integrity of the UCITS markets.
2022/07/04
Committee: ECON
Amendment 208 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph -1 (new)
Directive 2011/61/EU
Article 2 – paragraph 3 – point f
(-1) In Article 2(3), point f is replaced by the following: ‘(f) employee participation schemes or employee savings schemes; for which marketing dispositions of articles 31 and 43 shall not apply to AIFs constituted exclusively for the purpose of purchasing company shares and proposed to employees of these companies within the framework of employee savings schemes’; Or. en (Directive 2011/61/EU)
2022/07/04
Committee: ECON
Amendment 214 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 1
Directive 2011/61/EU
Article 4 – paragraph 1 point ap a (new)
(ap a) ‘loan origination’ means the granting of a loan by an AIF as the original lender;
2022/07/04
Committee: ECON
Amendment 217 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 1
Directive 2011/61/EU
Article 4 – paragraph 1 – point ap b (new)
(ap b) ‘shareholder loan’ means: - a loan granted by an AIFs to an undertaking in which it holds directly or indirectly at least 5 % of the capital or voting rights and which cannot be sold to third-parties independently of the capital instruments held by the AIF in the same undertaking; or - a loan issued as interim financing to a company with a view to convert it to an equity investment in the next financing round of the company, and which is subordinated to any other debt of the company;
2022/07/04
Committee: ECON
Amendment 220 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 1
Directive 2011/61/EU
Article 4 – paragraph 1 – point ap c (new)
(ap c) ‘capital’ means aggregate capital contributions and uncalled committed capital, calculated on the basis of amounts investible after deduction of all fees, charges and expenses that are directly or indirectly borne by investors;
2022/07/04
Committee: ECON
Amendment 230 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 3 – point a
Directive 2011/61/EU
Article 7 – paragraph 2 – point e
(e) information on arrangements made for the delegation and sub-delegation to third parties of functions as referred to in Article 20 and a detailed, including: (i) information on the delegate, specifying the delegate’s domicile and whether it is a regulated entity or not; (ii) a description of the delegated portfolio management and risk management functions; (iii) a description of the retained portfolio management and risk management functions; (iv) a description of the human and technical resources to be usemployed by or committed byto the AIFM for monitoring and controlling the delegate.; and (v) an explanation of the added value of the delegation to the investor;
2022/07/04
Committee: ECON
Amendment 233 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 3 – point b
Directive 2011/61/EU
Article 7 – paragraph 5 – subparagraph 1
The competent authorities shall, on a quarterlyn annual basis, inform ESMA of authorisations granted or withdrawn in accordance with this Chapter, and any changes in the scope of the authorisation by the relevant competent authority, in particular material changes to the information provided in accordance with paragraphs 2 and 3 of this Article.
2022/07/04
Committee: ECON
Amendment 248 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 3 – point c
2011/61/EU
Article 7 – paragraph 8
8. ESMA shall develop draft regulatory technical standards to determine the content of the delegation notificationsreporting and the standard forms, templates and procedures for the transmission of the delegation notificationsreporting in a language customary to the sphere of finance. The standard forms and templates shall include information fields covering all information referred to in paragraph 5, fourth subparagraph.
2022/07/04
Committee: ECON
Amendment 249 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 3 – point c
Directive 2011/61/EU
Article 7 – paragraph 9
9. ESMA shall provide the European Parliament, the Council and the Commission with regular reports, at least every two years, analysing market practices regarding delegation to entities located in third countries and compliance with Articles 7 and 20.;deleted
2022/07/04
Committee: ECON
Amendment 254 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 4
Directive 2011/61/EU
Article 8 – paragraph 1 – point c
(c) the persons who effectively conduct the business of the AIFM are of sufficiently good repute and are sufficiently experienced also in relation to the investment strategies pursued by the AIF managed by the AIFM, the names of those persons and of every person succeeding them in the office being communicated forthwith to the competent authorities of the home Member States of the AIFM and the conduct of the business of the AIFM being decided by at least two natural persons who are either employed full-time by that AIFM or who are committed full- time or on a full-time equivalent basis to conduct the business of that AIFM and who are resident in the Union meeting such conditions;;
2022/07/04
Committee: ECON
Amendment 261 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 4 a (new)
Directive 2011/61/EU
Article 14
(4 a) Article 14 is replaced by the following: "1. Member States shall require AIFMs to take all reasonable steps to identify conflicts of interest that arise in the course of managing AIFs between: (a)the AIFM, including its managers, employees or any person directly or indirectly linked to the AIFM by control, and the AIF managed by the AIFM or the investors in that AIF; (b)the AIF or the investors in that AIF, and another AIF or the investors in that AIF;(c)the AIF or the investors in that AIF, and another client of the AIFM; (d)the AIF or the investors in that AIF, and a UCITS managed by the AIFM or the investors in that UCITS; or (e)two clients of the AIFM. AIFMs shall maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps designed to identify, prevent, manage and monitor conflicts of interest in order to prevent them from adversely affecting the interests of the AIFs and their investors. AIFMs shall segregate, within their own operating environment, tasks and responsibilities which may be regarded as incompatible with each other or which may potentially generate systematic conflicts of interest. AIFMs shall assess whether their operating conditions may involve any other material conflicts of interest and disclose them to the investors of the AIFs. 2. Where organisational arrangements made by the AIFM to identify, prevent, manage and monitor conflicts of interest are not sufficient to ensure, with reasonable confidence, that risks of damage to investors’ interests will be prevented, the AIFM shall clearly disclose the general nature or sources of conflicts of interest to the investors before undertaking business on their behalf, and develop appropriate policies and procedures. 2a. AIFMs intending to provide White- Label services shall submit to the competent authorities of their home Member State detailed explanations and evidence on their compliance with paragraphs 1 and 2. In particular, they shall specify how they prevent systematic conflicts of interest or any other material conflicts of interest arising from their White-Label business activities and how any existing or potential conflicts are effectively managed in the best interest of investors and this is clearly and comprehensively disclosed to investors 3. Where the AIFM on behalf of an AIF uses the services of a prime broker, the terms shall be set out in a written contract. In particular any possibility of transfer and reuse of AIF assets shall be provided for in that contract and shall comply with the AIF rules or instruments of incorporation. The contract shall provide that the depositary be informed of the contract. AIFMs shall exercise due skill, care and diligence in the selection and appointment of prime brokers with whom a contract is to be concluded. 4. The Commission shall adopt, by means of delegated acts in accordance with Article 56 and subject to the conditions of Articles 57 and 58, measures specifying: (a) the types of conflicts of interest as referred to in paragraph 1; (b) the reasonable steps AIFMs are expected to take in terms of structures and organisational and administrative procedures in order to identify, prevent, manage, monitor and disclose conflicts of interest. 5. In order to ensure uniform conditions of application of this Article, ESMA shall develop draft regulatory technical standards to specify: (a) the types of White-Label services and conflicts of interest as referred to in paragraph 2a; (b) the steps AIFMs are expected to take in terms of structures and organisational and administrative procedures in order to identify, prevent, manage, monitor and disclose conflicts of interest arising from the provision of White-Label services; (c) criteria to be used by the relevant competent authorities to assess whether AIFMs comply with their obligations under paragraph 2a. Power is conferred on the Commission to adopt the regulatory technical standards referred to in this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. Or. en (32011L0061)
2022/07/04
Committee: ECON
Amendment 268 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 5 – point b
Directive 2011/61/EU
Article 15 – paragraph 4 c a (new)
4c a. An AIFM shall ensure that the leverage of a loan-originating AIF it manages represents no more than 100 % of the net asset value of the AIF. The leverage shall be expressed as the ratio between the exposure of an AIF, calculated according to the commitment method as defined by means of the delegated acts referred to in Article 4(3), and its net asset value. Borrowing arrangements which are temporary in nature and are fully covered by contractual capital commitments from investors in the AIF shall not be considered to constitute leverage for the purposes of this paragraph. The requirements set out in the first subparagraph shall apply to AIFs that gain exposure to a loan through a special purpose vehicle which originates a loan for or on behalf of the AIF or AIFM in respect of the AIF.
2022/07/04
Committee: ECON
Amendment 269 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 5 – point b
Directive 2011/61/EU
Article 15 – paragraph 4 d – point a a (new)
(a a) an entity within the same group as the AIFM;
2022/07/04
Committee: ECON
Amendment 272 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 5 – point b
Directive 2011/61/EU
Article 15 – paragraph 4 d a (new)
4d a. The proceeds of the loan, minus the fees for the administration of the loan, shall be attributed to the fund in full. All costs and expenses linked to the administration of the loan shall be clearly disclosed in accordance with Article 23 of this Directive.
2022/07/04
Committee: ECON
Amendment 276 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 5 – point b
Directive 2011/61/EU
Article 15 – paragraph 4 e – subparagraph 2
The requirement set out in the first subparagraph doesshall not apply to: - shareholder loans, provided that these shareholder loans do not exceed 100% of the AIF’s capital; and - the loans that the AIF has purchased on the secondary market.’;
2022/07/04
Committee: ECON
Amendment 279 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 6
Directive 2011/61/EU
Article 16 – paragraph 2a – subparagraph 1
An AIFM shall ensure that the AIF it manages is closed-ended if the notional value of its originated loans exceeds 60 % of its net asset value for a continuous period of 15 days.
2022/07/04
Committee: ECON
Amendment 283 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 6
Directive 2011/61/EU
Article 16 – paragraph 2a a (new)
2a a. The threshold set out in paragraph 2a shall not apply to funds that: - have sustainable investment as their objective, in accordance with Article 2(17) and Article 9 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SHRD); and, - do not exceed EUR 3 billion assets under management.
2022/07/04
Committee: ECON
Amendment 284 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 6
Directive 2011/61/EU
Article 16 – paragraph 2b
2b. After assessing the suitability in relation to the pursued investment strategy, the liquidity profile and the redemption policy, an AIFM that manages an open- ended AIF shall select at least onetwo appropriate liquidity management tools from the list set out in Annex V, points 2 to 4, 4,5 6 and 8, for possible use in the interest of the AIF’s investors. The AIFM shall implement detailed policies and procedures for the activation and deactivation of any selected liquidity management tools and the operational and administrative arrangements for the use of such tools.
2022/07/04
Committee: ECON
Amendment 286 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 6
Directive 2011/61/EU
Article 16 – paragraph 2c
2c. An AIFM that manages an open- ended AIF may, in the interest of AIF investors, temporarily suspend the repurchase or redemption of the AIF units or activate other liquidity management tools selected from the list set out in Annex V, points 2 to 4,, 4,5,6 and 8 and included in the fund rules or the instruments of incorporation of the AIFM.
2022/07/04
Committee: ECON
Amendment 289 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 6
Directive 2011/61/EU
Article 16 – paragraph 2d
2d. An AIFM shall, without delay, notify the competent authorities of its home Member State when activating or deactivating a liquidity management tool mentioned in 2bthe suspension of redemptions and subscriptions or redemption gates. An AIFM shall also notify the activation or deactivation of any other liquidity management tool when done so in a manner that is not in the ordinary course of business as envisaged in the fund documentation.
2022/07/04
Committee: ECON
Amendment 292 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 6
Directive 2011/61/EU
Article 16 – paragraph 2f
2f. ESMA shall develop draft regulatory technical standards to specify the characteristics of the liquidity management tools set out in Annex V.deleted
2022/07/04
Committee: ECON
Amendment 296 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 6
Directive 2011/61/EU
Article 16 – paragraph 2g
2g. ESMA shall develop draft regulatory technical standards on criteria for the selection and use of suitable liquidity management tools by the AIFMs for liquidity risk management, including appropriatwith regards to the disclosures to the investors, taking into account the capability of such tools to reduce undue adv of information related to the use of liquidity mantages for investors that redeem their investments first,ment tools for to manage liquidity and to mitigate financial stability risks by the AIFMs.
2022/07/04
Committee: ECON
Amendment 321 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 8 – point a
(c) the third country where the depositary is established is not identified as a high-risk third country pursuant to Article 9(2) of Directive (EU) 2015/849 applicable at the time of the notification to the competent authorities of the AIFM's home Member State;’;
2022/07/04
Committee: ECON
Amendment 332 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 9 – point b
Directive 2011/61/EU
Article 23 – paragraph 4 – point d
(d) the aggregated amount of the originated loan portfolio;
2022/07/04
Committee: ECON
Amendment 335 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 9 – point b
Directive 2011/61/EU
Article 23 – parargraph 4 – point f
(f) on a quarterlyn annual basis, any parent company, subsidiary or special purpose entity established in relation to the AIF’s investments by the AIFM, the staff ofany parties to an employment relationship with the AIFM or the AIFM’s direct or indirect affiliates.;
2022/07/04
Committee: ECON
Amendment 336 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 10 – point a
Directive 2011/61/EU
Article 24 – paragraph 1 – subparagraph 2a (new)
An AIFM shall report to the competent authority any material changes that may affect the scope of the authorisation by that authority
2022/07/04
Committee: ECON
Amendment 341 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 10 – point b a (new)
Directive 2011/61/EU
Article 24 – paragraph 5 – subparagraph 1
(b a) the first subaragraph of paragraph 5 is replaced by the following "Where necessary for the effective monitoring of systemic risk, the competent authorities of the home Member State may requireest information in addition to that describrequired in this Article, on a periodic as well as on an ad-hoc basis. The competent authorities shall inform ESMA and the ESRB about the additional information requirements. Or. en (32011L0061)
2022/07/04
Committee: ECON
Amendment 357 #

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 to the Council conclusions of 2020 on the revised EU list on non-cooperative jurisdictions for tax purposes54 applicable at the time of the notification to the competent authorities of the AIFM's home Member State.; If a third-country where the non-EU AIF is established is added to Annex I to the Council’s conclusions of 2020 on the revised EU liston non-cooperative jurisdictions for tax purposed after the time of the notification to the competent authorities, closed-ended funds shall continue to be considered to meet the criteria in this paragraph for a period of 2 years.; __________________ 54 OJ C 64, 27.2.2020, p. 8.
2022/07/04
Committee: ECON
Amendment 361 #

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 to the Council conclusions of 2020 on the revised EU list on non-cooperative jurisdictions for tax purposes.; applicable at the time of the notification to the competent authorities of the AIFM home Member State. If a third-country where the non-EU AIF is established is added to Annex I to the Council’s conclusions of 2020 on the revised EU list on non-cooperative jurisdictions for tax purposed after the time of the notification to the competent authorities, closed-ended funds shall continue to be considered to meet the criteria in this paragraph for a period of 2 years.
2022/07/04
Committee: ECON
Amendment 365 #

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 to the Council conclusions of 2020 on the revised EU list on non-cooperative jurisdictions for tax purposes applicable at the time of the notification to the competent authorities of the AIFM home Member State. If a third-country where the non-EU AIF is established is added to Annex I to the Council’s conclusions of 2020 on the revised EU list on non-cooperative jurisdictions for tax purposes after the time of the notification to the competent authorities, closed-ended funds shall continue to be considered to meet the criteria in this paragraph for a period of 2 years.;
2022/07/04
Committee: ECON
Amendment 369 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 14
Directive 2011/61/EU
Article 38a
(14) the following Article 38a is inserted: 1. and at least every two years, conduct a peer review analysis of the supervisory activities of the competent authorities in relation to the application of Article 20. That peer review analysis shall focus on the measures taken to prevent that AIFMs, which delegate performance of portfolio management or risk management to third parties located in third countries, become letter-box entities. 2. analysis, ESMA shall use transparent methods to ensure an objective assessment and comparison between the competent authoritiesdeleted Article 38a Peer review of application of the delegation regime ESMA shall, on a regular basis When conducting the peer reviewed.;
2022/07/04
Committee: ECON
Amendment 375 #

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 to the Council conclusions of 2020 on the revised EU list on non-cooperative jurisdictions for tax purposes applicable at the time of the notification to the competent authorities of the AIFM home Member State. If a third-country where the non-EU AIF is established is added to Annex I to the Council's conclusions of 2020 on the revised EU list on non-cooperative jurisdictions for tax purposed after the time of the notification to the competent authorities, closed-ended funds shall continue to be considered to meet the criteria in this paragraph for a period of 2 years.;
2022/07/04
Committee: ECON
Amendment 379 #

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 to the Council conclusions of 2020 on the revised EU list on non-cooperative jurisdictions for tax purposes applicable at the time of the notification to the competent authorities of the AIFM home Member State. If a third-country where the non-EU AIF is established is added to Annex I to the Council's conclusions of 2020 on the revised EU list on non-cooperative jurisdictions for tax purposes after the time of the notification to the competent authorities, closed-ended funds shall continue to be considered to meet the criteria in this paragraph for a period of 2 years.;
2022/07/04
Committee: ECON
Amendment 386 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 17
Directive 2011/61/EU
Article 46 – paragraph 2 – point j
(j) in the interest of investors or of the public, in exceptional circumstances and after consulting the AIFM, require AIFMs to activate or deactivate a liquidity management tool referred to in point 1 or 2 of Annex V or selected by the AIFM in accordance with Article 16(2b), whichever is more suitable considering the type of open-ended AIF or group of open-ended AIFs concerned and investor protection or financial stability risks that necessitate this requirement.;
2022/07/04
Committee: ECON
Amendment 388 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point a
Directive 2011/61/EU
Article 47 – paragraph 3 – point a
(a) where ESMA or the competent authority or another authority or body concerned states at the time of communication that such information may be disclosed;deleted
2022/07/04
Committee: ECON
Amendment 393 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 19 – point a
Directive 2011/61/EU
Article 50 – paragraph 5
5. Where the competent authorities of one Member State have reasonclear and demonstrable grounds to suspect that acts contrary to this Directive are being or have been carried out by an AIFM not subject to supervision of those competent authorities, they shall notify ESMA and the competent authorities of the home and host Member States of the AIFM concerned thereof in as specific a manner as possible. The recipient authorities shall take appropriate action, shall inform ESMA and the notifying competent authorities of the outcome of that action and, to the extent possible, of significant interim developments. This paragraph shall be without prejudice to the competences of the notifying competent authority.;
2022/07/04
Committee: ECON
Amendment 394 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 19 – point b
Directive 2011/61/EU
Article 50 – paragraph 5d
5d. Based on the information received in accordance with paragraphs 5b and 5c, ESMA shall issue an opinion to the competent authorities of the home Member State of the AIFM on exercising powers laid down in Article 46(2), point (j) or Article 47(4), point (d). The opinion shall be communicated to the authority of the host Member State.
2022/07/04
Committee: ECON
Amendment 395 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 19 – point b
Directive 2011/61/EU
Article 50 – paragraph 5e
5e. Where the competent authority does not act in accordance or does not intend to comply with ESMA’s opinion referred to in paragraph 5d, it shall inform ESMA and the competent authority of the host Member State, stating its reasons for the non- compliance or intention. ESMA may publish the fact that a competent authority does not comply or intend to comply with its advice. ESMA may also decide, on a case-by-case basis, to publish the reasons provided by the competent authority in this regard together with the reasons stated by the competent authority for the non-compliance or intention, unless such publication is in conflict with the legitimate interest of the share or unit- holders or of the public, or could seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system of the Union. ESMA shall give the competent authorities advance notice about such publication.
2022/07/04
Committee: ECON
Amendment 404 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 19 – point b
Directive 2011/61/EU
Article 50 – paragraph 5g
5g. ESMA may request the competent authority to submit explanations to ESMA in relation to specific cases, which have cross-border implications, concern investor protection issues or pose risks to the financial stability. within a reasonable timeframe.
2022/07/04
Committee: ECON
Amendment 412 #

2021/0376(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 21
Directive 2011/61/EU
Article 69b – paragraph 1 – introductory part
1. By [Please insert date = 60 months after the entry into force of this Directive] and following the peer reviews by ESMA referred to in Article 38a and reports produced by ESMA in accordance with Article 7(9), the Commission shall initiate a review of the functioning of the rules laid down in this Directive and the experience acquired in applying them. That review shall include an assessment of the following aspects:
2022/07/04
Committee: ECON
Amendment 433 #

2021/0376(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 2 – point a
Directive 2009/65/EC
Article 7 – paragraph 1 – point b
(b) the persons who effectively conduct the business of a management company are of sufficiently good repute and are sufficiently experienced also in relation to the type of UCITS managed by the management company, the names of those persons and of every person succeeding them in office being communicated forthwith to the competent authorities and the conduct of the business of a management company being decided by at least two natural persons who are either employed full-time or on a full-time equivalent basis by that management company or who are committed full-time to conduct the business of that management company and who are resident in the Union meeting such conditions;
2022/07/04
Committee: ECON
Amendment 434 #

2021/0376(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 2 – point b
Directive 2009/65/EC
Article 7 – paragraph 1 – point e
(e) information is provided by the management company on arrangements made for the delegation to third parties of functions in accordance with Article 13 and a detailed presenta, including: (i) information on the delegate, specifying the delegate’s domicile and whether it is a regulated entity or not; (ii) a description of the delegated portfolio management and risk management functions; (iii) a description of the retained portfolio management and risk management functions; (iv) a description of the human and technical resources to be used by the management companyemployed by or committed to the AIFM for monitoring and controlling the delegate.; and (v) an explanation of the added value of the delegation to the investor.
2022/07/04
Committee: ECON
Amendment 440 #

2021/0376(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 3 – point b a (new)
Directive 2009/65/EC
Article 13 – paragraph 2a (new)
(b a) the following paragraph 2a is added: Management companies intending to provide White-Label services shall submit to the competent authorities of their home Member State detailed explanations and evidence on their compliance with paragraphs 1 and 2. In particular, they shall specify how they prevent systematic conflicts of interest or any other material conflicts of interest arising from their White-Label business activities and how any existing or potential conflicts are effectively managed in the best interest of investors and this is clearly and comprehensively disclosed to investors.
2022/07/04
Committee: ECON
Amendment 444 #

2021/0376(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 3 – point c
Directive 2009/65/EC
Article 13 – paragraph 3
3. Where a management company delegates more portfolio management or risk management functions to entities located in third countries than it retains, the competent authorities shall, on an annual basis, notify ESMA of all such delegations (‘delegation notifications’). The delegation notifications shall include the following: (a) management company concerned; (b) specifying the delegate’s domicile and whether it is a regulated entity or not; (c) portfolio management and risk management functions; (d) portfolio management and risk management functions; (e) analyse the delegation arrangements; (f) authorities’ supervisory activities, including desk-based reviews and on-site inspections and the results of such activities; (g) between the competent authority and the supervisory authority of the delegate.deleted information on the UCITS and its information on the delegate, a description of the delegated a description of the retained any other information necessary to a description of the competent any details on the cooperation
2022/07/04
Committee: ECON
Amendment 457 #

2021/0376(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 3 – point c
Directive 2009/65/EC
Article 13 – paragraph 4 – subparagraph 1
ESMA shall develop draft regulatory technical standards to determine: (a) the content of the delegation notificationsreporting and the standard forms, templates and procedures for the transmission of the delegation notificationsreporting in a language customary to the sphere of finance. The standard forms and templates shall include information fields covering all information referred to in paragraph 3; and (b) the types of white-label services and conflicts of interest as referred to in paragraph 2a and the steps Management Companies are expected to take in terms of structures and organisational and administrative procedures in order to identify, prevent, manage, monitor and disclose conflicts of interest arising from the provision of White-Label service.
2022/07/04
Committee: ECON
Amendment 460 #

2021/0376(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 3 – point c
Directive 2009/65/EC
Article 13 – paragraph 5
5. ESMA shall provide the European Parliament, the Council and the Commission with regular reports, at least every two years, analysing market practices regarding delegation to entities located in third countries and compliance with Articles 7 and 13.deleted
2022/07/04
Committee: ECON
Amendment 472 #

2021/0376(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 4
Directive 2009/65/EC
Article 18a – paragraph 2
2. After assessing the suitability in relation to the pursued investment strategy, the liquidity profile and the redemption policy, a management company shall select at least onetwo appropriate liquidity management tools from the list set out in Annex IIA, points 2 to 4,, 4, 5, 6 and 8 and include in the fund rules or the instruments of incorporation of the investment company for possible use in the interest of the UCITS’ investors. The management company shall implement detailed policies and procedures for the activation and deactivation of any selected liquidity management tools and the operational and administrative arrangements for the use of such tools.
2022/07/04
Committee: ECON
Amendment 480 #

2021/0376(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 5
Directive 2009/65/EC
Article 20a – paragraph 1
1. A management company shall regularlyalso report to the competent authorities of its home Member State the information on the markassets and instruments in which it trades on behalf of the UCITS it managesliabilities of investment funds which the company reports to their national central banks under Regulation ECB/2013/38. Management companies may also report any additional reporting requirements introduced under paragraph 1a..
2022/07/04
Committee: ECON
Amendment 488 #

2021/0376(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 5
1 a. ESMA is empowered to draft regulatory technical standards obliging management companies to provide national competent authorities with additional information regarding delegation arrangements concerning portfolio management or risk management functions. The draft regulatory technical standards shall specify the details to be reported. 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 492 #

2021/0376(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 5
Directive 2009/65/EC
Article 20a – paragraph 2
2. ESMA shall develop draft regulatory technical standards specifying the details to be reported in accordance with paragraph 1. ESMA shall take into account other reporting requirements to which the management companies are subject and the report issued in accordance with Article 20b. ESMA shall submit those draft regulatory technical standards to the Commission by [Please insert date = 36 months after the entry into force of this Directive]. 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.deleted
2022/07/04
Committee: ECON
Amendment 501 #

2021/0376(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 5
Directive 2009/65/EC
Article 20a – paragraph 3 – subparagraph 1 – point a
(a) the format and data standards for the reports referred to in paragraph 1 and 1a, where applicable;
2022/07/04
Committee: ECON
Amendment 516 #

2021/0376(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 8
Directive 2009/65/EC
Article 84 – paragraph 2 – point b
(b) in the interest of the unit-holders or of the public, in exceptional circumstances and after consulting the management company, competent authorities of a UCITS home Member State may require a UCITS to activate a liquidity management tool referred to in points 1 or 2 of Annex IIA or selected and notified by the UCITS in accordance with Article 18a(2), whichever is more suitable considering the type of UCITS and the risks that necessitate taking this measure.
2022/07/04
Committee: ECON
Amendment 528 #

2021/0376(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 8
Directive 2009/65/EC
Article 84 – paragraph 3d
3d. On the basis of the information received in accordance with paragraphs 3b and 3c, ESMA shall issue an opinion to the competent authorities of the UCITS home Member State on exercising powers laid down in paragraph 2, point (b). The opinion shall be communicated to the competent authority of the host Member State.
2022/07/04
Committee: ECON
Amendment 530 #

2021/0376(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 8
Directive 2009/65/EC
Article 84 – paragraph 3e
3e. Where the competent authority does not act in accordance or does not intend to comply with ESMA’s opinion referred to in paragraph 3d, it shall inform ESMA, stating the reasons for the non- compliance or intention. ESMA may publish the fact that a competent authority does not comply or intend to comply with its advice. ESMA may also decide, on a case-by-case basis, to publish the reasons provided by the competent authority in this regards together with the reasons stated by the competent authority for the non- compliance or intention, unless such publication is in conflict with the legitimate interest of the share or unit- holders or of the public, or could seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system of the Union. ESMA shall give the competent authorities advance notice about such publication.
2022/07/04
Committee: ECON
Amendment 541 #

2021/0376(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 9
Directive 2009/65/EC
Article 98 – paragraph 4
4. ESMA may request the competent authority to submit explanations to ESMA in relation to specific cases, which have cross-border implications, concern investor protection issues or pose risks to the financial stability within a reasonable timeframe.’;
2022/07/04
Committee: ECON
Amendment 543 #

2021/0376(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 10
Directive 2009/65/EC
Article 101a
(10) the following Article 101a is inserted: 1. and at least every two years, conduct a peer review analysis of the supervisory activities of the competent authorities in relation to the application of Article 13. That peer review analysis shall focus on the measures taken to prevent that management companies, which delegate performance of portfolio management or risk management to third parties located in third countries, become letter-box entities. 2. When conducting the peer review analysis, ESMA shall use transparent methods to ensure an objective assessment and comparison between the competent authorities reviewed.’;deleted Article 101a ESMA shall, on a regular basis
2022/07/04
Committee: ECON
Amendment 550 #

2021/0376(COD)

Proposal for a directive
Article 2 – paragraph 1 – point 11
Directive 2009/65/EC
Article 110a – paragraph 1
By [Please insert date = 30 months after the entry into force of this Directive] and following the peer reviews and analysis referred to in Article 101a and the report produced by ESMA in accordance with Article 13(4), the Commission shall initiate a review of the delegation regime laid down in Article 13 with regard to preventing the creation of letter-box entities in the Union.;
2022/07/04
Committee: ECON
Amendment 559 #

2021/0376(COD)

Proposal for a directive
Annex II
Directive 2011/61/EU
Annex V – point 7
(7) Redemptions in kind: redemptions- in-kind allow the fund manager to meet a redemption request by transferring securities held by the fund, instead of cash, to the redeeming shareholders. The redemption in-kind is permitted not to correspond to a pro rata share of the assets held by the AIF if that AIF is solely marketed to professional investors or where the aim of that AIF’s investment policy is to replicate the composition of a certain stock or debt securities index, and additionally if that AIF is an Exchange Traded Fundas defined in Article 2(26) of Regulation (EU) No 600/2014 on markets in financial instruments.
2022/07/04
Committee: ECON
Amendment 560 #

2021/0376(COD)

Proposal for a directive
Annex IV
Directive 2009/65/EC
Annex IV – point 7
(7) Redemptions in kind: redemptions- in-kind allow the fund manager to meet a redemption request by transferring securities held by the fund, instead of cash, to the redeeming shareholders. The redemption in-kind is permitted not to correspond to a pro rata share of the assets held by the fund if that fund is solely marketed to professional investors or where the aim of that fund's investment policy is to replicate the composition of a certain stock or debt securities index, and additionally if that fund is an Exchange Traded Fund as defined in Article 2(26) of Regulation (EU) No 600/2014 on markets in financial instruments.
2022/07/04
Committee: ECON
Amendment 26 #

2021/0343(COD)

Proposal for a regulation
Recital 7
(7) In the context of the indirect subscription of internal MREL eligible instruments by resolution entities pursuant to the revised Union bank resolution framework, intermediate parents should be required to deduct from their own internal MREL eligible resources the full holding of own funds and eligible liabilities issued by their subsidiaries belonging to the same resolution group. This ensures the proper functioning of the internal loss-absorbing and recapitalisation mechanisms within a group and avoids the double-counting of the internal MREL eligible resources of the subsidiary for the purposes of compliance by the intermediate parent with its own internal MREL. Additionally, without those deductions, the individual solvency ratios of intermediate parents would not reflect appropriately and prudently their actual loss-absorbing capacity, as those ratios would also include the loss- absorbing capacity of their subsidiaries. This could compromise the proper implementation of the chosen resolution strategy, as the intermediate parent could use up not only its own loss absorption capacity but also that of its subsidiary, before the intermediate parent or the subsidiary are no longer viable. The dDeductions should first be applied to the eligible liabilities items of the intermediate parentsentities. Where the intermediate entity is required to comply with internal MREL pursuant to Directive 2014/59/EU, the deductions should be applied to the liabilities meeting the conditions of Article 45f(2) of that Directive. In case the amount to be deducted would exceed the amount of the eligible liabilities items of the intermediate parentities, the remaining amount should be deducted from their Tier 2 items. To ensure that the deduction regime remains proportionate, that regime should not be applicable in the exceptional cases where internal MREL is applied on a consolidated basis only. Common Equity Tier 1, Additional Tier 1 and Tier 2 items, starting with Tier 2 items in accordance with Article 66, point (e), of Regulation (EU) No 575/2013. In such a case, it is necessary that the deductions corresponding to the remaining amount are also applied when calculating own funds for the purposes of the requirements laid down in Regulation (EU) No 575/2013 and Directive 2013/36/EU. Otherwise, the solvency ratios of intermediate entities that have issued own funds instruments, rather than eligible liabilities instruments, to fund the acquisition of ownership of internal MREL eligible resources may be overstated. Additionally, by keeping the treatment of holdings of internal MREL eligible resources aligned for prudential and resolution purposes, an undue increase in complexity is avoided, as institutions would be able to continue to calculate, report and disclose one set of total risk exposure amount and total exposure measure for prudential and resolution purposes. Article 49(2) of Regulation (EU) No 575/2013 should thus be amended accordingly. To ensure that the deduction regime remains proportionate, that regime should not be applicable in the exceptional cases where, pursuant to Articles 45f(1), third subparagraph, and 45f(4) of Directive 2014/59/EU, internal MREL is applied on a consolidated basis only, in what concerns the holdings of internal MREL eligible resources issued by entities included in the perimeter of consolidation. The same exception should apply when the requirement for own funds and eligible liabilities for material subsidiaries of non-EU G-SIIs laid down in Article 92b of Regulation (EU) No 575/2013 is complied with on a consolidated basis, pursuant to Article 11(3a) of Regulation(EU) No 575/2013.
2022/01/12
Committee: ECON
Amendment 34 #

2021/0343(COD)

Proposal for a regulation
Recital 10
(10) To ensure that institutions have sufficient time to implement the dedicated treatment for the indirect subscription of instruments eligible for internal MRELternal MREL eligible resources, including the new deduction regime, the provisions laying down that treatment should become applicable six months after the entry into force of this Regulationfrom 01 January 2024.
2022/01/12
Committee: ECON
Amendment 58 #

2021/0343(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point b
Regulation (EU) No 575/2013
Article 72 e – paragraph 5 – subparagraph 3
For the purposes of this paragraph, the reference to eligible liabilities items shall also be understood as a reference to eligible liabilitiebe limited to the intermediate entities holdings of eligible instruments of the lower subsidiaries up to the lower subsidiaries’ loss absorption amount and recapitalization amount as rdeferred toined in Article 45f (2), point (a), (a) and (b) of Directive 2014/59/EU. For the purpose of calculating this limit, direct issuances of eligible instruments from lower subsidiaries to the relevant resolution entity should be accounted for through the reduction of the limit by the amount of eligible instruments already directly issued.
2022/01/12
Committee: ECON
Amendment 72 #

2021/0343(COD)

Proposal for a regulation
Article 3 – paragraph 3
However, Article 1, point (3), point (5)(b), and points (7), (8) and (9) and Article 2 shall apply from 1 January 2024. Article 2, points (1) and (3), shall apply by the date referred to in the second paragraph, first subparagraph. Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with Article 2, points (1) and (3), by [OP please insert the date = 612 months after date of entry into force]. from the date of entry into force of this amending Regulation]. They shall immediately communicate the text of those measures to the Commission. When Member States adopt those measures, they shall contain a reference to this Regulation or shall be accompanied by such reference on the occasion of their official publication. The methods of making such reference shall be laid down by Member States. Member States shall communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by Article 2, points (1) and (3), of this Regulation.
2022/01/12
Committee: ECON
Amendment 315 #

2021/0342(COD)

Proposal for a regulation
Recital 2
(2) To address those problems, provide legal certainty and signal our commitment to our international partners in the G20, it is of utmost importance to implement the outstanding elements of the Basel III reform faithfully. At the same time, the implementation should avoid a significant increase in overall capital requirements for the EU banking system on the whole and take into account specificities of the EU economy. Where possible, adjustments to the international standards should be applied on a transitional basis. The implementation should help avoid competitive disadvantages for EU institutions, in particular in the area of trading activities, where EU institutions directly compete with their international peers. Furthermore, the proposed approach should be coherent with the logic of the Banking Union and avoid further fragmentation of the Single Market for banking. Finally, it should ensure proportionality of the rules and aim at further reducing compliance costs, in particular for smaller institutions, without loosening the prudential standards.
2022/08/11
Committee: ECON
Amendment 317 #

2021/0342(COD)

Proposal for a regulation
Recital 3
(3) Regulation (EU) No 575/2013 enables institutions to calculate their capital requirements either by using standardised approaches, or by using internal model approaches. Internal model approaches, approved by national competent authorities, allow institutions to estimate most or all the parameters required to calculate capital requirements on their own, whereas standardised approaches require institutions to calculate capital requirements using fixed parameters, which are based on relatively conservative assumptions and laid down in Regulation (EU) No 575/2013. The Basel Committee decided in December 2017 to introduce an aggregate output floor. That decision was based on an analysis carried out in the wake of the financial crisis of 2008-2009, which revealed that internal models tend to underestimate the risks that institutions are exposed to, especially for certain types of exposures and risks, and hence, tend to result in insufficient capital requirements. Compared to capital requirements calculated using the standardised approaches, internal models produce, on average, lower capital requirements for the same exposures.
2022/08/11
Committee: ECON
Amendment 323 #

2021/0342(COD)

Proposal for a regulation
Recital 8
(8) For subordinated debt and equity exposures, a more granular and stringent risk weight treatment is necessary to reflect the higher loss risk of subordinated debt and equity exposures when compared to debt exposures, and to prevent regulatory arbitrage between the banking book and the trading book. Union institutions have long-standing, strategic equity investments in financial and non-financial corporates. As the standard risk weight for equity exposures increases over a 5-year transition period, existing sStrategic equity holdings in corporates and insurance undertakings under significant influence of the institution should be grandfatheredtreated under a preferential treatment to avoid disruptive effects and to preserve the role of Union institutions as long-standing, strategic equity investors. Given the prudential safeguards and supervisory oversight to foster financial integration of the financial sector, however, for equity holdings in other institutions within the same group or covered by the same institutional protection scheme, the current regime should be maintained for institutions using the standardised approach, and, as a consequence, in order to ensure a level playing field, should be adequately adapted for banks using the IRB Approach. In addition, to reinforce private and public initiatives to provide long-term equity to EU corporates, be they listed or unlisted, investments should not be considered as speculative where they are made with the firm intention of the institution’s senior management to hold it for three or more years.
2022/08/11
Committee: ECON
Amendment 329 #

2021/0342(COD)

Proposal for a regulation
Recital 11
(11) Most EU corporates, however, do not seek external credit ratings, in particular due to cost considerations. To avoid disruptive impacts on bank lending to unrated corporates and to provide enough time to establish public or private initiatives aimed at increasing the coverage of external credit ratings, it is necessary to provide for a transitional period for such increase in the coverage. During that transitional period, institutions using IRB approaches should be able to apply a favourable treatment when calculating their output floor for investment grade exposures to unrated corporates, whilst initiatives to foster widespread use of credit ratings should be established. That transitional arrangement should be coupled with a report prepared by the European Banking Authority (‘EBA’). After the transition period, institutions should be able to refer to credit assessments by ECAIs to calculate the capital requirements for most of their corporate exposures. To inform any future initiative on the set-up of public or private rating schemes, the European Supervisory Authorities (ESAs) should be requested to prepare a report on the impediments to the availability of external credit ratings by ECAIs, in particular for corporates, and on possible measures to address those impediments. In the meanwhile, the European Commission stands ready to provide technical support to Member States via its Technical Support Instrument in this area, e.g. to formulate strategies on increasing the rating- penetration of their unlisted corporates or to explore best practices on setting up entities capable of providing ratings or providing related guidance to corporates.
2022/08/11
Committee: ECON
Amendment 339 #

2021/0342(COD)

Proposal for a regulation
Recital 15
(15) To ensure that the impacts of the output floor on low-risk residential mortgage lending by institutions using IRB approaches are spread over a sufficiently long period and thus avoid disruptions to that type of lending that could be caused by sudden increases in own funds requirements, it is necessary to provide for a specific transitional arrangement. For the duration of the arrangement, warrangement. When calculating the output floor, IRB institutions should be able to apply a lower risk weight to the part of their residential mortgage exposures that is considered secured by residential property under the revised SA-CR. To ensure that the transitional arrangement is available only to low-risk mortgage exposures, appropriate eligibility criteria, based on established concepts used under the SA- CR, should be set. The compliance with those criteria should be verified by competent authorities. Because residential real estate markets may differ from one Member States to another, the decision on whether to activate the transitionalspecific arrangement should be left to individual Member States. The use of the transitionalspecific arrangement should be monitored by EBA.
2022/08/11
Committee: ECON
Amendment 342 #

2021/0342(COD)

Proposal for a regulation
Recital 27
(27) Specialised lending exposures have risk characteristics that differ from general corporate exposures. It is thus appropriate to provide for a transitional period during whichadjust the LGD input floor applicable to specialised lending exposures is reducedn order to reflect the lower risk of these exposures.
2022/08/11
Committee: ECON
Amendment 343 #

2021/0342(COD)

Proposal for a regulation
Recital 29
(29) To ensure a consistent approach for all RGLA-PSE exposures, a new RGLA- PSA exposure class should be created, independent from both sovereign and institutions exposure classes, and which should all be subject to the input floors provided by the new rules.
2022/08/11
Committee: ECON
Amendment 344 #

2021/0342(COD)

Proposal for a regulation
Recital 30 a (new)
(30 a) In the context of removing unwarranted variability in capital requirements, existing discounting rules applied to artificial cash flows should be clarified in order to remove any unintended consequences. It has been shown that the current rules on the treatment of artificial cashflows for exposures that return to non-default status have the effect of inflating credit institutions Loss Given Default (LGD) calculations, and, in turn, Risk Weighted Assets(RWAs), and contributes to the variability in own fund requirements amongst financial institutions. These costs are ultimately reflected in the cost of banking services and borne by the customer thereby impacting the competitiveness of certain EU banks as well as the real economy. Restructuring arrangements are a viable and prudent option for debtors in arrears and should not be inadvertently penalised by the calculation methodology for LGD. Therefore, for the purpose of calculating artificial cashflows for cases which return to non-default status, the total amount to be discounted should only cover the actual period of default up to the time of cure.
2022/08/11
Committee: ECON
Amendment 345 #

2021/0342(COD)

Proposal for a regulation
Recital 30 a (new)
(30 a) The introduction of the output floor could have a significant impact on own funds requirements for securitisation positions held by institutions using the Securitisation Internal Ratings Based Approach(SEC-IRBA). Although such positions are generally small relative to other exposures, the introduction of the output floor could affect the economic viability of the securitisation operation because of an insufficient prudential benefit of the transfer of risk. This would come at a juncture where the development of the securitisation market is part of the action plan on Capital Markets Union and also where originating banks might need to use securitisation more extensively in order to manage more actively their portfolios if they become bound by the output floor. This impact should therefore be mitigated by providing for a specific arrangement increasing the risk-sensitivity of the standardized approach of the purpose of the calculation of the output floor.
2022/08/11
Committee: ECON
Amendment 364 #

2021/0342(COD)

Proposal for a regulation
Recital 43 a (new)
(43 a) Under the final Basel III reforms, the very short-term nature of SFTs is not well reflected in the Standardised Approach for credit risk, leading to own funds requirements calculated under that approach that could be excessively higher than own funds requirements calculated under the IRB approach and consequently affecting the liquidity of debt and securities markets, including the sovereign debt markets. The standardised approach is therefore adjusted in order to reflect the short-term nature of these exposures and mitigate the impact on the real economy and, in particular, on the financing of sovereigns.
2022/08/11
Committee: ECON
Amendment 427 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point s
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point 75e
(75e) ‘exposure secured by residential property’, or ‘exposure secured by a mortgage on residential property’, or ‘exposure secured by residential property collateral’, or ‘exposure secured by residential immovable property’, means an exposure secured by a mortgage on residential property or secured by any other mechanisms other than mortgages but which are economically equivalent to mortgages and recognised as collateral on residential property under the applicable national law setting out the conditions for the establishment of those mechanismsan exposure regarded as such in accordance with Article 108(3);
2022/08/11
Committee: ECON
Amendment 430 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point s
Regulation (EU) No 575/2013
Article 4 – pargraph 1 – point 75g
(75g) ‘exposure secured by immovable property’, or ‘exposure secured by a mortgage on immovable property’, or ‘exposure secured by immovable property collateral’ means an exposure secured by a mortgage on residential or commercial immovable property or secured by any other mechanisms other than mortgages but which are economically equivalent to mortgages and recognised as collateral on immovable property under the applicable national law setting out the conditions for the establishment of those mechanisms;an exposure regarded as such in accordance with Article 108(3);
2022/08/11
Committee: ECON
Amendment 447 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point y
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point 152 – point a
(a) an exposure for which, on a regular basis of at least every 12 months, the balanceamount to be repaid at the next scheduled repayment date is determined as the drawn amount at a predefined reference date or upon contractual repayment modalities, with all scheduled repayment date not later than after 12 months, provided that the balance hasamount or instalments owed to the bank have been repaid in full at each scheduled repayment date for the previous 12 months;
2022/08/11
Committee: ECON
Amendment 493 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 11 a (new)
Regulation (EU) No 575/2013
Article 47c – paragraph 4
(11 a) Article 47c(4) is replaced by the following: 4. By way of derogation from paragraph 3 of this Article, the following factors shall apply to the part of the non-performing exposure guaranteed or insured by an official export credit agency or guaranteed or counter-guaranteed by an eligible protection provider referred to in points (a) to (e) of Article 201(1), unsecured exposures to which would be assigned a risk weight of 0 % under Chapter 2 of Title II of Part Three: (a) 0 for the secured part of the non- performing exposure to be applied during the period between one year and seven years following its classification as non- performing; and (b) 1 for the secured part of the non- performing exposure to be applied as of the first day of the eighth year following its classification as non-performing, unless the guarantee or insurance has been invoked by the institution and the eligible protection provider has assumed and, in line with article 213(1), fulfils all payment obligations of the obligor towards the institution in full and in accordance with the applicable payment schedule, in which case a factor of 0 for the secured part of the non-performing exposure will apply. Non-performing exposures guaranteed or insured by an official export credit agency are excluded from these requirements.
2022/08/11
Committee: ECON
Amendment 629 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 23 – point b
Regulation (EU) No 575/2013
Article 92 – paragraph 5a (new)
5 a. Exposures to central governments, regional governments, local authorities or public sector entities should be excluded from the calculation of the standardised total risk exposure amount in accordance with paragraph 5 of this Article.
2022/08/11
Committee: ECON
Amendment 656 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 32
Regulation (EU) No 575/2013
Article 108 – paragraph 4 – point c
(c) there is no mortgage lien on the residential property when the loan is granted and for the loans granted from 1 January 2024 the borrower is contractually committed not to grant any mortgage lien without the consent of the institution that originally granted the loan;
2022/08/11
Committee: ECON
Amendment 657 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 32
Regulation (EU) No 575/2013
Article 108 – paragraph 4 – point e
(e) the guarantor is an institution or a financial sector entity subject to capital requirements at least equivalentcomparable to those applicable to institutions or insurance undertakings;
2022/08/11
Committee: ECON
Amendment 658 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 32
Regulation (EU) No 575/2013
Article 108 – paragraph 4 – point f
(f) the guarantor has established a fully-funded mutual guarantee fund or equivalent protection for insurance undertakings to absorb credit risk losses, the calibration of which is periodically reviewed by its competent authority and is subject to yearlyperiodic stress testing, at least every two years;
2022/08/11
Committee: ECON
Amendment 672 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 36 a (new)
Regulation (EU) No 575/2013
Article 115 – paragraph 2 a new
2a . Member States may decide to assign a risk weight of 10% to exposures to regional governments or local authorities that are not referred to in paragraph 2 and 4 and are denominated and funded in the domestic currency of that regional government and local authority.
2022/08/11
Committee: ECON
Amendment 674 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 36 b (new)
Regulation (EU) No 575/2013
Article 116 – paragraph 4 a new
4a. Member States may decide to assign a risk weight of 10% to exposures to public sector entities of the Member States that are denominated and funded in the domestic currency of that public sector entity, unless the treatments set out in paragraph 4 apply.
2022/08/11
Committee: ECON
Amendment 676 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 38
Regulation (EU) No 575/2013
Article 120 – paragraph 2 – introductory part
2. Exposures with an origin residual maturity of three months or less for which a credit assessment by a nominated ECAI is available and exposures which arise from the movement of goods across national borders with an origin residual maturity of six months or less and for which a credit assessment by a nominated ECAI is available, shall be assigned a risk weight in accordance with Table 4 which corresponds to the credit assessment of the ECAI in accordance with Article 136.
2022/08/11
Committee: ECON
Amendment 694 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 41
Regulation (EU) No 575/2013
Article 122a – paragraph 1 – point b
(b) the exposure is not secured by immovable propertyrelated to the financing of real estate and is within the definitions orf otherwise related to the financing of real estate bject finance, project finance or commodities finance exposures laid down in paragraph 3;
2022/08/11
Committee: ECON
Amendment 717 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 41
Regulation (EU) 575/2013
Article 122a – paragraph 3 – point c – introductory part
(c) where the purpose of a specialised lending exposure is to finance a project for the development or acquisition of large, complex and expensive installations, including power plants, chemical processing plants, mines, transportation infrastructure, environment, and telecommunications infrastructure, and the income to bin which the glenderated by the project is the money generated by the contracts for the output of the installation obtained from one or several parties which are no looks primarily to the revenues generated by the project, both as the source of repayment uander management control of the sponsor as security for the loan (‘project finance exposures’), institutions shall apply the following risk weights:
2022/08/11
Committee: ECON
Amendment 732 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 41
Regulation (EU) 575/2013
Article 122a – paragraph 3 – point c – point ii – indent 3
— the obligor generates cash flows that are predictable and cover all future loan repayments, including possible repayments with cashflows generated over the remaining asset life;
2022/08/11
Committee: ECON
Amendment 757 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 41
Regulation (EU) 575/2013
Article 122a – paragraph 3 – point e – introductory part
(e) for the purposes of point (c), the operational phase shall mean the phase in which the entity that was specifically created to finance the project, or that is economically comparable, meets both of the following conditions:
2022/08/11
Committee: ECON
Amendment 759 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 41
Regulation (EU) 575/2013
Article 122a – paragraph 3 – point e – point ii
(ii) the entity has a declining long term debtproject is in operation.
2022/08/11
Committee: ECON
Amendment 833 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 47
Regulation (EU) No 575/2013
Article 126a – paragraph 2 – introductory part
2. ADC exposures to residential property, however, may be risk weighted at 100 %, provided that, where applicable, the institution applies sound origination and monitoring standards which meet the requirements of Articles 74 and 79 of Directive 2013/36/EU and where at least one of the following conditions is met:
2022/08/11
Committee: ECON
Amendment 878 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 53 – point a a (new)
Reglement (EU) 575/2013
Article 134 – paragraph 7 a new
7a . The risk weights applicable to securities financing transactions exposures shall be capped at 50% and 20% where the exposures residual maturities are respectively one year or less and 3 months or less
2022/08/11
Committee: ECON
Amendment 917 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 64 – point c
Regulation (EU) No 575/2013
Article 151 – paragraph 11
11. Institutions shall apply the requirements laid down for exposures belonging to the exposure class ‘general corporates’ referred to in Article 147(2), point (c)(i) to exposures belonging to the exposure class ‘RGLA-PSE’ referred to in Article 147(2), point (a1). For the purposes of this paragraph, the threshold provided in the definition of large corporate and the provisions applicable to large corporates set out in paragraph 8, first subparagraph, point (c) shall not apply, and the treatment set out in Article 501 shall not apply.deleted
2022/08/18
Committee: ECON
Amendment 919 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 64 – point c
Regulation (EU) No 575/2013
Article 151 – paragraph 13 – subparagraph 1
13. EBA shall develop draft regulatory technical standards to specify the treatment applicable to exposures belonging to the exposure class ‘corporates purchased receivables’ referred to in Article 147(2), point (c)(iii) and the exposure class ‘retail purchased receivables’ referred to in Article 147(2), point (d)(iii), for the purposes of calculating risk-weighted exposure amounts for the default risk and for the dilution risk of those exposures, including for the recognition of credit risk mitigation techniques, as well as the treatment applicable to exposures to purchased receivables under the Standardised Approach for Credit Risk.
2022/08/18
Committee: ECON
Amendment 926 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 69
Regulation (EU) No 575/2013
Article 157 – paragraph 6 – subparagraph 2
EBA shall submit those draft regulatory technical standards to the Commission by 31 December 20265.
2022/08/18
Committee: ECON
Amendment 932 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 74 - point b
Regulation (EU) No 575/2013
Article 161 – paragraph 4 – table 2a
Table 2a LGD input floors (LGDfloor) for exposures belonging to the exposure class ‘exposure to corporates’ exposure without FCP (LGDU-floor) exposure fully secured by FCP (LGDS-floor) financial 0% collateral receivables 10% 25% residential or 10% 25% commercial immovable property project finance 10% other physical 15% collateral
2022/08/18
Committee: ECON
Amendment 938 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 75 – point a
1. For exposures for which an institution has not received permission of the competent authority to use own estimates of LGD, the maturity value (‘M’) shall beither be set at 2,5 years, except for exposures arising from securities financing transactions, for which M shall be 0,5 years or, alternatively, calculated in accordance with paragraph 2.
2022/08/18
Committee: ECON
Amendment 939 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 75 – point a
Regulation (EU) No 575/2013
Article 162 – paragraph 1 – subparagraph 2
Alternatively, as part of the permission referred to in Article 143, the competent authorities may decide on whether the institution shall use the maturity value M as set out in paragraph 2 for all those exposures of for a subset of those exposures.;deleted
2022/08/18
Committee: ECON
Amendment 944 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 75 – point c – point ii – indent -1 (new)
- the introductory part is replaced by the following: 'In addition, for qualifying short-term exposures which are not part of the institution's on-going financing of the obligor, M shall be at least one-day. This applies to IRB-Advanced and IRB- Foundation methods. Qualifying short- term exposures shall include the following:'
2022/08/18
Committee: ECON
Amendment 946 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 75 – point c – point ii – indent 1
Regulation (EU) No 575/2013
Article 162 – paragraph 3 – subparagraph 2 –point b
(b) self-liquidating short-term trade finance transactions connected to the exchange of goods or services, including corporate purchased receivables, with referred to in Article 4(1), point (80); and corporate purchased receivables, provided that the respective exposures have a residual maturity of up to 1one year as referred to in Article 4(1), point (80);;
2022/08/18
Committee: ECON
Amendment 947 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 75 – point c – point ii – indent 2
Regulation (EU) No 575/2013
Article 162 – paragraph 3 – subparagraph 2 – point e
(e) issued as well as confirmed letters of credit that are short term that is with a, namely that they have a residual maturity below 1 year, and are self- liquidating.;
2022/08/18
Committee: ECON
Amendment 957 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 89 – point b a (new)
Regulation (EU) No 575/2013
Article 178 – paragraph 1 – subparagraph 2
(b a) in paragraph 1, subparagraph 2 is replaced by the following : In the case of retail exposures and purchased receivables, institutions may apply the definition of default laid down in points (a) and (b) of the first subparagraph at the level of an individual credit facility rather than in relation to the total obligations of a borrower.
2022/08/18
Committee: ECON
Amendment 968 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 91 – point a – point iii
Regulation (EU) No 575/2013
Article 181 – paragraph 1 – point k
(iii) the following point (k) is added: ‘ (k) shall be accounted for in the LGD;; ’deleted additional drawings after default
2022/08/18
Committee: ECON
Amendment 969 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 91 – point b – point i
Regulation (EU) No 575/2013
Article 181 – paragraph 2 – subparagraph 1 – point b
(i) in the first subparagraph, point (b) is deleted; replaced by the following “(b) reflect future drawings either in their conversion factors or in their LGD estimates;. In case institutions include future additional drawings in their conversion factors, these should betaken into account in the LGD in both numerator and denominator. In case institutions do not include future additional drawings in their conversion factors, these should be taken into account in the LGD numerator only.“
2022/08/18
Committee: ECON
Amendment 971 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 92 – point a – point i
Regulation (EU) No 575/2013
Article 182 – paragraph 1 – point c
(c) institutions’ IRB-CCF shall reflect the possibility of additional drawings by the obligor up to and after the time a default event is triggered. The IRB-CCF shall incorporate a larger margin of conservatism where a stronger positive correlation can reasonably be expected between the default frequency and the magnitude of conversion factor;
2022/08/18
Committee: ECON
Amendment 972 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 92 – point a – point ii
Regulation (EU) No 575/2013
Article 182 – paragraph 1 – point g
(g) institutions’ IRB-CCF shall be developed using a 12-month fixed-horizon approach. For that purpose, for each observation in the reference data set, default outcomes shall be linked to relevant obligor and facility characteristics at a fixed reference date defined asup to 12 months prior to default day;
2022/08/18
Committee: ECON
Amendment 977 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 92 – point b
Regulation (EU) No 575/2013
Article 182 – paragraph 3 – subparagraph 1
(b) in paragraph 3, the first subparagraph is deleted;
2022/08/18
Committee: ECON
Amendment 1036 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 130 – point -a (new)
Regulation (EU) No 575/2013
Article 274 paragraph 2
(- a) paragraph 2 is replaced by the following: "2. Institutions shall calculate the exposure value of a netting set under the standardised approach for counterparty credit risk as follows: Exposure value = α · (RC + PFE) where: RC = the replacement cost calculated in accordance with Article 275; and PFE = the potential future exposure calculated in accordance with Article 278; α = 1,4. for netting sets with non-financial counterparties as defined in point(9) of Article 2 of Regulation (EU) No 648/2012, or with non-financial counterparties established in a third country α = 1.4 for all other nettings sets " Or. en (https://eur-lex.europa.eu/legal-content/en/TXT/?uri=celex:32013R0575)
2022/08/18
Committee: ECON
Amendment 1054 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 314 – paragraph 6 – subparagraph 1 – point a
(a) the components of the business indicator by developing a list of typical sub-items, taking into account international regulatory standards; for the Financial Component calculation, this list shall not be used to separate TC and BC components and shall not prevent an institution from addressing sub-items to the TC or the BC components according to their prudential boundary defined in Part three, Title I, Chapter 3.
2022/08/18
Committee: ECON
Amendment 1064 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 316 – paragraph 1
1. Institutions with a business indicator equal to or exceeding EUR 750 millionclassified within categories 1b or 2 pursuant to Article 315a shall calculate annual operational risk losses as the sum of all net losses over a given financial year, calculated in accordance with Article 318(1), that are equal to or exceed the loss data thresholds set out in Article 319, paragraphs 1 or 2, respectively.
2022/08/18
Committee: ECON
Amendment 1066 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 316 – paragraph 1 – subparagraph 2
By way of derogation from the first subparagraph, competent authorities may grant a waiver from the requirement to calculate an annual operational risk loss to institutions with a business indictor that does not exceed EUR 1 billionclassified within category 1b, provided that the institution has demonstrated to the satisfaction of the competent authority that it would be unduly burdensome for the institution to apply the first subparagraph.
2022/08/18
Committee: ECON
Amendment 1077 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 131
Regulation (EU) 575/2013
Article 319 – paragraph 2
2. Without prejudice to paragraph 1, and for the purposes of Article 446, institutions shall also calculate the annual operational risk loss referred to in Article 316(1), taking into account from the loss data set operational risk events with a net loss, calculated in accordance with Article 318, that are equal to or above EUR 100 000An institution may request permission from the competent authorities to increase the threshold mentioned in the paragraph 1 of this Article to EUR 100,000, provided that this institution is classified within the category 2 pursuant to Article 315a and can demonstrate to the satisfaction of the competent authority: (a) that the conditions set in the Article 323 are met; (b) that the change of the threshold is not requested in order to materially reduce the operational risk related own funds requirements of the institution; (c) that the change of the threshold can be justified on the basis of the nature of the institution, its activities, and the characteristics of losses historically observed; (d) that this new threshold would not have a material adverse impact on the solvency of the institution.
2022/08/18
Committee: ECON
Amendment 1078 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 131
Regulation (EU) No575/2013
Article 319 – paragraph 3 a (new)
3 a. The EBA shall develop draft regulatory technical standards to specify the criteria to be assessed by the competent authority pursuant to paragraph 2 of this Article. EBA shall submit those draft regulatory technical standards to the Commission by[OP please insert the date = 12 months after the entry into force of this 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.
2022/08/18
Committee: ECON
Amendment 1090 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 322 – paragraph 2
2. Competent authorities shall periodically review the quality of the loss data of an institution that calculates annual operational risk losses in accordance with Article 316(1). Competent authorities shall carry out such review at least every three years for an institutions with a business indicator above EUR 1 billionin the category 2 pursuant to article 315a.
2022/08/18
Committee: ECON
Amendment 1105 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 136 – point d
Regulation (EU) No 575/2013
Article 325 j – paragraph 6 – introductory part
6. Institutions that do not have adequate data or information tTo calculate the own funds requirements for market risk of a CIU position in accordance with the approach set out in paragraph 1, point (a), institutions may rely on a third party to perform such calculation, provided that all the following conditions are met:
2022/08/18
Committee: ECON
Amendment 1106 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 136 – point d
Regulation (EU) No 575/2013
Article 325 j – paragraph 6 – point a – point ii a (new)
(ii a) a third-party vendor on condition that the data, information or risk metrics are provided by or calculated from the third parties of subparagraphs (i) or (ii) or another such third-party vendor;
2022/08/18
Committee: ECON
Amendment 1107 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 136 – point d
Regulation (EU) No 575/2013
Article 325 j – paragraph 6 – point b
(b) the third party provides the institution with the adequate data or information missingdata, information or risk metrics to calculate the own fund requirement for market risk of the CIU position in accordance with the approach referred to in in paragraph 1, point (a);
2022/08/18
Committee: ECON
Amendment 1108 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 136 – point d
Regulation (EU) No 575/2013
Article 325 j – paragraph 6 – point c
(c) an external auditor of the institution has confirmed the adequacy of the third party's data or, information or risk metrics referred to in point (b) and the institution’s competent authority has unrestricted access to these data and, information or risk metrics upon request.
2022/08/18
Committee: ECON
Amendment 1109 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 139 a (new)
Regulation (EU) No 575/2013
Article 325u – paragraph 4 – point c a (new)
(139 a)In article 325u(4), the following point is added: (ca) the instrument aims solely at hedging the market risks of the trading book that generate own funds requirement for residual risks, provided that the institution has demonstrated to the satisfaction of the competent authority that the instrument should be treated as a hedging position.
2022/08/18
Committee: ECON
Amendment 1110 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 139 b (new)
Regulation (EU) No 575/2013
Article 325u – paragraph 5 a (new)
(139 b)in article 325u, the following paragraph is added : 5a. For the purposes of paragraph 4, point (ca), EBA shall issue guidelines in accordance with Article16 of Regulation (EU) No 1093/2010 to specify the conditions that the competent authority has to assess to determine that an instrument is a hedging position.
2022/08/18
Committee: ECON
Amendment 1125 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 159 – point a – point -i (new)
Regulation (EU) No 575/2013
Article 325bp – paragraph 5 – point a
(a) t-i) point (a) is replaced by the following: (a) the default probabilities shall not be floored for exposures to which a 0% risk- weight is applied in accordance with Articles 114 to 118 of this Regulation and for covered bonds to which a 10% risk- weight is applied in accordance with article 129. The default probabilities shall be floored at 0,03 % otherwise;
2022/08/18
Committee: ECON
Amendment 1149 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 172 a (new)
Regulation (EU) 575/2013
Article 429a – paragraph 1 – point e
(172 a) in article 429a(1), point (e) is replaced by the following : (e) where the institution is not a public development credit institution, the parts of exposures arising from granting or passing-through promotional loans to other credit institutions;
2022/08/18
Committee: ECON
Amendment 1172 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 187
Regulation (EU) No 575/2013
Article 446 – paragraph 2 a (new)
2 a. Institutions that calculate an internal loss multiplier in accordance with Article 315b shall disclose the following information: (a) the internal loss data for each of the years with high-quality loss data used to calculate the loss component in accordance with Article 315c; (b) the internal loss multiplier and the number of years with high-quality loss data used to calculate the loss component in accordance with Article 315c.’ For the purposes of paragraphs 2 and 3, institutions shall report on both thresholds independently of which threshold they use.
2022/08/18
Committee: ECON
Amendment 1230 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 3 – subparagraph 1
3. By way of derogation from Article 92(5)(a), point (i), parent institutions, parent financial holding companies or parent mixed financial holding companies, or stand-alone institutions in the EU or stand- alone subsidiary institutions in Member States may, until 31 December2032,may assign a risk weight of 65 % to exposures to corporates for which no credit assessment by a nominated ECAI is available provided that that entity estimates the PD of those exposures, calculated in accordance with Part Three, Title II, Chapter 3, is no higher than 0,5 %.
2022/08/18
Committee: ECON
Amendment 1249 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 3 – subparagraph 2
EBA shall monitor the use of the transitional treatment laid down in the first subparagraph and assess - the availability of credit assessments by nominated ECAIs for exposures to corporates; - the development of European credit rating agencies, barriers of entry to the market of new European credit rating agencies, rate of uptake of European corporates choosing to be rated by one or multiple of these agencies; - the development of private or public led solutions such as credit benchmarking and central bank ratings to provide available and reliable alternative assessment of credit risk for the purpose of calculating the output floor and how this could be implemented in legislation; - evidence that the 65% RW has led to inappropriate risk weighting of exposures; - the approaches of other jurisdictions concerning in the application of the output floor to unrated corporate exposures and long-term level playing field considerations that could arise as a result. EBA shall report its findings to the Commission by 31 December 2028.
2022/08/18
Committee: ECON
Amendment 1270 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 3 – subparagraph 3
On the basis of that report and taking due account of the related internationally agreed standards developed by the BCBS, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal by 31 December 2031.
2022/08/18
Committee: ECON
Amendment 1302 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 – subparagraph 1 – point a
(a) until 31 December 2032, a risk weight of 10 % to the part of the exposures secured by mortgages on residential property up to 55 % of the property value remaining after any senior or pari passu ranking liens not held by the institution have been deducted,
2022/08/18
Committee: ECON
Amendment 1312 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 – subparagraph 1 – point b
(b) until 31 December 2029, a risk weight of 45% to any remaining part of the exposures secured by mortgages on residential property up to 80 % of the property value remaining after any senior or pari passu ranking liens not held by the institution have been deducted, provided that the adjustment to own funds requirements for credit risk referred to in Article 501 is not applied.
2022/08/18
Committee: ECON
Amendment 1371 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 – subparagraph 5
EBA shall monitor the use of the transitionalspecific treatment in the first subparagraph and report to the Commission by 31 December 2028upon the completion of the comprehensive review of the Capital Markets Union Action Plan, notably but not limited to, the EU securitisation framework, on the appropriateness of the associated risk weights, by 31 December 2028.
2022/08/18
Committee: ECON
Amendment 1385 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragrpah 5 – subparagraph 6
On the basis of that report and taking due account of the related internationally agreed standards developed by the BCBS, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal by 31 December 2031.;
2022/08/18
Committee: ECON
Amendment 1388 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 a (new)
5 a. By way of derogation from Article 92, paragraph 5, when the standardized risk-weighted exposure amounts for credit risk and dilution risk referred to in paragraph 4, point (a), and for counterparty risk arising from the trading book business as referred to in point (f) of that paragraph shall be calculated using the SEC-SA following Article 261 or Article 262 of Regulation (EU) n°575/2013, parent institutions, parent financial holding companies or parent mixed financial holding companies, stand-alone institutions in the EU shall be permitted, until the completion of the comprehensive review of the EU securitisation framework as part of the Capital Markets Union Action Plan, to apply the following modifications: (a) p = 0,25 for a position in an STS securitisation (b) p = 0,5 for a position in anon-STS securitisation
2022/08/18
Committee: ECON
Amendment 1407 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 199
Regulation (EU) No 575/2013
Article 495a – paragraph 3
3. By way of derogation from Article 133, institutions may continue to assign the same risk weight that was applicable as of [OP please insert the date = one day before the date of entry into force of this amending Regulation]assign a risk weight of 100% to equity exposures to entities of which they have been a shareholder at [adoption date] for six consecutive years and over which they exercise at least significant influence or control in the meaning of Directive 2013/34/EU, or the accounting standards to which an institution is subject under Regulation (EC) No 1606/2002, or a similar relationship between any natural or legal person and an undertaking.
2022/08/18
Committee: ECON
Amendment 1420 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 199
Regulation (EU) No 575/2013
Article 495b – paragraph 2 – subparagraph 1
2. EBA shall prepare a report on the appropriate calibration of risk parameters, including haircut parameter, applicable to specialised lending exposures under the IRB Approach, and in particular on own estimates of LGD and LGD input floors, for each specific category of specialised lending as defined in Articles 122a(3)(a), 122a(3)(b) and 122a(3)(c). EBA shall in particular include in its report data on average numbers of defaults and realised losses observed in the Union for different samples of institutions with different business and risk profiles. EBA shall recommend specific calibrations of risk parameters that would reflect the specific and different risk profile of each of the aforementioned categories of specialised lending exposures.
2022/08/18
Committee: ECON
Amendment 1431 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 199
2. EBA shall prepare a report on the appropriate calibrations of risk parameters associated with leasing exposures under the Standardised Approach for Credit Risk and the IRB Approach, and in particular on the LGDs and Hc provided for in Article 230. EBA shall in particular include in its report data on average numbers of defaults and realised losses observed in the Union for exposures associated with different types of leased properties and different types of institutions practicing leasing activities.
2022/08/18
Committee: ECON
Amendment 1471 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 199 a (new)
Regulation (EU) No 575/2013
Article 500da (new)
(199 a)the following article is inserted: Article 500da Artificial cash flow 1. For the purpose of calculating loss in accordance with point (2) of Article 5, the artificial cashflow shall reflect: (i) principal: total outstanding amount of the full loan at the moment of cure, but only the amount of missed payments (i.e. actual past due payments) accrued up to the moment of cure should be discounted; (ii) interest: amount accrued between the moment of default and the moment of cure; (iii) fees: amount accrued between the moment of default and the moment of cure; (iv) additional observed recoveries: total amount received up to the moment of cure; (v) additional drawings: firms should follow the requirements of CRR Articles 182(1)(c), 181(2)(b) and 182(3). Additional drawings included in the artificial cash flow should be treated in the same way as the principal; and, (vi) costs: amount accrued between the moment of default and the moment of cure. 2. In applying point 1, the “moment of cure” shall be defined as the moment when no triggers of default continue to apply and at least 3 months after the start of the final probation period. 3. The artificial cash flow shall be discounted over the actual period of default only (i.e. between the moment of default and the moment of cure) and, therefore, shall not be discounted over any additional time period after the moment of cure, such as the final probation period. The rate at which artificial cash flow is discounted shall be based solely on the primary interbank offered rate during the period of default. 4. Where institutions observe that they realised profit on their observations of defaults, the realised LGD on these observations should equal zero for the purpose of calculation of the observed average LGD and the estimation of the long-run average LGD. Institutions may use the information on the realised LGDs before the application of this floor in the process of model development for the purpose of risk differentiation.
2022/08/18
Committee: ECON
Amendment 1509 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 203
Regulation (EU) No 575/2013
Article 505
By … [two years after the entry into force of this Regulation] and by 31 December 2030, EBA shall report to the Commission on the impact of the requirements of this Regulation on agricultural financing. The Commission shall submit a report thereon to the European Parliament and to the Council. Where appropriate, that report shall be accompanied by a legislative proposal to amend this Regulation in order to mitigate its negative effects on agricultural financing.
2022/08/18
Committee: ECON
Amendment 1513 #

2021/0342(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 203
Regulation (EU) No 575/2013
Article 506 – paragraph 1
By 31 December 20265, EBA shall report to the Commission on the eligibility and use of policy insurance as credit risk mitigation techniques and on the appropriateness of the associated risk parameters referred to in Part Three, Title II, Chapter 3 and 4.
2022/08/18
Committee: ECON
Amendment 1541 #

2021/0342(COD)

Proposal for a regulation
Annex – table– bucket 2
Regulation (EU) No 575/2013
Annex 1
Bucket Items 2 2Note issuance facilities (NIFs) and revolving underwriting facilities (RUFs) regardless of the maturity of the underlying facility;  Performance bonds, bid bonds, w Trade finance off-balance sheet items, namely documentary credits issued or confirmed (see also ‘Bucket 4’);  Other off-balance sheet items: (i) shipping guarrantiees, customs and standby letters ofx bonds; credit related to particular transactions and similar transaction- related contingent items;  Off-balance sheet items not constituting a credit substitute where not explicitly included in any other category.(ii) undrawn credit facilities (agreements to lend, purchase securities, provide guarantees or acceptance facilities) with an original maturity of more than one year; (iii) note issuance facilities (NIFs) and revolving underwriting facilities (RUFs;  Other off-balance sheet items carrying similar risk, as communicated to EBA.
2022/08/18
Committee: ECON
Amendment 1550 #

2021/0342(COD)

Proposal for a regulation
Annex – table – column 2 row – 13 -a (new)
Regulation (EU) No 575/2013
Annex 1
 Trade finance off-balance sheet items: (i) documentary credits in which underlying shipment acts as collateral and other self-liquidating transactions; (ii) warranties(including tender and performance bonds and associated advance payment and retention guarantees) and guarantees not having the character of credit substitutes; (iii) irrevocable standby letters of credit not having the character of credit substitutes;
2022/08/18
Committee: ECON
Amendment 1561 #

2021/0342(COD)

Proposal for a regulation
Article 1a (new) – paragraph 1 – point 1 new
(1) In Article 3, paragraph 6 is replaced by the following : ‘6. Point (53), as regards Article 104a of Regulation (EU) No 575/2013, and points (55) and (69) of Article 1 of this Regulation, containing the provisions on the introduction of the new own funds requirements for market risk, shall apply from 28 June 2023.1 January 2025.’;
2022/08/18
Committee: ECON
Amendment 133 #

2021/0341(COD)

Proposal for a directive
Recital 46 a (new)
(46 a) In general, the EBA shall duly take into account the proportionality principle with regard to the design of guidelines. Requirements for small, non- complex institutions and other institutions with simple business models should be formulated in a principle-oriented manner only and reflect the lower risk of such institutions.
2022/08/22
Committee: ECON
Amendment 150 #

2021/0341(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 2
Directive 2013/36/EU
Article 4 – paragraph 4 – subparagraph 3 – point b – point i
(i) institutions they have directly supervised, including their direct or indirect parent undertakings, subsidiaries or affiliates, over at least the two preceding years from the date when taking up any new role;deleted
2022/08/22
Committee: ECON
Amendment 178 #

2021/0341(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 6
Directive 2013/36/EU
Article 21c – paragraph 2
2. Where a retail client, an eligible counterparty or a professional client within the meaning of Sections I and II of Annex II to Directive 2014/65/EUclient or counterparty established or situated in the Union approaches an undertaking established in a third country or a third-country branch in a member state at its own exclusive initiative for the provision of any service or activity referred to in Article 47(1), the requirement laid down in paragraph 1 of this Article shall not apply to the provision to that person of the relevant service or activity, including a relationship specifically related to the provision of that service or activity. Without prejudice to intragroup relationships, where a third country undertaking, including through an entity acting on its behalf or having close links with such third-country undertaking or any other person acting on behalf of such undertaking, solicits clients or potential clients in the Union, it shall not be deemed to be a service provided at the own exclusive initiative of the client.
2022/08/22
Committee: ECON
Amendment 237 #

2021/0341(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 8
Directive 2013/36/EU
Article 47 – title
Article 47 Scope and definitions
2022/08/22
Committee: ECON
Amendment 244 #

2021/0341(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 8
Directive 2013/36/EU
Article 47 – paragraph 1 – point a
(a) any of the activities listed in points 1,2,3 and 6 of Annex I to this Directive by an undertaking established in a third country that would be required to be authorised as a credit institution under this Directive as a result of carrying out those activities if it were established in that Member State.;
2022/08/22
Committee: ECON
Amendment 247 #

2021/0341(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 8
Directive 2013/36/EU
Article 47 – paragraph 1 – point b
(b) the activities referred to in Article 4(1), point (b), of Regulation (EU) 575/2013, by an undertaking established in a third country that fulfils any of the criteria laid down in points (i) to (iii) of that point.deleted
2022/08/22
Committee: ECON
Amendment 251 #

2021/0341(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 8
Directive 2013/36/EU
Article 47 – paragraph 2
2. By derogation from paragraph 1, where the undertaking in the third country is not a credit institution or an undertaking that meets the criteria of paragraph 1, point (b), the carrying out of any of the activities listed in Annex I, points (4), (5), and (7) to (15), to this Directive by that undertaking in a Member State shall be subject to Title II, Chapter IV, of Directive 2014/65/EU.deleted
2022/08/22
Committee: ECON
Amendment 257 #

2021/0341(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 8
Directive 2013/36/EU
Article 47a (new)
Article 47a Limitation on scope and transitional provisions 1. By derogation from Article 47(1), the requirements laid down in Article 21c and Article 48c(1) shall not apply to a third- country undertaking conducting any of the following activities in the Union otherwise than through a branch in the Union: (a) any of the activities referred to in Article 47(1) where the client or counterparty is its subsidiary, its parent undertaking, or another subsidiary of its parent undertaking or another undertaking to which it is related as set out in Article 22 of Directive 2013/34/EU; (b) any of the activities referred to in Article 47(1) where the activities are connected to the provision of any investment services or the performance of investment activities within the meaning of point (2) of Article 4(1) of Directive 2014/65/EU in the Union in accordance with Title VIII of Regulation (EU) No 600/2014 (c) any of the activities referred to in Article 47(1) where the client or counterparty is an institution as defined in point (3) of Article 4(1) of Regulation (EU) 575/2013. 2. Member States may choose not to apply the requirements laid down in Article 21c and Article 48c(1) to an undertaking established in a third country that carries out activities in their Member State otherwise than through a branch in that Member State, where that undertaking carries out the activities referred to in Article 47(1) in that Member State exclusively with persons other than consumers as defined in Article 3 of Directive 2008/48/EC.
2022/08/22
Committee: ECON
Amendment 267 #

2021/0341(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 8
Directive 2013/36/EU
Article 48c – paragraph 1
1. Member States shall require that third country undertakings establish a branch in their territory before commencing or continuing the activities referred to in Article 47(1) in their territory. The establishment of a third country branch shall be subject to prior authorisation in accordance with this Chapter. The first sentence of the first sub-paragraph of this paragraph shall not apply to the provision of any service or activity referred to in Article 47(1) at the exclusive initiative of a client or counterparty in the Union as described in Article 21c(1) and (2).
2022/08/22
Committee: ECON
Amendment 358 #

2021/0341(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 17
Directive 2013/36/EU
Article 87 a – paragraph 4
4. Competent authorities shall assess and monitor developments of institutions’ practices concerning their environmental, social and governance strategy and risk management, including the plans to be prepared in accordance with Article 76, as well as the progress made and the risks to adapt their business models to the relevant policy objectives of the Union or broader transition trends towards a sustainable economy, taking into account, for example, sustainability related product offering, transition finance policies, and related loan origination policies, and environmental, social and governance related targets and limits.
2022/08/22
Committee: ECON
Amendment 367 #

2021/0341(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 17
Directive 2013/36/EU
Article 87 a – paragraph 5 – subparagraph 1 – point b
(b) the content of plans to be prepared in accordance with Article 76, which shall include specific timelines and intermediate quantifiable targets and milestones, in order to address the risks from misalignment of the business model and strategy of institutions with the relevant policy objectives of the Union, or broader transition trends towards a sustainable economy in relation to environmental, social and governance factors;deleted
2022/08/22
Committee: ECON
Amendment 370 #

2021/0341(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 17
Directive 2013/36/EU
Article 87 a – paragraph 5 – subparagraph 1 – point c
(c) qualitative and quantitative criteria for the assessment of the impact of environmental, social and governance risks on the financial stability of institutions in the short, medium and long term;
2022/08/22
Committee: ECON
Amendment 534 #

2021/0341(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 26 – point b
Directive 2013/36/EU
Article 104 a – paragraph 6 – subparagraph 1 – point b
(b) the institution’s competent authority shall, without undue delay, and no later than by the end date of the next review and evaluation process, review the additional own funds it required from the institution in accordance with Article 104(1), point (a), and remove any parts thereof that would (i) double-count the risks that are already fully covered by the fact that the institution is bound by the output floor. , (ii) be considered covered due to the overcapitalisation stemming from the Output Floor, even if not explicitly related to the Output Floor objectives. The institution's competent authority shall also provide a quantified breakdown of the above assessment to the institution.
2022/08/22
Committee: ECON
Amendment 548 #

2021/0341(COD)

Proposal for a directive
Article 1 – paragraph 1 – point 30 – point a
Directive 2013/36/EU
Article 131 – paragraph 5 – subparagraph 2
Where an O-SII becomes bound by the output floor, the following shall apply: (a) the nominal amount of the institution’s O-SII buffer shall not increase as a result of the institution becoming bound by the output floor; (b) its competent or designated authority, as applicable, shall review the institutions O-SII buffer requirement to make sure that its calibration remains appropriate.;
2022/08/22
Committee: ECON
Amendment 130 #

2021/0239(COD)

Proposal for a regulation
Recital 3 a (new)
(3a) It is estimated by the United Nations Office of Drugs and Crime (UNODC) that between 2 and 5% of global GDP is laundered each year. Therefore, it is essential for Member States, apart from reinforcing their rules in order to prevent money laundering or terrorist financing, to use the money recovered from operations with the purpose to address challenges emerged from current and future crises.
2022/07/04
Committee: ECONLIBE
Amendment 167 #

2021/0239(COD)

Proposal for a regulation
Recital 24 a (new)
(24a) The illegal, unprovoked and unjustified military aggression against Ukraine has been strongly condemned by the Union and has led to a severe embargo on Russian banks and oligarchs by the Member States, while also highlighting schemes of money laundering by Russian banks through EU banks services. It is important in this sense to recognize the potential that long- term maintenance of sanctions has in reducing the risk of Russian money laundering in the Union.
2022/07/04
Committee: ECONLIBE
Amendment 176 #

2021/0239(COD)

Proposal for a regulation
Recital 32 a (new)
(32a) Access to basic financial products and services allows refugees and people seeking temporary or international protection to participate in the economic and social life of the Union, in line with the right to protection enshrined in Article 18 of the Charter of Fundamental Rights. At the same time, financial inclusion avoids that transactions are driven underground through informal channels, thereby making the detection and reporting of suspicious transactions more difficult. As such, financial inclusion contributes significantly to the fight against money laundering and terrorist financing. This regulation provides sufficient flexibility to financial institutions to perform the identification and verification of prospective clients who are refugees or seek protection and to adopt, in line with the risk-based approach, proportionate and effective measures to manage and mitigate risks linked to these clients. To ensure such flexibility is exploited to the fullest, financial institutions should accept documents issued by Member States stating legal residence as a valid means for the purposes of customer identity verification. In order to ensure the effective implementation of anti-money laundering/countering the financing of terrorism rules, financial institutions should address the situation of refugees and persons seeking temporary or international protection within their internal policies and procedures
2022/07/04
Committee: ECONLIBE
Amendment 229 #

2021/0239(COD)

Proposal for a regulation
Recital 72
(72) There is a need to ensure a level playing field among the different types of legal forms and to avoid the misuse of trusts and legal arrangements, which are often layered in complex structures to further obscure beneficial ownership. Trustees of any express trust administered in a Member State should thus be responsible for obtaining and holding adequate, accurate and current beneficial ownership information regarding the trust, and for disclosing their status and providing this information to obliged entities carrying out costumer due diligence. Any other beneficial owner of the trust should assist the trustee in obtaining such information. AMLA shall investigate the possibility of the creation of a central European Beneficial Owners Register with uniform standards.
2022/07/04
Committee: ECONLIBE
Amendment 360 #

2021/0239(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 3 – point k
(k) creditors for mortgage and consumer credits, other than credit institutions defined in Article 2(5) and financial institutions defined in Article 2(6), and credit intermediaries for mortgage and consumer credits;
2022/07/04
Committee: ECONLIBE
Amendment 373 #

2021/0239(COD)

Proposal for a regulation
Article 4 – paragraph 1
1. With the exception of casinos, Member States may decide to exempt, in full or in part, providers of gambling services from the requirements set out in this Regulation on the basis of the proven low risk posed by the nature and, where appropriate, the scale of operations of such services, with the consent of the AML Authority.
2022/07/04
Committee: ECONLIBE
Amendment 522 #

2021/0239(COD)

Proposal for a regulation
Article 18 – paragraph 4 – point a
(a) the submission of the identity document, passport or equivalent and the acquisition of information from reliable and independent sources, which can also be done by electronic means, whether accessed directly or provided by the customer;
2022/07/05
Committee: ECONLIBE
Amendment 559 #

2021/0239(COD)

Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 1
The frequency of updating customer information pursuant to the first sub- paragraph shall be based on the risk posed by the business relationship. The frequency of updating of customer information shall pursue a risk-based approach, particularly taking into account changes of relevant circumstances and shall in any case not exceed five years.
2022/07/05
Committee: ECONLIBE
Amendment 690 #

2021/0239(COD)

Proposal for a regulation
Article 32 – paragraph 2 – point b
(b) take adequate measures to establish the source of wealth and source of funds that are involved in business relationships or transactions, including occasional ones, with politically exposed persons;
2022/07/05
Committee: ECONLIBE
Amendment 711 #

2021/0239(COD)

Proposal for a regulation
Article 38 – paragraph 4 a (new)
4a. Reliance on other obliged entities may also include the re-use of relevant customer due diligence information and documentation obtained and processed by that entity.
2022/07/05
Committee: ECONLIBE
Amendment 742 #

2021/0239(COD)

Proposal for a regulation
Article 40 – paragraph 4 a (new)
4a. Outsourced entities shall be able to sub-outsource activities, as long as the outsourced entities: (a) have laid such sub-outsourcing out in their written agreement with the obliged entity; and (b) are able to report on the effective implementation of measures by the sub- outsourced entities to the obliged entity. The obliged entity remains fully liable for any actions of the sub-outsourced entity, and the tasks undertaken by the sub- outsourced entity shall also not be undertaken in such way as to impair materially the quality of the obliged entity’s measures and procedures to comply with the requirements of this Regulation and of Regulation [proposal for a recast of Regulation (EU) 2015/847 - COM/2021/422 final].
2022/07/05
Committee: ECONLIBE
Amendment 845 #

2021/0239(COD)

Proposal for a regulation
Article 50 – paragraph 1 – introductory part
1. Obliged entities shall report via the FIU.net one-stop-shop to the FIU all suspicious transactions, including attempted transactions.
2022/07/05
Committee: ECONLIBE
Amendment 846 #

2021/0239(COD)

Proposal for a regulation
Article 50 – paragraph 1 – introductory part
1. Obliged entities shall report to the FIU all suspicious transactions, including multi-country and attempted transactions.
2022/07/05
Committee: ECONLIBE
Amendment 855 #

2021/0239(COD)

Proposal for a regulation
Article 50 – paragraph 1 – subparagraph 2
For the purposes of points (a) and (b), obliged entities shall reply to a request for information by the FIU within 5 days via the FIU.net one-stop-shop. In justified and urgent cases, FIUs shall be able to shorten such a deadline to 24 hours.
2022/07/05
Committee: ECONLIBE
Amendment 884 #

2021/0239(COD)

Proposal for a regulation
Article 54 a (new)
Article 54a Use of Artificial Intelligence (AI) For the purposes of AML, obliged entities shall be permitted to rely on technologies that include machine-learning, artificial intelligence or similar automated individual decision-making processes, including profiling pursuant to Article 22.2.(b) of Regulation (EU) 2016/679 in order to meet directly or indirectly the requirements of this Regulation, Regulation 2015/847, and any Regulatory Technical Standards, guidelines or other common instruments (that are directly or indirectly related to the prevention and fight against money laundering and financing terrorism) set up by AMLA related to the abovementioned regulations. Obliged entities shall inform the data subjects, for example in their privacy statements, that automated decision making including profiling pursuant to Article 22.2. b of Regulation (EU) 2016/679 is used. Such information should include the significance and the possible consequences for the data subject of such use. AML-A, in cooperation with the European Data Protection Board shall develop Regulatory Technical Standards, determining the minimum information to be provided. The logics behind such automated decision making and profiling are kept by the obliged entities and can be requested by the competent authorities. Such logics should be kept confidential by such authorities.
2022/07/05
Committee: ECONLIBE
Amendment 900 #

2021/0239(COD)

Proposal for a regulation
Article 55 a (new)
Article 55a Information exchange (1) Obliged persons, competent authorities [within the meaning of Art. 2(31) of the Draft Regulation] and other public authorities of the EU and EU Member States, insofar as they act for the purpose of combating money laundering or terrorist financing, may provide each other, directly or through public-private partnerships (PPPs), insofar as they pursue the purpose of combating money laundering or terrorist financing, with information containing anomalies or unusual features indicating money laundering, one of its predicate offences or terrorist financing. The exchange of information may only take place for the purpose of combating money laundering, one of its predicate offenses or the financing of terrorism. (2) Within the framework of the exchange of information pursuant to paragraph 1, the persons referred to in paragraph 1 may also process personal data within the meaning of Art. 4 No. 1 of the General Data Protection Regulation [as defined in Art. 4 No. 2 of the General Data Protection Regulation]. Art. 14 (1) to (4) of the General Data Protection Regulation shall not apply; Art. 15, 16 and 18 of the General Data Protection Regulation shall apply subject to the consent of the competent authorities [as defined in Art. 2 (31) of the Draft Regulation]. The personal data shall be deleted after the expiration of 5 years after receipt of the data, unless there is a legal obligation or justification for the continued retention of the data. (3) Information pursuant to paragraph 1, which is related to specific facts, may only be disclosed by obligated parties, irrespective of the submission of a notification pursuant to Art. 50 et seq. Draft Regulation may only be disclosed by obligated parties to other obligated parties if the information is not disclosed to 1. the contracting party of the obligated party submitting the report, 2. the principal of a transaction related to the facts of the case, 3. the beneficial owner of the persons referred to in points 1 and 2, 4. a person who has been appointed as a representative or messenger by one of the persons mentioned in numbers 1 to 3, 5. the legal counsel mandated by any of the persons referred to in numbers 1 to 4, and 6. other third parties not mentioned in paragraph 1. (4) Information referred to in paragraph 1, for which an obliged person has made a report pursuant to Art. 50 et seq. of the Draft Regulation or on the basis of which such a report is about to be made, may be shared pursuant to paragraph 1 only if the competent authorities [within the meaning of Art. 2 par. 31 of the Draft Regulation] have previously given their consent to an exchange of information to all or selected persons referred to in paragraph 1. An information exchange pursuant to Art. 54 (2)-(6) of the Draft Regulation remains unaffected by this.
2022/07/05
Committee: ECONLIBE
Amendment 936 #

2021/0239(COD)

Proposal for a regulation
Article 59 – paragraph 4 – point b
(b) payments or deposits made at the premises of credit institutions. In such cases, the credit institution shall report the payment or deposit above the limit to the FIU, in particular in case of suspicious activities and transactions.
2022/07/05
Committee: ECONLIBE
Amendment 98 #

2021/0213(CNS)

Proposal for a directive
Recital 3 a (new)
(3 a) Insular, peripheral and remote regions had little alternative but to build their economic competitiveness with the support of air transport, enabling and promoting key economic flows and other drivers of economic development enabled by efficient and affordable air services. Improved air connectivity has brought about wider economic benefits, beyond those that benefit the immediate users of air transport networks. Beyond those that could be considered direct economic benefits of aviation, air connectivity between Member States serves as an essential catalyst for economic growth and social welfare. Air linkages that connect central Member States to the insular, peripheral and remote regions continue to make a vital contribution to economic growth.
2022/04/08
Committee: ECON
Amendment 100 #

2021/0213(CNS)

Proposal for a directive
Recital 3 b (new)
(3 b) Until cleaner energy is made available through technological advances, taxpayers are encouraged to consume smartly and use transport that consumes less fossil fuels. However, until more environmentally friendly alternatives are available, the insular, peripheral and remote regions will be at an economic disadvantage compared to the central ones. Insular, peripheral and remote regions should not be discriminated against since in the near future they will not have transport alternatives that are more ecological than air transport. Citizens and businesses on islands and at the periphery should continue to benefit from equivalent connectivity opportunities as their counterparts in more central areas of the Union.
2022/04/08
Committee: ECON
Amendment 101 #

2021/0213(CNS)

Proposal for a directive
Recital 4
(4) Environmental taxation can be a cost-effective mean for Member States to achieve the targeted reductions of greenhouse gasses. The proper functioning of the internal market requires common rules on that taxation, while preserving Member States' flexibility and sovereignty over tax prerogatives, not least with respect to promoting economic and social development of their insular, peripheral and remote regions.
2022/04/08
Committee: ECON
Amendment 112 #

2021/0213(CNS)

Proposal for a directive
Recital 7 a (new)
(7 a) For insular regions having no connections by road, train or bridge with the European mainland, and for peripheral and remote regions, especially those with an economy that is highly dependent on tourism, the kerosene tax should be waived for flights to and from such regions, during the first five years, and should then be raised in five equal annual steps in the following five years to reach the levels achieved for all flights at the end of the ten year period. All precautionary steps should be taken to avoid any "détournement de trafic" in kerosene usage.
2022/04/08
Committee: ECON
Amendment 196 #

2021/0213(CNS)

Proposal for a directive
Recital 36
(36) Every fivthree years and for the first time fivthree years after the entry into force of this Directive, the Commission should report to the Council on the application of this Directive, examining in particular the minimum levels of taxation, the impact of innovation and technological developments, especially as regards energy efficiency, the use of electricity in transport and the justification for the exemptions, reductions and differentiations laid down in this Directive. The report should take into account the proper functioning of the internal market, environmental and social considerations, the real value of the minimum levels of taxation and, the impact of this Directive on air connectivity and the economic and social welfare of insular, peripheral and remote regions as well as the wider relevant objectives of the Treaties.
2022/04/08
Committee: ECON
Amendment 236 #

2021/0213(CNS)

Proposal for a directive
Article 5 – paragraph 2 – subparagraph 1
The Commission is empowered to adopt delegated acts in accordance with Article 29 to amend the minimum levels of taxation as referred to in the first subparagraph.
2022/04/08
Committee: ECON
Amendment 242 #

2021/0213(CNS)

Proposal for a directive
Article 7 a (new)
Article 7 a Moratorium for insular, peripheral and remote regions Provided that for insular regions having no connections by road, train or bridge with the European mainland, and for peripheral and remote regions, especially those with an economy that is highly dependent on tourism, the kerosene tax will be waived for flights to and from such regions, during the first five years, and will then be raised in five equal annual steps in the following five years to reach the levels achieved for all flights at the end of the ten year period. All precautionary steps will be taken to avoid any "détournement de trafic" in kerosene usage. The conditions to qualify for the moratorium and for its application shall be defined by a delegated act.
2022/04/08
Committee: ECON
Amendment 369 #

2021/0213(CNS)

Proposal for a directive
Article 29 – paragraph 2
2. The power to adopt the delegated acts referred to in Article 2(8) and Article 5(2) shall be conferred on the Commission for an indeterminate period of time from 1 January 2023.
2022/04/08
Committee: ECON
Amendment 372 #

2021/0213(CNS)

Proposal for a directive
Article 29 – paragraph 3
3. The delegation of power referred to in Article 2(8) and Article 5(2) may be revoked at any time by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.
2022/04/08
Committee: ECON
Amendment 374 #

2021/0213(CNS)

Proposal for a directive
Article 29 – paragraph 6
6. A delegated act adopted pursuant to 6. Article 2(8) and Article 5(2) shall enter into force only if no objection has been expressed by the Council within a period of two months of notification of that act to the Council or if, before the expiry of that period, the Council have informed the Commission that it will not object. That period shall be extended by two months at the initiative of the Council.
2022/04/08
Committee: ECON
Amendment 378 #

2021/0213(CNS)

Proposal for a directive
Article 31 – paragraph 1
Every fivthree years and for the first time fivthree years after 1 January 2023, the Commission shall submit to the Council a report on the application of this Directive.
2022/04/08
Committee: ECON
Amendment 384 #

2021/0213(CNS)

Proposal for a directive
Article 31 – paragraph 2
The report by the Commission shall, inter alia, examine the minimum levels of taxation, the impact of innovation and technological developments, in particular as regards energy efficiency, the use of electricity in transport and the justification for the exemptions, reductions and differentiations laid down in this Directive. The report shall take into account the proper functioning of the internal market, environmental and social considerations, the real value of the minimum levels of taxation and, the impact of this directive on air connectivity and the economic and social welfare of insular, peripheral and remote regions as well as the relevant wider objectives of the Treaties.
2022/04/08
Committee: ECON
Amendment 54 #

2021/0202(COD)

Proposal for a decision
Recital 14
(14) The analysis carried out in the context of the reserve’s review and the expected developments relevant to the carbon market demonstrate that a rate of 12 % of the total number of allowances in circulation to be placed in the reserve each year after 2023 is insufficient to prevent a significant increase of the surplus of allowances in the EU ETS. Therefore, after 2023 the percentage figure should continue to be at least 24 %, and the minimum number of allowances to be placed in the reserve should also continue to be at least 200 million.
2022/01/20
Committee: ENVI
Amendment 61 #

2021/0202(COD)

Proposal for a decision
Recital 15
(15) If the rate of the total number of allowances in circulation to be placed in the reserve each year reverts to 12 % after 2023, a potentially harmful surplus of allowances in the EU ETS may disturb market stability. In addition, the rate of 24 % after 2023 should be established separately from the general review of Directive 2003/87/EC and Decision (EU) 2015/1814 to strengthen the EU Emissions Trading System in line with the Union’s increased climate ambition for 2030 to ensure market predictability. its timely entry into force and thereby provide market predictability by eliminating the risk that the rate falls back below 24 %. This is without prejudice to further revisions of the reserve, including if appropriate of the rate of allowances to be placed in the reserve, as part of the general revision of Directive 2003/87/EC and Decision (EU) 2015/1814 taking place in 2022.
2022/01/20
Committee: ENVI
Amendment 45 #

2021/0191(COD)

Proposal for a regulation
Recital 1
(1) The transition to a low-carbon-neutral, more sustainable, resource-efficient, circular and fair economy is key to ensuring the long-term competitiveness of the economy of the Union and the well- being of its peoples. In 2016, the Union concluded the Paris Agreement31 . Article 2(1), point (c), of the Paris Agreement sets out the objective of strengthening the response to climate change by, among other means, making finance flows consistent with a pathway towards low greenhouse gas emissions and climate- resilient development. __________________ 31Council Decision (EU) 2016/1841 of 5 October 2016 on the conclusion, on behalf of the European Union, of the Paris Agreement adopted under the United Nations Framework Convention on Climate Change (OJ L 282, 19.10.2016, p. 4).
2022/01/06
Committee: ENVI
Amendment 47 #

2021/0191(COD)

Proposal for a regulation
Recital 3
(3) Both private and public investment are essential in order to achieve the transition to a carbon-neutral environment. Environmentally sustainable bonds are one of the main instruments for financing investments related toin low- carbon technologies, energy and resource efficiency as well as sustainable transport infrastructure and research infrastructure which are needed to deliver a carbon- neutral future. Financial or non-financial undertakings or sovereigns can issue such bonds. Various existing initiatives for environmentally sustainable bonds do not ensure common definitions of environmentally sustainable economic activities. This prevents investors from easily identifying bonds the proceeds of whichwhich bonds are aligned with, or are contributing to environmental objectives as laid down in, the Paris Agreement.
2022/01/06
Committee: ENVI
Amendment 52 #

2021/0191(COD)

Proposal for a regulation
Recital 4
(4) Diverging rules on the disclosure of information, on the transparency and accountability of external reviewers reviewing environmentally sustainable bonds, and on the eligibility criteria for eligible environmentally sustainable projects, has impeded the ability of investors to identify, trust, and objectively compare environmentally sustainable bonds, and the ability of issuers to use environmentally sustainable bonds to transitionfund their activtransitieson towards more environmentally sustainable business models.
2022/01/06
Committee: ENVI
Amendment 55 #

2021/0191(COD)

Proposal for a regulation
Recital 6
(6) The lack of harmonised rules for the procedures used by external reviewers to review environmentally sustainable bonds and the diverging definitions of environmentally sustainable activities make it increasingly difficult for investors to effectively compare bonds across the internal market with respect to their environmental objectives and their impact on the environment. The market for environmentally sustainable bonds is inherently international, with market participants trading bonds and making use of external review services from third party providers across borders, including those from third countries. Action at Union level could reduce the risk of fragmentation of the internal market for environmentally sustainable bonds and bond-related external review services, and ensure the application of Regulation (EU) 2020/852 of the European Parliament and of the Council34 in the market for such bonds. __________________ 34 Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).
2022/01/06
Committee: ENVI
Amendment 61 #

2021/0191(COD)

Proposal for a regulation
Recital 7
(7) A uniform set of specific requirements should therefore be laid down for bonds issued by financial or non- financial undertakings or sovereigns that voluntarily wish to use the designation ‘European green bond’ or ‘EuGB’ for such bonds. Specifying quality requirements for European gGreen bBonds in the form of a Regulation should ensure that there are uniform conditions for the issuance of such bonds by preventing diverging national requirements that could result from a transposition of a Directive, and should also ensure that those conditions are directly applicable to issuers of such bonds. Issuers that voluntarily use the designation ‘European gGreen bBond’ or ‘EuGB’ should follow the same rules across the Union, to increase market efficiency by reducing discrepancies and thereby also reducing the costs ofassociated with assessing those bonds for investors. A uniform, reliable standard with integrity would also help incentivise cross-border investment in such bonds.
2022/01/06
Committee: ENVI
Amendment 76 #

2021/0191(COD)

Proposal for a regulation
Recital 10
(10) Sovereigns are frequent issuers of bonds marketed as environmentally sustainable bonds and should therefore also be allowed to issue ‘European gGreen bBonds’, provided that the proceeds of such bonds are used to finance either assets or expenditure that meet the taxonomy, or assets or expenditure that will meet those requirements within a reasonably short period from the issuance of the bond concerned, which can be extended however where duly justified by the specific features of the economic activities and investments concerned.
2022/01/06
Committee: ENVI
Amendment 86 #

2021/0191(COD)

Proposal for a regulation
Recital 14
(14) Investors should benefit from cost- effective access to reliable information about the European gGreen bBonds. Issuers of European Green Bonds should therefore contract independent external reviewers to provide a pre-issuance review of the European gGreen bBond factsheet, and post- issuance reviews of European gGreen bBond annual allocation reports.
2022/01/06
Committee: ENVI
Amendment 89 #

2021/0191(COD)

Proposal for a regulation
Recital 15
(15) Issuers of European gGreen bBonds should abide by their commitments to investors and allocate the proceeds of their bonds within a reasonably short time after issuance. At the same time, issuers should not be penalised for allocating bond proceeds to economic activities that do not yet meet the taxonomy requirements, but will do so within the five year period (or extended ten year period). Issuers should in any case allocate all proceeds of their European gGreen bBonds before the maturity of each bond.
2022/01/06
Committee: ENVI
Amendment 95 #

2021/0191(COD)

Proposal for a regulation
Recital 18
(18) To improve transparency, issuers should also disclose the environmental impact of their bonds by means of the publication of impact reports, which should be published at least ontwice during the lifetime of the bond, and when it reaches maturity. In order to provide investors with all information relevant to assess the environmental impact of European green bonds, impact reports should clearly specify the metrics, methodologies and assumptions applied in the assessment of the environmental impacts. To strengthen the comparability of European green bonds and to facilitate the localisation of relevant information, it is necessary to lay down templates for the disclosure of such information.
2022/01/06
Committee: ENVI
Amendment 99 #

2021/0191(COD)

Proposal for a regulation
Recital 22
(22) To strengthen transparency towards investors on how the alignment of bond proceeds with the taxonomy requirements is assessed, external reviewers should disclose to users of pre-issuance reviews and, post-issuance reviews and environmental impact reports, the methodologies and key assumptions they use in their external review activities in sufficient detail, whilst taking due account of the protection of proprietary data and intellectual property.
2022/01/06
Committee: ENVI
Amendment 155 #

2021/0191(COD)

Proposal for a regulation
Article 10 – paragraph 1
1. Issuers of European green bonds shall, after the full allocation of the proceeds of such bonds and at least ontwice during the lifetime of the bond, and at the maturity of the bond, draw up a European green bond impact report on the environmental impact of the use of the bond proceeds by using the template laid down in Annex III.
2022/01/06
Committee: ENVI
Amendment 217 #

2021/0191(COD)

Proposal for a regulation
Recital 1
(1) The transition to a low-carbon-neutral, more sustainable, resource-efficient, circular and fair economy is key to ensuring the long-term competitiveness of the economy of the Union and the well- being of its peoples. In 2016, the Union concluded the Paris Agreement31. Article 2(1), point (c), of the Paris Agreement sets out the objective of strengthening the response to climate change by, among other means, making finance flows consistent with a pathway towards low greenhouse gas emissions and climate- resilient development. __________________ 31Council Decision (EU) 2016/1841 of 5 October 2016 on the conclusion, on behalf of the European Union, of the Paris Agreement adopted under the United Nations Framework Convention on Climate Change (OJ L 282, 19.10.2016, p. 4).
2022/01/20
Committee: ECON
Amendment 231 #

2021/0191(COD)

Proposal for a regulation
Recital 3
(3) Both private and public investment are essential in order to achieve the transition to a carbon-neutral environment. Environmentally sustainable bonds are one of the main instruments for financing investments related to low- carbon technologies, energy and resource efficiency as well as sustainable transport infrastructure and research infrastructure which are needed to deliver a carbon- neutral future. Financial or non-financial undertakings or sovereigns can issue such bonds. Various existing initiatives for environmentally sustainable bonds do not ensure common definitions of environmentally sustainable economic activities. This prevents investors from easily identifying bonds the proceeds of whichwhich bonds are aligned with, or are contributing to environmental objectives as laid down in the Paris Agreement.
2022/01/20
Committee: ECON
Amendment 235 #

2021/0191(COD)

Proposal for a regulation
Recital 4
(4) Diverging rules on the disclosure of information, on the transparency and accountability of external reviewers reviewing environmentally sustainable bonds, and on the eligibility criteria for eligible environmentally sustainable projects, has impeded the ability of investors to identify, trust, and compare environmentally sustainable bonds, and the ability of issuers to use environmentally sustainable bonds to transitionfund their activtransitieson towards more environmentally sustainable business models.
2022/01/20
Committee: ECON
Amendment 238 #

2021/0191(COD)

Proposal for a regulation
Recital 6
(6) The lack of harmonised rules for the procedures used by external reviewers to review environmentally sustainable bonds and the diverging definitions of environmentally sustainable activities make it increasingly difficult for investors to effectively compare bonds across the internal market with respect to their environmental objectives. The market for environmentally sustainable bonds is inherently international, with market participants trading bonds and making use of external review services from third party providers across borders, including those from third countries. Action at Union level could reduce the risk of fragmentation of the internal market for environmentally sustainable bonds and bond-related external review services, and ensure the application of Regulation (EU) 2020/852 of the European Parliament and of the Council34 in the market for such bonds. __________________ 34 Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).
2022/01/20
Committee: ECON
Amendment 246 #

2021/0191(COD)

Proposal for a regulation
Recital 7
(7) A uniform set of specific requirements should therefore be laid down for bonds issued by financial or non- financial undertakings or sovereigns that voluntarily wish to use the designation ‘European green bond’ or ‘EuGB’ for such bonds. Specifying quality requirements for European green bonds in the form of a Regulation should ensure that there are uniform conditions for the issuance of such bonds by preventing diverging national requirements that could result from a transposition of a Directive, and should also ensure that those conditions are directly applicable to issuers of such bonds. Issuers that voluntarily use the designation ‘European green bond’ or ‘EuGB’ should follow the same rules across the Union, to increase market efficiency by reducing discrepancies and thereby also reducing the costs ofassociated with assessing those bonds for investors. A uniform, reliable standard with integrity would also help incentivise cross-border investment in such bonds.
2022/01/20
Committee: ECON
Amendment 273 #

2021/0191(COD)

Proposal for a regulation
Recital 10
(10) Sovereigns are frequent issuers of bonds marketed as environmentally sustainable bonds and should therefore also be allowed to issue ‘European green bonds’, provided that the proceeds of such bonds are used to finance either assets or expenditure that meet the taxonomy, or assets or expenditure that will meet those requirements within a reasonably short period from the issuance of the bond concerned, which can be extended however where duly justified by the specific features of the economic activities and investments concerned.
2022/01/20
Committee: ECON
Amendment 297 #

2021/0191(COD)

Proposal for a regulation
Recital 14
(14) Investors should benefit from cost- effective access to reliable information about the European green bonds. Issuers of European Green Bonds should therefore contract independent external reviewers to provide a pre-issuance review of the European green bond factsheet, and post- issuance reviews of European green bond annual allocation reports.
2022/01/20
Committee: ECON
Amendment 307 #

2021/0191(COD)

Proposal for a regulation
Recital 18
(18) To improve transparency, issuers should also disclose the environmental impact of their bonds by means of the publication of impact reports, which should be published at least ontwice during the lifetime of the bond, and when it reaches maturity. In order to provide investors with all information relevant to assess the environmental impact of European green bonds, impact reports should clearly specify the metrics, methodologies and assumptions applied in the assessment of the environmental impacts. To strengthen the comparability of European green bonds and to facilitate the localisation of relevant information, it is necessary to lay down templates for the disclosure of such information.
2022/01/20
Committee: ECON
Amendment 330 #

2021/0191(COD)

Proposal for a regulation
Recital 37
(37) The objectives of this Regulation are twofold. On the one hand, it aims to ensure that uniform requirements apply to the use of the designation of ‘European green bond’ or ‘EuGB’. On the other hand, it aims to establish a simple registration system and supervisory framework for external reviewers by entrusting a single supervisory authority with the registration and supervision of external reviewers in the Unionof EuGB. Both aims should facilitate capital raising for projects that pursue environmentally sustainable objectives. Since those objectives cannot be sufficiently achieved by the Member States but can be better achieved at Union level, the Union may adopt measures in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives,
2022/01/20
Committee: ECON
Amendment 422 #

2021/0191(COD)

Proposal for a regulation
Article 9 – paragraph 7 – point a
(a) an assessment of whether the issuer has allocated the proceeds of the bond in compliaccordance with Articles 4 to 7 based on the information provided to the external reviewer;
2022/01/20
Committee: ECON
Amendment 425 #

2021/0191(COD)

Proposal for a regulation
Article 9 – paragraph 7 – point b
(b) an assessment of whether the issuer has complialigned with the intended use of proceeds set out in the green bond factsheet based on the information provided to the external reviewer;
2022/01/20
Committee: ECON
Amendment 432 #

2021/0191(COD)

Proposal for a regulation
Article 10 – paragraph 1
1. Issuers of European green bonds shall, after the full allocation of the proceeds of such bonds and at least ontwice during the lifetime of the bond, and at the maturity of the bond, draw up a European green bond impact report on the environmental impact of the use of the bond proceeds by using the template laid down in Annex III.
2022/01/20
Committee: ECON
Amendment 449 #

2021/0191(COD)

Proposal for a regulation
Article 15 – paragraph 1 – point a
(a) the full name of the applicant, the address of the registered office within the Union, the applicant’s website and, where available, the legal entity identifier (LEI);
2022/01/20
Committee: ECON
Amendment 3 #

2020/2273(INI)

Motion for a resolution
Citation 3 a (new)
- having regard to its resolution on the new EU Forest Strategy of 8 October 20201a, _________________ 1a Texts adopted, P9_TA(2020)0257
2021/02/22
Committee: ENVI
Amendment 10 #

2020/2273(INI)

Motion for a resolution
Citation 10 a (new)
- having regard to the report of FOREST EUROPE of 17 December 2020on the State of Europe's Forests,
2021/02/22
Committee: ENVI
Amendment 24 #

2020/2273(INI)

Motion for a resolution
Citation 11 a (new)
- having regard to the European Court of Auditors special report entitled Marine environment: EU protection is wide but not Deep, published on 26 November 2020,
2021/02/22
Committee: ENVI
Amendment 35 #

2020/2273(INI)

Motion for a resolution
Citation 11 d (new)
- having regard to the Commission Communication of 26 February 2016 on an EU Action Plan against Wildlife Trafficking(COM/2016/087);
2021/02/22
Committee: ENVI
Amendment 40 #

2020/2273(INI)

Motion for a resolution
Citation 10 a (new)
- having regard to the Commission report of 2 October 2015 on the mid-term review of the EU Biodiversity Strategy to 2020 (COM/2015/0478),
2021/02/22
Committee: ENVI
Amendment 42 #

2020/2273(INI)

Motion for a resolution
Citation 11 b (new)
- having regard to the European Environment Agency assessment report of 6 October 2020entitled Management effectiveness in the EU's Natura 2000 network of protected areas,
2021/02/22
Committee: ENVI
Amendment 44 #

2020/2273(INI)

Motion for a resolution
Citation 11 c (new)
- having regard to the JRC Science for policy report of 13 October 2020 entitled Mapping and Assessment of Ecosystems and their Services: An EU ecosystem assessment, published,
2021/02/22
Committee: ENVI
Amendment 61 #

2020/2273(INI)

Motion for a resolution
Recital A
A. whereas the European Parliament has declared a climate and environmental emergency and approved an ambitious Climate Law report; whereas biodiversity loss and climate change, reinforce each other, representing equal threats to life on our planet, and as such, should be urgently tackled together;
2021/02/22
Committee: ENVI
Amendment 68 #

2020/2273(INI)

Motion for a resolution
Recital A a (new)
Aa. whereas indigenous peoples and local communities play an essential part to preserve the world’s biodiversity and global biodiversity targets cannot be achieved without the recognition of their rights;
2021/02/22
Committee: ENVI
Amendment 71 #

2020/2273(INI)

Motion for a resolution
Recital A b (new)
Ab. whereas key ecosystems deliver numerous services essential to food and agriculture, including supply of freshwater, protection against hazards and provision of habitats for species such as fish and pollinators, which are declining at a sharp rate;
2021/02/22
Committee: ENVI
Amendment 73 #

2020/2273(INI)

Motion for a resolution
Recital A c (new)
Ac. whereas biodiversity is crucial for food security, human well-being and development worldwide; whereas the COVID-19 pandemic has highlighted areas of inequalities across agri-food systems, and the necessity to adapt and improve smallholder production sustainably, ensure that the livelihoods of rural populations are more resilient, transform agri-food-systems, and reorient agriculture towards climate sustainability;
2021/02/22
Committee: ENVI
Amendment 77 #

2020/2273(INI)

Motion for a resolution
Recital B a (new)
Ba. whereas according to the findings of the 2020 ECA and EEAs reports, there is a lack of an effective, well-managed and well-connected network of marine protected areas resulting in limited protection of marine biodiversity;
2021/02/22
Committee: ENVI
Amendment 79 #

2020/2273(INI)

Motion for a resolution
Recital B b (new)
Bb. whereas according to the JRC 2020 report, invasive alien species (IAS) are now present in all ecosystems and are threatening urban ecosystems and grasslands in particular;
2021/02/22
Committee: ENVI
Amendment 86 #

2020/2273(INI)

Motion for a resolution
Recital C a (new)
Ca. whereas the unfortunate one-year delay in the 2020 Conferences of Parties to the UNFCCC and the CBD caused by the Sars-CoV-2 outbreak provides a unique opportunity to switch from a reactive model to a proactive and precautionary model and ultimately bring about the transformative change needed; whereas new scientific advances should inform and strengthen the links between both international agendas and their national implementation;
2021/02/22
Committee: ENVI
Amendment 107 #

2020/2273(INI)

Motion for a resolution
Recital C b (new)
Cb. whereas the European Union still faces large implementation gaps to effectively manage the Natura 2000 network; whereas current and future climate change impacts should be also incorporated under management guidelines of Natura 2000;
2021/02/22
Committee: ENVI
Amendment 117 #

2020/2273(INI)

Motion for a resolution
Recital C c (new)
Cc. whereas, according to the 2019 IPBES Global Assessment Report, both the illegal and legal trade in, and use of, wildlife significantly contributes to biodiversity decline, and the destruction of natural habitats and the exploitation of wildlife are linked to the emergence and spread of infectious diseases;
2021/02/22
Committee: ENVI
Amendment 126 #

2020/2273(INI)

Motion for a resolution
Recital C d (new)
Cd. whereas climate change affects biodiversity as climate variables largely determine the geographical distribution ranges of species; whereas in areas where the climate is no longer suitable, some species shift their geographical ranges and others go extinct locally, depending on their dispersal capacities; whereas species phenology and physiology, community structures and ecosystem functions are also exacerbating the challenge to manage and conserve biodiversity;
2021/02/22
Committee: ENVI
Amendment 132 #

2020/2273(INI)

Motion for a resolution
Recital C e (new)
Ce. whereas Nature-based solutions (NbS) have the potential to provide a strong policy connection between the three Rio Conventions on Biodiversity, Climate Change and Desertification providing an opportunity for Presidencies and Secretariats of all three agreements to work together to achieve closer linkages towards the 2021 Year for Nature to address climate change and biodiversity loss in an integrated and coherent manner;
2021/02/22
Committee: ENVI
Amendment 151 #

2020/2273(INI)

Motion for a resolution
Paragraph 1
1. Welcomes the new EU Biodiversity Strategy for 2030 and its level of ambition; with respect to the principles of subsidiarity and proportionality;
2021/02/22
Committee: ENVI
Amendment 180 #

2020/2273(INI)

Motion for a resolution
Paragraph 2 a (new)
2a. Notes the importance of sustainable forest management (SFM) as an effective way to maintain and enhance biodiversity and the vitality of forests and to prevent pests and diseases also in protected areas.
2021/02/22
Committee: ENVI
Amendment 182 #

2020/2273(INI)

Motion for a resolution
Paragraph 2 b (new)
2b. Highlights the importance of taking into account the different biogeographical areas and notes the differences in calculated biodiversity loss; recalls that only one biodiversity hotspot (the Mediterranean basin) is located in Europe and calls for prioritising actions in this hotspot;
2021/02/22
Committee: ENVI
Amendment 194 #

2020/2273(INI)

Motion for a resolution
Paragraph 3
3. Stresses that the COVID-19 pandemic has demonstrated the importance of holistically recognising the linkages between human health, animal health and biodiversity through the ‘One Health’ principle in policy-making and that transformative changes are needed; calls for an urgent rethinking of how to align the Union’s current policies with the changes needed; further calls on the Commission to present, in collaboration with the European Centre for Disease Prevention and Control, a European Strategy against pandemics, including pandemics from zoonotic origins; believes that such a Strategy should put in place pandemic preparedness and prevention, further address the drivers of biodiversity loss, ensure long-term resilience, and ultimately contribute to the overall objectives of the Biodiversity Strategy for 2030;
2021/02/22
Committee: ENVI
Amendment 215 #

2020/2273(INI)

Motion for a resolution
Paragraph 3 a (new)
3a. Notes that only one target from the Biodiversity Strategy 2020 was met (to protect 10% of marine areas and 17% of terrestrial areas), and underlines therefore that all targets from the Biodiversity Strategy for 2030 should be clearly defined and measurable in order to be achieved;
2021/02/22
Committee: ENVI
Amendment 256 #

2020/2273(INI)

Motion for a resolution
Paragraph 4
4. Expresses strong support for the targets of protecting at least 30 % of the Union’s marine and terrestrial areas, and of strictly protecting at least 10 % of these areas, including primary and old-growth forests; stresses that these should be binding and implemented by Member States in accordance with, in cooperation with their local and regional authorities, in accordance with the whole-of-government approach, science-based criteria and biodiversity needs; underlines that in addition to increasing protected areas, the quality and effective management of protected areas should be ensured and clear conservation plans implemented and monitored;
2021/02/22
Committee: ENVI
Amendment 278 #

2020/2273(INI)

Motion for a resolution
Paragraph 4 a (new)
4a. Welcomes the ongoing participatory processes of defining, mapping and monitoring primary and old- growth forests, aiming to ensure their conservation; believes that these efforts and the implementation of the Strategy should take into account national conditions;
2021/02/22
Committee: ENVI
Amendment 301 #

2020/2273(INI)

Motion for a resolution
Paragraph 4 b (new)
4b. Calls on the Commission to update the Adaptive management guidance in Natura 2000, which involves the consideration of potential regional impacts of climate change on species and ecosystems and the design of management actions that take those impacts into account;
2021/02/22
Committee: ENVI
Amendment 315 #

2020/2273(INI)

Motion for a resolution
Paragraph 4 c (new)
4c. Stresses that according to the EEA report, existing management effectiveness standards are insufficiently known and understood among practitioners; therefore calls on the Commission and the Member States for more targeted capacity building and better EU guidance on management effectiveness;
2021/02/22
Committee: ENVI
Amendment 346 #

2020/2273(INI)

Motion for a resolution
Paragraph 5
5. WStrongly welcomes the upcoming legislative proposal on the EU Nature Restoration Plan and reiterates its call for a restoration target of at least 30 % of the EU’s land and seas, which should be implemented by each Member State consistently throughout their territory; considers that in addition to an overall restoration target, ecosystem- specific targets should be set, with a particular emphasis on ecosystems for the dual purposes of biodiversity restoration and nature-based solutions for climate change mitigation and adaptation; stresses that after restoration, no ecosystem degradation should be allowed;
2021/02/22
Committee: ENVI
Amendment 369 #

2020/2273(INI)

Motion for a resolution
Paragraph 5 a (new)
5a. Strongly supports the proposed actions and commitments under the EU Nature Restoration Plan and calls upon the Member States for a thorough and swift implementation thereof;
2021/02/22
Committee: ENVI
Amendment 375 #

2020/2273(INI)

Motion for a resolution
Paragraph 5 b (new)
5b. Stresses the importance of protected area governance and cooperation that engages landowners, fishermen, users and local stakeholders for the successful implementation of the Strategy at all levels; believes that Member States should carefully evaluate compensation measures, when the financial income and ownership rights are being compromised, as a result of additional designation of protected areas;
2021/02/22
Committee: ENVI
Amendment 484 #

2020/2273(INI)

Motion for a resolution
Paragraph 9
9. Calls on the CommissionMember States to set specific ambitious targets on urban biodiversity, nature-based solutions and green infrastructure and to develop a Trans-European Network for Green Infrastructure (TEN-G) linked to the Trans-European Nature Network (TEN- N);
2021/02/22
Committee: ENVI
Amendment 633 #

2020/2273(INI)

Motion for a resolution
Paragraph 12 a (new)
12a. Encourages the Commission to scale up collaboration especially for marine ecosystems and the designation of marine ecological corridors;
2021/02/22
Committee: ENVI
Amendment 668 #

2020/2273(INI)

Motion for a resolution
Paragraph 14
14. StressesWelcomes the commitment to plant at least 3 billion additional trees in Europe; stresses however that the Union’s tree planting initiatives should prioritise connectivity and be based on proforestation, sustainable reforestation and the greening of urban areas; calls on the Commission to ensure that these initiatives are carried out only in a manner compatible with and conducive to the biodiversity objectives and following the latest scientific guidance;
2021/02/22
Committee: ENVI
Amendment 703 #

2020/2273(INI)

Motion for a resolution
Paragraph 15
15. Calls on the Commission to urgently prespresent, after an impact assessment, a proposal for an EU legal framework based on mandatory due diligence that ensures sustainable and deforestation-free value chains;
2021/02/22
Committee: ENVI
Amendment 713 #

2020/2273(INI)

Motion for a resolution
Paragraph 16
16. Expresses its concern that the majority of the ranges of terrestrial and marine species will decrease significantly in a 1.5 to 2°C scenarioglobal warming scenario and that these temperature increases will most likely be exceeded with the current trajectory; highlights, therefore, the need to prioritise nature-based solutions in meeting climate mitigation goals and in adaptation strategies and to increase the protection of natural carbon sinks in the EU; as a complementary measure to decreasing green house gas emissions; emphasises that removals by natural carbon sinks should be complementary and additional to the prioritisation of swift reductions of direct greenhouse gas emissions, including when implementing the EU’s 2030 climate target;
2021/02/22
Committee: ENVI
Amendment 732 #

2020/2273(INI)

Motion for a resolution
Paragraph 16
16. Expresses its concern that the majority of the ranges of terrestrial species will decrease significantly in a 1.5 to 2°C scenario; highlights, therefore, the need to prioritise nature-based solutionsustainably manage our natural resources in meeting climate mitigation goals and in adaptation strategies and to increase the protection of natural carbon sinks in the EU;
2021/02/22
Committee: ENVI
Amendment 733 #

2020/2273(INI)

Motion for a resolution
Paragraph 16 a (new)
16a. Calls on the Commission to assess the magnitude of expected changes on biodiversity by performing a sensitivity analysis of the responses of species geographical distributions to climate change and to support Member States to adequately channel these assessments into national policies; stresses that expected changes in abundance and distribution (e.g. a potential northwards migration) should thus also be addressed in future reporting under the Nature Directives and taken into account within the context of the new Biodiversity Strategy for 2030;
2021/02/22
Committee: ENVI
Amendment 744 #

2020/2273(INI)

Motion for a resolution
Paragraph 17
17. Calls on the Commission to preparesent a long-term EU action plan on climate and biodiversity that improvensures coherence and interconnections for future actions, and formally integrates commitments under the post-2020 Global Biodiversity Framework and the Paris Agreement; Nationally-Determined Contributions of the Paris Agreement; underlines the importance of creating a formal coordination structure as soon as possible, as well as better coordination of reporting, monitoring, assessment and review of both climate and biodiversity plans in the future;
2021/02/22
Committee: ENVI
Amendment 756 #

2020/2273(INI)

Motion for a resolution
Paragraph 17 a (new)
17a. Calls on the Commission, in collaboration with the IUCN and the EEA, to present guidelines, definitions and strict principles of implementation and optimisation tools to clearly define NbS as biodiversity-inclusive and guide decisions on where to implement NbS to maximise nature connectivity, benefits and synergies between biodiversity conservation and climate change mitigation and adaptation;
2021/02/22
Committee: ENVI
Amendment 759 #

2020/2273(INI)

Motion for a resolution
Paragraph 17 a (new)
17a. Highlights that the substitution effects of wood-based products should be recognised as important in achieving the targets of the Green Deal and in increasing the carbon stocks in forests; considers that sustainably managed forests can support long-term wood availability and enhance biodiversity;
2021/02/22
Committee: ENVI
Amendment 762 #

2020/2273(INI)

Motion for a resolution
Paragraph 17 b (new)
17b. Stresses that the post-2020 global biodiversity framework should commit Parties to incorporate NbS that protect and restore biodiversity and ecosystem integrity into both National Biodiversity Strategies and Action Plans (NBSAPs) and Nationally Determined Contributions (NDCs) to meet the Paris Agreement;
2021/02/22
Committee: ENVI
Amendment 764 #

2020/2273(INI)

Motion for a resolution
Paragraph 17 c (new)
17c. Stresses that despite growing consensus at the UNFCCC, the CBD and other relevant COPs on the need for integrated action at country and local levels to tackle both the biodiversity and the climate crises together, NbS are still absent in many national climate pledges and country strategies; considers that a multi-stakeholder Platform on NbS could help strengthen synergies across multilateral international conventions on biodiversity and climate change and enable the achievement of the UN Sustainable Development Goals;
2021/02/22
Committee: ENVI
Amendment 783 #

2020/2273(INI)

Motion for a resolution
Paragraph 18
18. Welcomes the Commission’s targets of reducing the use of more hazardous and chemical pesticides by 50 %, the use of fertilisers by at least 20 % and nutrient losses by at least 50 % by 2030, which should be made binding and have an explicit connection with the Chemical Strategy for Sustainability; underlines the link between the Biodiversity, Farm to Fork, and Chemical strategies in this regard; considers that the derogation envisaged in Article 53(1) of Regulation (EC) No 1107/2009 should be clarified and must only be applied for health and environmental reasons;
2021/02/22
Committee: ENVI
Amendment 792 #

2020/2273(INI)

Motion for a resolution
Paragraph 18
18. Welcomes the Commission’s targets of reducing the use of more hazardous and chemical pesticides by 50 %, the use of fertilisers by at least 20 % and nutrient losses by at least 50 % by 2030, which should be made binding; considers that the derogation envisaged in Article 53(1) of Regulation (EC) No 1107/2009 should be clarified and must only be applied for health and environmental reasons;
2021/02/22
Committee: ENVI
Amendment 867 #

2020/2273(INI)

Motion for a resolution
Paragraph 21
21. Regrets that the list of Union concern represents less than 6 % of IAS present in Europe; calls on the Commission to step up action and ensure proper coverage of IAS affecting threatened species on the EU list and to reinforce prevention by introducing mandatory risk assessments prior to the first import of non- native species and by adopting white lists by 2030 at the latest; urges the Commission to urgently revise the listing processes, together with prevention, control or eradication plans for those affecting critically endangered species as determined by science;
2021/02/22
Committee: ENVI
Amendment 902 #

2020/2273(INI)

Motion for a resolution
Paragraph 22
22. Calls on the Commission to ensure effective biodiversity mainstreaming and proofing across EU spending and programmes on the basis of the EU Taxonomy and the ‘do no significant harm’ principle, including in its external action and in the Neighbourhood, Development and International Cooperation Instrument (NDICI), on the basis of the EU Taxonomy; calls for the effective application of the ‘do no significant harm’ principle to biodiversity across EU spending and programmes; calls on the Commission to provide a comprehensive assessment of how the EUR 20 billion per year needed for nature could be mobilised, to make corresponding proposals for the Union’s annual budget and to examine the need for a dedicated funding instrument for TEN-N; considers that efforts should be made to reach 10 % annual spending on biodiversity under the multiannual financial framework (MFF) as soon as possible from 2021 onwards; recalls that, as agreed by the co- legislators, the Recovery and Resilience Facility should contribute to mainstream biodiversity action in the Union policies; notes therefore that Member States should be encouraged to include biodiversity actions in the Recovery and Resilience Plans;
2021/02/22
Committee: ENVI
Amendment 933 #

2020/2273(INI)

Motion for a resolution
Paragraph 23
23. Calls on the Commission and the Member States to provide an assessment of all subsidies harmful to the environment with a view to their phasing out by 2030 at the latest; reiterates its calls for the reorientation of taxation systems towards an increased use of environmental taxation; calls the Commission to provide clear guidelines and incentives to mobilise private finance for biodiversity and encourage divestment from harmful activities by companies;
2021/02/22
Committee: ENVI
Amendment 956 #

2020/2273(INI)

Motion for a resolution
Paragraph 23 a (new)
23a. Urges the Commission and the Member States to achieve the objectives of the Biodiversity Strategy in the most effective and least burdensome way for the economic operators;
2021/02/22
Committee: ENVI
Amendment 968 #

2020/2273(INI)

Motion for a resolution
Paragraph 24
24. Highlights the need for a legally binding biodiversity governance framework, similar to the Climate Law, which steers a path to 2050 through a set of binding objectives, including targets for 2030 and the COP15 commitments, and which establishes a monitoring mechanism with smart indicators; calls on the Commission to submit a legal proposal to this end in 2022; stresses that increasing human and financial capacity at local, Member State and EU-level will be critical for an effective governance framework, alongside more clarity on specific sectorial commitments and integration into international target deliveries;
2021/02/22
Committee: ENVI
Amendment 980 #

2020/2273(INI)

24a. Regrets that the lack of a Monitoring and Review Mechanism for the Biodiversity Strategy to 2020 has hindered progress towards the established objectives; believes that due to the trans- boundary and cross-sectorial nature of biodiversity there is an urgent need to integrate all existing monitoring tools at EU-level into one comprehensive monitoring and review Mechanism for the Biodiversity Strategy for 2030 including terrestrial and marine biodiversity;
2021/02/22
Committee: ENVI
Amendment 1033 #

2020/2273(INI)

Motion for a resolution
Paragraph 26 a (new)
26a. Stresses that greater research is urgently needed to understand biodiversity tipping points, and how biodiversity collapse could impact essential services, such as food provision;
2021/02/22
Committee: ENVI
Amendment 1034 #

2020/2273(INI)

Motion for a resolution
Paragraph 26 a (new)
26a. Recommends the EU to join the global call of the ‘UN Decade of Ecosystem Restoration’ (2021-2031), to massively scale up to protect and revive ecosystems all around the world;
2021/02/22
Committee: ENVI
Amendment 1040 #

2020/2273(INI)

Motion for a resolution
Paragraph 26 b (new)
26b. Stresses the importance of closing critical knowledge gaps and improving our understanding of biogeographical regions; underlines the need to improve knowledge on key risk behaviours, illegal, unregulated, and the legal and regulated wildlife trade as a contributing factor to disease risk, and improving understanding of the relationship between ecosystem degradation and restoration, landscape structure and the risk of disease emergence; urges to improve horizon scanning to identify emerging threats and challenges and policy responses to them;
2021/02/22
Committee: ENVI
Amendment 1050 #

2020/2273(INI)

Motion for a resolution
Subheading 11
IPost-2020 global biodiversity framework, international action and ocean governance
2021/02/22
Committee: ENVI
Amendment 1056 #

2020/2273(INI)

Motion for a resolution
Paragraph 27
27. Recalls the position expressed in its resolution of 16 January 2020 on COP156 on biodiversity and the need for a post- 2020 binding agreement, with smart targets and a robust implementation framework, similar to the Paris Agreement to halt and reverse biodiversity loss by 2030; stresses the need for a science- based, independent, harmonised and transparent review mechanism on the progress of the Parties to meeting the targets; _________________ 6 Texts adopted, P9_TA(2020)0015.
2021/02/22
Committee: ENVI
Amendment 1065 #

2020/2273(INI)

Motion for a resolution
Paragraph 27 a (new)
27a. Highlights the importance of long- term EU support for the most important ecosystem, biodiversity hotspots and protected areas in Africa; welcomes the new ‘NaturAfrica’ initiative and its potential to benefit conservation, economic recovery, security and local populations; calls for the development of similar initiatives for other regions while extending Key Biodiversity Areas to contribute to increasing the resilience of developing countries to Climate Change;
2021/02/22
Committee: ENVI
Amendment 1079 #

2020/2273(INI)

Motion for a resolution
Paragraph 27 b (new)
27b. Calls on the EU to strengthen its inter-parliamentary dialogue and be a world pioneer in biodiversity conservation by cooperating with low-income countries; stresses the importance of increased EU support towards the COP 15 in conserving, protecting and restoring biodiversity worldwide;
2021/02/22
Committee: ENVI
Amendment 1083 #

2020/2273(INI)

Motion for a resolution
Paragraph 27 c (new)
27c. Stresses the strong links between biodiversity loss and increasing emergence of pandemics; calls on the EU to promote during the upcoming COP 15 the establishment of a supranational scientific council to identify policy options, monitor and prevent the root causes of pandemics resulting from environmental degradation and biodiversity loss; calls on the Parties to commit to a reduction and elimination of wildlife trade of high-risk disease species;
2021/02/22
Committee: ENVI
Amendment 1088 #

2020/2273(INI)

Motion for a resolution
Paragraph 27 d (new)
27d. Strongly supports the integration of human rights in the Post-2020 Global Biodiversity Framework;
2021/02/22
Committee: ENVI
Amendment 1089 #

2020/2273(INI)

Motion for a resolution
Paragraph 27 e (new)
27e. Welcomes the Biodiversity Strategy's commitment to revise by 2021 the EU Action Plan against Wildlife Trafficking to step up efforts to combat the illegal wildlife trade both within the EU and globally; calls on the Commission to ensure that the post-2020 EU Action Plan against Wildlife Trafficking is fully integrated into the 2030 Biodiversity Strategy, receives adequate funding and includes baselines and measurable indicators so that progress can be assessed and objectives delivered within a specified timeframe;
2021/02/22
Committee: ENVI
Amendment 1095 #

2020/2273(INI)

Motion for a resolution
Paragraph 28
28. RCalls on all Parties to the CBD to scale up and reinforce action and monitoring against wildlife legal and illegal trafficking and promote the development of specific, measurable, quantifiable targets to this end; reiterates its call for a full ban on the trade in both raw and worked ivory to, from and within the EU, including ‘pre- convention’ ivory and rhino horns, and asks for similar restrictions for other endangered species, such as tigers;
2021/02/22
Committee: ENVI
Amendment 1107 #

2020/2273(INI)

Motion for a resolution
Paragraph 28 a (new)
28a. Calls on the Commission and the Union to push for the adoption of an ambitious Global Ocean Treaty to protect marine biodiversity in areas beyond national jurisdiction worldwide in the next session of the Intergovernmental Conference on Biodiversity Beyond National Jurisdiction;
2021/02/22
Committee: ENVI
Amendment 1164 #

2020/2273(INI)

Motion for a resolution
Paragraph 30
30. Urges Member States to fully comply with the obligations set to out in existing EU nature legislation and calls on the Commission to swiftly pursue infringement procedures more swiftly, effectively and transparently, including through the regular follow-up of cases, to remedy all cases of non-compliance and to allocate sufficient resources in order to overcome the current delays; stresses that strategic enforcement can also be delivered through an enhanced environmental implementation review process, with more binding and time-bound commitments;
2021/02/22
Committee: ENVI
Amendment 1185 #

2020/2273(INI)

Motion for a resolution
Paragraph 30 a (new)
30a. Calls on the Member States and regional and local authorities to speed up implementation and enforcement;
2021/02/22
Committee: ENVI
Amendment 55 #

2020/2269(INI)

Motion for a resolution
Recital J
J. whereas every year millions of animals are transported over both short and long distances within and between Member States and to third countries;
2021/07/15
Committee: ANIT
Amendment 84 #

2020/2269(INI)

Motion for a resolution
Recital K
K. whereas the value of the intra-EU trade in live animals was EUR 8.6 billion in 2018, with bovine animals, pigs and poultry having the highest values; whereas the export of live animals represents around EUR 1.6 billion and provides around 60 000 direct jobs and 300 000 indirect jobs, especially in rural areand regional economies14 ; _________________ 14 At a Glance – ‘EU trade and transport of live animals’, European Parliament, Directorate-General for Parliamentary Research, Members’ Research Service, 7 February 2020.
2021/07/15
Committee: ANIT
Amendment 93 #

2020/2269(INI)

Motion for a resolution
Recital K a (new)
Ka. whereas geographic location should not act as a barrier to the free movement of goods, people and services as guaranteed under the EU Treaties;
2021/07/15
Committee: ANIT
Amendment 119 #

2020/2269(INI)

Motion for a resolution
Paragraph 1
1. Emphasises that transportpoorly planned transport, especially when reliant on outdated technology and equipment, is stressful for animals and can have a potential impact on their health and welfare;
2021/07/15
Committee: ANIT
Amendment 166 #

2020/2269(INI)

Motion for a resolution
Paragraph 5
5. Concludes that many of the problems in animal transport originate from unclear requirements and the lack of clear definitions in the current regulation, leaving room for uneven application of the rules and for increased risks for animals, and for unfair competition among operators in the sector, leaving companies and Member States which abide by the rules facing unfair competition from those which do not;
2021/07/15
Committee: ANIT
Amendment 171 #

2020/2269(INI)

Motion for a resolution
Paragraph 5 a (new)
5a. Notes that certain Member States adhere to, and in many cases, surpass the requirements deemed necessary under Regulation 01/2005;
2021/07/15
Committee: ANIT
Amendment 183 #

2020/2269(INI)

Motion for a resolution
Paragraph 6 a (new)
6a. Welcomes the fact that a number of national competent authorities are carrying out scientific research on the impact of transport of live animals;
2021/07/15
Committee: ANIT
Amendment 214 #

2020/2269(INI)

Motion for a resolution
Paragraph 9
9. Acknowledges the letters sent by the Commission, in the framework of the Farm to Fork strategy, asking Member States to ensure immediate and full compliance with EU requirements, including on animal welfare during transport, and expressing its determination to take legal action in the event of systematic non-compliance; noteregrets that no infringements proceedings have been opened by the Commission against any Member State;
2021/07/15
Committee: ANIT
Amendment 267 #

2020/2269(INI)

Motion for a resolution
Paragraph 16
16. Stresses that according to Regulation (EC) No 1/2005, the farmer, the driver and transport companies share equal responsibility for assessing whether animals are fit for transport; notes that the most common breaches in this respect concern the transport of pregnant animals, animals more than 90 % of the way through gestation, which sometimes give birth on board, downers (with physiological weakness and/or wounds or a pathological condition), and animals with wounds or prolapses; are issues which the farmers are responsible for as they know the history and status of the animals prior to transport;
2021/07/15
Committee: ANIT
Amendment 297 #

2020/2269(INI)

Motion for a resolution
Paragraph 18
18. Points out with concern that the inspection and certification procedures for livestock vessels are not harmonised and lack mandatory inspection criteria, which is aggravated by the fact that the results of these procedures are not communicated between Member States, leading to the real possibility of a vessel that has been rejected in one Member State being approved in another; notesis deeply concerned that there is evidence that the authorities in some Member States have approved and/or permitted the use of vessels which do not comply with the EU rules on animal welfare;
2021/07/15
Committee: ANIT
Amendment 309 #

2020/2269(INI)

Motion for a resolution
Paragraph 21
21. Acknowledges the existence, in general, of well-developed national guidelines for the approval of livestock vehicles for road transport, but regrets that they are not always followed during the approval procedures; points out the need for a central EU database with information on all authorised transporters and certificate of competence and where all approved vehicles are registered in the same database and with information on approval details;
2021/07/15
Committee: ANIT
Amendment 321 #

2020/2269(INI)

Motion for a resolution
Paragraph 23
23. Acknowledges that some road transport vehicles are not structurally appropriate and do not guarantee safety and comfort to the transported animals; noteregrets that new and innovative solutions for watering and feeding systems, as well as solutions to better accommodate live animals during long journeys, are still lackinghave not yet been introduced by transporters;
2021/07/15
Committee: ANIT
Amendment 333 #

2020/2269(INI)

Motion for a resolution
Paragraph 25
25. Notes that the vehicles used for transporting animals inside and outside the Union are often not equipped with air cooling systems; highlights that though air ventilation systems move the air through the animal compartment, the temperature inside the vehicle will nevertheless mainly reflect the external temperature, in particular when the vehicle is stationary; recognises that new and innovative solutions for temperature regulations on vehicles have not been implemented in most cases;
2021/07/15
Committee: ANIT
Amendment 371 #

2020/2269(INI)

Motion for a resolution
Paragraph 36
36. Points out that Member States are solely responsible for creating sanction systems, which ultimately leaves each of them to define their own administrative and sanctioning procedures, as well as the level of penalties for infringements in the event of animal welfare violations during transport, thereby resulting in very different systems all across the EU; highlights the challenges with national sanctions of drivers coming from other EU Member States in the case of animal welfare violations;
2021/07/15
Committee: ANIT
Amendment 448 #

2020/2269(INI)

Motion for a resolution
Paragraph 45
45. Notes that Regulation (EC) No 1/2005 only contains a general provision on temperature, lacking indications about the temperature-humidity index and about species- and age-specific optimal temperature ranges; regrets that new and innovative solutions for temperature regulations on vehicles are still lacking;
2021/07/15
Committee: ANIT
Amendment 486 #

2020/2269(INI)

Motion for a resolution
Paragraph 48
48. Stresses the vulnerability of unweaned animals and that the current minimum age for the transport of calves is too lowshould be reviewed, and subsequently raised if supported by scientific evidence; highlights that, according to various experts and the former sub-group of the EU Animal Platform on Animal Welfare, more scientific evidence is needed to support good practices in the long-distance transport of unweaned animals and that the current provisions of Regulation (EC) No 1/2005 are not adapted to the needs of these animals;
2021/07/15
Committee: ANIT
Amendment 500 #

2020/2269(INI)

Motion for a resolution
Paragraph 49
49. Recalls that, according to the regulation, watering devices shall function properly and be appropriately designed and positioned for the different categories of animals (size and species) to be watered on board the vehicle; notes that new and innovative solutions for watering and feeding systems are still lacking;
2021/07/15
Committee: ANIT
Amendment 574 #

2020/2269(INI)

Motion for a resolution
Paragraph 55
55. Notes that once livestock crosses the EU border, respect for animal welfare standards may be difficult to guarantee, both en route and on arrival, as third countries are not bound by EU legislation; recalls the judgement of the Court of Justice of the European Union, which states that EU welfare rules are binding until the final place of destination in third countries;
2021/07/15
Committee: ANIT
Amendment 129 #

2020/2260(INI)

Motion for a resolution
Citation 25 a (new)
- having regard to the European Court of Auditors Special Report No 21/2019 of 19 November 2019 on Addressing antimicrobial resistance,
2021/02/18
Committee: ENVIAGRI
Amendment 182 #

2020/2260(INI)

Motion for a resolution
Recital A a (new)
Aa. whereas the Farm to Fork report should ensure consistency and coherence between the Common Agriculture and Fisheries Policies, the Trade Policy, the EU’s Biodiversity Strategy for 2030, the Circular Economy Action Plan, EU's Climate Law as well as other related EU Policies and Strategies;
2021/02/18
Committee: ENVIAGRI
Amendment 189 #

2020/2260(INI)

Motion for a resolution
Recital A b (new)
Ab. whereas the Farm to Fork Strategy should consider all three pillars of sustainability (economic, social and environmental) when translating the targets into legislation;
2021/02/18
Committee: ENVIAGRI
Amendment 335 #

2020/2260(INI)

Motion for a resolution
Recital C a (new)
Ca. whereas overweight and obesity are increasing at a rapid rate in the EU; highlights that the causes for overweight and obesity are multifaceted, but poor diet and nutrition are some of the key factors, leading to a high prevalence of overweight and obesity;
2021/02/18
Committee: ENVIAGRI
Amendment 393 #

2020/2260(INI)

Motion for a resolution
Recital D a (new)
Da. whereas according to the European Commission 88 tonnes of food are wasted in the EU every year; whereas the top contributors to food waste in the EU are households (53%) and processing (19%); whereas 10 % of the food waste in the EU are linked to date marking and consumer misunderstandings on how to read and use the date marking system;
2021/02/18
Committee: ENVIAGRI
Amendment 530 #

2020/2260(INI)

Motion for a resolution
Paragraph 1 a (new)
1a. Supports the European Commission’s vision of the European Green Deal as Europe’s new growth strategy; acknowledges the importance and necessity of a large and competitive agricultural and food sector as a provider of jobs, economic activity and sustainable food especially in the rural areas;
2021/02/18
Committee: ENVIAGRI
Amendment 565 #

2020/2260(INI)

Motion for a resolution
Paragraph 2
2. Welcomes the announcement of an impact-assessed proposal for a legislative framework for sustainable food systems; invites the Commission to use this proposal to set out a holistic common food policy aimed at reducing the environmental and climate footprint of the EU food system in order to make Europe the first climate- neutral continent by 2050 and strengthen its resilience to ensure food security in the face of climate change and biodiversity loss, leading a global transition towards sustainability from farm to fork, based on the principle of a multifunctional agricultural sector while ensuring consistency between policies by taking into account the existing legislation in order to enable all actors in the European food system to develop long-term plans based on realistic and transparent objectives; suggests that the respective base lines and progress achieved in each Member State be taken into account setting more ambitious targets for those Member States who have not made sufficient reductions of the use of chemical pesticides, antimicrobials and fertilisers until now, while promoting the exchange of know-how and best practices between Member States; stresses the need to include the entire food and beverage chains including processing, marketing, distribution and retail; asks the Commission to conduct a cumulative impact assessment of the farm to fork strategy that can help in deciding on the best policy options for the way forward;
2021/02/18
Committee: ENVIAGRI
Amendment 766 #

2020/2260(INI)

Motion for a resolution
Paragraph 3
3. Welcomes the decision to revise the directive on the sustainable use of pesticides and the reduction targets for pesticides, fertilisers, and antibiotics; emphasises the importance of pursuing these targets through holistic and circular approaches, such as agroecological practices, integrated farm-, crop management and pest management; insists that each Member State should establish robust quantitative reduction targets, accompanied by well- defined support measures ensuring accountability at all levels to help reach these targets; reiterates its call for the translation into legislation of the above targets and objectives and calls on the Commission to clarify how it will deal with individual Member States’ contributions to Union- wide targets and to clarify the baselines for these targets;
2021/02/18
Committee: ENVIAGRI
Amendment 870 #

2020/2260(INI)

Motion for a resolution
Paragraph 3 d (new)
3d. Highlights that certain Member States have already made significant advances in the reductions of fertilisers, pesticides and antimicrobials; calls on the Commission to take these different starting points into account when transforming EU targets into national targets;
2021/02/18
Committee: ENVIAGRI
Amendment 871 #

2020/2260(INI)

Motion for a resolution
Paragraph 3 e (new)
3e. Acknowledges the substantial efforts made to reduce the use of antimicrobials for treating animals as highlighted in the 2019 European Court of Auditors report on AMR, further enhanced by the new EU Regulations on Veterinary Medicinal Products and Medicated Feed, contributing to the global effort to reduce antibiotic resistance; underlines that the EU must ensure the treatment of animals with antimicrobials remains possible when needed, in order to ensure that animal health and welfare is protected at all times;
2021/02/18
Committee: ENVIAGRI
Amendment 958 #

2020/2260(INI)

Motion for a resolution
Paragraph 4 a (new)
4a. Highlights that operators in the agricultural sector and the food chain should ensure the optimised utilisation and recycling of non-renewable resources in order to protect land, biodiversity and water; considers that the circular economy and bio-economy offer great potential for the transition towards a climate-neutral European economy through for example, advanced bio- refineries that produce bio-fertilisers, protein feed, bioenergy, renewable energy and biochemicals;
2021/02/18
Committee: ENVIAGRI
Amendment 1046 #

2020/2260(INI)

Motion for a resolution
Paragraph 5 a (new)
5a. Highlights that the diversity of European farming traditions and practices ensures and incentivises sustainable agricultural production in Europe; furthermore finds that this diversity of traditions and practices is and should remain a key component in the Union's and Member States' efforts to halt and reverse biodiversity loss and to advance climate-friendly production methods;
2021/02/18
Committee: ENVIAGRI
Amendment 1060 #

2020/2260(INI)

Motion for a resolution
Paragraph 5 b (new)
5b. Considers that EU initiatives within the farm to fork strategy should support a further development of food produced with a low environmental impact per unit in terms of e.g. the use of fertilisers, pesticides, biodiversity loss, antimicrobials and GHG-emissions;
2021/02/18
Committee: ENVIAGRI
Amendment 1081 #

2020/2260(INI)

Motion for a resolution
Paragraph 6
6. Welcomes the notion of rewarding carbon sequestration in soils; stresses, however, that intensive and industrial agriculture and farming models with negative impacts on biodiversity should not receive climate funding or be incentivisedand incentivising climate mitigation, adaptation and CO2 sequestration in land use, soil and biomass; therefore, calls on the Commission to explore a framework for the certification of carbon removals; highlights that the restoration of eco- systems and the development of a carbon removals market for land-based greenhouse gas sequestration would assist in restoring, maintaining and managing natural sinks and promote the Circular Economy; calls for the proposals to be in line with the environmental objectives and the ‘do no harm’ principle of the Green Deal;
2021/02/18
Committee: ENVIAGRI
Amendment 1130 #

2020/2260(INI)

Motion for a resolution
Paragraph 6 a (new)
6a. Underlines that healthy soils are a precondition for ensuring security of food, feed and fibre production; Calls therefore on the Commission and Member States to prevent its further degradation at the EU level;
2021/02/18
Committee: ENVIAGRI
Amendment 1133 #

2020/2260(INI)

Motion for a resolution
Paragraph 6 b (new)
6b. Calls on the Member States and the Commission to ensure the protection of Apis mellifera, Bombus spp. and solitary bees, within the review process of the 2013 EFSA Bee Guidance; furthermore welcomes the ongoing efforts of ECHA to develop a pollinator guidance for assessing the risk to arthropod pollinators from biocides exposure to ensure a high and harmonised level of protection of the environment;
2021/02/18
Committee: ENVIAGRI
Amendment 1260 #

2020/2260(INI)

Motion for a resolution
Paragraph 8
8. Calls for CAP National Strategic Plans to ensure adequate financial support and incentives to promote new ecologicalsustainable ‘green’ business models for agriculture and artisanal food production, notably through fostering short supply chains and quality food production;
2021/02/18
Committee: ENVIAGRI
Amendment 1370 #

2020/2260(INI)

Motion for a resolution
Paragraph 11
11. Expresses its deep concern about the emergence of zoonotic diseases that are transferred from animals to humans (anthropozoonoses), such as Q fever, avian influenza and the new strain of influenza A (H1N1), which is exacerbated by anthropogenic climate change, the destruction of biodiversity, environmental degradation and our current food production systems; acknowledges that disease preparedness (diagnosis, prevention, treatment) is and has been key to contain emerging threats to humans as well as animals;
2021/02/18
Committee: ENVIAGRI
Amendment 1724 #

2020/2260(INI)

Motion for a resolution
Paragraph 17
17. WelcomesRegrets the lack of harmonisation and information about the presence of hazardous chemicals in food contact materials; Welcomes therefore the Commission’s commitment to revise the EU legislation on food contact materials (FCM); reiterates its call to revise the legislation on FCM in line with the regulation on the registration, evaluation, authorisation and restriction of chemicals (REACH), as well as classification, labelling and packaging regulations, and to insert, without further delay, specific provisions to substit, including cut-off criteria, to phase oute endocrine disrupting chemicals; and substances of very high concern (SVHC) in all FCM; reiterates its call to include in the FCM revised legislation binding provisions for all materials used in the food contact materials, including those that are not yet covered (such as paper, ink, adhesives or glue);
2021/02/18
Committee: ENVIAGRI
Amendment 1787 #

2020/2260(INI)

Motion for a resolution
Paragraph 18
18. Welcomes the fact that the strategy rightly recognises the role and influence of the food environment in shaping consumption patterns and the need to make it easier for consumers to choose healthy and sustainable diets; reiterates the importance of promoting sustainable diets by raising consumer awareness of the impacts of consumption patterns and providing information on diets that are better for human health and have a lower environmental footprint; underlines that food prices must be market based and send the right signal to consumers; welcomes, therefore, the strategy’s objective that the healthy and sustainable choice should become the most affordable one;
2021/02/18
Committee: ENVIAGRI
Amendment 1826 #

2020/2260(INI)

Motion for a resolution
Paragraph 19
19. Reaffirms its belief that policy measures that are dependent solely on consumer choice unduly shift the responsibility to purchase sustainable products to consumers; notes that third- party certification and labelling alone are not effective in ensuring sustainable production and consumption; calls on the Commission to submit a report on measures to support climate-friendly farming and food production by means of third party certification schemes; highlights that labelling can play a crucial role in increasing transparency about sustainability, business responsibility and production practices for the farmers and the food chain;
2021/02/18
Committee: ENVIAGRI
Amendment 1847 #

2020/2260(INI)

Motion for a resolution
Paragraph 19 a (new)
19a. Highlights that better animal welfare practices used in farming, improve animal health; looks forward to the results of the REFIT of the EU animal welfare legislation and calls on the Commission to further advance animal welfare protection and labelling rules;
2021/02/18
Committee: ENVIAGRI
Amendment 1848 #

2020/2260(INI)

Motion for a resolution
Paragraph 19 b (new)
19b. Welcomes the ongoing work in the special Committee for Animal Transports in the European Parliament; notes that an updated regulatory framework on driving and rest time rules will improve animal welfare during transports;
2021/02/18
Committee: ENVIAGRI
Amendment 1861 #

2020/2260(INI)

Motion for a resolution
Paragraph 20
20. Highlights the recognition in the strategy that Europeans’ diets are not in line with recommendations for healthy eating, and that a population-wide shift in consumption patterns is needed towards more healthy and plant-based foods and less red and processed meat,diet with reduced sugars, salt, and fats, which will also benefit the environment; emphasises that EU-wide guidelines for sustainable and healthy diets would bring clarity to consumers on what constitutes a healthy and sustainable diet and inform Member States’ own efforts to integrate sustainability elements in national dietary advice; calls on the Commission to develop such guidelines and specific actions to effectively promote healthy plant-based dietsand towards a more climate friendly and sustainable diet where plant- based alternatives can play a role;
2021/02/18
Committee: ENVIAGRI
Amendment 2021 #

2020/2260(INI)

Motion for a resolution
Paragraph 23
23. RHighlights that food waste has enormous environmental consequences, exacerbates climate change and represents a waste of limited resources such as land, energy and water; therefore reiterates its call to take the measures required to achieve a Union food waste reduction target of 30 % by 2025 and 50 % by 2030 compared to the 2014 baseline; underlines that binding targets are needed to achieve this;
2021/02/18
Committee: ENVIAGRI
Amendment 2046 #

2020/2260(INI)

Motion for a resolution
Paragraph 23 a (new)
23a. Stresses that, in order to reduce waste at the production stage, innovative techniques and technologies should be used to minimise losses in the fields and convert those crops and products, that do not meet market standards, into processed goods;
2021/02/18
Committee: ENVIAGRI
Amendment 2048 #

2020/2260(INI)

Motion for a resolution
Paragraph 23 b (new)
23b. Notes that digitalisation allows for better access to data and demand forecasts, and thereby helps developing advanced production programmes for farmers, enabling them to tailor their production to demand, better coordinate with other sectors of the food supply chain, and minimise waste; stresses that given the challenging nature of reducing food waste, effective use of food waste, including in the bio economy, should be promoted;
2021/02/18
Committee: ENVIAGRI
Amendment 2051 #

2020/2260(INI)

Motion for a resolution
Paragraph 23 c (new)
23c. Notes the potential within the circular economy for optimising the use of unavoidably lost or discarded food items and by-products from the food chain; highlights in particular the potential in those of animal origin and the by-products from feed production, nutrient recycling and from production of soil improvers;
2021/02/18
Committee: ENVIAGRI
Amendment 2052 #

2020/2260(INI)

Motion for a resolution
Paragraph 23 d (new)
23d. Considers that the involvement of local stakeholders is paramount in order to reach the Union's food waste reduction targets; calls on the Commission and Member States to ensure adequate financing for research, innovation, engagement of stakeholders and information campaigns through the creation of National Food Waste Funds;
2021/02/18
Committee: ENVIAGRI
Amendment 2102 #

2020/2260(INI)

Motion for a resolution
Paragraph 25
25. Underlines the importance EU funding for research and innovation as a key driver in accelerating the transition to a more sustainable, healthy and inclusive European food system while facilitating investments needed to encourage agro- ecological practices in both social and technological innovation, and the crucial role of farm advisory services in ensuring the transfer of knowledge to the farming community, drawing on the existing specialised training systems for farmers in Member States; emphasises that safeguarding innovation in animal health is essential and should be actively supported by stimulating the development and uptake of new technology and methods to improve animal health on farms; urges the Commission and Member States to allocate the necessary funding to meet this imperative objective;
2021/02/18
Committee: ENVIAGRI
Amendment 18 #

2020/2259(INI)

Motion for a resolution
Recital A
A. whereas the fiscal system must be reformed if the state isMember States are to continue establishing the preconditions forpromoting inclusive and sustainable well-being and to address the inequalities exacerbated by the Covid-19 pandemic;
2021/04/16
Committee: ECON
Amendment 53 #

2020/2259(INI)

Motion for a resolution
Recital D
D. whereas the 2011 EU flagship initiative for a resource-efficient Europe called for 10 % of total government taxation revenue to come from environmental taxation;deleted
2021/04/16
Committee: ECON
Amendment 74 #

2020/2259(INI)

Motion for a resolution
Recital E a (new)
E a. whereas, taxation policies can be an effective tool for encouraging behavioural changes and incentivising investment;
2021/04/16
Committee: ECON
Amendment 120 #

2020/2259(INI)

Motion for a resolution
Paragraph 5
5. Observes that in spite of the numerous calls for shifting taxation from labour to pollution, revenues from taxes on pollution and resources in particular have remained very low in many Member States, and yet they offer a potential source for increasing revenue through the application of the ‘polluter pays’ principle and are difficult to evade owing to the character of the tax base;
2021/04/16
Committee: ECON
Amendment 129 #

2020/2259(INI)

Motion for a resolution
Paragraph 6
6. Notes that a significant amount of government funding is channeled through tax expenditure in the form of exemptions, deductions, credits, deferrals and reduced tax rates13 ; _________________ 13The tax-expenditure-to-GDP ratio is on average 4.5 percentage points in the EU; https://www.cepweb.org/reforming-tax- expenditures/;IMF, ‘Tax Policy for Inclusive Growth after the Pandemic’, 16 December 2020, https://www.imf.org/en/Publications/SPR OLLs/covid19-special-notes#fiscaldeleted
2021/04/16
Committee: ECON
Amendment 145 #

2020/2259(INI)

Motion for a resolution
Paragraph 7
7. Notes that COVID-19 has demonstrated that the current disproportionate reliance on labour income taxes and social contributions, which puts the onus on continued high levels of employment and consumption to fund government spending and policies, is neither sustainable nor economically effective puts a disproportionate burden on certain sectors of the population;
2021/04/16
Committee: ECON
Amendment 154 #

2020/2259(INI)

Motion for a resolution
Paragraph 8
8. Notes with concern that the impact of the COVID-19 pandemic is highly regressive, with the poorest households being the most severely hit14 ; regrets that large companies that realise excess profits, such as e-commerce businesses and wealthy individuals who realise significant capital gains through speculation, are often undertaxedcan make use of their highly mobile nature to benefit from elaborate tax schemes and profit shifting; _________________ 14OECD, ‘Tax and Fiscal Policy in Response to the Coronavirus Crisis: Strengthening Confidence and Resilience’, 19 May 2020,https://www.oecd.org/ctp/tax- policy/tax-and-fiscal-policy-in-response- to-the-coronavirus-crisis-strengthening- confidence-and-resilience.htm
2021/04/16
Committee: ECON
Amendment 165 #

2020/2259(INI)

Motion for a resolution
Paragraph 9
9. Highlights that environmental taxes have the potential to cover the need for, that do not contribute to fuel poverty, have the potential to provide additional revenue while supporting a resilient, competitive, sustainable and carbon-freeneutral economy; calls on Member States to consider expanding the tax base for environmental taxes through inter alia natural resource taxes, distance-based charges in the transport sector, fuel prices, and the taxation of deforestation, landfill, and incineration, pesticides and fertilizer; notes, however, that the transition to a carbon-neutral economy will impact certain sectors of the economy significantly more than others and we must, therefore, ensure that SMEs in these sectors, such as agriculture, are not simultaneously burdened by tax increases;
2021/04/16
Committee: ECON
Amendment 177 #

2020/2259(INI)

Motion for a resolution
Paragraph 10
10. Underlines that environmental taxation should be accompanied by a general tax shift, such as to lower labour income taxes and social security contributions, to protect low-income households from regressive effects and to build more resilient, economically efficient and fairer tax systems15 ; notes that the specific tax design is at least as important as the tax type; _________________ 15IMF, ‘Fiscal Policies for Paris Climate Strategies – from Principle to Practice’, 1 May 2019, https://www.imf.org/en/Publications/Policy -Papers/Issues/2019/05/01/Fiscal-Policies- for-Paris-Climate-Strategies-from- Principle-to-Practice-46826
2021/04/16
Committee: ECON
Amendment 182 #

2020/2259(INI)

Motion for a resolution
Paragraph 11
11. Warns that national budgets cannot rely on environmental taxes alone, as some of these revenues will fall as environmental harm decreases over time; calls on Member States to develop holistic tax reforms, shifting taxation from labour to no, with support from the EU, to continue to explore new and innovative potential sources of revenue that conly pollution but also capital and wealth16 ; _________________ 16European Commission, ‘Tax policies in the European Union’ survey, 2020, https://ec.europa.eu/taxation_customs/busi ness/company-tax/tax-good- governance/european-semester/tax- policies-european-union-survey_entinue to incentivise a move towards a carbon- neutral economy, and address new or under-addressed sources of environmental harm; calls on Member States to develop holistic tax reforms, by broadening the tax base and addressing its overreliance on taxation of labour;
2021/04/16
Committee: ECON
Amendment 195 #

2020/2259(INI)

Motion for a resolution
Paragraph 12
12. Calls on Member States to revise tax expenditure in all tax areas; calls on Member States to perform annual, detailed and public cost-benefit analyses of each tax provisionperform annual, detailed and public cost-benefit analyses of tax expenditures and to ensure that they remain aligned with environmental, social and economic goals of the EU whilst taking account of national idiosyncrasies;
2021/04/16
Committee: ECON
Amendment 205 #

2020/2259(INI)

Motion for a resolution
Paragraph 13
13. Observes that there is also room for significant revenue and efficiency gains at tax administration level; notes that an effective and efficient tax administration, as well as a high degree of tax certainty, can encourage investment and foster competitiveness; notes that the Commission 2020 VAT Gap report forecast a VAT revenue loss of €164 billion;17a _________________ 17a European Commission 'Study and Reports on the VAT Gap in the EU-28 Member States: 2020 final reports', p.74, https://ec.europa.eu/taxation_customs/site s/taxation/files/vat-gap-full-report- 2020_en.pdf
2021/04/16
Committee: ECON
Amendment 213 #

2020/2259(INI)

Motion for a resolution
Paragraph 14
14. Welcomes initiatives taken by the Commission within the framework of the Green Deal; notes with concern that no clear and holistic guidance exists on how taxation should contribute to achieving the goals set out in the Green Deal and considers that the taxation system should therefore be reformed; stresses that taxation can be used both to deter certain behaviours and to incentivise investments in research and development or infrastructure necessary to achieving a carbon-neutral economy;
2021/04/16
Committee: ECON
Amendment 232 #

2020/2259(INI)

Motion for a resolution
Paragraph 16
16. Welcomes the Commission’s soon- to-be-published revision of the Energy Taxation Directive17 ; calls on Member States to agree to gradually close tax exemptions for aviation and maritime fuels, increase minimum rates and restore the level playing field; calls on the Commission to launch a proposal for a progressive European kerosene tax; _________________ 17 OJ L 283, 31.10.2003, p. 51.
2021/04/16
Committee: ECON
Amendment 50 #

2020/2124(INI)

Motion for a resolution
Paragraph 4
4. Asks the EIB as the EU’s public bank to make the utmost concerted efforts to deliver strong, policy-driven financing activity which gives priority to public purpose projects, in particular those that would not otherwise be ‘bankable’, both within and outside the EU, with a view to addressing the unprecedented global challenges of the decades to come, in particular combating climate change and the debt crisis in the European Union;
2021/03/10
Committee: ECON
Amendment 72 #

2020/2124(INI)

Motion for a resolution
Paragraph 7
7. Welcomes the EIB’s rapid mobilisation of up to EUR 40 billion of emergency financing to fight the crisis caused by the COVID-19 pandemic, through the setting up of loans, credit holidays and measures to alleviate the liquidity of small and medium-sized enterprises (SMEs) and mid-caps; highlights the importance of supporting SMEs, as the COVID-19 pandemic is particularly hard for these companies; underlines that robust support for SMEs is key for economic growth and to recover from the economic debt crisis;
2021/03/10
Committee: ECON
Amendment 73 #

2020/2124(INI)

Motion for a resolution
Paragraph 8
8. Welcomes, in addition, the subsequent creation of the EUR 25 billion European Guarantee Fund (EGF) in response to the COVID-19 crisis, not least its positive impact in providing financial support to SMEs and the health sector; suggests that the EGF should remain operational beyond 2021 given the prolonged impact of the Covid-19 crisis and the repeated lockdowns in many Member States; deems it of the utmost importance to step up such initiatives to ensure that funds are reaching the real economy;
2021/03/10
Committee: ECON
Amendment 89 #

2020/2124(INI)

Motion for a resolution
Paragraph 12
12. Welcomes the adoption by the EIB Board of Directors of the EIB Climate Bank Roadmap for 2021-2025, which provides a crucial framework to support the implementation of the European Green Deal and marks a decisive step towards making the EIB the EU Climate Bank, promoting sustainable investments and protecting the environment during the critical decade ahead; suggests that the EIB develop, with input from relevant stakeholders, local authorities and NGOs, a series of action plans to guide the implementation of the Climate Roadmap;
2021/03/10
Committee: ECON
Amendment 120 #

2020/2124(INI)

Motion for a resolution
Paragraph 15 a (new)
15 a. Stresses that all future EIB funded projects should be fully aligned with the EU objective of achieving net zero emissions by 2050 at the latest;
2021/03/10
Committee: ECON
Amendment 132 #

2020/2124(INI)

Motion for a resolution
Paragraph 17
17. Considers that investment in innovation, infrastructure and skills are crucial elements to recover from the economic and social crisis, ensure sustainable growth and create high-quality jobs and long-term competitiveness; highlights the importance of the EIB’s role in the success of the InvestEU Programme in the post-pandemic recovery;
2021/03/10
Committee: ECON
Amendment 139 #

2020/2124(INI)

Motion for a resolution
Paragraph 17 a (new)
17 a. Regrets the Council’s rejection of the Commission’s proposal for a Solvency Support Instrument and stresses the importance of supporting companies that, in the absence of the Covid-19 pandemic, would otherwise be thriving;
2021/03/10
Committee: ECON
Amendment 156 #

2020/2124(INI)

Motion for a resolution
Paragraph 20
20. Calls on the EIB to play a role in assisting and financing the creation of innovation ecosystems and knowledge economies, and in promoting place-based industrial transformation, where universities, businesses, SMEs and start- ups can develop long-lasting partnerships for the common good and that can make a meaningful contribution to achieving the objectives of the Green Deal and the digitalisation of the economy;
2021/03/10
Committee: ECON
Amendment 163 #

2020/2124(INI)

Motion for a resolution
Paragraph 21 a (new)
21 a. Acknowledging that the COVID- 19 crisis had a disproportionate impact on certain parts of society, urges the EIB to prioritise projects that seek to address inequalities, including gender inequalities and amongst marginalised communities;
2021/03/10
Committee: ECON
Amendment 181 #

2020/2124(INI)

Motion for a resolution
Paragraph 24 a (new)
24 a. Calls for the EIB to strengthen human rights due diligence for projects in third countries, for example by carrying out ex-ante human rights risk assessments and engaging with the local communities; moreover, the EIB should strive to continuously monitor the human rights situation on the ground;
2021/03/10
Committee: ECON
Amendment 203 #

2020/2124(INI)

Motion for a resolution
Paragraph 27 a (new)
27 a. Welcomes the EIB’s internal review and revision of its Anti-Fraud Policy and its intentions to elevate the policy to the group level, thereby applying to both the EIB and the EIF; urges the EIB to take an ambitious and broad approach to this review; stresses the importance of the EIB’s anti-fraud investigative office to have robust competences, sufficient resources and independence; calls on the EIB to enhance its cooperation with OLAF and the EPPO;
2021/03/10
Committee: ECON
Amendment 209 #

2020/2124(INI)

Motion for a resolution
Paragraph 27 b (new)
27 b. Stresses that the EIB should make full use of contractual clauses enabling it to suspend disbursements in cases of projects’ non-compliance with environmental, social, human rights, tax and transparency standards;
2021/03/10
Committee: ECON
Amendment 10 #

2020/2078(INI)

Motion for a resolution
Citation 29 a (new)
- having regard to the European Fiscal Boards’ Assessment of the fiscal stance appropriate for the euro area in 2021 of 1 July 2020
2020/07/13
Committee: ECON
Amendment 12 #

2020/2078(INI)

Motion for a resolution
Citation 29 b (new)
- having regard to the Commission’s communication on Economic governance review of 5 February 2020 (COM(2020)55)
2020/07/13
Committee: ECON
Amendment 30 #

2020/2078(INI)

Motion for a resolution
Recital C a (new)
Ca. whereas effective structural reforms, accompanied by well-targeted investments and responsible fiscal policies provide a successful compass for preparing the EU for its future and present challenges such as strengthening competitiveness while transitioning to a low carbon economy, the digitalization of our societies, the development of research & innovation, the growth of the labour market based on high quality jobs skills and continuing professional training;
2020/07/13
Committee: ECON
Amendment 42 #

2020/2078(INI)

Motion for a resolution
Recital C b (new)
Cb. whereas Council, Commission and Eurogroup accountability to the European Parliament throughout all the stages of the European Semester process is warranted for democratic legitimacy and transparency;
2020/07/13
Committee: ECON
Amendment 44 #

2020/2078(INI)

Motion for a resolution
Recital C c (new)
Cc. whereas in 2019 only 5.7% of country specific recommendations have been fully implemented by Member States, 45.9 % have made at least some progress but 48.4% have not been implemented or only with limited progress;
2020/07/13
Committee: ECON
Amendment 57 #

2020/2078(INI)

Motion for a resolution
Paragraph 1
1. Notes with great concern that, according to the Commission’s Spring 2020 economic forecast, the EU is expected to suffer the deepest recession in its history in 2020 and the euro area GDP will not return to the pre-crisis level before 2022;
2020/07/13
Committee: ECON
Amendment 77 #

2020/2078(INI)

Motion for a resolution
Paragraph 3 a (new)
3a. Notes that governments have adopted more than 4% of euro area GDP in discretionary fiscal measures in 2020 and is of the opinion that these measures will have to be continued also in 2021. Notes that the Next Generation EU initiative may provide an additional fiscal stimulus to European economies of around 1% of GDP over the period of next four years.
2020/07/13
Committee: ECON
Amendment 117 #

2020/2078(INI)

Motion for a resolution
Paragraph 6
6. Welcomes the activation of the general escape clause of the Stability and Growth Pact, and expects that it will remain activated at least until the end of 2021 in order to support the efforts of the Member States to recover from the pandemic crisis and strengthen their economic and social resilience; in the event of a severe economic downturn; notes that for greater effectiveness and credibility, the activation should have provided indications on the timing of and conditions for exit or review and asks the Commission to provide them, based on economic data and output; expects that it will remain activated until the European economy returns to the pre- crisis level of real GDP in order to support the efforts of the Member States to recover from the pandemic crisis and strengthen their economic and social resilience; Calls for a review of the Stability and Growth Pact following of the Covid-19 crisis, to further enable an adequate response to crises while ensuring debt sustainability in the euro area, simplifying its rules and procedures, and improving compliance with them.
2020/07/13
Committee: ECON
Amendment 224 #

2020/2078(INI)

Motion for a resolution
Paragraph 13
13. Recognises the role that the Commission has allotted to the European Semester in the Recovery Plan; notes, however, that the effectiveness and success of the alignment of Member States’ investment and reform programmes to the Semester process will depend on the progress of the Semester reform and the above-mentioned reformWelcomes linking the Recovery and Resilience Facility (RRF) to the European Semester process, e.g. the alignment of Member States’ investment and reform programmes to the Country specific recommendations (CSRs); is concerned about Member States’ commitment to the CSRs and requests the Commission to make its methodology of assessing the multi- annual progress on the implementation of the CSRs public; believes that linking disbursements from the RRF to the challenges identified in the CSRs, as well as monitoring the progress made ofn the Stability and Growth Pact; implementation of the reforms and investments via reporting within the European Semester will enhance this commitment.
2020/07/13
Committee: ECON
Amendment 237 #

2020/2078(INI)

Motion for a resolution
Paragraph 14
14. Reiterates its call for the strengthening of Parliament’s democratic role in the economic governance framework, in any upcoming Treaty change and, in the meantime, for an Interinstcluding the policy recommendations presented in the Annual Sustainable Growth Survey, the euro area fiscal package and the Country Specific Recommendations; Notes that the President of the Council, the Commission, the President of the European Council or the President of the Eurogroup may be invited to appear before the competent Committee of the European Parliament to provide information and exchange views on an ad hoc and regular basis if the current political situational Agreement on Sustainable European G warrants it; Invites the Commission to keep both European Parliament and the Council as co-legislators equally well informed on all aspects relating to the application of the EU economic governance gfranting Parliament a right of consmework, including on preparatory stages and in view of any proposals to reform or enhance; Invites, in the interim, and in order to increase transparency and democratic control of the EU economic governance framework, the Commission, the President of the Eurogroup and the President onf the policy recommendations presented in the Annual Sustainable Growth Survey, the euro area fiscal package and the Country Specific Recommendations; Council (ECOFIN) to appear in front of the competent Committee of the European Parliament, for Economic Dialogues, during the various stages of the application and implementation of the EU economic governance framework; welcomes the commitments of the Eurogroup President to increase the transparency of the Eurogroup and therefore invites the President of the Eurogroup to appear at least twice for a regular dialogue in the competent Committee of the Parliament and if needed on an ad hoc basis; Recognises the importance of the involvement of the Eurogroup President in interparliamentary meetings on matters related to EU economic governance and the banking union;
2020/07/13
Committee: ECON
Amendment 244 #

2020/2078(INI)

Motion for a resolution
Paragraph 14 a (new)
14a. Mandates the Committee on Economic and Monetary Affairs to take action to improve the accountability towards the European Parliament, as the experience gathered so far in applying the European Semester has shown that the current accountability set up could be enhanced in order to improve its legitimacy and effectiveness;
2020/07/13
Committee: ECON
Amendment 273 #

2020/2078(INI)

Motion for a resolution
Paragraph 17
17. Recalls the urgent need to complete and reinforce the EMU architecture with a view to protecting citizens and reducing pressure on public finances during external shocks so as to overcome social and economic imbalances, by creating a fiscal capacity for public investment, a macroeconomic stabilisation and cohesion function for the euro area,ompleting the Banking Union and the Capital Markets Union and advancing towards a credible central fiscal capacity and a European unemployment benefit reinsurance scheme;
2020/07/13
Committee: ECON
Amendment 13 #

2020/2075(INI)

Motion for a resolution
Citation 24 a (new)
— having regard to the Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility1a, _________________ 1a OJ L 57/17, 18.2.2021
2021/04/23
Committee: ECON
Amendment 16 #

2020/2075(INI)

Motion for a resolution
Citation 35 a (new)
— having regard to the Commission’s Annual Sustainable Growth Strategy 2021 of September2020 (COM/2020/575),
2021/04/23
Committee: ECON
Amendment 46 #

2020/2075(INI)

Motion for a resolution
Paragraph 1
1. Welcomes the Commission communication of 3 March 2021 entitled ‘One year since the outbreak of COVID- 19: fiscal policy response’ and takes notewelcomes of the proposed conditions for deactivatmaintaining the general escape clause (GEC); highlights that deactivation of the GEC should be conditional upon until at least 2022; agrees with the Commission that deactivation of the GEC should be contingent on an overall assessment of the state of the economy based on, primarily, quantitative criteria; agrees that economic activity in the EU or Euro Area compared to pre-crisis levels should be the key criterion; however, stresses that the health, social and economic situation acrossof each Member States should be taken into account in order to ensure that fiscal support is provided for as long as needed;
2021/04/23
Committee: ECON
Amendment 63 #

2020/2075(INI)

Motion for a resolution
Paragraph 2
2. Agrees with the European Fiscal Board (EFB) on the importance of having a clear pathway towards a reformed fiscal framework prior to the deactivation of the GEC; however, a proposal for a reformed framework should not be a criterion for the deactivation of GEC;
2021/04/23
Committee: ECON
Amendment 74 #

2020/2075(INI)

Motion for a resolution
Paragraph 3
3. Calls on the Commission to put forward guidelines for a transition period until the new fiscal framework is in place, during which time no excessive deficit procedure should be activated and with the possibility to use the ‘unusual event clause’all existing flexibilities within the fiscal framework on a country- specific basis to prevent premature fiscal consolidation;
2021/04/23
Committee: ECON
Amendment 82 #

2020/2075(INI)

Motion for a resolution
Paragraph 4
4. Considers that economic indicators and adjustment paths need to be interpreted cautiously, but nonetheless complied with, and therefore calls for the code of conduct of the Stability and Growth Pact to be revised vis-à-vis the benchmarks needed to calculate such adjustment needs and paths; stresses that fiscal guidance should avoid pro-cyclical biases, promote upward convergence and sustainable, inclusive and digital growth in line with the European Green Deal and counteract macroeconomic imbalances; calls for special accounting treatment for loans from Next Generation EU (NGEU) related spending but stresses that the debt generated by NGEU should be proportionately included in any calculations reforming the SGP;
2021/04/23
Committee: ECON
Amendment 88 #

2020/2075(INI)

Motion for a resolution
Paragraph 5
5. Calls for a continued expansionary fiscal stance for as long as needed and for it to be shifted to support the recovery from the COVID-19 pandemic and the transition to a green, digital and inclusive transformation while ensureconomy while ensuring fiscal sustainability; stresses that a premature withdrawal of support should be avoided and that the shift ing fiscal sustainabilitypolicy should be gradual; emphasises that it must be borne in mind that future generations will have to pay the debt that is created by the expansionary fiscal policies we implement over the next years;
2021/04/23
Committee: ECON
Amendment 134 #

2020/2075(INI)

Motion for a resolution
Paragraph 8
8. Stresses the importance of complementarity between monetary and fiscal policies to deliver the required support post-COVID-19; considers that the low interest rate environment has implications for fiscal policy; warns against a premature tightening of monetary and fiscal policy; recognises the potential negative impacts of a sharp increase in the interest rate environment but nonetheless stresses the importance of preserving the independence of the ECB in setting monetary policy;
2021/04/23
Committee: ECON
Amendment 159 #

2020/2075(INI)

Motion for a resolution
Paragraph 10
10. Calls for an appropriateenhanced coordination between fiscal and monetary policy mix that work togetheries when working towards achieving the EU’s objectives and promoting sustainable, inclusive and digital growth;
2021/04/23
Committee: ECON
Amendment 168 #

2020/2075(INI)

Motion for a resolution
Paragraph 11
11. Highlights that debt levels have increased and that some Member States already have a sizeable debt legacy; notes that circumstances have changed since the Maastricht criteria were defined and that inflation and interest rate levels are considerably lower; the fiscal framework, including the relevant benchmarks, should be reviewed and reformed in the context of the current economic environment and not be bound by historic limitations;
2021/04/23
Committee: ECON
Amendment 187 #

2020/2075(INI)

Motion for a resolution
Paragraph 12
12. Stresses that debt service costs are expected to remain low for the foreseeable future and primary deficits are likely to be offset by favourable interest-growth differentials; further considers that as long as the differentials are negative it is possible to sustain and progressively reduce high debt levels towards a sustainable level;
2021/04/23
Committee: ECON
Amendment 197 #

2020/2075(INI)

Motion for a resolution
Paragraph 13
13. Recalls the importance of growth- enhancing policies and publicsustainable public and private investment aimed at increasing growth potential and achieving the EU’s objectives centred around the green and digital transitions; highlights the importance of promoting public and private investments to unlock additional capital, especially in the context of the EU recovery;
2021/04/23
Committee: ECON
Amendment 219 #

2020/2075(INI)

15. Calls on the Commission to relaunch the debate on the reform of the economic governance of the Union with a view to coming forward with a legislative proposal by the end of 2021comprehensive, forward-looking legislative proposal by 2022, or when the trajectory of the economic recovery is in the direction of reaching pre-pandemic levels; calls for a rethink of EU fiscal rules, also in view of the legacies of the pandemic, and supports the EFB’s conclusion that the fiscal framework has to be adapted;
2021/04/23
Committee: ECON
Amendment 238 #

2020/2075(INI)

Motion for a resolution
Paragraph 16
16. Calls for the renewed fiscal framework to promote sustainability and cyclical stabilisation and to improve the quality of public expenditure through sustainable investments and reforms; calls for well-defstreamlined, transparent, simple, flexible and enforceable rules embedded in a credible and democratic framework that take into account the specificities of Member States and promotes upward economic and social convergence; calls for the renewed framework to have a greater emphasis on the quality of the debt;
2021/04/23
Committee: ECON
Amendment 285 #

2020/2075(INI)

Motion for a resolution
Paragraph 21
21. Proposes, in line with the EFB, that existing waivers and derogations are replaced by one general escape clause, triggered based on independent economic judgement’; but asks for further clarification on the composition of the independent body, and how its independence would be ensured;
2021/04/23
Committee: ECON
Amendment 302 #

2020/2075(INI)

Motion for a resolution
Paragraph 22
22. Shares the EFB’s opinion that sustainable growth-enhancing public investments should be exempt from the expenditure rulearmarked, in particular those investments that are aligned with the EU’s long-term objectives of the NGEU; whilst it is important that growth-enhancing public investment is incentivised, eligible investments should be clearly framed and contribute to the achievement of the EU’s objectives;
2021/04/23
Committee: ECON
Amendment 309 #

2020/2075(INI)

Motion for a resolution
Paragraph 22 a (new)
22a. Stresses that an updated EU fiscal framework must act as an enabler to achieve the objective of the Green Deal and bridge the climate-friendly investment gap;
2021/04/23
Committee: ECON
Amendment 318 #

2020/2075(INI)

Motion for a resolution
Paragraph 23
23. Stresses that governments’ revenues are essential to guarantee the sustainability of public finances; calls on the Member States to take action to tackle tax fraud, tax avoidance, and tax evasion, as well as money launderingactions aimed at fighting against tax fraud, tax avoidance and evasion as well as money laundering are essential to guarantee the sustainability of public finances and to instil confidence in the governance of public finances; therefore, calls on the Member States to ensure effective actions in this area;
2021/04/23
Committee: ECON
Amendment 331 #

2020/2075(INI)

Motion for a resolution
Paragraph 24
24. Agrees withTakes note of the opinion of the EFB and others21 that a deepening of the Economic and Monetary Union (EMU) would be helped by a central fiscal capacity, which could help cushion idiosyncratic shocks, whether common or country-specific, in a timely manner; however, calls on the Commission and Member States to first monitor and evaluate the implementation of the NGEU before considering an additional fiscal capacity; _________________ 21International Monetary Fund and the European Central Bank.
2021/04/23
Committee: ECON
Amendment 343 #

2020/2075(INI)

Motion for a resolution
Paragraph 25
25. Welcomes the creation of the NGEU, which is financed through debt issuance guaranteed by the EU budget; underlines that EU-issuance debt22 will provide a new supply of European high- quality assets, which is a step towardscould lead to a permanent EU safe asset in the future; _________________ 22 NGEU & SURE bonds.
2021/04/23
Committee: ECON
Amendment 354 #

2020/2075(INI)

Motion for a resolution
Paragraph 26
26. Stresses the importance of the MIP in identifying and taking preventive and corrective actions against emerging imbalances and loss of competitiveness at an early stage; points out, however, that the potential of this mechanism has not been fully exploited on account of its structural weaknesses;
2021/04/23
Committee: ECON
Amendment 372 #

2020/2075(INI)

Motion for a resolution
Paragraph 27
27. Calls for the MIP to be reformed to make its indicators and recommendations more forward-looking and symmetrical with regard to over- and undershooting target values, andgeared towards reducing intra-euro area imbalances, but also to focus on indicators under the control of policymakers and geared towards reducing intra-euro area imbalances; considers that greater compliance with pared-back recommendations must be achieved and MIP-relevant country-specific recommendations should focus on policy actions that can have a direct impact on imbalances and loss of competitiveness;
2021/04/23
Committee: ECON
Amendment 375 #

2020/2075(INI)

Motion for a resolution
Paragraph 27 a (new)
27a. Considers that alignment of national fiscal policies with the EU’s commitments under the Paris Agreement should be apriority; notes that the climate poses real and severe risks to the sustainability of member states’ fiscal policies; reiterates the EU’s stated ambition to become the first climate- neutral continent by 2050;
2021/04/23
Committee: ECON
Amendment 381 #

2020/2075(INI)

Motion for a resolution
Paragraph 29
29. Underlines the importance of the EU institutional framework and of the community method to set and enforce the rules and to safeguard and enhance strong political ownership and legitimacy; stresses that weak political ownership or accountability at national level exacerbates non-compliance;
2021/04/23
Committee: ECON
Amendment 392 #

2020/2075(INI)

Motion for a resolution
Paragraph 30
30. Calls for a renewed European Semester as the main economic and social policy coordination framework supporting the EU’s long-standing goals of sustainability and upward convergence with stronger national ownership; calls for more rigorous democratic scrutiny and for Parliat EU and national level to hold national governments full involvement in defining the overarching goals and the guidanceaccount; Moreover, calls for greater involvement of the European Parliament in defining the overarching goals and the guidance; identifies the upcoming Conference on the Future of Europe as a possible forum to discuss the greater involvement of the European Parliament in defining and enforcing common EU rules on economic policy coordination; stresses that the governance of the Recovery and Resilient Facility should serve as an inspiration for the future of economic policy coordination;
2021/04/23
Committee: ECON
Amendment 406 #

2020/2075(INI)

Motion for a resolution
Paragraph 30 a (new)
30a. Underlines the need to use the Recovery and Resilience Facility as an example to further explore ways to increase the role of the European Parliament and calls for the Facility to become a starting point in the debate of renewing the economic governance framework;
2021/04/23
Committee: ECON
Amendment 411 #

2020/2075(INI)

Motion for a resolution
Paragraph 31
31. Calls for the EU’s macroeconomic dialogue to be invigorated through dialogue at euro-area and national level with representatives of government, employer federations and trade unions and to envisage at both levels exchanges with the central banks; notes that dialogue with a broader demographic could strengthen the accountability of national governments;
2021/04/23
Committee: ECON
Amendment 417 #

2020/2075(INI)

Motion for a resolution
Paragraph 32
32. Calls for more involvement of nNational pProductivity councilBoards in the MIP process to strengthen the role of independent, national, economic analyses in the MIP process;
2021/04/23
Committee: ECON
Amendment 426 #

2020/2075(INI)

Motion for a resolution
Paragraph 33
33. Underlines that for better enforcement each Member State should strive for strong ownership of commonly agreed economic policy priorities and that, in this context, the right balance should be sought between peer support, peer pressure, financial benefits and financial consequences;
2021/04/23
Committee: ECON
Amendment 431 #

2020/2075(INI)

Motion for a resolution
Paragraph 34
34. RecallsTakes note of its position23 that an ‘additional budgetary capacity for the euro area’ should be included in the fiscal capacity; however, calls on the Commission and Member States to first monitor and evaluate the implementation of the NGEU before considering an additional financial capacity; _________________ 23European Parliament resolution of 16 February 2017 on budgetary capacity for the euro area, OJ C 252, 18.7.2018, p. 235.
2021/04/23
Committee: ECON
Amendment 433 #

2020/2075(INI)

Motion for a resolution
Paragraph 34 a (new)
34a. Urges the Eurogroup to increase its openness and transparency and to increase the flexibility of the euro area governance; proposes, in this sense for the euro area to adapt a flexible mechanism that will allow non-euro area member states to access the euro area discussions, to pilot good practices in order to fulfil the convergence criteria and to have a concrete experience on the benefits of adopting the euro currency;
2021/04/23
Committee: ECON
Amendment 434 #

2020/2075(INI)

Motion for a resolution
Paragraph 34 b (new)
34b. Urges the European Commission to continue to support the non-euro area countries in their efforts to recover after the pandemic, given in particular the higher cost of financing measures in comparison with euro-area member states and to proactively assist and support member states in their accession process to the euro area; calls on the Eurogroup and on the European Central Bank to take into account the high interest rates that non-euro area member states face and to promote inclusive monetary policies;
2021/04/23
Committee: ECON
Amendment 453 #

2020/2075(INI)

Motion for a resolution
Paragraph 36
36. Calls for the Eurogroup’s decision- making process to be reassessed to include appropriaterease its democratic accountability; calls for the Chair of the Eurogroup to be one of the Commission Vice-Presid and transparency towards the European Parliaments;
2021/04/23
Committee: ECON
Amendment 18 #
2020/06/08
Committee: ENVI
Amendment 73 #
2020/06/08
Committee: ENVI
Amendment 76 #

2020/2071(INI)

Motion for a resolution
Recital B b (new)
Bb. whereas access to suitable and affordable diagnostic tests and vaccines is as vital as access to safe, effective and affordable medicines;
2020/06/08
Committee: ENVI
Amendment 211 #

2020/2071(INI)

Motion for a resolution
Paragraph 1 a (new)
1a. Recalls that shortage of medicines is a global challenge; stresses that developing countries, such as a number of African countries, are the most affected by these shortages; urges that access to medicines in developing countries be tackled in a wider context in the WHO framework ; calls on the Commission and the Member States to increase their support to developing countries, in particular through the rescUE strategic reserve;
2020/06/08
Committee: ENVI
Amendment 261 #

2020/2071(INI)

Motion for a resolution
Paragraph 3 b (new)
3b. Notes that the risks are particularly high amongst vulnerable populations such as children, the elderly, pregnant women, people affected by a disability, patients with chronic diseases or cancer or people in intensive care unit (ICU);
2020/06/08
Committee: ENVI
Amendment 278 #

2020/2071(INI)

Motion for a resolution
Paragraph 4
4. Calls on the Commission and the Member States to take whatever action is needed to restore European health sovereignty and local pharmaceutical manufacturing, giving priority to essential and strategic medicinesmedicinal products of major therapeutic interest ; calls on the Commission to map out potential production sites in the EU and their production capacity; suggests that the Commission also draw up a map of the production sites established in third countries;
2020/06/08
Committee: ENVI
Amendment 325 #
2020/06/08
Committee: ENVI
Amendment 455 #

2020/2071(INI)

Motion for a resolution
Paragraph 11
11. Stresses the importance of research and innovation, and calls for the establishment of a genuine European network, given that the price of relocation must not be a deterioration in the quality of medical research; highlights the role of European projects and SMEs in improving access to medicines in the Union; underlines the crucial role of the Horizon Europe program in this respect;
2020/06/08
Committee: ENVI
Amendment 471 #

2020/2071(INI)

Motion for a resolution
Paragraph 11 a (new)
11a. Calls for strengthening of the European Medicines Market to speed up patient access to medicines, make care more affordable, maximise savings in national health budgets and avoid administrative burdens for generic and biosimilar companies ;
2020/06/08
Committee: ENVI
Amendment 481 #

2020/2071(INI)

Motion for a resolution
Paragraph 11 d (new)
11d. Stresses that the added value and economic impact of biosimilar medicines on the sustainability of healthcare systems should be analysed, their market entry should not be delayed, and, where necessary, measures to support their introduction to the market should be examined;
2020/06/08
Committee: ENVI
Amendment 514 #

2020/2071(INI)

Motion for a resolution
Paragraph 12 a (new)
12a. Welcomes the recent creation green lanes, set up to facilitate the transport of all goods, in order to allow the smooth running of the transport not only of medicines but also of raw materials, intermediate products and related materials, including packaging;
2020/06/08
Committee: ENVI
Amendment 517 #

2020/2071(INI)

Motion for a resolution
Paragraph 12 b (new)
12b. Calls for the establishment of European lists of 'medicinal products of major therapeutic interest' along the lines of the 'WHO model list of essential medicines'; suggests that the EMA shortage risk indicators (manufacturing and quality) be used to identify high risk products,
2020/06/08
Committee: ENVI
Amendment 519 #

2020/2071(INI)

Motion for a resolution
Paragraph 12 d (new)
12d. Encourages the development of shortage prevention and management plans across all Member States; believes that these plans could result from an analysis of manufacturing and distribution risks and include measures on building up stocks, diversifying sources of supply for raw materials and creating other manufacturing sites to ensure resilience from production;
2020/06/08
Committee: ENVI
Amendment 520 #

2020/2071(INI)

Motion for a resolution
Paragraph 12 e (new)
12e. Underlines that several Member States have already established alert systems which facilitate the anticipation and prevention of shortages; calls for the establishment of alert systems to anticipate shortage of medicines at national and European levels;
2020/06/08
Committee: ENVI
Amendment 579 #

2020/2071(INI)

Motion for a resolution
Paragraph 15 a (new)
15a. Calls for the adoption of common definitions of 'supply disruption' and 'stock-out' of medicines as well as a grid of criteria for assessing the risk associated with each of these situations;
2020/06/08
Committee: ENVI
Amendment 581 #

2020/2071(INI)

Motion for a resolution
Paragraph 15 b (new)
15b. Calls for the adoption of a common definition of 'medicinal products of major therapeutic interest' with reference to their usefulness in public health, the absence of an alternative and the fragility of the production chain;
2020/06/08
Committee: ENVI
Amendment 613 #

2020/2071(INI)

Motion for a resolution
Paragraph 17
17. Calls for further invitations to tender to be issuedjoint procurements at European level in an effort to counter shortages, as has been done following the onset of the COVID-19 virus, with simplified and transparent procedures in the interests of improved response times;
2020/06/08
Committee: ENVI
Amendment 688 #
2020/06/08
Committee: ENVI
Amendment 722 #

2020/2071(INI)

Motion for a resolution
Paragraph 21 a (new)
21a. Calls on the Commission to create a European strategic reserve of medicinal products of major interest, along the lines of the ‘RescEU’ mechanism, in order to alleviate shortages outside crisis periods; believes that the EMA could be the European regulatory authority responsible of this strategic reserve in order to prevent shortages of these medicines;
2020/06/08
Committee: ENVI
Amendment 730 #

2020/2071(INI)

Motion for a resolution
Paragraph 21 e (new)
21e. Considers that in the event of a health crisis the closure of borders and customs controls cannot constitute an obstacle to cross-border movement of medicinal products of major interest within the Union; calls on the Commission and the Member States to set up secure and rapid procedures for checking products at the border during a health crisis in compliance with EU law;
2020/06/08
Committee: ENVI
Amendment 736 #

2020/2071(INI)

Motion for a resolution
Paragraph 22 a (new)
22a. Welcomes, following the onset of the COVID-19 crisis, the introduction of more flexible rules in a bid to mitigate shortages and facilitate the circulation of medicines between Member States: acceptance of different packaging formats, reuse procedure to enable marketing authorisation holders to obtain approval in another Member State, longer expiry periods, use of veterinary medicinal products, etc.; calls on the Commission to monitor strictly the use of these arrangements and to keep them available in the event of problems or shortages;
2020/06/08
Committee: ENVI
Amendment 7 #

2020/2058(INI)

Draft opinion
Paragraph 1
1. Welcomes the Commission communication on the Sustainable Europe Investment Plan (COM(2020)0021), which aims to enable a just and well-managed transition towards a resilient and sustainable society; emphasises that it is imperative that the EU achieve the revised 2030 and 2050 climate and biodiversity goals and reach its commitments, including being climate neutral by 2050, under the Paris Agreement, based on the best available science;
2020/06/09
Committee: ENVI
Amendment 19 #

2020/2058(INI)

Draft opinion
Paragraph 1 a (new)
1a. Recalls the Commission communication on its Recovery Plan for Europe(COM(2020) 456) which supports an ambitious green transition to a climate neutral economy via funding under the Next Generation EU programme;
2020/06/09
Committee: ENVI
Amendment 22 #

2020/2058(INI)

Draft opinion
Paragraph 1 b (new)
1b. Recalls the Commission communication on its Recovery Plan for Europe(COM(2020) 456) which supports an ambitious green transition to a climate neutral economy via funding under the Next Generation EU programme; and the Commission’s commitment that the investments in the recovery should respect the “do no harm” principle;
2020/06/09
Committee: ENVI
Amendment 34 #

2020/2058(INI)

Draft opinion
Paragraph 2
2. ExpectBelieves a new, unprecedented MFF, endowed with fresh money, and potentially enhanced andthrough new EU own resources, musto be at the heart of the green transition;
2020/06/09
Committee: ENVI
Amendment 39 #

2020/2058(INI)

Draft opinion
Paragraph 2 a (new)
2a. Believes that public and private finance should adhere to the EU taxonomy and to the ‘do no harm’ principle, in order to ensure that EU policies and financing, including the EU budget, the programmes financed through Next Generation EU, the European Semester and EIB financing not contribute to objectives, projects and activities that significantly harm social or environmental objectives;
2020/06/09
Committee: ENVI
Amendment 45 #

2020/2058(INI)

Draft opinion
Paragraph 2 b (new)
2b. Calls on the Commission to ensure that the new MFF does not support or invests into activities which would lead to the lock-in in assets harmful to the climate and environmental objectives of the Union considering their lifetime;
2020/06/09
Committee: ENVI
Amendment 48 #

2020/2058(INI)

Draft opinion
Paragraph 2 c (new)
2c. Calls on the Commission to disclose which part of the Union’s expenditure is compliant with the taxonomy categories as set out in the Regulation (EU) 2020/[Taxonomy Regulation]
2020/06/09
Committee: ENVI
Amendment 58 #

2020/2058(INI)

Draft opinion
Paragraph 3
3. Commits to a just recovery from the coronavirus crisis that ensures that taxpayers’ money is invested in the future, not the past; that conditions fiscal expansion to drive the shift to a green economy and make societies and people more resilient; that employs public and private funds to climate proof sectors and projects, thereby generating green jobs and sustainable growth; that incorporates climate risks anda commitment to incorporating climate risk mitigations and potential opportunities into the financial system, as well as all aspects of public policymaking and infrastructure; and that guarantees an gradual and supported end to fossil fuel subsidies and applies the polluter pays principle;
2020/06/09
Committee: ENVI
Amendment 70 #

2020/2058(INI)

Motion for a resolution
Paragraph 2
2. Welcomes the Commission’s European Recovery Plan with the European Green Deal at its heart; endorses the underlying principle that public investments wishall respect the oath to ‘do no harm’; emphasises that national recovery and resilience plans should put the EU on the path to a 50 % to 55 % reduction in greenhouse gas emissions by 2030 compared to 1990 and climate neutrality by 2050, thus ensuring Member States’ transition towards a circular and climate neutral economy;
2020/07/03
Committee: BUDGECON
Amendment 85 #

2020/2058(INI)

Draft opinion
Paragraph 4
4. Insists that all EU-supported investments be subject to the EU taxonomy for sustainable activities and the Paris- aligned and Climate Transition Benchmarks; calls on the Commission to propose a ‘brown’ taxonomy andn enhanced social sustainability criteria;
2020/06/09
Committee: ENVI
Amendment 88 #

2020/2058(INI)

Draft opinion
Paragraph 4 a (new)
4a. Recalls Article 26(2) of 2018/0178 (COD) which commits the European Commission to assess the implementation of a brown taxonomy by December 31st 2021;
2020/06/09
Committee: ENVI
Amendment 89 #

2020/2058(INI)

Draft opinion
Paragraph 4 b (new)
4b. Calls on the Commission to adopt by June 21 2021 an updated tracking methodology to monitor and report trends regarding capital flows towards sustainable investment as per the taxonomy regulation (EU) 2020/ [Taxonomy Regulation] of the European Parliament and of the Council
2020/06/09
Committee: ENVI
Amendment 98 #

2020/2058(INI)

Draft opinion
Paragraph 5
5. Emphasises the European Parliament’s demand that at least 40 % of investments under the InvestEU programme should contribute to climate and environmental objectives; believes that the green finance gap is surmountable but requires enhanced sustainable private investment;
2020/06/09
Committee: ENVI
Amendment 98 #

2020/2058(INI)

Motion for a resolution
Paragraph 3
3. Stresses that the success of the EU’s aim to achieve climate neutrality will depend on the adequacy of the financing stemming from both public and private sources;
2020/07/03
Committee: BUDGECON
Amendment 109 #

2020/2058(INI)

Draft opinion
Paragraph 6
6. Calls on the Commission to ensure that any future EU backed recovery bonds are issued in accordance with the EU Green Bond Standard; and emphasises the key role the private sector will have in financing the green transition 1a _________________ 1aEuropean Commission (2020), Usability guide for the EU green bond standard, Page 3, Retrieved from: https://ec.europa.eu/info/files/200309- sustainable-finance-teg-green-bond- standard-usability-guide_en (26.05.20)
2020/06/09
Committee: ENVI
Amendment 115 #

2020/2058(INI)

Motion for a resolution
Paragraph 4
4. Questions whether the SEIP, as currently constituted, will enable the mobilisation of EUR 1 trillion by 2030, given the negative economic outlook following the COVID-19 crisis; requests the Commission to ensure full transparency on financing issues, such as the optimistic leverage effect or the lack of clarity over the extrapolations of certain amounts; furthermore questions how the new MFF as proposed by the Commission in its revised proposals of 27 and 28 May 2020 would enable the achievement of the SEIP targets; underlines that the SEIP is an EU long-term goal and cannot be undermined by lower MFFs in the future that would allocate a large part of money to the repayment of the borrowing;
2020/07/03
Committee: BUDGECON
Amendment 135 #

2020/2058(INI)

Draft opinion
Paragraph 8
8. Calls on the Commission to revise State aAid rules to allow greater public support for the European Green Deal while ensuring that competition and the optimum functioning of the Single Market are not jeopardised and to reform the European Semester to deepen the inclusion of the Sustainable Development Goals and the European Pillar of Social Rights;
2020/06/09
Committee: ENVI
Amendment 144 #

2020/2058(INI)

Draft opinion
Paragraph 8 a (new)
8a. Calls on the Commission to revise the Non-Financial Reporting Directive to ensure all relevant companies, operating in carbon-intensive sectors, report and publish their carbon emission reduction targets in order to align with the Paris Agreement
2020/06/09
Committee: ENVI
Amendment 146 #

2020/2058(INI)

8b. Calls on the Commission when approving a State Aid request by a Member State, in accordance with Article 108 TFEU, to include provisions in its decision that beneficiaries are to demonstrate the alignment of their business model and activities with the objectives set out in Article 2 of the Regulation (EU) 2018/1999 (European Climate Law)
2020/06/09
Committee: ENVI
Amendment 157 #

2020/2058(INI)

Draft opinion
Paragraph 9
9. Calls for any investments that are necessary for climate mitigation, adaptation and the just transition to be exempted from the Stability and Growth Pact. for a period of 10 years;
2020/06/09
Committee: ENVI
Amendment 165 #

2020/2058(INI)

Draft opinion
Paragraph 9 a (new)
9a. Urges the Commission to engage with the private sector investors, with appropriate incentives where necessary, to maximise their investments in the green transition.
2020/06/09
Committee: ENVI
Amendment 172 #

2020/2058(INI)

Motion for a resolution
Paragraph 7
7. Calls for the phasing-out of public and private investments in highly polluting and harmful industries for which economically feasible alternatives are available, while fully respecting the rights of Member States to choose their energy mix and the importance of ensuring reliable and low or zero emission energy supply;
2020/07/03
Committee: BUDGECON
Amendment 212 #

2020/2058(INI)

Motion for a resolution
Paragraph 9
9. Underlines the fact that, in order to meet its obligations under the Paris Agreement, the EU’s contribution to the climate objectives should be underpinned by an ambitious share of climate and biodiversity-related expenditure in the EU budget, going beyond the levels of targeted spending shares of at least 25 % over the MFF 2021-2027 period and of 30% as soon as possible and at the latest by 2027aims, therefore, to achieve climate and biodiversity mainstreaming spending levels of 30% and 10% respectively;
2020/07/03
Committee: BUDGECON
Amendment 237 #

2020/2058(INI)

Motion for a resolution
Paragraph 10
10. Welcomes the proposal to top up the Just Transition Fund (JTF), including with additional funds from Next Generation EU, and the two additional pillars of the Just Transition Mechanism, namely a dedicated scheme under InvestEU and a public sector loan facility, which will contribute to alleviating the economic effects of the transition to climate neutrality on the most vulnerablimpacted and carbon intensive regions in the EU;
2020/07/03
Committee: BUDGECON
Amendment 261 #

2020/2058(INI)

Motion for a resolution
Paragraph 11
11. Welcomes the role of InvestEU in the implementation and functioning of the SEIP and considers that it should be at the heart ofplay a key role in the Union’s green, fair and resilient recovery; welcomes, therefore, the Commission’s proposal to increase the programme’s size and scope; welcomes the proposal to create a Strategic Investment Facility within InvestEU to promote sustainable investments in key technologies and value chains;
2020/07/03
Committee: BUDGECON
Amendment 300 #

2020/2058(INI)

Motion for a resolution
Paragraph 14
14. Reaffirms its previous position regarding candidates for new own resources, and calls on the Commission to propose new own resources which correspond to essential EU objectives including the fight against climate change and the protection of the environment; asks, therefore, for the introduction of new own resources based on, inter alia, the auction revenues of the Emissions Trading System, a contribution on non-recycled plastic packaging waste, and the future Carbon Border Adjustment Mechanism, a Common Consolidated Corporate Tax Base or a precursor based on operations of large enterprises, a tax on digital companies, and a financial transaction tax;
2020/07/03
Committee: BUDGECON
Amendment 328 #

2020/2058(INI)

Motion for a resolution
Paragraph 15
15. Welcomes the efforts of the European Investment Bank (EIB) to revise its energy lending policy and to devote 50 % of its operations to climate action and environmental sustainability; calls on the EIB to commit to the sustainable transition towards climate neutrality while taking into account the different energy mixes of Member States and devoting particular attention to the sectors and regions most affected by the transition to develop a clear and transparent methodology using the EU Taxonomy to ensure that all the projects financed will be aligned with the temperature goals of the Paris Agreement, consistent with the transition towards a climate neutral economy and “do no significant harm” to biodiversity and ecosystems;
2020/07/03
Committee: BUDGECON
Amendment 339 #

2020/2058(INI)

Motion for a resolution
Paragraph 15
15. Welcomes the efforts of the European Investment Bank (EIB) to revise its energy lending policy and to devote 50 % of its operations to climate action and environmental sustainability; commends the EIB's commitment to ending financing of fossil fuel energy projects by 2021; calls on the EIB to commit to the sustainable transition towards climate neutrality while taking into account the different energy mixes of Member States and devoting particular attention to the sectors and regions most affected by the transition;
2020/07/03
Committee: BUDGECON
Amendment 358 #

2020/2058(INI)

Motion for a resolution
Paragraph 16
16. Recognises the important role of the national promotional banks and institutions and of international financial institutions (IFIs) in the financing of sustainable projects of the Green Deal linked to the SEIP, thereby contributing to the achievement of the goals of the Paris Agreement; underlines that the European Bank for Reconstruction and Development (EBRD) can help to achieve the SEIP and mobilise investments in Europe and beyond for the protection of climate and environment;
2020/07/03
Committee: BUDGECON
Amendment 369 #

2020/2058(INI)

Motion for a resolution
Paragraph 17
17. Recalls the statement of the ECBConsiders that the fight against climate change and the promotion of sustainability is within the mandate of the ECB and recalls the statement of its President that the ECB is supporting the development of a taxonomy as a way of facilitating the incorporation of environmental considerations in central bank portfolios; calls on the ECB to evaluate the feasibility of including sustainabi and welcomes the ambition displayed in the recent Eurosystem reply to the European Commission’s public consultations on the Renewed Sustainable Finance Strategy and the revision of the NonFinancial Reporting Directive; calls on the ECB to undertake its monetary politcy criteria istrategy review to align its collateral framework and its annual stress testing exercise, while with the Paris agreement, and to disclose annually its level of alignment with the Paris agreement while setting a clear roadmap with targets - using appropriately the EU Taxonomy for these actions where relevant, while also assessing ways to guide lending towards energy transition investments and to rebuild a sustainable economy in the aftermath of the COVID- 19 crisis;
2020/07/03
Committee: BUDGECON
Amendment 382 #

2020/2058(INI)

Motion for a resolution
Paragraph 17 a (new)
17a. Calls on the European Supervisory Authorities (ESAs), together with national competent authorities (NCAs), to develop annual climate stress tests on financial institutions they supervise, as currently discussed notably in the Central Banks and Regulators Network for Greening the Financial System (NGFS), in order to understand where and how far climate- related financial risks sit in the portfolios of relevant EU financial institutions;
2020/07/03
Committee: BUDGECON
Amendment 390 #

2020/2058(INI)

Motion for a resolution
Paragraph 18
18. Supports a renewed sustainable finance strategy; underlines the need for an EU eco-label for financial products, for an EU Green Bond Standard (EU GBS), and for more reliable, comparable and accessible sustainability data obtained by harmonising sustainability indicators and creating a public sustainability data register with transparent methodologies to ensure that the data can be analysed independently in order to reduce over- reliance on non-EU data providers and any potential conflict of interest between rating and label providers removed, noting in particular the recommendation from the CMU High-Level Forum to include SRD and NFRD data in a EU Single Access Point;
2020/07/03
Committee: BUDGECON
Amendment 413 #

2020/2058(INI)

Motion for a resolution
Paragraph 19 a (new)
19a. Recalls Article 26(2) of the taxonomy regulation (EU) 2020 /… [Taxonomy Regulation] of the European Parliament and of the Council which mandates the European Commission to assess the implementation of a brown taxonomy by December 31st 2021;
2020/07/03
Committee: BUDGECON
Amendment 426 #

2020/2058(INI)

Motion for a resolution
Paragraph 21
21. Recalls that investments in unsustainable economic activities may lead to stranded assets with lock-in effects; considers this risk to be insufficiently integrated in credit ratings and prudential frameworks, which should be addressed in forthcoming reviews of the CRA, CRR/CRD and the Solvency frameworks; recognising the importance of the private sector in funding the transition to a sustainable economy, highlights the need to balance these measures with relevant incentives for investments in sustainable activities, therefore calls on the Commission to examine the prudential treatment of "green" exposures;
2020/07/03
Committee: BUDGECON
Amendment 452 #

2020/2058(INI)

Motion for a resolution
Paragraph 22
22. Calls for the introduction of an enabling framework for public sustainable investments to achieve the goals set out in the European Green Deal, but stresses that whatever financing model is chosen must not undermine the sustainability of public finance in the EU; supports the commitment by EVP Dombrovskis to explore how taxonomy can be used in the public sector and calls therefore on the Commission to disclose which part of the Union's expenditure is compliant with the taxonomy categories as set out in the Regulation (EU)2020/[Taxonomy Regulation] and to adopt an updated tracking methodology to monitor and report trends regarding capital flows towards sustainable investment as per the taxonomy regulation (EU) 2020 /… [Taxonomy Regulation] of the European Parliament and of the Council; calls for public support for airlines to be used in a sustainable and efficient manner;
2020/07/03
Committee: BUDGECON
Amendment 495 #

2020/2058(INI)

Motion for a resolution
Paragraph 23 a (new)
23a. Calls on the Commission to extend the European Semester process by complementing the current approach, based on fiscal and budgetary discipline, with climate and environmental discipline, without watering down the European Semester; calls therefore on the European Commission to develop a new climate indicator, mirroring the economic indicators, to assess the discrepancy between the structure of Member States' budgets and progress towards Paris- aligned scenario for each of their national budgets; stresses the need for this indicator to provide Member States with an indication on their trajectory of temperature under the framework of the Paris Agreement, thus enabling the European Semester to provide recommendations about the reduction of their climate debt;
2020/07/03
Committee: BUDGECON
Amendment 526 #

2020/2058(INI)

Motion for a resolution
Paragraph 25 a (new)
25a. Calls on the Commission to use the EU Taxonomy to direct and track climate and environment spending in all EU public funding including the next MFF, Next GenerationEU including the Solvency support instrument, InvestEU and the EU recovery and resilience facility fund and EIB funds, in order to enhance the climate and environmental tracking system for better monitoring progress;
2020/07/03
Committee: BUDGECON
Amendment 528 #

2020/2058(INI)

Motion for a resolution
Paragraph 25 b (new)
25b. Calls on the Commission to ensure that biodiversity-related risks, impacts and dependencies are integrated in relevant EU legislation, including the Non- Financial Reporting Directive, the delegated acts of the Disclosure Regulation and other relevant corporate and financial legislation;
2020/07/03
Committee: BUDGECON
Amendment 542 #

2020/2058(INI)

Motion for a resolution
Paragraph 26
26. Invites the Commission to revise the Energy Tax Directive and coordinate a kerosene tax that could also feed into the EU budget;
2020/07/03
Committee: BUDGECON
Amendment 552 #

2020/2058(INI)

Motion for a resolution
Paragraph 27
27. Wishes it to be ensured that all contribute equitably to the post-corona recovery and the transition to a sustainable economy; seeks an intensified fight against tax fraud, tax evasion and tax avoidance and aggressive tax planning; calls on the Commission to create a blacklist of EU Member States facilitating tax avoidance; calls for EU-level coordination to avoid aggressive tax planning by individuals and corporates; seeks in this context an ambitious strategy for business taxation for the 21st century; welcomes the Commission's announcement to propose an EU level supervisor and supervisory body to fight money laundering and terrorist financing and underlines the necessity for sufficient resources to be made available to make this effective;
2020/07/03
Committee: BUDGECON
Amendment 2 #

2020/2036(INI)

Motion for a resolution
Citation 3 a (new)
- having regard to the Commission Communication of 9 July 2020 entitled 'Getting ready for changes. Communication on readiness at the end of the transition period between the European Union and the United Kingdom' (COM(2020) 324),
2020/07/17
Committee: ECON
Amendment 11 #

2020/2036(INI)

Motion for a resolution
Recital A
A. whereas all actions taken to create a Capital Markets Union (CMU) should have as their core objectives improving the range of financing options offered to companies and citizens, as well as fostering the availability of a greater range of more attractive investment offers, as their objectiveto incentivise financial participation and to turn savers into investors; whereas access to equity financing for SMEs, entrepreneurs and the social economy has become even more crucial for the COVID-19 recovery;
2020/07/17
Committee: ECON
Amendment 29 #

2020/2036(INI)

Motion for a resolution
Recital B
B. whereas the actions taken so far to achieve the CMU are moving in the right direction; whereas much work nevertheless remains to be done in terms of the precision, effectiveness and simplification of the measures adopted; whereas an ambitious vision for the CMU project is essential to overcome national sensitivities and build the momentum to complete the CMU;
2020/07/17
Committee: ECON
Amendment 42 #

2020/2036(INI)

Motion for a resolution
Recital C
C. whereas the social and economic crisis resulting from COVID-19 will have a particularly negative impact on SMEs and retail savers; whereas the EU’s response to COVID-19 through the European Recovery Plan should provide a large injection of capital in order to increase European enterprises’ access to finance; whereas capital market financing is needed to increase the overall financing capacity and to reduce the reliance on bank lending in the EU;
2020/07/17
Committee: ECON
Amendment 47 #

2020/2036(INI)

Motion for a resolution
Recital C a (new)
Ca. whereas the market movements resulting from COVID-19 have acted as a real-life “stress test” on the robustness of the whole financial ecosystem, and should be followed up with a detailed assessment of the benefits and shortcomings of the existing EU rulebook on financial stability and financial supervision;
2020/07/17
Committee: ECON
Amendment 53 #

2020/2036(INI)

Motion for a resolution
Recital C b (new)
Cb. whereas the Capital Markets Union should be a key contributor to the transition towards a sustainable and resilient economy to complement public investment, in line with the EU Green Deal; whereas the EU should aim to consolidate its position as a global leader in sustainable finance with an ambitious model and rulebook for sustainable investments which should be promoted as part of the EU values and as the gold- standard on the international level;
2020/07/17
Committee: ECON
Amendment 56 #

2020/2036(INI)

Motion for a resolution
Recital C c (new)
Cc. whereas recent announcements from the UK authorities on future regulatory divergence confirm the need for a careful assessment, in each area on a forward-looking and on-going basis, of the risks for the EU in terms of financial stability, market transparency, market integrity, investor protection and level- playing field when granting and maintaining equivalence, due to the current interconnectedness between the EU and the United Kingdom markets;
2020/07/17
Committee: ECON
Amendment 60 #

2020/2036(INI)

Motion for a resolution
Recital C d (new)
Cd. whereas financial stability and the integrity of the single market can only be preserved with a robust approach to third- countries access to the EU’s market and a dynamic monitoring system on equivalence regimes; whereas it is recalled that equivalence can only be granted if the regulatory and supervisory regime and standards of the relevant third-country are deemed fully equivalent by the Commission to those of the EU in order to ensure a level playing field;
2020/07/17
Committee: ECON
Amendment 64 #

2020/2036(INI)

Motion for a resolution
Recital C e (new)
Ce. whereas the Wirecard AG scandal reveals the shortcomings of a supervisory model primarily based on national supervisory authorities; whereas the on- going ESMA investigation on the Wirecard AG scandal should identify areas where direct supervision at EU level would have been more appropriate to prevent failure and to identify shortcomings at an earlier stage; whereas adaptations to the European supervisory architecture for financial reporting, financial innovation, payments, and related areas including audit and Anti- Money Laundering/Countering Terrorism Financing, have once again been highlighted as an urgent necessity in light of this latest scandal;
2020/07/17
Committee: ECON
Amendment 67 #

2020/2036(INI)

Motion for a resolution
Recital C f (new)
Cf. whereas bringing the Capital Markets Union project closer to EU citizens is crucial to increase their confidence in capital market and equity financing; whereas the Commission should explore further opportunities to communicate on the benefits of the CMU project, for example with a change of name highlighting the direct link between EU citizens' savings and investments in the economic growth and post-COVID recovery;
2020/07/17
Committee: ECON
Amendment 69 #

2020/2036(INI)

Motion for a resolution
Paragraph 1
1. Calls for the removal of barriers, including the simplification of legislation where relevant and conducive to financial stability, to diversify funding sources for SMEstart-ups, SMEs and mid-caps, in order to promote SMEs’their ability to access equity markets, and to reduce the existing debt bias; points out that the current situation makes SMEs more fragile and vulnerablnotes that necessary measures include facilitating investment research, streamlining the definition of SMEs across relevant EU legislation, and easing issuance requirements to ensure that start-ups, SMEs and mid-caps find their way to public markets; calls on the Member States to rebalance debt-equity bias in taxation; points out that the current situation makes SMEs more fragile and vulnerable; calls on the introduction of an ‘SME test’ for impact assessments on each CMU initiative;
2020/07/17
Committee: ECON
Amendment 80 #

2020/2036(INI)

Motion for a resolution
Paragraph 1 a (new)
1a. Calls on the Commission and Member States to take due consideration of the transition towards a sustainable and resilient economy, in line with the EU Green Deal and with the EU taxonomy for sustainable activities, when designing, adopting, implementing and enforcing policies related to financial market integration, protection and promotion; notes the importance of the contribution of the private sector in financing this transition;
2020/07/17
Committee: ECON
Amendment 85 #

2020/2036(INI)

Motion for a resolution
Paragraph 1 b (new)
1b. Stresses the fundamental and urgent need to ensure access to more reliable and comparable data on sustainable investments and activities, thanks to a review of the Non-Financial Reporting Directive (NFRD); calls on the Commission to streamline transparency requirements under the NFRD with those under the Taxonomy Regulation and the Sustainable Finance Disclosure Regulation; supports the creation of a public sustainability data register to ensure access to reliable and comparable sustainability data for all investors, notably with the inclusion of SRD and NFRD data in a EU Single Access Point;
2020/07/17
Committee: ECON
Amendment 113 #

2020/2036(INI)

Motion for a resolution
Paragraph 3 a (new)
3a. Calls for a review of the ELTIF Regulation and of related prudential calibrations in the banking and insurance regulatory frameworks to enhance the take-up and attractiveness of this innovative European label; notes that creating of a new additional ELTIF regime, based on an open-ended fund structure with the possibility to redeem at set intervals, could offer a new opportunity for retail investors to benefit from a diversified portfolio of long-term investments;
2020/07/17
Committee: ECON
Amendment 122 #

2020/2036(INI)

Motion for a resolution
Paragraph 4
4. Requests the Commission to assess how targeted amendments to the Securitisation Regulation could free up financing capacity; such targeted amendments could include the realignment of the treatment of cash and synthetic securitisations, of the treatment of regulatory capital and liquidity with that of covered bonds and loans, as well as with the disclosure and due diligence requirements for covered bonds and simple, transparent and standardised (STS) securitisation;
2020/07/17
Committee: ECON
Amendment 127 #

2020/2036(INI)

Motion for a resolution
Paragraph 5
5. Calls for targeted measures within securities market legislation tohat could help expedite the recovery after the COVID-19 crisis; supports as part of a broad package of measures to increase public and private financing; welcomes targeted changes in the Prospectus Regulation, the Markets in Financial Instruments Directive (MIFID), and the Securitisation Regulation and the Market Abuse Regulations long as they aim to preserve market liquidity and transparency, and to facilitate investments in the real economy, in particular in SMEs, and tomid-caps; notes that, allowing newcomers and new products to enter the markets, preserving consumer protection and market integrity; incumbent market players to offer new innovative products while preserving consumer protection and market integrity, is one of the strongest assets of the EU single market;
2020/07/17
Committee: ECON
Amendment 135 #

2020/2036(INI)

Motion for a resolution
Paragraph 5 a (new)
5a. Calls on the Commission to explore initiatives to incentivise employee share ownership, in order to promote the direct involvement of retail savers in financing the economy; such initiatives could include the creation of specific investment vehicles regulated under the AIFM Directive, with targeted changes to ease the operations of cross-border share- ownership plans, the encouragement of programmes to raise awareness throughout the EU, and the adoption of recommendations to Member States on relevant tax incentives;
2020/07/17
Committee: ECON
Amendment 155 #

2020/2036(INI)

Motion for a resolution
Paragraph 7
7. Highlights the importance of increasing legal certainty for cross-border investments by making national insolvency proceedings more efficient and effective; , whilst taking into consideration the different legal systems across the Member States, and by further harmonising rules on corporate governance, including a common definition of “shareholder” to facilitate the exercise of shareholder rights and the engagement with investee companies across the EU; calls on the Commission to propose legislative initiatives and issue recommendations to Member States, as appropriate, with a specific timeline for delivery, and aiming to achieve significant progress swiftly;
2020/07/17
Committee: ECON
Amendment 158 #

2020/2036(INI)

Motion for a resolution
Paragraph 7 a (new)
7a. Emphasises that innovative and competitive EU financial products with global reach, such as UCITS and green bonds using the future EU Green Bond Standard, are channels to extend the EU’s influence on the global stage and to strengthen the international role of the euro; calls on the Commission to draw inspiration from these examples, if necessary through amending the respective legislation, in order to bring the same level of international recognition to other EU financial products such as ELTIFs and STS securitisations, and prospective future instruments such as social bonds;
2020/07/17
Committee: ECON
Amendment 163 #

2020/2036(INI)

Motion for a resolution
Paragraph 8
8. Stresses the necessity of advancing further in the implementation and the enforcement of a genuinely Single Rule Book for financial services in the internal market; calls on the Commission and the ESAs to draw conclusions on the use of supervisory convergence tools through market movements related to the COVID- 19 crisis, and to suggest legislative and non-legislative initiatives to enhance the effectiveness of these tools as appropriate;
2020/07/17
Committee: ECON
Amendment 176 #

2020/2036(INI)

Motion for a resolution
Paragraph 10
10. Encourages the Member States to promote multi-pillar pension systems, including occupational pension schemes, as a way to improve market dynamics and the incentives to and personal pension schemes, as a way to deepen the pools of European capital available for investment in strategic sectors through incentives for long-term investments; believes that private pensions should be revitalised and made more attractive; encourages the participation of investors in long-term products with tax reduction or exemption policiincentive policies promoting a level playing field across providers and product types;
2020/07/17
Committee: ECON
Amendment 188 #

2020/2036(INI)

Motion for a resolution
Paragraph 11
11. Recalls that the Solvency 2 Directive requires a review by the end of 2020 and that the European Insurance and Occupational Pensions Authority (EIOPA) will provide technical advice to the Commission after consultations with different stakeholders; requests the Commission and EIOPA to consider adjusting the capital requirements for investments in equity and private debt, in particular of SMEs and mid-caps, to ensure that incentives for insurers and pension funds do not penalise equity investments; strongly calls on insurers and re-insurers to draw conclusions from the COVID-19 crisis, including on the coverage of pandemic-related risks; encourages the rapid phasing out of national exemptions and to the reduction of ‘gold-plating’ in national implementation of Solvency II, to foster harmonisation and integration of the EU insurance and re-insurance market;
2020/07/17
Committee: ECON
Amendment 200 #

2020/2036(INI)

Motion for a resolution
Paragraph 12
12. Stresses the need for European and national ssupervisory convergence to promote a common European model, highlights the crucial role of the European Supervisory aAuthorities to overcome their differences; calls for supervisory convergence to promote a common European model, guided by the European Securities and Market Authority (ESMA),(ESAs) in facilitating this; recalls the additional competences given and structural changes made to the ESAs by the recently adopted Regulation (EU) 2019/2175; calls on the ESAs, together with the national supervisory authorities, to implement and exercise these changes as soon as possible to allow the ESAs to act swiftly to preserve financial stability and the orderly functioning and integrity of the market, and to reduce the existing obstacles to cross-border financial operations;
2020/07/17
Committee: ECON
Amendment 219 #

2020/2036(INI)

Motion for a resolution
Paragraph 13 a (new)
13a. Calls on the Commission to present a detailed road map to strengthen the robustness of the financial ecosystem, drawing lessons from the benefits and the shortcomings of the existing EU rulebook on financial stability and financial supervision, identified during the COVID- 19 crisis; takes note of the recent recommendations from the ESRB, notably on liquidity risks arising from margin calls and liquidity risks in investment funds;
2020/07/17
Committee: ECON
Amendment 226 #

2020/2036(INI)

Motion for a resolution
Paragraph 14
14. Is concerned that retail investors’ engagement with financial markets remains low; calls for measures to promote retail investments in view of the demographic challenges faced by the EU by increasing the participation of retail investors in capital markets through more attractive and appropriate personal pension products; calls on the Commission to put forward initiatives specifically targeting retail investors, including facilitating the development of independent web-based EU comparison tools, to help retail investors determine the most appropriate products in terms of risk, return on investment and value for their particular needs, and promoting incentives for ESG products and products typically associated with better value for money;
2020/07/17
Committee: ECON
Amendment 231 #

2020/2036(INI)

Motion for a resolution
Paragraph 14 a (new)
14a. Notes that various studies consistently show that a significant majority of retail investors mention sustainability preferences when asked about their investment preferences, and considers that this is an opportunity to further incentivise retail investors to be more active in financial markets;
2020/07/17
Committee: ECON
Amendment 236 #

2020/2036(INI)

Motion for a resolution
Paragraph 15
15. Emphasises that access to financial markets should be possible for all enterprises under the ‘same business, same rules’ principle; notes that this principle is particularly relevant in the FinTech and financial innovation spaces, and that reciprocal access to financial data should be balanced with the need to have a level playing field across all providers and product types;
2020/07/17
Committee: ECON
Amendment 251 #

2020/2036(INI)

Motion for a resolution
Paragraph 17
17. Urges the Commission to make clear the differentiation betweenintroduce more proportionality on the rules for professional and retail investors on all levels of MIFID, making it possible to tailor the treatment of clients according to their knowledge and experience on the markets; requests that the Commission consider the introduction of a category of semi-professional investors to better respond to, while avoiding a fundamental change in MiFID categorisation; suggests that the Commission consider the introduction of an opt-in regime, allowing retail investors to choose to be treated as professional investors, notably in the areality of participation on the financial marke of information requirements;
2020/07/17
Committee: ECON
Amendment 259 #

2020/2036(INI)

Motion for a resolution
Paragraph 18
18. Is of the opinionRecognises claims that the current reporting framework within MIFID II and the European Market Infrastructure Regulation (EMIR) ismay be very costly and complex, which could hindering the effectiveness of the system; believes that a simplification thereof is necessarycalls on the Commission to explore whether a simplification thereof and streamlining across legislation is necessary, while ensuring that financial stability and market transparency is preserved at all times; highlights that any assessment of reporting and transparency in financial markets would not be complete without a proper review on the cost and availability of market data for all market participants;
2020/07/17
Committee: ECON
Amendment 267 #

2020/2036(INI)

Motion for a resolution
Paragraph 19
19. Calls for amendments to legislation to ensure access to independent advice by financial intermediaries while avoiding promotion of the institution’s own financial products and, to ensure that distributors do not promote financial products manufactured 'in-house' without a thorough assessment of products from other manufacturers, and to ensuringe a fair marketing of financial products; notes that ESMA adopted a nuanced view on a potential ban on inducements, and calls on the Commission to explore alternative approaches, with similar effects on aligning interests across the entire distribution chain;
2020/07/17
Committee: ECON
Amendment 282 #

2020/2036(INI)

Motion for a resolution
Paragraph 20
20. Underlines that financial education is needed to overcome low retail investor engagement with financial markets, based on lack of knowledge, mistrust and risk aversion; notes that the Capital Market Union should aim at fostering an “equity culture” for investors in Europe and turning savers into investors, including with the development of mobile apps allowing for voting or proxy voting by individuals;
2020/07/17
Committee: ECON
Amendment 286 #

2020/2036(INI)

Motion for a resolution
Paragraph 21
21. Emphasises that financial education is a medium-term tool, which enriches the financial system and which is a good step for engaging retail investors with financial markets; notes that employee share ownership programmes are amongst the most effective means to increase financial awareness and literacy for EU adult citizens;
2020/07/17
Committee: ECON
Amendment 300 #

2020/2036(INI)

Motion for a resolution
Paragraph 23
23. Takes the view that the digitalisation of financial services can be a catalyst for the mobilisation of capital in the EU while reducing barriers andand could help overcome the fragmentation of the financial markets in the EU while increasing supervisory efficiency; emphasises that an EU framework with high standards of cybersecurity would be conducive to the CMU; notes that ensuring robust protection against cybersecurity threats and other threats related to digitalisation, as well as rebalancing the over-reliance on non-EU ICT services providers, or products developed by market participants based outside of the EU, by facilitating the development and scaling up of EU ICT services providers and products, are key to enhancing the EU’s financial independence and strategic autonomy;
2020/07/17
Committee: ECON
Amendment 316 #

2020/2036(INI)

Motion for a resolution
Paragraph 24
24. Highlights that ‘sandboxes’ may be an adequate tool to enhance the innovation and competitiveness of the financial services sector; requests that the Commission create a pan-European ‘sandbox’ for financial servic provided that sufficient safeguards are in place to prevent potential threats to the integrity, transparency, efficiency and orderly functioning of financial markets, and to the stability of the financial system; requests that the Commission draws upon the experience gained from the European Forum for Innovation Facilitators (EFIF) to assess whether a pan-European ‘sandbox’ for financial services would provide additional benefits for financial innovation; asserts that such a pan- European ‘sandbox’ should be established within the direct supervisory remit of the joint ESAs committee, in cooperation with relevant national supervisory authorities;
2020/07/17
Committee: ECON
Amendment 327 #

2020/2036(INI)

Motion for a resolution
Paragraph 26
26. Reiterates that EU legislation provides for the possibility of considering third-country rules as equivalent based on a technical, proportional and risk-based analysis, and that such decisions should be taken through a delegated act; recalls that the EU can unilaterally withdraw any equivalence decision; calls on the Commission, in cooperation with the ESAs, and where relevant with National Competent Authorities, to establish a dynamic monitoring system on equivalence regimes, in the case of third country regulatory and supervisory divergences which could entail potential risks for the EU in terms of financial stability, market transparency, market integrity, investor and consumer protection and level-playing field; highlights that the Commission should have emergency procedures in place to withdraw equivalence decisions in case of the need to swiftly act, bearing in mind the potential consequences of an emergency withdrawal of an equivalence decision;
2020/07/17
Committee: ECON
Amendment 334 #

2020/2036(INI)

Motion for a resolution
Paragraph 27 a (new)
27a. Reiterates the need for a more streamlined and codified representation of the EU in multilateral organisations/bodies, following the European Parliament resolution of 12 April 2016 on the EU role in the framework of international financial, monetary and regulatory institutions and bodies; notes that promoting EU values and global competitiveness of the EU’s financial sector when making policy at European and international level is ever more crucial as the multilateral world order further polarises;
2020/07/17
Committee: ECON
Amendment 42 #

2020/2034(INL)

Motion for a resolution
Recital D a (new)
Da. whereas stablecoins have the potential to become a widely used means of payment;
2020/07/08
Committee: ECON
Amendment 44 #

2020/2034(INL)

Motion for a resolution
Recital E a (new)
Ea. whereas the People’s Bank of China is trialling a central bank digital currency (the DCEP); highlights that the potential global use of the DCEP could have implications for international trade and consumer protection;
2020/07/08
Committee: ECON
Amendment 119 #

2020/2034(INL)

Motion for a resolution
Paragraph 2
2. Considers that FinTech will be integral to the success of the Capital Markets Union (CMU) and encourages the Commission to consider how to harness the benefits of FinTech in driving forward capital market integration in the Union, in particular, the participation of retail investors;
2020/07/08
Committee: ECON
Amendment 125 #

2020/2034(INL)

Motion for a resolution
Paragraph 2 a (new)
2a. Emphasises the increased importance of monitoring and reviewing measures relating to the regulation of digital finance, particularly bearing in mind the increasing relevance of this sector as the world deals with the COVID- 19 pandemic;
2020/07/08
Committee: ECON
Amendment 126 #

2020/2034(INL)

Motion for a resolution
Paragraph 2 b (new)
2b. Encourages the relevant authorities in the Union to assess the impact of the risks and benefits of the potential global use of the DCEP and its interdependency with China's national blockchain platform;
2020/07/08
Committee: ECON
Amendment 137 #

2020/2034(INL)

Motion for a resolution
Paragraph 5
5. Calls on the Commissionommends the Commission’s initiative to establish a European Forum for Innovation Facilitators (EFIF) in April 2019; Calls on the Commission to draw upon the knowledge and experience derived from the EFIF and to act as first mover in order to create a favourable environment for European FinTech hubs and firms to scale up;
2020/07/08
Committee: ECON
Amendment 146 #

2020/2034(INL)

Motion for a resolution
Paragraph 6 – introductory part
6. Stresses that lawmeasures taken should ensure that market players, from small to large, have the regulatory space to innovate and that regulation and supervision in the area of FinTech should be based on the following principles:
2020/07/08
Committee: ECON
Amendment 171 #

2020/2034(INL)

Motion for a resolution
Paragraph 7
7. Points out that Union level measuresmeasures adopted at EU level should not stifle opportunities for businesses to grow and develop within the Union and beyond;
2020/07/08
Committee: ECON
Amendment 173 #

2020/2034(INL)

Motion for a resolution
Paragraph 7 a (new)
7a. Notes the continually evolving methods used for money laundering and terrorist financing; emphasises, therefore, the need for the Commission’s approach to digital finance to be cognisant of this and sufficiently robust to combating ML/TF;
2020/07/08
Committee: ECON
Amendment 202 #

2020/2034(INL)

Motion for a resolution
Paragraph 9
9. Considers that developing a pan- European taxonomy for crypto-assets is desirable as a step towards fostering a common understanding, facilitating collaboration across jurisdictions and providing greater regulatory certainty for market participants engaged in cross border activity; recommends taking into account the importance of international cooperation and global initiatives as regards frameworks for crypto-assets, bearing in mind in particular their borderless nature; cautionproposes, however, that developing an open-ended taxonomy template may be more appropriate for this evolving market segment;
2020/07/08
Committee: ECON
Amendment 204 #

2020/2034(INL)

Motion for a resolution
Paragraph 9 a (new)
9a. Emphasises that such an open taxonomy must be based on common understandings of the various crypto- assets involved; requests, therefore that the definitions of crypto-assets and their subclasses be harmonised across EU and member states;
2020/07/08
Committee: ECON
Amendment 206 #

2020/2034(INL)

Motion for a resolution
Paragraph 9 b (new)
9b. Stresses that any definition of crypto-assets must take into account future evolution of the crypto-asset market;
2020/07/08
Committee: ECON
Amendment 207 #

2020/2034(INL)

Motion for a resolution
Paragraph 9 c (new)
9c. Points out that, at this stage, the use of stablecoins is not yet prominent within the Union; highlights the need for any future stablecoin-specific framework to be born out of the coming crypto-asset framework, representing an evolution of the legislation with the aim of offering the similar level of security as existing means of payments; believes that before any framework for stablecoins is developed, the architecture of this form of crypto- asset must be examined thoroughly;
2020/07/08
Committee: ECON
Amendment 272 #

2020/2034(INL)

Motion for a resolution
Paragraph 15
15. Calls on the Commission to propose legislative changes in the area of ICT and cyber security requirements for the Union financial sector in order to address any inconsistencies, gaps and loopholes that are found to exist in relevant law; in this regard, calls on the Commission to consider the need to have a supervisory overview of the ICT providers, noting the concentration and contagions risks that can be posed by a heavy reliance by the financial services sector on a small number of ICT and cloud computing providers;
2020/07/08
Committee: ECON
Amendment 280 #

2020/2034(INL)

Motion for a resolution
Paragraph 16 – point a
a. modernisation of ICT governance and risk management;
2020/07/08
Committee: ECON
Amendment 288 #

2020/2034(INL)

Motion for a resolution
Paragraph 17 a (new)
17a. Calls on the Commission to enhance cooperation at international fora in order to facilitate the development of international standards as regards cloud computing and out-sourcing; points out that international standards developed in these areas could then be adopted into an EU-specific framework in order to bring oversight of cloud computing and outsourcing into line with the level of oversight of legacy systems;
2020/07/08
Committee: ECON
Amendment 297 #

2020/2034(INL)

Motion for a resolution
Paragraph 18
18. Recalls that the collection and analysis of data play a central role for FinTech, and therefore highlights the need for consistent, technology-neutral application of existing data laws; highlights that Artificial Intelligence is one of the key technologies as regards enhancing the Union's competitiveness on a global level;
2020/07/08
Committee: ECON
Amendment 301 #

2020/2034(INL)

Motion for a resolution
Paragraph 19 a (new)
19a. Stresses that the free flow of data within the EU is needed to scale up innovative finance; points out that cross- border data flows, including to and from third countries, must be monitored and governed by EU legislative principles on data privacy and data protection;
2020/07/08
Committee: ECON
Amendment 306 #

2020/2034(INL)

Motion for a resolution
Paragraph 20
20. Requests, in this regard, that the Commission examines how to ensure that digital finance entities can access on an equitable basis relevant and useful data, to help ensure thatfoster the potential of digital finance and to provide the opportunities for innovative FinTech businesses canto grow within the Union and beyond;
2020/07/08
Committee: ECON
Amendment 309 #

2020/2034(INL)

Motion for a resolution
Paragraph 20 a (new)
20a. Highlights the need for the Commission to strike a balance between ensuring data security and consumer protection with maintaining the consumer experience and service efficiency;
2020/07/08
Committee: ECON
Amendment 316 #

2020/2034(INL)

Motion for a resolution
Paragraph 21
21. Requests that the Commission consider a framework, based on the existing EU standard eIDAS, an infrastructure for digital onboarding and the use of digital financial identities, which would aim to harmonise these measures across the Union insofar as necessary;
2020/07/08
Committee: ECON
Amendment 318 #

2020/2034(INL)

Motion for a resolution
Paragraph 21 a (new)
21a. Points out that for KYC processes legal requirements for retail onboarding by financial institutions are different in every member state and therefore cross border onboarding with existing data sets are often not possible, which is also valid for onboarding of corporate clients and its related KYC/KYB (know your business) process; calls on the Commission to address this issue and foster the harmonisation of the KYC data required by member states;
2020/07/08
Committee: ECON
Amendment 324 #

2020/2034(INL)

Motion for a resolution
Paragraph 22 a (new)
22a. Considers that a self-sovereign identity (SSI) based on distributed ledger technologies (DLT) can be a key element in developing a range of new services and platforms for the digital single market, independent from data aggregators and avoiding intermediaries, while at the same time providing high security and data protection standards for individual EU citizens;
2020/07/08
Committee: ECON
Amendment 361 #

2020/2034(INL)

Motion for a resolution
Annex I – part B – point 2
2. To make a legislative proposal on cyber resilience, which ensures consistent standards of ICT security across the Union financial sector. Such a framework should be future-oriented and focus on modernising the current rules applicable concerning cyber resilience, while also closing any regulatory loopholes and gaps, which may put businesses, investors and consumers at risk. Such a proposal should take due account of the risk of concentration and contagion stemming from the over reliance on a small number of ICT service providers, particularly cloud computing providers;
2020/07/08
Committee: ECON
Amendment 5 #

2020/2023(INI)

Draft opinion
Paragraph 2
2. Stresses that the full implementation of the Withdrawal Agreement, including the Protocol on Northern Ireland, is a prerequisite for and a basic component of a futurenew partnership between the EU and the UK; expresses concern at the UK Government’s statements demonstrating a lack of political will to fully comply with its commitments under the Withdrawal Agreement, namely regarding border controls in the Irish Sea; notes that no concrete reassurances were given on this matter during the first meeting of the Joint Committee; underlines that trust between the Parties is essential in these negotiations;
2020/04/23
Committee: ECON
Amendment 7 #

2020/2023(INI)

Draft opinion
Paragraph 2 a (new)
2 a. Highlights the considerable level of integration and interdependence of the EU’s and UK’s economies, as well as the geographical proximity of the Parties; notes the acknowledgment of these circumstances by both Parties in the ‘Political Declaration setting out the Framework for the Future Relationship Between the EU and the UK’; recalls that the Political Declaration, based on the existing unique relationship, serves as the basis for an ambitious, broad, deep and flexible partnership;
2020/04/23
Committee: ECON
Amendment 8 #

2020/2023(INI)

Draft opinion
Paragraph 3
3. Welcomes the fact that the Commission has presented and published a comprehensive legal proposal for a future relationnew partnership, broadly in line with its negotiating mandate and the European Parliament’s resolution, and deeply regrets the fact that the UK Government has refused to accept a similar level of transparenc; urges the Commission to continue its transparency towards the co-legislators, as well as the financial services industry and consumers, and deeply regrets the fact that the UK Government has refused to accept a similar level of transparency; stresses that clarity and certainty are crucial to business continuity and a seamless provision of services to consumers, as well as to preventing market volatility;
2020/04/23
Committee: ECON
Amendment 16 #

2020/2023(INI)

Draft opinion
Paragraph 5
5. Believes it to be in both Parties’ mutual interests to establish an ambitious futurenew economic partnership covering a wide number of sectors; underlines that, in any case, a level playing field must be ensured and EU standards safeguarded in order to avoid a ‘race to the bottom’ and the acquisition of unfair competitive advantages through the undercutting of levels of protection or other regulatory divergences; considers that any futurenew framework should safeguard EU financial stability, fair competition, investor and consumer protection, and the integrity of the single market, and commitments to combat climate change, while respecting the EU’s regulatory regime and decision- making autonomy;
2020/04/23
Committee: ECON
Amendment 29 #

2020/2023(INI)

Draft opinion
Paragraph 5 b (new)
5 b. Stresses the need to uphold common high standards in the field of state aid control and competition law; underlines that achieving a level playing field between the Parties will require a robust framework for state aid control, antitrust, and merger control that prevents unfair distortion of trade and competition;
2020/04/23
Committee: ECON
Amendment 34 #

2020/2023(INI)

Draft opinion
Paragraph 5 a (new)
5 a. Stresses that the resulting framework must be clear and transparent, and must not impose a disproportionate burden on small and medium-sized enterprises (SMEs);
2020/04/23
Committee: ECON
Amendment 52 #

2020/2023(INI)

Draft opinion
Paragraph 6
6. Recalls, in the context of financial services, that passporting rights, which are based on mutual recognition and harmonised prudential rules in the internal market, will cease to apply between the EU and the UK at the end of the transitional period; underlines that, thereafter, access to the European financial market must be based on equivalence decisions made within the EU’s legal framework; notes that equivalence examinations are a technical process which should be based on clear and transparent criteria; recalls that equivalence decisions are unilaterally granted and withdrawn by the European Commission, taking due account of the impact on the market and the need to preserve EU financial stability; recalls the importance of the EU maintaining its autonomy to adopt any measures for prudential reasons;
2020/04/23
Committee: ECON
Amendment 67 #

2020/2023(INI)

Draft opinion
Paragraph 6 a (new)
6 a. Recalls, however, the limited scope of equivalence decisions, in particular in respect of retail financial services; calls on the Parties to endeavour to limit regulatory divergence in these sectors;
2020/04/23
Committee: ECON
Amendment 68 #

2020/2023(INI)

Draft opinion
Paragraph 6 b (new)
6 b. Welcomes the Parties’ commitment in the ‘Political Declaration setting out the Framework for the Future Relationship between the EU and the UK’ to endeavour to conclude the equivalence decision assessments by the end of June 2020; urges both Parties to continue their efforts to meet this objective;
2020/04/23
Committee: ECON
Amendment 71 #

2020/2023(INI)

Draft opinion
Paragraph 6 c (new)
6 c. Recommends that the Parties establish a mechanism for continuous cooperation and dialogue amongst policy- makers, regulators and supervisors; such a mechanism would serve as a forum for enhancing regulatory alignment and sharing supervisory concerns and best practices, including on new innovative services such as crypto assets; believes it is of mutual benefit to both Parties to continue to share necessary and relevant information and data between supervisors;
2020/04/23
Committee: ECON
Amendment 74 #

2020/2023(INI)

Draft opinion
Paragraph 6 d (new)
6 d. Given the increasing digitisation of trade, including services, recommends that the Parties agree, as part of the governance framework of the new partnership, provisions for facilitating digital trade, addressing unjustified barriers to trade by electronic means, and ensuring an open, secure and trustworthy online environment for businesses and consumers; these provisions should facilitate necessary data flows, subject to exceptions for legitimate public policy objectives, while not undermining the EU’s personal data protection rules, and should be subject to appropriate judicial control;
2020/04/23
Committee: ECON
Amendment 76 #

2020/2023(INI)

Draft opinion
Paragraph 6 e (new)
6 e. Believes it is of mutual benefit to both Parties to continue to share any necessary and relevant information and data required to combat money- laundering and terrorist financing; recommends that the Parties establish a mechanism that will ensure full cooperation and communication in this regard;
2020/04/23
Committee: ECON
Amendment 80 #

2020/2023(INI)

Draft opinion
Paragraph 7
7. Defends the need to extend the transition period in order to allow enough time to conclude the negotiations on a comprehensive futuIn light of the impact of the Covid- 19 crisis on the societies, economies and politics of the Parties, asks the European Commission to pre partnership, while safeguarding citizens’ rights, legal certainty and economic ane the scenario of a potential extension to the transition period financial stability case requested by the UK.
2020/04/23
Committee: ECON
Amendment 441 #

2020/0374(COD)

Proposal for a regulation
Article 5 – paragraph 1 – point a
(a) refrain from combining personal data sourced from these core platform services with personal data from any other services offered by the gatekeeper or with personal data from third-party services, and from signing in end users to other services of the gatekeeper in order to combine personal data, unless the end user has been presented with the specific choicereceived a disclosure of the combination and provided consent in the sense of Regulation (EU) 2016/679. ;
2021/09/09
Committee: ECON
Amendment 448 #

2020/0374(COD)

Proposal for a regulation
Article 5 – paragraph 1 – point c
(c) allow business users to promote offers to end users acquired via the core platform service, and to conclude contracts with these end users regardless of whether for that purpose they use the core platform services of the gatekeeper or not, and allow end users to access and use, through the core platform services of the gatekeeper, content, subscriptions, features or other items by using the software application of a business user, where these items have been acquired by the end users from the relevant business user without using the core platform services of the gatekeeper, and does not jeopardise measures by the gatekeeper designed primarily to ensure user safety and data protection;
2021/09/09
Committee: ECON
Amendment 528 #

2020/0374(COD)

Proposal for a regulation
Article 6 – paragraph 1 – point f
(f) allow business users and providers of ancillary services equivalent access to and interoperability with the same operating system, hardware orfeatures and related software features that are available or used in the provision by the gatekeeper of any ancillary services; such measures shall not jeopardise measures by the gatekeeper designed primarily to ensure user safety and data protection;
2021/09/09
Committee: ECON
Amendment 592 #

2020/0374(COD)

Proposal for a regulation
Article 7 – paragraph 1
1. The measures implemented by the gatekeeper to ensure compliance with the obligations laid down in Articles 5 and 6 shall be proportionate and effective in achieving the objective of the relevant obligation. The gatekeeper shall ensure that these measures are implemented in compliance with Regulation (EU) 2016/679 and, Directive 2002/58/EC and Regulation XX on a Single Market for Digital Services, and with legislation on cyber security, consumer protection and product safety.
2021/09/09
Committee: ECON
Amendment 594 #

2020/0374(COD)

1 a. While complying with the obligations listed in Article 5 and 6, gatekeepers shall not be prevented from taking strictly necessary and proportionate measures to guarantee the integrity, security and safety of their core platform services in order to safeguard end users and business users. Such measures shall only be permitted if applied to the services as a whole in view of safeguarding all end users and business users.
2021/09/09
Committee: ECON
Amendment 596 #

2020/0374(COD)

Proposal for a regulation
Article 7 – paragraph 2
2. Where the Commission finds that the measures that the gatekeeper intends to implement pursuant to paragraph 1, or has implemented, do not ensure effective compliance with the relevant obligations laid down in Article 6, it mayshall by decision specify the measures that the gatekeeper concerned shall implement, following a regulatory dialogue on the matter with the gatekeeper. The Commission shall adopt such a decision within six months from the opening of proceedings pursuant to Article 18.
2021/09/09
Committee: ECON
Amendment 608 #

2020/0374(COD)

Proposal for a regulation
Article 7 – paragraph 4
4. In view of adopting the decision under paragraph 2, the Commission shall communicate its preliminary findings within three months from the opening of the proceedings. In the preliminary findings, the Commission shall explain the measures it considers to take or it considers that the provider of core platform services concerned should take in order to effectively address the preliminary findings, taking into account the issues discussed during the regulatory dialogue.
2021/09/09
Committee: ECON
Amendment 618 #

2020/0374(COD)

Proposal for a regulation
Article 7 – paragraph 7
7. A gatekeeper may request the opening of proceedings pursuant to Article 18 for the Commission to determine whether the measures that the gatekeeper intends to implement or has implemented under Article 6 are proportionate and effective in achieving the objective of the relevant obligation in the specific circumstances. A gatekeeper may, with its request, provide a reasoned submission to explain in particular why the measures that it intends to implement or has implemented are proportionate and effective in achieving the objective of the relevant obligation in the specific circumstances.
2021/09/09
Committee: ECON
Amendment 623 #

2020/0374(COD)

Proposal for a regulation
Article 8 – paragraph 1
1. The Commission may, on a reasoned request by the gatekeeper, exceptionally suspend, in whole or in part, a specific obligation laid down in Articles 5 and 6 for a core platform service by decision adopted in accordance with the advisory procedure referred to in Article 32(4), where the gatekeeper demonstrates that compliance with that specific obligation: (a) would endanger, due to exceptional circumstances beyond the control of the gatekeeper, the economic viability of the operation of the gatekeeper in the Union, and only to the extent necessary to address such threat to its viability; (b) would cause significant deterioration of the services offered to the detriment of the users or would jeopardise measures by the gatekeeper designed primarily to ensure user safety and data protection;or (c) is not technically feasible. Suspension shall only be granted to the extent necessary to address the reasons listed in points (a) to (c). The Commission shall aim to adopt the suspension decision without delay and at the latest 3 months following receipt of a complete reasoned request.
2021/09/09
Committee: ECON
Amendment 628 #

2020/0374(COD)

Proposal for a regulation
Article 8 – paragraph 3 – subparagraph 1
In assessing the request, the Commission shall take into account, in particular, the conditions listed in paragraph 1 of this article and the impact of the compliance with the specific obligation on the economic viability of the operation of the gatekeeper in the Union as well as on third parties. The suspension may be made subject to conditions and obligations to be defined by the Commission in order to ensure a fair balance between these interests and the objectives of this Regulation. Such a request may be made and granted at any time pending the assessment of the Commission pursuant to paragraph 1.
2021/09/09
Committee: ECON
Amendment 43 #

2020/0268(COD)

Proposal for a directive
Recital 8
(8) A DLT multilateral trading facility should be a multilateral system, operated by an investment firm or a market operator authorised under Directive 2014/65/EU, that has received a specific permission under Regulation (EU) xx/20xx of the European Parliament and of the Council27 [Proposal for a regulation on a pilot regime on DLT market infrastructure]. DLT multilateral trading facilities should be subject to all the requirements applicable to a multilateral trading facility under that Directive, except if it were to be granted an exemption by its national competent authority in accordance with this Directive. One potential regulatory barrier to the development of a multilateral trading facility for transferable securities issued on a DLT could be the obligation of intermediation set out in Directive 2014/65/EU. A traditional multilateral trading facility can only admit as members and participants investment firms, credit institutions and other persons who have a sufficient level of trading ability and competence and who dispose of appropriate organisational arrangements and resources. A DLT multilateral trading facility should be allowed to request a derogation from such an obligation so that is can provide retail investors with easy access to the trading venue, provided that adequate safeguards are in place in terms of investor protection. _________________ 27 [full title] (OJ L […], […], p. […]).
2021/05/28
Committee: ECON
Amendment 52 #

2020/0268(COD)

Proposal for a directive
Article 6 – paragraph 1 – point 4
Directive 2014/65/EU
Article 19 – paragraph 3 – introductory part
3. However, where the investment firm or market operatoran entity operates a distributed ledger technology multilateral trading facility (“DLT multilateral trading facility”) as defined in Article 2(3) of Regulation xx/20xx [proposal for a regulation on a pilot regime for DLT market infrastructure], the competent authority may permit that, under its rules governing access as referred to in Article 18(3) and for a maximum of four years, the investment firm or market operatorentity operating a DLT multilateral trading facility admits natural persons to the DLT multilateral trading facility as members or participants, provided that those persons fulfil the following requirements:
2021/05/28
Committee: ECON
Amendment 56 #

2020/0268(COD)

Proposal for a directive
Article 7 – paragraph 1 – point 2 – point c
Directive (EU) 2015/2366
Article 95 – paragraph 5
5. EBA and its independent director in charge of digital operational resilience shall promote cooperation, including the sharing of information, in the area of operational risks associated with payment services among the competent authorities, and between the competent authorities and the ECB.;
2021/05/28
Committee: ECON
Amendment 158 #

2020/0266(COD)

Proposal for a regulation
Recital 2
(2) The use of ICT has in the last decades gained a pivotal role in finance, assuming today critical relevance in the operation of typical daily functions of all financial entities. Digitalisation covers, for instance, payments, which have increasingly moved from cash and paper- based methods to the use of digital solutions, as well as securities clearing and settlement, electronic and algorithmic trading, lending and funding operations, peer-to-peer finance, credit rating, insurance underwriting, claim management and back-office operations. The insurance sector has also been transformed by the use of ICT technology, from the emergence of digital insurance intermediaries operating with InsurTech to digital insurance underwriting and contract distributions. Finance has not only become largely digital throughout the whole sector, but digitalisation has also deepened interconnections and dependencies within the financial sector and with third-party infrastructure and service providers.
2021/06/01
Committee: ECON
Amendment 170 #

2020/0266(COD)

Proposal for a regulation
Recital 17 – point 1
ESAs and national competent authorities, respectively should be able to participate in the strategic policy discussions and the technical workings of the NIS Cooperation Group, respectively, exchanges information and further cooperate with the single points of contact designated under Directive (EU) 2016/1148. The competent authorities under this Regulation should also consult and cooperate with the national CSIRTs designated in accordance with Article 9 of Directive (EU) 2016/1148, in particular when finalising the Oversight plan for, or recommendations addressed to, critical ICT third-party service providers, in order to ensure that there are no inconsistencies or duplications with critical ICT third- party service providers' obligations under Directive (EU) 2016/1148.
2021/06/01
Committee: ECON
Amendment 198 #

2020/0266(COD)

Proposal for a regulation
Recital 43
(43) Further reflection on the possible cCentralisation of ICT-related incident reports should be envisaged, by means of a single central EU Hub either directly receiving the relevant reports and automatically notifying national competent authorities, or merelywill be achieved with the establishment of a single central EU Hub for major ICT-related incident reporting. The new EU Hub will centralisinge reports forwarded by the national competent authorities and fulfilling a coordination role. The ESAs should be required to prepare, in consultation with ECB and ENISA, by a certain date a joint report exploring the feasibility of setting up such a central EU Hub.
2021/06/01
Committee: ECON
Amendment 274 #

2020/0266(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 4
(4) ‘ICT risk’ means any reasonably identifiable circumstance in relation toderived from the use of network and information systems, - including a malfunction, capacity overrun, failure, disruption, impairment, misuse, loss or other type of malicious or non-malicious event - which, if materialised, may compromise the security ofr adversely affect the network and information systems, of any technology-dependant tool or process, of the operation and process’ running, or of the provision of services, thereby compromising the integrity or availability of data, software or any other component of ICT services and infrastructures, or causing a breach of confidentiality, a damage to physical ICT infrastructure or other adverse effects;
2021/06/01
Committee: ECON
Amendment 285 #

2020/0266(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 6
(6) ‘ICT-related incident’ means an unforeseen identified occurrence in they event having an actual adverse effect on the security of network and information systems, whether resulting from malicious activity or not, which compromises the security of network and information systems, of the information that such systems process, store or transmit, or has adverse effects on the availability, confidentiality, continuity or authenticity of financial services provided by the financial entity;
2021/06/01
Committee: ECON
Amendment 489 #

2020/0266(COD)

Proposal for a regulation
Article 17 – paragraph 1 – introductory part
1. Financial entities shall report major ICT-related incidents to the relevant competent authoritysingle EU Hub as referred to in Article 419, within the time- limits laid down in paragraph 3.
2021/06/01
Committee: ECON
Amendment 490 #

2020/0266(COD)

Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 1
For the purpose of the first subparagraph, financial entities shall produce, after collecting and analysing all relevant information, an incident report using the template referred to in Article 18 and submit it to the competent authoritysingle EU Hub.
2021/06/01
Committee: ECON
Amendment 502 #

2020/0266(COD)

Proposal for a regulation
Article 17 – paragraph 3 – introductory part
3. Financial entities shall submit to the competent authoritysingle EU Hub as referred to in Article 419:
2021/06/01
Committee: ECON
Amendment 507 #

2020/0266(COD)

Proposal for a regulation
Article 17 – paragraph 3 – point a
(a) an initial notification, without delay, but no later than the end of the business day, or, in case of a major24 hours after the ICT- related incident that took place later than 2 hours before the end of the business day, not later than 4 hours from the beginning of the next business dais classified as major by the financial entity, or, where reporting channels are not available, as soon as they become available;
2021/06/01
Committee: ECON
Amendment 512 #

2020/0266(COD)

Proposal for a regulation
Article 17 – paragraph 3 – point c
(c) a final report, when the root cause analysis has been completed, regardless of whether or not mitigation measures have already been implemented, and when the actual impact figures are available to replace estimates, but not later than one month from the moment of sending the initial reportday of sending the initial report. In duly justified cases, and following agreement with the competent authority, financial entities may deviate from the deadline laid down in this point.
2021/06/01
Committee: ECON
Amendment 520 #

2020/0266(COD)

Proposal for a regulation
Article 17 – paragraph 5
5. Upon receipt of the report referred to in paragraph 1, the competent authority shall, without undue delay, provide details of the incident to: (a) EBA, ESMA or EIOPA, as appropriate; (b) the ECB, as appropriate, in the case of financial entities referred to in points (a), (b) and (c) of Article 2(1); and (c) the single point of contact designated under Article 8 of Directive (EU) 2016/1148.deleted
2021/06/01
Committee: ECON
Amendment 531 #

2020/0266(COD)

Proposal for a regulation
Article 19 – paragraph 1
1. The1. ESAs, through the Joint Committee and in consultation with ECB and ENISA, shall prepare a joint report assessing the feasibility of further centralisation of incident reporting through the establishment of a single EU Hub for major ICT-related incident reporting by financial entities. The report shall explore ways to facilitate the flow of ICT-related incident reporting, reduce associated costs and underpin thematic analyses with a view to enhancing supervisory convergence shall establish and operate a single EU Hub for major ICT-related incident reporting by financial entities.
2021/06/01
Committee: ECON
Amendment 537 #

2020/0266(COD)

Proposal for a regulation
Article 19 – paragraph 2
2. The report referred to in the paragraph 1 shall comprise at least the following elements: (a) prerequisites for the establishment of such an EU Hub; (b) benefits, limitations and possible risks; (c) elements of operational management; (d) conditions of membership; (e) modalities for financial entities and national competent authorities to access the EU Hub; (f) a preliminary assessment of financial costs entailed by the setting-up the operational platform supporting the EU Hub, including the required expertisedeleted
2021/06/01
Committee: ECON
Amendment 538 #

2020/0266(COD)

Proposal for a regulation
Article 19 – paragraph 2 – introductory part
2. The reportEU Hub shall collect and maintain incident data and shall ensure that the entities referred to in the paragraph 1 shall comprise at least the following elements:3 have direct and immediate access to the relevant information.
2021/06/01
Committee: ECON
Amendment 541 #

2020/0266(COD)

Proposal for a regulation
Article 19 – paragraph 3
3. The ESAs shall submitU Hub shall make the necessary information available to the following entities to enable them to fulfil their report referred to in the paragraph 1 to the Commission, the European Parliament and to the Council by xx 202x [OJ: insert date 3 years after the date of entry into force]. spective responsibilities and mandates: (a) Competent authorities as referred to in Article 41; (b) EBA, ESMA or EIOPA, as appropriate; (c) the ECB, as appropriate, in the case of financial entities referred to in points (a), (b) and (c) of Article 2(1); (d) the single point of contact designated under Article 8 of Directive (EU) 2016/1148; (e) the Single Resolution Board (SRB), for entities referred to in Article 7(2) of Regulation (EU) No 806/2014, and national resolution authorities in relation to entities referred to in Article 7(3) of Regulation (EU) No 806/2014; and (f) the relevant national CSIRT belonging to the CSIRTs network as established by Article 12 of Directive (EU) 2016/1148, in cases where the reporting entity falls within the scope of that Directive.
2021/06/01
Committee: ECON
Amendment 544 #

2020/0266(COD)

3 a. The ESAs, through the Joint Committee and after consultation with ENISA and the ECB, shall develop common draft regulatory technical standards specifying the following: (a) modalities and operational standards for the entities referred to in paragraph 3 to access the EU Hub; (b) the terms and conditions, the arrangements and the required documentation under which access to the EU Hub is granted to the entities referred to in paragraph 3; (c) the conditions for membership of financial entities.
2021/06/01
Committee: ECON
Amendment 595 #

2020/0266(COD)

Proposal for a regulation
Article 25 – paragraph 1 – point 8 – introductory part
8. Financial entities shall ensure that contractual arrangements on the use of ICT services are terminallow the financial entity to terminate the arrangement under applicable law, after all other remedies have been exhausted, at least under the following circumstances:
2021/06/01
Committee: ECON
Amendment 642 #

2020/0266(COD)

Proposal for a regulation
Article 27 – paragraph 2 a (new)
2 a. The contractual arrangements for the provision of ICT services by an ICT third-party service provider established in a third country and designated as critical pursuant to Article 28(9), shall, in addition to the provisions set out in paragraphs 2 and 2a of this Article: (a) be concluded with a legal entity in the Union of that ICT third-party service provider; and (b) guarantee that the Joint Oversight Executive Body can carry out its duties specified in Article 30 on the basis of its competences set out in Article 31. The services for which the contractual arrangements are concluded shall not be required to be performed by the legal entity located in the Union.
2021/06/01
Committee: ECON
Amendment 652 #

2020/0266(COD)

Proposal for a regulation
Article 28 – paragraph 1 – point b
(b) appoint either EBA, ESMA or EIOPA as Lead Overseer for each critical ICT third-party service provider, depending on whether the total value of assets of financial entities making use of the services of that critical ICT third-party service provider and which are covered by one of the Regulations (EU) No 1093/2010 (EU), No 1094/2010 or (EU) No 1095/2010 respectively, represents more than a half of the value of the total assets of all financial entities making use of the services of the, on a rotational basis, to be rotated following the annual publication of the list referred to in paragraph 6, as having the responsibility to adopt formal decisions and recommendations addressed to critical ICT third- party service providers, as evidenced by the consolidated balance sheets, or the individual balance sheets where balance sheets are not consolidated, of those financial entitieson the basis of draft decisions and recommendations from the Joint Oversight Executive Body.
2021/06/01
Committee: ECON
Amendment 693 #

2020/0266(COD)

Proposal for a regulation
Article 30 – paragraph 3 a (new)
3 a. When preparing the Oversight plan, the Joint Oversight Executive body shall consult all relevant competent authorities and single points of contact referred to in Article 8 of Directive (EU) 2016/1148 to ensure that there are no inconsistencies or duplications with the critical ICT third-party service provider's obligations under Directive (EU) 2016/1148.
2021/06/01
Committee: ECON
Amendment 700 #

2020/0266(COD)

Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 1 (new)
The powers referred to in the first subparagraph shall primarily be used in respect of the critical or important services provided by the critical ICT third- party service provider to financial entities, but may also be used in respect of other services provided to financial entities when necessary.
2021/06/01
Committee: ECON
Amendment 704 #

2020/0266(COD)

Proposal for a regulation
Article 31 – paragraph 2 a (new)
2 a. When preparing the recommendations, the Joint Oversight Executive body shall consult all relevant competent authorities and single points of contact referred to in Article 8 of Directive (EU) 2016/1148 to ensure there are no inconsistencies or duplications with the critical ICT third-party service provider's obligations under Directive (EU) 2016/1148
2021/06/01
Committee: ECON
Amendment 727 #

2020/0266(COD)

Proposal for a regulation
Article 37 – paragraph 1
1. Within 30 calendar days after the receipt of the recommendations issued by Lead Overseersthe Joint Oversight Executive Body pursuant to point (d) of Article 31(1), critical ICT third-party service providers shall notify the LeadJoint Overseeright Executive Body whether they intend to follow those recommendations. Lead OverseersThe Joint Oversight Executive Body shall immediately transmit this information to competent authorities.
2021/06/01
Committee: ECON
Amendment 730 #

2020/0266(COD)

Proposal for a regulation
Article 37 – paragraph 3
3. Competent authorities may, in accordance with Article 44, requireThe ESAs may decide, upon recommendation from the Joint Oversight Executive Body and after consultation with the Competent authorities of the affected financial entities, to temporarily suspend, either in part or completely, the use or deployment of a service provided by the critical ICT third-party provider untilo financial entity customers exposed to the risks identified in the recommendations addressed to critical ICT third-party service providers until those risks have been addressed. Where necessary, they may require financial entitiethe critical ICT third-party service providers to terminate, in part or completely, the relevant contractual arrangements concluded with the critical ICT third-party service providerfinancial entity customers exposed to the identified risks.
2021/06/01
Committee: ECON
Amendment 737 #

2020/0266(COD)

Proposal for a regulation
Article 37 – paragraph 4 – introductory part
4. When tmaking those drecisions referred to in paragraph 3, competent authoritiesommendations, the Joint Oversight Executive Body shall take into account the type and magnitude of risk that is not addressed by the critical ICT third-party service provider, as well as the seriousness of the non-compliance, having regard to the following criteria:
2021/06/01
Committee: ECON
Amendment 17 #

2020/0265(COD)

Proposal for a regulation
Recital 1 a (new)
(1a) In practice, DLT refers to the protocols and supporting infrastructure that enable nodes in a network to propose, validate, and record state changes(or updates) consistently across the network’s nodes – without the need to rely on a central trusted party to obtain reliable data. DLT is built upon public-key cryptography, a cryptographic system that uses pairs of keys: public keys, which are publicly known and essential for identification, and private keys, which are kept secret and are used for authentication and encryption.
2021/06/03
Committee: ECON
Amendment 22 #

2020/0265(COD)

Proposal for a regulation
Recital 2 a (new)
(2a) A crypto-asset can be seen as an asset that depends primarily on cryptography and DLT or similar technology as part of its perceived or inherent value, that is neither issued nor guaranteed by a central bank or public authority, and that can be used as a means of exchange and/or for investment purposes.
2021/06/03
Committee: ECON
Amendment 71 #

2020/0265(COD)

Proposal for a regulation
Recital 14
(14) In order to ensure consumer protection, prospective purchasers of crypto-assets should be informed about the characteristics, functions and risks of crypto-assets they intend to purchase. When making a public offer of crypto- assets in the Union or when seeking admission of crypto-assets to trading on a trading platform for crypto-assets, issuers of crypto-assets should produce, notify to their competent authority and publish an information document (‘a crypto-asset white paper’) containing mandatory disclosures. Such crypto-asset white paper should contain general information on the issuer and offeror, when different, on the project to be carried out with the capital raised, on the public offer of crypto-assets or on their admission to trading on a trading platform for crypto- assets, on the rights and obligations attached to the crypto-assets, on the underlying technology used for such assets and on the related risks. To ensure fair and non- discriminatory treatment of holders of crypto-assets, the information in the crypto-asset white paper, and where applicable in any marketing communications related to the public offer, shall be fair, clear and not misleading.
2021/06/03
Committee: ECON
Amendment 115 #

2020/0265(COD)

Proposal for a regulation
Recital 41
(41) To ensure that asset-referenced tokens are mainly used as a means of exchange and not as a store of value, issuers of asset-referenced tokens, and any crypto-asset service providers, should not grant interests to users of asset- referenced tokens for time such users are holding those asset-referenced tokens. Some asset-referenced tokens and e-money tokens should be considered significant due to the potential large customer base of their promoters and shareholders, their potential high market capitalisation, the potential size of the reserve of assets backing the value of such asset-referenced tokens or e- money tokens, the potential high number of transactions, the potential interconnectedness with the financial system or the potential cross- border use of such crypto-assets. Significant asset- referenced tokens or significant e-money tokens, that could be used by a large number of holders and which could raise specific challenges in terms of financial stability, monetary policy transmission or monetary sovereignty, should be subject to more stringent requirements than other asset- referenced tokens or e-money tokens.
2021/06/03
Committee: ECON
Amendment 118 #

2020/0265(COD)

Proposal for a regulation
Recital 46
(46) Issuers of e-money tokens, and any crypto-asset service providers, should not grant interests to holders of e-money tokens for the time such holders are holdings those e-money tokens.deleted
2021/06/03
Committee: ECON
Amendment 119 #

2020/0265(COD)

Proposal for a regulation
Recital 47
(47) The crypto-asset white paper produced by an issuer or offeror of e- money tokens should contain all the relevant information concerning that issuer, when known, the offeror and the offer of e- money tokens or their admission to trading on a trading platform for crypto- assets that is necessary to enable potential buyers to make an informed purchase decision and understand the risks relating to the offer of e-money tokens. The crypto- asset white paper should also explicitly indicate that holders of e-money tokens are provided with a claim in the form of a right to redeem their e-money tokens against fiat currency at par value and at any moment.
2021/06/03
Committee: ECON
Amendment 151 #

2020/0265(COD)

Proposal for a regulation
Article 1 – point a
(a) transparency and disclosure requirements for the issuance, offering and admission to trading on a trading platform of crypto-assets;
2021/06/03
Committee: ECON
Amendment 152 #

2020/0265(COD)

Proposal for a regulation
Article 1 – point b
(b) the authorisation and supervision of crypto-asset service providers and issuers ofand offerors of both asset-referenced tokens and issuers of electronic money tokens;
2021/06/03
Committee: ECON
Amendment 155 #

2020/0265(COD)

Proposal for a regulation
Article 1 –point c
(c) the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
2021/06/03
Committee: ECON
Amendment 158 #

2020/0265(COD)

Proposal for a regulation
Article 2 – paragraph 1
1. This Regulation applies to persons that are engaged in the issuance or offering of crypto- assets for the purpose of trading or provideing services related to crypto- assets trading in the Union.
2021/06/03
Committee: ECON
Amendment 163 #

2020/0265(COD)

Proposal for a regulation
Article 2 – paragraph 2 – point a a (new)
(aa) 'hybrid tokens', which combine elements of financial instruments as defined in paragraph 2(a) of this article, with elements of crypto-assets, thereby creating a hybrid 'financial crypto-asset';
2021/06/03
Committee: ECON
Amendment 164 #

2020/0265(COD)

Proposal for a regulation
Article 2 – paragraph 2 – point b a (new)
(ba) crypto-assets, other than asset- referenced tokens or e-money tokens which are not admitted to trading on a trading platform for crypto-assets;
2021/06/03
Committee: ECON
Amendment 165 #

2020/0265(COD)

Proposal for a regulation
Article 2 – paragraph 2 – point b b (new)
(bb) funds, other than e-money tokens, included in a payments account as defined in Article 4 (12) of Directive 2015/2366/EU;
2021/06/03
Committee: ECON
Amendment 179 #

2020/0265(COD)

Proposal for a regulation
Article 2 – paragraph 4 – point a
(a) the provisions of chapter I of Title III, except Articles 21 and 22 and the information specified in Article 16(2)(c)- (o).;
2021/06/03
Committee: ECON
Amendment 183 #

2020/0265(COD)

Proposal for a regulation
Article 2 – paragraph 5
5. Where providing one or more crypto-asset services, credit institutions authorised under Directive 2013/36/EU shall not be subject to the provisions of chapter I of Title V, except the information specified in Article 54.2(d-r), Articles 57 and 58.
2021/06/03
Committee: ECON
Amendment 184 #

2020/0265(COD)

Proposal for a regulation
Article 2 – paragraph 5 a (new)
5a. Where providing one or more crypto asset services, financial market infrastructures authorised under Directive (EU) 2015/2366, Regulation (EU) No 648/2012, Regulation (EU) No 909/2014 or Directive 2014/65/EU should not be subject to the provisions of chapter I of Title V, except the information specified in Article 54.2(d-r), Articles 57 and 58.
2021/06/03
Committee: ECON
Amendment 187 #

2020/0265(COD)

Proposal for a regulation
Article 2 – paragraph 6 – introductory part
6. Investment firms authorised under Directive 2014/65/EU shall not be subject to the provisions of chapter I of Title V, except the information specified in Article 54.2(d-r), Articles 57, 58, 60 and 61, where they only provide one or several crypto- asset services equivalent to the investment services and activities for which they are authorised under Directive 2014/65/EU. For that purpose:
2021/06/03
Committee: ECON
Amendment 192 #

2020/0265(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 1
(1) ‘distributed ledger technology’ or ‘DLT’ means a type of technology that support the distributed recording of encrypted data;
2021/06/03
Committee: ECON
Amendment 195 #

2020/0265(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 2
(2) ‘crypto-asset’ means a digital representation of value or rights for direct investment or finance purposes that use cryptography for security and are coins or tokens of distributed ledgers, and which may be transferred and stored electronically, using distributed ledger technology or similar technology;
2021/06/03
Committee: ECON
Amendment 204 #

2020/0265(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 4
(4) ‘electronic money token’ or ‘e- money token’ means a type of crypto-asset the main purpose of which is to be used as a means of exchange and that purports to maintain a stable value by referring to the value of a fiat currency that is legal tendermaintaining a portfolio which ensures that the token maintains the value of a fiat currency that is legal tender; e-money tokens which maintain the value of a fiat currency of the Union shall be deemed to be electronic money as defined in Article 2 (2) of Directive 2009/110/EC;
2021/06/03
Committee: ECON
Amendment 210 #

2020/0265(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 5
(5) ‘utility token’ means a type of crypto-asset that is used for purposes other than as a means of payment or exchange for external goods or services and which is intended to provide digital access to a good or service, available on DLT, and is only accepted by the issuer of that token;
2021/06/03
Committee: ECON
Amendment 212 #

2020/0265(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 5 a (new)
(5a) 'financial market infrastructures' (FMIs) means payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories;
2021/06/03
Committee: ECON
Amendment 216 #

2020/0265(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 6
(6) ‘issuer of crypto-assets’ means a legal personnatural person , a legal person or other entity being subject of rights and obligations, who offers to the public any type of crypto-assets or seeks the admission of such crypto-assets to a trading platform for crypto-assets;
2021/06/03
Committee: ECON
Amendment 221 #

2020/0265(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 6 a (new)
(6a) an 'offeror of crypto-assets' means a legal entity which offers any type of crypto-assets or asks for admission to trading of crypto-assets on a trading platform for crypto-assets;
2021/06/03
Committee: ECON
Amendment 232 #

2020/0265(COD)

Proposal for a regulation
Article 3 – paragraph 1 – point 7 a (new)
(7a) "funds" means funds as defined in Article 4, point (25), of Directive (EU) 2015/2366;
2021/06/03
Committee: ECON
Amendment 268 #

2020/0265(COD)

Proposal for a regulation
Article 4 – paragraph 1 – introductory part
1. No issuer or offeror of crypto- assets, other than asset-referenced tokens or e-money tokens, shall, in the Union, offer such crypto-assets to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto- assets, unless that issuer or offeror:
2021/06/03
Committee: ECON
Amendment 269 #

2020/0265(COD)

Proposal for a regulation
Article 4 – paragraph 1 – point a
(a) is a legal entity, a natural person having its residence in the Union, or other entity established or having seat in the Union and subject to the rights and obligations of the Union;
2021/06/03
Committee: ECON
Amendment 284 #

2020/0265(COD)

Proposal for a regulation
Article 4 – paragraph 2 – point d
(d) the crypto-assets are offered to fewer than 1500 natural or legal persons per Member State where such persons are acting on their own account;
2021/06/03
Committee: ECON
Amendment 287 #

2020/0265(COD)

Proposal for a regulation
Article 4 – paragraph 2 – point e
(e) over a period of 12 months, the total consideration of an offer to the public of crypto-assets in the Union does not exceed EUR 18 000 000, or the equivalent amount in another currency or in crypto- assets;
2021/06/03
Committee: ECON
Amendment 295 #

2020/0265(COD)

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 2
For the purpose of point (a), crypto-assets shall not be considered to be offered for free where purchasers are required to provide or to undertake to provide personal data to the issuer or offeror in exchange for those crypto-assets, or where the issuer or offeror of those crypto-assets receives from the prospective holders of those crypto-assets any third party fees, commissions, monetary benefits or non- monetary benefits in exchange for those crypto-assets.
2021/06/03
Committee: ECON
Amendment 296 #

2020/0265(COD)

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 1 a (new)
Where utility tokens in operation are offered to third parties for the sole purpose of ensuring access to the relevant good or service, they may be offered directly by issuers or offerors to third parties.
2021/06/03
Committee: ECON
Amendment 309 #

2020/0265(COD)

Proposal for a regulation
Article 5 – paragraph 1 – point a
(a) a detailed description of the issuer and offeror, when different, and a presentation of the main participants involved in the project's design and development;
2021/06/03
Committee: ECON
Amendment 321 #

2020/0265(COD)

Proposal for a regulation
Article 5 – paragraph 1 – point d
(d) a detailed description of the rights and obligations attached to the crypto- assets and the procedures and conditions forby which the issuer, offeror and the consumer may exercisinge those rights;
2021/06/03
Committee: ECON
Amendment 492 #

2020/0265(COD)

Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 1 – point a
(a) EUR 35200 000;
2021/06/03
Committee: ECON
Amendment 601 #

2020/0265(COD)

Proposal for a regulation
Article 36
Issuers of asset-referenced tokens or crypto-asset servArticle providers shall not provide for interest or any other benefit related to the length of time during which a holder of asset-referenced tokens holds asset-referenced assets.36 deleted Prohibition of interest
2021/06/03
Committee: ECON
Amendment 672 #

2020/0265(COD)

Proposal for a regulation
Article 43 – paragraph 1 – subparagraph 2 a (new)
An e-money token offered to the public in the Union or admitted to trading on a trading platform of crypto-assets may reference a fiat currency of legal tender other than a currency of the Union.
2021/06/03
Committee: ECON
Amendment 676 #

2020/0265(COD)

Proposal for a regulation
Article 43 – paragraph 2 – subparagraph 1 – point b
(b) if the average outstanding amount of e-money tokens does not exceed EUR 5 000 000, or the corresponding equivalent in another fiat currency, over a period of 12 months, calculated at the end of each calendar day.
2021/06/03
Committee: ECON
Amendment 677 #

2020/0265(COD)

Proposal for a regulation
Article 43 – paragraph 2 – subparagraph 2
For the purpose of point (b), where the Member State has set a threshold lower than EUR 5 000 000 in accordance with Article 9 (1)(a) of Directive 2009/110/EC, such a threshold shall apply.deleted
2021/06/03
Committee: ECON
Amendment 702 #

2020/0265(COD)

Proposal for a regulation
Article 45
By derogation to Article 12 of Directive 2009/110/EC, no issuer of e-money tokens or crypto-asset service providers shall grant interest or any other benefit related to the length of time during which a holder of e-money tokens holds such e- money tokens.Article 45 deleted Prohibition of interests
2021/06/03
Committee: ECON
Amendment 706 #

2020/0265(COD)

Proposal for a regulation
Article 46 – paragraph 2 – point a
(a) a description of the issuer(s) of e- money tokens, when known;
2021/06/03
Committee: ECON
Amendment 708 #

2020/0265(COD)

Proposal for a regulation
Article 46 – paragraph 2 – point a a (new)
(aa) a description of the offeror of e- money tokens;
2021/06/03
Committee: ECON
Amendment 709 #

2020/0265(COD)

Proposal for a regulation
Article 46 – paragraph 2 – point b
(b) a detailed description of the issuer’s project, and a presentation of the main participants involved in the project's design and development, when known;
2021/06/03
Committee: ECON
Amendment 712 #

2020/0265(COD)

Proposal for a regulation
Article 46 – paragraph 2 – point f
(f) the risks relating to the issuer of(s) of the e- money issuertokens, the offeror of the e- money tokens, the e-money tokens and the implementation of the project, including the technology;
2021/06/03
Committee: ECON
Amendment 734 #

2020/0265(COD)

Proposal for a regulation
Article 50 – paragraph 2
2. Competent authorities of the issuer or offeror's home Member State shall provide the EBA with information on the criteria referred to in Article 39(1) of this Article and specified in accordance with Article 39(6) on at least a yearly basis.
2021/06/03
Committee: ECON
Amendment 737 #

2020/0265(COD)

Proposal for a regulation
Article 50 – paragraph 3
3. Where the EBA is of the opinion that e-money tokens meet the criteria referred to in Article 39(1), as specified in accordance with Article 39(6), the EBA shall prepare a draft decision to that effect and notify that draft decision to the issuers or offerors of those e-money tokens and the competent authority of the issuer or offeror's home Member State. The EBA shall give issuers or offerors of such e- money tokens and their competent authorities the opportunity to provide observations and comments in writing prior the adoption of its final decision. The EBA shall duly consider those observations and comments.
2021/06/03
Committee: ECON
Amendment 741 #

2020/0265(COD)

Proposal for a regulation
Article 50 – paragraph 4
4. The EBA shall take its final decision on whether an e-money token is a significant e-money token within three months after the notification referred to in paragraph 3 and immediately notify the issuers or offerors of such e-money tokens and their competent authorities thereof.
2021/06/03
Committee: ECON
Amendment 924 #

2020/0265(COD)

Proposal for a regulation
Article 68 – paragraph 8
8. Crypto-asset service providers that are authorised for the operation of a trading platform for crypto-assets shall complete the final settlement of a crypto-asset transaction on the DLT on the same date aswithin 72hrs of the transactions has been being executed on the trading platform.
2021/06/03
Committee: ECON
Amendment 933 #

2020/0265(COD)

Proposal for a regulation
Article 68 – paragraph 10 a (new)
10a. Crypto-asset service providers that are authorised as offerors for the operation of a trading platform and of certain crypto-assets, shall ensure compliance with publication and audit requirements as laid down in this Regulation by having a dedicated page on their website and/or app on the crypto- assets that they offer.
2021/06/03
Committee: ECON
Amendment 934 #

2020/0265(COD)

Proposal for a regulation
Article 69 – paragraph 3
3. Crypto-asset service providers that are authorised for exchanging crypto-assets against fiat currency or other crypto-assets shall, if no fixed price has been agreed, execute the clients' orders at the average prices displayed atbetween the time of their receipt and the time of the execution of the order.
2021/06/03
Committee: ECON
Amendment 971 #

2020/0265(COD)

Proposal for a regulation
Article 77 – paragraph 1
1. Issuers and offerors of crypto- assets shall inform the public as soon as possible of inside information which concerns them, in a manner that enables the public to access that information in an easy manner and to assess that information in a complete, correct and timely manner.
2021/06/03
Committee: ECON
Amendment 978 #

2020/0265(COD)

Proposal for a regulation
Article 77 – paragraph 2 – introductory part
2. Issuers and offerors of crypto- assets may, on their own responsibility, delay disclosure to the public of inside information provided that all of the following conditions are met:
2021/06/03
Committee: ECON
Amendment 981 #

2020/0265(COD)

Proposal for a regulation
Article 77 – paragraph 2 – point a
(a) immediate disclosure is likely to prejudice the legitimate interests of the issuers or offerors;
2021/06/03
Committee: ECON
Amendment 989 #

2020/0265(COD)

Proposal for a regulation
Article 77 – paragraph 2 – point c
(c) the issuers or offerors are able to ensure the confidentiality of that information.
2021/06/03
Committee: ECON
Amendment 1127 #

2020/0265(COD)

Proposal for a regulation
Article 122 – paragraph 2 – point j
(j) an assessment of whether the scope of crypto-asset services covered by this Regulation is appropriate and whether any adjustment to the definitions set out in this Regulation is needed, and whether any additional innovative crypto-asset forms would need to be added to this regulation;
2021/06/03
Committee: ECON
Amendment 1144 #

2020/0265(COD)

Proposal for a regulation
Article 123 – paragraph 2 a (new)
2a. By way of derogation from this Regulation, crypto-assets that are issued or made available and/or traded in the EU or admitted to trading on a trading platform for crypto-assets on or after [please insert the date of entry into application of this Regulation] in accordance with the laws applicable to such crypto assets prior to the date of application of this Regulation, may continue to do so until [please insert date 18 months after the date of application of this Regulation].
2021/06/03
Committee: ECON
Amendment 29 #

2020/0155(COD)

Proposal for a regulation
Recital 2 a (new)
(2 a) It is crucial to support the recovery from the severe economic shock caused by the COVID-19 pandemic by ensuring European companies have access to a diverse range of funding mechanisms at this vital time. To avoid any extraterritorial conflicts that may cause barriers to accessing liquidity, it is necessary to clarify the scope of the share trading obligation under Article 23 of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, especially in respect of dual- listed shares listed before 31 December 2020;
2020/11/03
Committee: ECON
Amendment 117 #

2020/0155(COD)

Proposal for a regulation
Article 1 a (new)
Regulation (EU) No 600/2014
Article 23 – paragraph 1
Article 1 a (new) Amendment to Regulation (EU) 600/2014 Article 23(1) is replaced by the following: ""1. An investment firm shall ensure the trades it undertakes in shares with an ISIN that contains the country code of an EEA country admitted to trading on a regulated market or traded on a trading venue shall take place on a regulated market, MTF or systematic internaliser, or a third-country trading venue assessed as equivalent in accordance with Article 25(4)(a) of Directive 2014/65/EU, as appropriate, unless their characteristics include that they: (a) are non-systematic, ad-hoc, irregular and infrequent; or are carried out on a third-country trading venue in the home currency of the third country in which the trading venue is located; or if the shares were dual-listed on a third country exchange before 31 December 2020; (b) are carried out between eligible and/or professional counterparties and do not contribute to the price discovery process. ;"" Or. en (32014R0600)
2020/11/03
Committee: ECON
Amendment 24 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) 2015/1017
Article 9 – paragraph 2 – subparagraph 3 – introductory part
The operations concerned shall be consistent with Union policies, including the European Green Deal9 and the respect of the “do not significant harm" principle referred to in Regulation (EU) 2020/852 and the Strategy on shaping Europe’s digital future10 , as well as supporting an inclusive and symmetric recovery in the aftermath of the COVID-19 pandemic, and support any of the following general objectives:’ _________________ 9 COM(2019)640 final. 10 COM(2020)67 final.
2020/07/20
Committee: ENVI
Amendment 35 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 12
Regulation (EU) 2015/1017
Article 9 – paragraph 2 a – subparagraph 1 – point a
(a) target that at least 40 % of EFSI financing under the infrastructure and innovation window support project components that contribute to climate action, in line with the commitments made at the 21st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP21). EFSI financing for SMEs and small mid- cap companies shall not be included in that computation. The EIB shall use its internationally agreed methodologythe criteria provided for in Regulation (EU) 2020/852 to identify those climate action project components or cost shares;
2020/07/20
Committee: ENVI
Amendment 67 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 3
Regulation (EU) 2015/1017
Annex II – section 6 – point d – indent 5
— Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply, to the extent possible,comply with minimum high- level social and environmental safeguards in line with guidance provided by the Steering Board. Such guidance should include the respect of the “do no significant harm" principle referred to in Regulation (EU) 2020/852 and adequate provisions for avoiding undue administrative burdens, taking into account the size of companies and including lighter provisions for SMEs. Companies with a certain level of exposure to a pre-defined list of environmentally harmful activities, in particular the sectors covered by the EU Emissions Trading System (EU ETS), shall be encouraged to put in place, in the future, green transition plansput in place green transition plans which demonstrate on an annual basis how the public support received is used to align their operations with the Union’s climate and environmental objectives and the Paris Agreement. Companies shall also be encouraged to advance in their digital transformation. Technical assistance shall be available to assist companies for the purpose of these transitions.
2020/07/20
Committee: ENVI
Amendment 95 #

2020/0106(COD)

Proposal for a regulation
Recital 4 a (new)
(4a) The Steering Board should set specific geographical concentration limits for the solvency support window, in line with the indicators and methodology established by the Commission, in order to ensure, respectively, that the majority of the EU guarantee under the Solvency Support Instrument supports eligible companies in Member States and sectors which have been economically most adversely affected by the COVID-19 pandemic and that the majority of that guarantee supports eligible companies in Member States where the possibility of State solvency support is most limited. The indicators and methodology established by the Commission should be consistent with the allocation key applicable to the Recovery and Resilience Facility1a.The limits shall be reviewed on a regular basis and updated to reflect any evolving COVID-19 economic impacts and/or subsequent waves of the virus. _________________ 1aCouncil Regulation []establishing a European Union Recovery Instrument to support the recovery in the aftermath of the COVID-19 pandemic
2020/08/27
Committee: BUDGECON
Amendment 105 #

2020/0106(COD)

Proposal for a regulation
Recital 4 b (new)
(4b) The Investment Committee under the Invest EU Regulation should become responsible for granting the EU guarantee also under this Regulation once it is established. (Moved from Recital 14.)
2020/08/27
Committee: BUDGECON
Amendment 106 #

2020/0106(COD)

Proposal for a regulation
Recital 4 c (new)
(4c) When selecting eligible companies, the Investment Committee should give due consideration to whether the company or parent company of the EU subsidiary has received foreign subsidies since the outbreak of the COVID-19 pandemic.
2020/08/27
Committee: BUDGECON
Amendment 107 #

2020/0106(COD)

(4d) The Steering Board should set any necessary requirements relating to the control of the beneficiary company in light of any applicable public order or security concerns.
2020/08/27
Committee: BUDGECON
Amendment 126 #

2020/0106(COD)

Proposal for a regulation
Recital 10
(10) The financing and investment operations should be aligned with current policy priorities of the Union such as the European Green Deal and the Strategy on shaping Europe’s digital future. SDue to the interconnectedness of the Union economy, support to cross-border activities should also be targeted to prevent potential spill-over effects and to maximise the benefits of cross-border supply chains.
2020/08/27
Committee: BUDGECON
Amendment 130 #

2020/0106(COD)

Proposal for a regulation
Recital 10
(10) The financing and investment operations should be fully aligned with current policy priorities and targets of the Union such as the European Green Deal and the Strategy on shaping Europe’s digital future. Support to cross-border activities should also be targeted.
2020/08/27
Committee: BUDGECON
Amendment 144 #

2020/0106(COD)

Proposal for a regulation
Recital 14
(14) The Investment Committee under the InvestEU Regulation should become responsible for granting the EU guarantee also under this Regulation once it is established.deleted
2020/08/27
Committee: BUDGECON
Amendment 146 #

2020/0106(COD)

Proposal for a regulation
Recital 14 a (new)
(14a) Support granted under the solvency support window should include provisions to ensure that efforts to curb tax avoidance, money laundering, fraud and abuse are pursued and that proper functioning of the internal market is maintained. As such, entities benefitting from support, or financial intermediaries or approved eligible vehicles carrying out projects under the solvency support window shall not be established, incorporated, or be controlled by shareholders in jurisdictions listed under the relevant Union policy on non- cooperative jurisdictions, or jurisdictions identified as high-risk third countries that have strategic deficiencies in their national anti-money laundering and counter terrorist financing regimes, pursuant to Directive (EU) 2015/849. The EIB should regulatory report to the European Parliament and Council on the continuous measures being taken to detect and prevent fraud.
2020/08/27
Committee: BUDGECON
Amendment 152 #

2020/0106(COD)

(16a) In order to supplement the non- essential elements of this Regulation in relation to determining the Member States and sectors economically most hit and the Member States where the possibility of State solvency support is more limited, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of establishing indicators and a methodology for the application thereof. The indicators and methodology established by the Commission should be consistent with the allocation key applicable to the Recovery and Resilience Facility. It is of particular importance that the Commission carryout appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making. In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts.
2020/08/27
Committee: BUDGECON
Amendment 157 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) 2015/1017
Article 3 – paragraph 1 – point c
(c) the solvency of companies established in a Member State and operating in the Union that have been adversely affected by the COVID-19 pandemic.
2020/08/27
Committee: BUDGECON
Amendment 161 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 4
Regulation (EU) 2015/1017
Article 5 – paragraph 1 – subparagraph 3 – indent 3
– support to funds, special purpose vehicles, investment platforms or other arrangements under the solvency support window. , especially those facilitating investment in Member States and sectors most adversely affected by the COVID-19 pandemic.
2020/08/27
Committee: BUDGECON
Amendment 163 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 4 a (new)
Regulation (EU) 2015/1017
Article 5 – paragraph 2 – subparagraph 1
(4a) In Article 5, the first subparagraph of paragraph 2 is amended as follows: "In line with the investment guidelines laid down in Annex II, the Steering Board shall adjust the project mix as regards sectors and countries, on the basis of an ongoing monitoring of the developments of market conditions in the Member States and of the investment environment to help overcome market failures and sub-optimal investment situations including problems resulting from financial fragmentation and, for the purposes of the solvency support window, to take into account the impact of a prolongation or resurgence of the COVID-19 pandemic. When carrying out that adjustment, the Steering Board shall avoid an approach which would be riskier than necessary. " Or. en (32015R1017)
2020/08/27
Committee: BUDGECON
Amendment 174 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 7 a (new)
Regulation (EU) 2015/1017
Article 7 – paragraph 7
(7a) Paragraph 7 of Article 7 is amended as follows: "The EFSI Agreement shall provide that the EFSI is to have an investment committee, which is to be responsible for examining potential projects in line with the EFSI investment policies and for approving the support of the EU guarantee for EIB operations for projects that comply with the requirements of Articles 6 and 9, irrespective of the geographic location, in accordance with Article 8, of such projects, with the exception of projects under the solvency support window for which geographical location is a relevant factor for consideration. Furthermore, the Investment Committee shall be the competent body for approving operations with investment platforms and national promotional banks or institutions. " Or. en (32015R1017)
2020/08/27
Committee: BUDGECON
Amendment 177 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 7 a (new)
Regulation (EU) 2015/1017
Article 7 – paragraph 8 – subparagraph 3 – point l a (new)
(7a) In the third subparagraph of Article 7(8), the following point is added: "(la) tourism and hospitality;"
2020/08/27
Committee: BUDGECON
Amendment 179 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) 2015/1017
Article 8 – paragraph 3
Notwithstanding the first paragraph, only companies established in a Member State and operating in the Union can be supported by the financing and investment operations under the solvency support window. The Steering Committee shall determine any necessary requirements relating to the ultimate control of the company being supported in light of any applicable public order or security concerns.
2020/08/27
Committee: BUDGECON
Amendment 189 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 10 a (new)
Regulation (EU) 2015/1017
Article 9 – paragraph 2 – subparagraph 3 – point g – subpoint iv
(vi) tourism; 10a) In the third subparagraph of Article 9(2), point (g)(vi) is amended as follows: "(vi) tourism and hospitality;" Or. en (32015R1017)
2020/08/27
Committee: BUDGECON
Amendment 213 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 25 – point -a (new)
Regulation (EU) 2015/1017
Article 14 – paragraph 1 – subparagraph 1
(-a) in paragraph 1, the first subparagraph is amended as follows: "The European Investment Advisory Hub (EIAH) shall have as its objective to build upon existing EIB and Commission advisory services in order to provide advisory support for the identification, preparation and development of investment projects and to act as a single technical advisory hub for project financing within the Union. Such support shall include the provision of targeted support on the use of technical assistance for project structuring, on the use of innovative financial instruments, on the use of public-private partnerships and on the provision of information, as appropriate, on relevant issues relating to Union law, and for the purposes of the solvency support window, on the setting up, structuring and management of special purpose vehicles, funds, investment platforms and other vehicles, taking into account the specificities and needs of Member States with less developed financial markets, as well as the situation in different sectors. " Or. en (32017R2396)
2020/08/27
Committee: BUDGECON
Amendment 215 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 25 – point b a (new)
Regulation (EU) 2015/1017
Article 14 – paragraph 6 a
(ba) paragraph 6a is amended as follows: "In order to develop a wide geographic outreach of the advisory services across the Union and to successfully leverage local knowledge about the EFSI, a local presence of the EIAH shall be ensured where necessary, taking into account existing support schemes, with a view to providing tangible, proactive, tailor-made assistance on the ground. It shall be established in particular in Member States or regions that face difficulties in developing projects under the EFSI and, for the purposes of the solvency support window, in Member States most adversely economically affected by the COVID-19 pandemic. The EIAH shall assist in the transfer of knowledge to the regional and local level with a view to building up regional and local capacity and expertise. " Or. en (32017R2396)
2020/08/27
Committee: BUDGECON
Amendment 221 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 27
Regulation (EU) 2015/1017
Article 16 – paragraph 2 – subparagraph 2 (new)
Operations under the solvency support window shall be reported on separately, as appropriate and as set out in the guarantee agreement. and shall additionally include:
2020/08/27
Committee: BUDGECON
Amendment 222 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 27 b (new)
Regulation (EU) 2015/1017
Article 16 – paragraph 2 – subparagraph 2 – point a (new)
(27b) In the second subparagraph of Article 16(2), the following point is added: ‘(a) a description of the measures taken to detect and prevent fraudulent practices and money-laundering in the investment chain of the EIB investment operations in accordance with Article 21;’
2020/08/27
Committee: BUDGECON
Amendment 223 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 27 c (new)
Regulation (EU) 2015/1017
Article 16 – paragraph 2 – subparagraph 2 – point b (new)
(27c) In the second subparagraph of Article 16(2), the following point is added: ‘(b) an assessment of the compliance with and contribution to the European Green Deal and the commitments under the Paris Agreement;’
2020/08/27
Committee: BUDGECON
Amendment 224 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 27 d (new)
Regulation (EU) 2015/1017
Article 16 – paragraph 2 – subparagraph 2 – point c (new)
(27d) In the second subparagraph of Article 16(2), the following point is added: ‘(c) an assessment of the contribution to the digital transformation of the Union economy.’
2020/08/27
Committee: BUDGECON
Amendment 238 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 3
Regulation (EU) 2015/1017
Annex II – Section 6 – point d – indent 3
– The funds, special purpose vehicles or investment platforms shall provide financing on commercial terms or on terms consistent with the State aid Temporary Framework12 , while paying due regard to the European nature of the Solvency Support Instrument and to the funds’ and other vehicles’ independent management. Member States involved in the funds, special purpose vehicles or investment platforms shall do so in accordance with the requirements in Annex III of this Regulation. _________________ 12Communication from the Commission: Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak (C(2020)1863), as amended by C(2020) 3156 final.
2020/08/27
Committee: BUDGECON
Amendment 244 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 3
Regulation (EU) 2015/1017
Annex II – Section 6 – point d – indent 5
– Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply, to the extent possible, with minimum high- level social and environmental safeguards in line with guidance provided by the Steering Board. Such guidance should include adequate provisions for avoiding undue administrative burdens, taking into account the size of companies and including lighproportionater provisions for SMEs. Companies with a certain level of exposure to a pre-defined list of environmentally harmful activities, in particular the sectors covered by the EU Emissions Trading System (EU ETS), shall be encouraged to put in place, in the future, green transition plans. Companies shall also be encouraged to advance in their digital transformation. Technical assistance shall be available to assist companies for the purpose of these transitions.
2020/08/27
Committee: BUDGECON
Amendment 246 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 3
Regulation (EU) 2015/1017
Annex II – Section 6 – point d – intend 5
– Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply, to the extent possible, with minimum high- level social and environmental safeguards in line with guidance provided by the Steering Board. Such guidance should include adequate provisions for avoiding undue administrative burdens, taking into account the size of companies and including lighter provisions for SMEs. Companies with a certain level of exposure to a pre-defined list of environmentally harmful activities, in particular the sectors covered by the EU Emissions Trading System (EU ETS), shall be encouraged to put in place, in the future,put in place green transition plans. Companies shall also be strongly encouraged to advance in their digital transformation. Technical assistance shall be available to assist companies for the purpose of these transitions.
2020/08/27
Committee: BUDGECON
Amendment 253 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 4
Regulation (EU) 2015/1017
Annex II – Section 8 – point b – subparagraph 2
The Steering Board shall set specific diversification and concentration limits under the Solvency Support Window to ensure that the respective requirements of Article 9(2a)(b) and (c) are fulfilled, whilst avoiding excessive concentration in a limited number of Member States. The Steering Board shall regularly, and at least on a quarterly basis, take stock of the economic impact of the Covid-19 pandemic on Member States and sectors. On this basis, the Steering Board may decide to modify these limits, after consulting the Investment Committee.
2020/08/27
Committee: BUDGECON
Amendment 255 #

2020/0106(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 31 a (new)
Regulation (EU) 2015/1017
Annex III (new)
(31a) The following Annex is added: ‘ANNEX III REQUIREMENTS UNDER WHICH MEMBER STATES MAY PROVIDE SUPPORT UNDER THE SOLVENCY SUPPORT WINDOW (1) General Principles - The State shall receive appropriate remuneration for the investment. The closer the remuneration is to market terms, the lower the potential competition distortion caused by the State intervention. - The COVID-19 recapitalisation should be redeemed when the economy stabilises. The Member State must put a mechanism in place to gradually incentivise redemption. - The remuneration of the solvency support should be increased in order to converge with market prices to provide an incentive to the beneficiary and to the other shareholders to redeem the State recapitalisation measure and to minimise the risk of distortions of competition. - As an alternative to the remuneration methodologies set out below, Member States may notify schemes or individual measures where the remuneration methodology is adapted in accordance with the features and seniority of the capital instrument provided they overall lead to a similar outcome with regard to the incentive effects on the exit of the State and a similar overall impact on the State’s remuneration. (2) Remuneration of equity instruments - A capital injection by the State, or an equivalent intervention, shall be conducted at a price that does not exceed the average share price of the beneficiary over the 15 days preceding the request for the capital injection. If the beneficiary is not a publicly listed company, an estimate of its market value should be established by an independent expert or by other proportionate means. - Any recapitalisation measure shall include a step-up mechanism increasing the remuneration of the State, to incentivise the beneficiary to buy back the State capital injections. This increase in remuneration can take the form of additional shares granted to the State or other mechanisms, and should correspond to a minimum of 10 % increase in the remuneration of the State (for the participation resulting from the State’s COVID-19 equity injection that has not been repaid), for each of the step-up steps: (a) Four years after the solvency support equity injection, if the State has not sold at least 40 percent of its equity participation resulting from the COVID- 19 equity injection, the step-up mechanism will be activated. (b) Six years after the solvency support equity injection, if the State has not sold in full its equity participation resulting from the State’s solvency support equity injection, the step-up mechanism will again be activated. If the beneficiary is not a publicly listed company, Member States may decide to implement each of the two steps one year later, i.e. five years and seven years after granting of the solvency support equity injection, respectively. - The Commission may accept alternative mechanisms, provided they overall lead to a similar outcome with regard to the incentive effects on the exit of the State and a similar overall impact on the State’s remuneration. - The beneficiary should, have at any time, the possibility to buy back the equity stake that the State has acquired. To ensure that the State receives appropriate remuneration for the investment, the buy- back price should be the higher amount of (i) the nominal investment by the State increased by an annual interest remuneration200 basis points higher than presented paragraph 66 of Commission Communication (2020/C 164/03)1a; or (ii) the market price at the moment of the buy-back. - As an alternative, the State may sell at any time its equity stake at market prices to purchasers other than the beneficiary. Such a sale requires, in principle, an open and non-discriminatory consultation of potential purchasers or a sale on the stock exchange. The State may give existing shareholders priority rights to buy at the price resulting from the public consultation. (3) Remuneration of hybrid capital instruments - The overall remuneration of hybrid capital instruments must adequately factor in the following elements: (a) the characteristics of the instrument chosen, including its level of subordination, risk and all modalities of payment; b) built-in incentives for exit (such as step-up and redemption clauses); and (c) an appropriate benchmark interest rate. - The minimum remuneration of hybrid capital instruments until they are converted into equity-like instruments shall be at least equal to the base rate (1 year IBOR or equivalent as published by the Commission1b), plus the premium as set out in paragraph 66 of Commission Communication (2020/C 164/03)1c . - The conversion of hybrid capital instruments into equity shall be conducted at 5percent or more below TERP (Theoretical Ex-Rights Price) at the time of the conversion. - After conversion into equity, a step-up mechanism must be included to increase the remuneration of the State, to incentivise the beneficiaries to buy back the State capital injections. If the equity resulting from the State’s solvency support intervention is still owned by the State two years after the conversion into equity the State shall receive an additional share of ownership of the beneficiary in addition to its remaining participation resulting from the State’s conversion of the solvency support hybrid capital instruments. This additional share of ownership shall be at a minimum 10 percent of the remaining participation resulting from the State’s conversion of the solvency support hybrid capital instruments. The Commission may accept alternative step-up mechanisms provided they have the same incentive effect and a similar overall impact on the State’s remuneration. - Member States may choose a pricing formula that includes additional step-up or pay back clauses. Such features should be designed so that they encourage an early end to the State’s recapitalisation support of the beneficiary. The Commission may also accept alternative pricing methodologies, provided they lead to remunerations that are higher than or similar to those resulting from the above methodology. - Since the nature of hybrid instruments varies significantly, the Commission does not provide guidance for all types of instruments. Hybrid instruments shall in any event follow the principles mentioned above, with remuneration reflecting the risk of the particular instruments. (4) Governance and prevention of undue distortions of competition - In order to prevent undue distortions of competition beneficiaries must not engage in aggressive commercial expansion financed by State aid or beneficiaries taking excessive risks. As a general principle, the smaller the equity stake of the Member State and the higher the remuneration, the less there is a need for safeguards. - If the beneficiary of solvency support above EUR 250 million is an undertaking with significant market power on at least one of the relevant markets in which it operates, Member States must propose additional measures to preserve effective competition in those markets. In proposing such measures, Member States may in particular offer structural or behavioural commitments foreseen in Commission Notice on remedies acceptable under the Council Regulation (EC) No 139/2004 and under Commission Regulation(EC) No 802/2004. - Beneficiaries receiving solvency support are prohibited from advertising it for commercial purposes. - As long as at least 75 % of the solvency support has not been redeemed, beneficiaries other than SMEs shall be prevented from acquiring a more than 10 % stake in competitors or other operators in the same line of business, including upstream and downstream operations. - In exceptional circumstances, and without prejudice to merger control, such beneficiaries may acquire a more than10 % stake in operators upstream or downstream in their area of operation, only if the acquisition is necessary to maintain the beneficiary’s viability. The Commission may authorise the acquisition if it is necessary to maintain the beneficiary’s viability. The acquisition may not be implemented before the Commission has taken a decision on this issue. - State aid shall not be used to cross- subsidise economic activities of integrated undertakings that were in economic difficulties already on 31 December 2019. A clear account separation shall be put in place in integrated companies to ensure that the recapitalisation measure does not benefit those activities. - As long as the solvency support has not been fully redeemed, beneficiaries cannot make dividend payments, nor non- mandatory coupon payments, nor buy back shares, other than in relation to the State. - As long as at least 75 % of the solvency support has not been redeemed, the remuneration of each member of the beneficiaries’ management must not go beyond the fixed part of his/her remuneration on 31 December 2019. For persons becoming members of the management on or after the recapitalisation, the applicable limit is the lowest fixed remuneration of any of the members of the management on 31 December 2019.Under no circumstances, bonuses, other variable or comparable remuneration elements shall be paid. (5) Exit strategy of the State from the participation resulting from the recapitalisation and reporting obligations - Beneficiaries other than SMEs that have received solvency support of more than 25 % of equity at the moment of intervention must demonstrate a credible exit strategy for the participation of the Member State, unless the State’s intervention is reduced below the level of 25 % of equity within 12 months from the date of the granting of the support. - The exit strategy shall lay out: (a) the plan of the beneficiary on the continuation of its activity and the use of the funds invested by the State, including a payment schedule of the remuneration and of the redemption of the State investment(together ‘the repayment schedule’); and (b) the measures that the beneficiary and the State will take to abide by the repayment schedule. - The exit strategy should be prepared and submitted to the Member State within 12 months after support is granted and must to be endorsed by the Member State. - Beneficiaries must report to the Member State on the progress in the implementation of the repayment schedule and the compliance with the conditions in section (4) within 12 months of the schedule’s presentation, and thereafter periodically every 12 months. - The Member State should report to the Commission annually on the implementation of the repayment schedule and compliance with the conditions in section (4). - If six years after the solvency support the State’s intervention has not been reduced below 15 % of beneficiary’s equity, are structuring plan in accordance with the Rescue and Restructuring Guidelines must be notified to the Commission for approval. The Commission will assess whether the actions contemplated in the restructuring plan ensure the beneficiary’s viability, also with a view of EU objectives and national obligations linked to the green and digital transformation, and the exit of the State without adversely affecting trade to an extent contrary to the common interest. If the beneficiary is not a publicly listed company, or is an SME, the Member State may decide to notify a restructuring plan only if the State’s intervention has not been reduced below the level of 15 % of equity seven years after the solvency support.’ _________________ 1aCommunication from the Commission on Amendment to the Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak (2020/C 164/03)(OJ C 164, 13.5.2020, p. 3–15) 1bBase rates calculated in accordance with the Communication from the Commission on the revision of the method for setting the reference and discount rates (OJ C 14, 19.1.2008, p. 6), published on the website of DG Competition at https://ec.europa.eu/ competition/state_aid/legislation/referenc e_rates.html 1cCommunication from the Commission on Amendment to the Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak (2020/C 164/03)(OJ C 164, 13.5.2020, p. 3–15)
2020/08/27
Committee: BUDGECON
Amendment 208 #

2020/0036(COD)

Proposal for a regulation
Recital 12 a (new)
(12 a) Union-wide emissions and removals of greenhouse gases regulated in Union law should be balanced by 2050 at the latest, and as from that date, the Union and Member States greenhouse gas removals should exceed emissions in order to meet the Paris Agreement target of 1.5oC degrees above pre-industrial levels. Until that date a special focus should be directed to the enhancement of research, the development of sinks and carbon capture technology.
2020/06/08
Committee: ENVI
Amendment 281 #

2020/0036(COD)

Proposal for a regulation
Recital 17
(17) The Commission, in its Communication ‘The European Green Deal’, announced its intention to assess and make proposals for increasing the Union’s greenhouse gas emission reduction target for 2030 to ensure its consistency with the climate-neutrality objective for 2050. In that Communication, the Commission underlined that all Union policies should contribute to the climate-neutrality objective and that all sectors should play their part. By September 2020, the Commission should, based on a comprehensive impact assessment and taking into account its analysis of the integrated national energy and climate plans submitted to the Commission in accordance with Regulation (EU) 2018/1999 of the European Parliament and of the Council36 , reviewGiven the Union goal of reaching climate neutrality by 2050 at the latest, it is essential that climate action is further strengthened and particularly that the Union’s 2030 target for climate and explore options for a new 2030 target of 50 to 55 % emission reductions compared with 1990 levels. Where it considers necessary to amend the Union’s 2030 target, it should make proposals to the European Parliament and to the Council to amend this Regulation as appropriate. In addition, the Commission should, by 30 June 2021, assess how the Union legislation implementing that target would need to be amended in order to achieve emission reductions of 50 to 55 % compared to 1990. _________________ 36 Regulation (EU) 2018/1999 of the European Parliament and of the Council of 11 December 2018 on the Governance of the Energy Union and Climate Action, amending Regulations (EC) No 663/2009 and (EC) No 715/2009 of the European Parliament and of the Council, Directives 94/22/EC, 98/70/EC, 2009/31/EC, 2009/73/EC, 2010/31/EU, 2012/27/EU and 2013/30/EU of the European Parliament and of the Council, Council Directives 2009/119/EC and (EU) 2015/652 and repealing Regulation (EU) No 525/2013 of the European Parliament and of the Council (OJ L 328, 21.12.2018, p. 1)climate target is raised to a reduction in emissions of at least 55 % compared with 1990 levels. Consequently, the Commission should, by 30 June 2021, assess how the Union legislation implementing that increased target and other relevant Union legislation promoting the circular economy and contributing to reduce greenhouse gas emissions would need to be amended accordingly.
2020/06/08
Committee: ENVI
Amendment 327 #

2020/0036(COD)

Proposal for a regulation
Recital 19 a (new)
(19a) It is essential to increase the transparency and efficiency of the functioning of the Union’s measures to reduce greenhouse gas emissions, and to ensure that these measures are in line with the most up-to-date scientific evidence and the Union’s objectives under the Paris Agreement. To that end, the Commission should present a legislative proposal to the European Parliament and the Council to establish a Union carbon budget, based on cumulative CO2 emission, which sets out the remaining quantity of greenhouse gas emissions in total for the Union economy, that could be emitted without putting at risk the Union’s commitments under the Paris Agreement. The Commission should use the Union carbon budget as a basis when proposing the trajectory for emissions reductions.
2020/06/08
Committee: ENVI
Amendment 350 #

2020/0036(COD)

Proposal for a regulation
Recital 21
(21) In order to provide predictability and confidence for all economic actors, including businesses, workers, investors and consumers, to ensure that the transition towards climate neutrality is irreversible, to ensure gradual reduction over time and to assist in the assessment of the consistency of measures and progress with the climate- neutrality objective, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission to set out a trajectory for achieving net zero greenhouse gas emissions in the Union by 2050. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level, and that those consultatiCommission should put forward a legislative proposal a trajectory, defined by a carbons be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making37 . In particular, to ensure equal participatudget, for achieving net zero greenhouse gas emissions in the preparation of delegated acts,Union by 2050 to the European Parliament and the Council receive all documents at the same time as Member States’ experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts. _________________ 37. OJ L 123, 12.5.2016, p. 1.
2020/06/08
Committee: ENVI
Amendment 399 #

2020/0036(COD)

Proposal for a regulation
Article 1 – paragraph 2
This Regulation sets out a binding objective of climate neutrality in the Union and in each Member States at the latest by 2050 in pursuit of the long-term temperature goals set out in Article 2 of the Paris Agreement, and provides a framework for achieving progress in pursuit of the global adaptation goal established in Article 7 of the Paris Agreement.
2020/06/08
Committee: ENVI
Amendment 431 #

2020/0036(COD)

Proposal for a regulation
Article 2 – paragraph 1
1. Union-wide emissions and removals of greenhouse gases regulated in Union law shall be balanced in the Union at the latest by 2050, thus reducing emissions to net zero by that date. Each Member State shall reach net zero emissions at the latest by 2050.
2020/06/08
Committee: ENVI
Amendment 454 #

2020/0036(COD)

Proposal for a regulation
Article 2 – paragraph 2
2. The relevant Union institutions and the Member States shall take the necessary measures at Union and national level respectively, to enable the collective achievement of the climate-neutrality objective in the Union and in all Member States set out in paragraph 1, taking into account the importance of promoting fairness and solidarity among Member States.
2020/06/08
Committee: ENVI
Amendment 473 #

2020/0036(COD)

Proposal for a regulation
Article 2 – paragraph 3
3. By September 2020, the Commission shall reviewIn light of the climate-neutrality objective set out in Article 2(1), the Union’s 2030 target for climate referred to in Article 2(11) of Regulation (EU) 2018/1999 in light of the climate-neutrality objective set out in Article 2(1), and explore options for a new 2030 target of 50 toshall be increased to at least 55 % emission reductions compared to 1990. Where the Commission considers that it is necessary to amend that target, it shall make proposals to the European Parliament and to the Council as appropriate.
2020/06/08
Committee: ENVI
Amendment 499 #

2020/0036(COD)

Proposal for a regulation
Article 2 – paragraph 4
4. By 30 June 2021, the Commission shall assess how the Union legislation implementing the Union’s 2030 targetclimate target and other relevant Union legislation promoting the circular economy and contributing to reduce greenhouse gas emissions would need to be amended in order to enable the achievement of 50 toat least 55 % emission reductions compared to 1990 and to achieve the climate-neutrality- objective set out in Article 2(1), and consider taking the necessary measures, including the adoption of legislative proposals, in accordance with the Treaties.
2020/06/08
Committee: ENVI
Amendment 508 #

2020/0036(COD)

Proposal for a regulation
Article 2 – paragraph 4 a (new)
4a. By 31 May 2023, the Commission shall, in light of the climate-neutrality objective set out in Article 2(1) and following a detailed impact assessment, explore options for setting a Union 2040 climate target for emissions reductions compared to 1990 and shall make proposals to the European Parliament and to the Council as appropriate. When exploring options for the 2040 climate target the Commission shall take into account the criteria set out in Article 3(3). The impact assessment shall assess how all of the Union legislation relevant for the fulfilment of that target would need to be amended.
2020/06/08
Committee: ENVI
Amendment 542 #

2020/0036(COD)

Proposal for a regulation
Article 3 – paragraph 1
1. The Commission is empowered to adopt delegated acts in accordance with Article 9 to supplement this Regulation by setting out a trajectory at Union level to achieve the climate-neutrality objective set out in Article 2(1) until 2050. At the latest withiBy 31 May 2023 the Commission shall assess, on the basis of the Union carbon budget and the criteria set out in paragraph 3, the structure and design of a trajectory at Union level to achieve the climate-neutrality objective set out in Article 2(1), and make an appropriate legislative proposal to that effect. Once the trajectory is established, the Commission shall review it no later than six months after each global stocktake referred to in Article 14 of the Paris Agreement, t. The Commission shall review the trajectorymake a legislative proposal to adjust the trajectory where it considers this appropriate as a result of the review.
2020/06/08
Committee: ENVI
Amendment 572 #

2020/0036(COD)

Proposal for a regulation
Article 3 – paragraph 3 – introductory part
3. When setting a trajectory in accordance with paragraph 1, the Commission shall considertake into account the following criteria:
2020/06/08
Committee: ENVI
Amendment 580 #

2020/0036(COD)

Proposal for a regulation
Article 3 – paragraph 3 – point -a (new)
(-a) the Union carbon budget provided for in Article 3a;
2020/06/08
Committee: ENVI
Amendment 623 #

2020/0036(COD)

Proposal for a regulation
Article 3 – paragraph 3 – point c
(c) best available technology, while respecting the concept of technological neutrality and the need for research in or investments to mature new, promising technology in all sectors;
2020/06/08
Committee: ENVI
Amendment 674 #
2020/06/08
Committee: ENVI
Amendment 711 #

2020/0036(COD)

Proposal for a regulation
Article 3 – paragraph 3 – point j
(j) the best available and most recent scientific evidence, including the latest reports of the IPCC and IPBES.
2020/06/08
Committee: ENVI
Amendment 723 #

2020/0036(COD)

Proposal for a regulation
Article 3 – paragraph 3 – point j a (new)
(ja) ensuring stable, long lasting and climate effective natural sinks over time.
2020/06/08
Committee: ENVI
Amendment 733 #

2020/0036(COD)

Proposal for a regulation
Article 3 – paragraph 3 – point j b (new)
(jb) inter-relationship and trade-offs between Union measures on adaptation and mitigation
2020/06/08
Committee: ENVI
Amendment 740 #
2020/06/08
Committee: ENVI
Amendment 748 #

2020/0036(COD)

Proposal for a regulation
Article 3 a (new)
Article 3a Union carbon budget 1. By 30 June 2021, the Commission shall establish a Union carbon budget based on cumulative CO2 emissions and make legislative proposals to the European Parliament and the Council as appropriate. 2. The Union carbon budget shall set out the remaining quantity of greenhouse gas emissions in total for the Union economy that could be emitted without putting at risk the Union’s commitments under the Paris Agreement. 3. The Commission shall use the Union carbon budget as a basis when setting a trajectory in accordance with Article 3(1) and when making the assessments referred to in Articles 5 and 6.
2020/06/08
Committee: ENVI
Amendment 760 #

2020/0036(COD)

Proposal for a regulation
Article 4 – paragraph 1
1. The relevant Union institutions and the Member States shall meet national and Union objectives for climate adaptation, and shall ensure continuous progress in enhancing adaptive capacity, strengthening resilience and reducing vulnerability to climate change in accordance with Article 7 of the Paris Agreement.
2020/06/08
Committee: ENVI
Amendment 793 #

2020/0036(COD)

Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 1 – point a
(a) the progress made by each Member State and the collective progress made by all Member States towards the achievement of the climate-neutrality objective set out in Article 2(1) as expressed by the trajectory to be established as referred to in Article 3(1) and the intermediate objective set out in Article 2(3); where the trajectory is not available, the assessment shall be made on the basis of the criteria set out in Article 3(3) and the 2030 climate target;
2020/06/08
Committee: ENVI
Amendment 806 #

2020/0036(COD)

Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 1 – point b
(b) the progress made by each Member State and the collective progress made by all Member States on adaptation as referred to in Article 4.
2020/06/08
Committee: ENVI
Amendment 861 #

2020/0036(COD)

Proposal for a regulation
Article 5 – paragraph 4
4. The Commission shall assess anythe alignment of all Union draft measures or legislative proposal in light ofs with the climate- neutrality objective set out in Article 2(1) as expressed by the trajectory referred to in Article 3(1) once the trajectory is established, as well as the Union carbon budget set out in Article 3a, before adoption, and include this analysis in any impact assessment accompanying these measures or proposals, and make the result of that assessment public at the time of adoption. By applying climate proofing, the Commission shall ensure that all measures and legislative proposals are aligned with, or not in conflict with, the climate-neutrality objective set out in Article 2(1).
2020/06/08
Committee: ENVI
Amendment 902 #

2020/0036(COD)

Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point b
(b) the adequacy and effectiveness of relevant national measures to ensure progress on adaptation as referred to in Article 4.
2020/06/08
Committee: ENVI
Amendment 915 #

2020/0036(COD)

Proposal for a regulation
Article 6 – paragraph 2
2. Where the Commission finds, under due consideration of the progress made by each Member State and the collective progress assessed in accordance with Article 5(1), that a Member State’s measures are inconsistent with thate Union’s climate-neutrality objective as expressed by the trajectory referred to in Article 3(1) once the trajectory is established, or inadequate to ensure progress on adaptation as referred to in Article 4, it mayshall issue recommendations to that Member State. The Commission shall make such recommendations publicly available at the moment it issues the recommendation.
2020/06/08
Committee: ENVI
Amendment 946 #

2020/0036(COD)

Proposal for a regulation
Article 6 – paragraph 3 – point c a (new)
(ca) the Commission shall take the necessary measures, including introducing sanctions or suspensions of financial EU-support for the failure to achieve of the climate-neutrality objective set out in Article 2(1), in accordance with the Treaties.
2020/06/08
Committee: ENVI
Amendment 966 #
2020/06/08
Committee: ENVI
Amendment 69 #

2020/0006(COD)

Proposal for a regulation
Recital 2
(2) The transition to a climate-neutral and circular economy constitutes one of the most important policy objectives for the Union. On 12 December 2019, the European Council endorsed the objective of achieving a climate-neutral Union by 2050, in line with the objectives of the Paris Agreement. While fighting climate change and environmental degradation will benefit all in the long term and provides opportunities and challenges for all in the medium term, not all regions and Member States start their transition from the same point or have the same capacity to respond. Some are more advanced than others, whereas the transition entails a wider social and economic impact for those regions that rely heavily on fossil fuels -, especially coal, lignite, peat and oil shale - or, greenhouse gas intensive industries or industries whose products are impacted by the transition to EU climate neutrality. Such a situation not only creates the risk of a variable speed transition in the Union as regards climate action, but also of growing disparities between regions, detrimental to the objectives of social, economic and territorial cohesion.
2020/06/02
Committee: ECON
Amendment 76 #

2020/0006(COD)

Proposal for a regulation
Recital 3
(3) In order to be successful, the transition has to be fair and socially acceptable for all. Therefore, both the Union and the Member States must take into account its economic and social implications from the outset, and deploy all possible instruments to mitigate adverse consequences. The aim of the controlled and just transition is avoiding economic downturns in the most exposed regions while not undermining the prospects for economic development in these regions. The Union budget has an important role in that regard.
2020/06/02
Committee: ECON
Amendment 113 #

2020/0006(COD)

Proposal for a regulation
Recital 7
(7) The resources from the JTF should complement the resources available under cohesion policy instruments and all other relevant EU and national funding instruments targeting vulnerable sectors, and should not lead to cuts or compulsory transfers from EU funds covered by Regulation.../…[new CPR].
2020/06/02
Committee: ECON
Amendment 126 #

2020/0006(COD)

Proposal for a regulation
Recital 10
(10) This Regulation identifies types of investments for which expenditure may be supported by the JTF. All supported activities should be pursued in full respect of the climate and environmental priorities of the Union. The list of investments should include those that support local economies and are sustainable in the long- term, taking into account all the objectives of the Green Deal. The projects financed should contribute to a transition to a climate-neutral and circular economy, above all, mitigate negative economic and societal impacts of environmental transition and contribute to a transition to a climate-neutral and circular economy. Investments in transitional energy sources such as natural gas shall be eligible for support if such investments lead to a substantial reduction of greenhouse gas emissions, and allow for the use of renewable gas as a sustainable alternative. For declining sectors, such as energy production based on coal, lignite, peat and oil shale or extraction activities for these solid fossil fuels, support should be linked to the phasing out of the activity and the corresponding reduction in the employment level. As regards transforming sectors with high greenhouse gas emission levels, support should promote new activities through the deployment of new technologies, new processes or products, leading to significant emission reduction, in line with the EU 2030 climate objectives and EU climate neutrality by 205013 while maintaining and enhancing employment and avoiding environmental degradation. Particular attention should also be given to activities enhancing innovation and research in advanced and sustainable technologies, as well as in the fields of digitalisation and connectivity, provided that such measures help mitigate the negative side effects of a transition towards, and contribute to, a climate- neutral and circular economy. It is also necessary to provide support for industrial factories and industrial parks in their efforts to adapt their spaces to new sustainable activities. __________________ 13 As set out in “A Clean Planet for all European strategic long-term vision for a prosperous, modern, competitive and climate neutral economy”, Communication from the Commission to the European Parliament, the European Council, the Council, the European Economic and Social Committee, the Committee of the Regions and the European Investment Bank - COM(2018) 773 final.
2020/06/02
Committee: ECON
Amendment 146 #

2020/0006(COD)

Proposal for a regulation
Recital 12
(12) In order to enhance the economic diversification of territories impacted by the transition, the JTF should provide support to productive investment in SMEs in order to help them re-orient their business activities and create new opportunities. Productive investment should be understood as investment in fixed capital or immaterial assets of enterprises in view of producing goods and services thereby contributing to gross- capital formation, scaling up and employment. For enterprises other than SMEs, productive investments should only be supported if they are necessary for mitigating job losses resulting from the transition, by creating or protecting a significant number of jobs and they do not lead to or result from relocation. Investments in existing industrial facilities, including those covered by the Union Emissions Trading System, should be allowed if they contribute to the transition to a climate-neutral economy by 2050 and go substantially below the relevant benchmarks established for free allocation under Directive 2003/87/EC of the European Parliament and of the Council14 and if they result in the protection of a significant number of jobs. Any such investment should be justified accordingly in the relevant territorial just transition plan. In order to protect the integrity of the internal market and cohesion policy, support to undertakings should comply with Union State aid rules as set out in Articles 107 and 108 TFEU and, in particular, support to productive investments by enterprises other than SMEs should be limited to enterprises located in areas designated as assisted areas for the purposes of points (a) and (c) of Article 107(3) TFEU. __________________ 14Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC (OJ L 275, 25.10.2003, p. 32).
2020/06/02
Committee: ECON
Amendment 165 #

2020/0006(COD)

Proposal for a regulation
Recital 14
(14) The JTF support should be conditional on the effective implementation of a transition process in a specific territory in order to achieve a climate-neutral economy. In that regard, Member States should prepare, in cooperation with the relevant stakeholders as defined by the partnership principle in Article 6 of EU Regulation.../…[new CPR] and supported by the Commission, territorial just transition plans, detailing the transition process, consistently with their National Energy and Climate Plans. To this end, the Commission should set up a Just Transition Platform, which would build on the existing platform for coal regions in transition to enable bilateral and multilateral exchanges of experience on lessons learnt and best practices across all affected sectors.
2020/06/02
Committee: ECON
Amendment 171 #

2020/0006(COD)

Proposal for a regulation
Recital 15
(15) The territorial just transition plans should identify the territories most negatively affected, where JTF support should be concentrated and describe specific actions to be undertaken to reach a climate-neutral economy by 2050, notably as regards the modernisation, conversion or closure of facilities involving fossil fuel production or other greenhouse gas intensive activities or activities where the products are impacted by the transition to EU climate neutrality. Those territories should be precisely defined and correspond to NUTS level 3 regions or should be parts thereof. The plans should detail the challenges and needs of those territories and identify the type of operations needed in a manner that ensures the coherent development of climate-resilient economic activities that are also consistent with the transition to climate-neutrality and the objectives of the Green Deal. Only investments in accordance with the transition plans should receive financial support from the JTF. The territorial just transition plans should be part of the programmes (supported by the ERDF, the ESF+, the Cohesion Fund or the JTF, as the case may be) which are approved by the Commission.
2020/06/02
Committee: ECON
Amendment 189 #

2020/0006(COD)

Proposal for a regulation
Article 1 – paragraph 1
1. This Regulation establishes the Just Transition Fund (‘JTF’) to provide support to territories or economic activities facing serious socio-economic challenges deriving from the transition process towards a climate-neutral economy of the Union by 2050.
2020/06/02
Committee: ECON
Amendment 198 #

2020/0006(COD)

Proposal for a regulation
Article 2 – paragraph 1
In accordance with the second subparagraph of Article [4(1)] of Regulation (EU) [new CPR], the JTF shall contribute to the single specific objective ‘enabling regions, economic operators and people to address the social, economic and environmental impacts of the transition towards a climate- neutral economy’.
2020/06/02
Committee: ECON
Amendment 212 #

2020/0006(COD)

Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1
The resources for the JTF under the Investment for jobs and growth goal available for budgetary commitment for the period 2021-2027 shall be EUR 7.540 billion in 2018 prices, whichand shall not result from the transfer of resources from other EU funds covered by EU Regulation.../…[new CPR]. It may be increased, as the case may be, by additional resources allocated in the Union budget, and by other resources in accordance with the applicable basic act.
2020/06/02
Committee: ECON
Amendment 242 #

2020/0006(COD)

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 1 – point a
(a) productive investments in SMEs, including micro-enterprises and start-ups, leading to economic diversification and, reconversion and scale up;
2020/06/02
Committee: ECON
Amendment 270 #

2020/0006(COD)

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 1 – point d a (new)
(da) investment in district heating;
2020/06/02
Committee: ECON
Amendment 272 #

2020/0006(COD)

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 1 – point d b (new)
(db) ensuring the security of energy supply;
2020/06/02
Committee: ECON
Amendment 273 #

2020/0006(COD)

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 1 – point d c (new)
(dc) investments related to the production, processing, distribution, storage or combustion of gas, provided that it is used as a bridging technology replacing coal, lignite, peat, oil shale and demonstrates it delivers significant reductions in greenhouse gas emissions; these investments should allow for the use of renewable gas at a later stage;
2020/06/02
Committee: ECON
Amendment 277 #

2020/0006(COD)

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 1 – point e a (new)
(ea) investments in the deployment of technology and infrastructure for affordable clean and smart mobility contributing to greenhouse gas emission reduction and to the diversification of mobility solutions;
2020/06/02
Committee: ECON
Amendment 281 #

2020/0006(COD)

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 1 – point f
(f) investments in regeneration and decontamination of sites and brown fields, land restoration and repurposing projects including investments in the preparation of their support and background documentation and analysis;
2020/06/02
Committee: ECON
Amendment 343 #

2020/0006(COD)

Proposal for a regulation
Article 5 – paragraph 1 – point d
(d) investment related to the production, processing, distribution, storage or combustion of fossil fuels with the exception of investments as defined by Article 4, paragraph 2, subparagraph1, point dc (new);
2020/06/02
Committee: ECON
Amendment 359 #

2020/0006(COD)

Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
The JTF resources shall be programmed for the categories of regions where the territories or economic activities concerned are located, on the basis of the territorial just transition plans established in accordance with Article 7 and approved by the Commission as part of a programme or a programme amendment. The resources programmed shall take the form of one or more specific programmes or of one or more priorities within a programme.
2020/06/02
Committee: ECON
Amendment 363 #

2020/0006(COD)

Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 2
The Commission shall only approve a programme where the identification of the territories or economic activities most negatively affected by the transition process, contained within the relevant territorial just transition plan, is duly justified and the relevant territorial just transition plan is consistent with the National Energy and Climate Plan of the Member State concerned.
2020/06/02
Committee: ECON
Amendment 388 #

2020/0006(COD)

Proposal for a regulation
Article 7 – paragraph 2 – point b
(b) a justification for identifying the territories or economic activities as most negatively affected by the transition process referred to in point (a) and to be supported by the JTF, in accordance with paragraph 1;
2020/06/02
Committee: ECON
Amendment 390 #

2020/0006(COD)

Proposal for a regulation
Article 7 – paragraph 2 – point c
(c) an assessment of the transition challenges faced by the most negatively affected territories or economic activities, including the social, economic, and environmental impact of the transition to a climate-neutral economy, identifying the potential number of affected jobs and job losses, the development needs and objectives, to be reached by 2030 linked to the transformation or closure of greenhouse gas-intensive activities or activities where their products are impacted by the transition to EU climate neutrality in those territories;
2020/06/02
Committee: ECON
Amendment 31 #

2019/2211(INI)

Motion for a resolution
Recital A
A. whereas the improvement in the economic situation and low interest rates provide an opportunity to implement ambitious reforms, in particular measures aimed at encouraging public investment to tackle climate change and its social consequences and create full-time jobstructural reforms;
2020/01/27
Committee: ECON
Amendment 83 #

2019/2211(INI)

Motion for a resolution
Paragraph 1
1. Notes that, in view of the climate change emergency, the EU’s Annual Growth Survey (AGS) has now been renamed the Annual Sustainable Growth Survey (ASGS), and considers that this implies a change in the positioning of the report and the implementation of ecological indicators;
2020/01/27
Committee: ECON
Amendment 111 #

2019/2211(INI)

Motion for a resolution
Subheading 1
Environmentdeleted
2020/01/27
Committee: ECON
Amendment 117 #

2019/2211(INI)

Motion for a resolution
Paragraph 3
3. Considers achieving a fair transition to climate neutrality to be a major responsibility for the EU’s citizens and economy and its role in the world; calls for appropriate support and policies, with involvement for and of the public, the various sectors, regions and Member States with a view to benefiting from this transformation and making it a success; calls on the Commission to undertake an annual evaluation of the Union’s ecological debt, carbon budget and imported emissions;
2020/01/27
Committee: ECON
Amendment 154 #

2019/2211(INI)

Motion for a resolution
Paragraph 5 a (new)
5 a. Emphasises that Member States must increase productivity through productive investments that can stimulate much-needed potential economic growth;
2020/01/27
Committee: ECON
Amendment 155 #

2019/2211(INI)

Motion for a resolution
Paragraph 5 b (new)
5 b. Stresses that intra-European foreign direct investment can lead to productivity gains for both the investing firm and local firms in the host regions, and helps generate economic convergence within Europe; considers that clear and enforceable rules, a level playing field and reduced compliance costs are crucial factors for attracting investment, a key component of the EU Single Market that delivers economic growth, creates jobs and secures prosperity for our citizens;
2020/01/27
Committee: ECON
Amendment 156 #

2019/2211(INI)

Motion for a resolution
Paragraph 5 c (new)
5 c. Highlights the urgent Need for a fully-fledged capital markets union, as better integrated financial markets could provide for further private risk-sharing and risk-reduction mechanisms, facilitate cross-border investments and access to finance for SMEs and the real economy, and promote sustainable investments
2020/01/27
Committee: ECON
Amendment 157 #

2019/2211(INI)

Motion for a resolution
Paragraph 5 d (new)
5 d. Considers that reforms removing disproportionate red tape to investments would both facilitate economic activity and create conditions conducive to long- term growth;
2020/01/27
Committee: ECON
Amendment 158 #

2019/2211(INI)

Motion for a resolution
Paragraph 5 e (new)
5 e. Stresses that increasing productivity growth requires investment in skills, innovation, Automation, digitalisation, R&D, sustainable mobility and infrastructure, and emphasises the need to invest in both physical and human capital, and thereby calls on the Member States to ensure equal access to lifelong education, upskilling and retraining to best prepare our citizens to face the challenges of the Digital age;
2020/01/27
Committee: ECON
Amendment 166 #

2019/2211(INI)

6. Endorses the conclusion of the European Fiscal Board (EFB) that the fiscal framework has not protected the quality of public expenditure, and welcomes the EFB’s proposal for a ‘golden rule’ to protect public investment, provided that it is framed within clear parameters to prevent circumvention; calls, therefore, for the reform of the Stability and Growth Pact and the introduction of a golden rule aimed at implementing sound fiscal policy on an equal footing with investment within the EU’s policy objectives; whereas this should cover the investment foreseen for the realisation of the Green Deal, the Digital Revolution, the SDGs and the EPSR Rights, including expenditure aimed at reducing poverty and inequality related to social protection, health services and long-term care, and education and training;
2020/01/27
Committee: ECON
Amendment 175 #

2019/2211(INI)

Motion for a resolution
Paragraph 7
7. Highlights the problem of too low a level of public investment; calls on the Commission to assess the cost of not taking action in this area, in particular by evaluating the difference between the need for investment and the actual investments made;deleted
2020/01/27
Committee: ECON
Amendment 192 #

2019/2211(INI)

Motion for a resolution
Paragraph 8
8. Calls for a European Green Industrial Strategy;deleted
2020/01/27
Committee: ECON
Amendment 207 #

2019/2211(INI)

Motion for a resolution
Subheading 4
MEnsuring macroeconomic stability and sound public finances
2020/01/27
Committee: ECON
Amendment 213 #

2019/2211(INI)

Motion for a resolution
Paragraph 9
9. SharesTakes note of the concern expressed in others of the EFB European Fiscal Boards’s conclusions regarding the pro- cyclical elements in the EU fiscal rules, which forced Member S; tatkes to adjust their economies in a poor or difficult economic situation, failing to improve the quality of public finance and promote investment; welcomes the EFBnote of the European Fiscal Board’s recommendation of a seven-year cycle mirroring the MFFulti-Annual Financial Framework so as to better coordinate Member States’ public accounts, and especially investmentregarding investment, thus helping them attain much-needed converge;
2020/01/27
Committee: ECON
Amendment 218 #

2019/2211(INI)

Motion for a resolution
Paragraph 10
10. Notes that the debt levels of all the Member States are above the pre-crisis level and are expected to exceed 60 % in 2021; further notes that in six Member States the ratio will be higher than 90 %; highlights the fact that the fiscal rules have not contributed to bringing down the debt levels of highly indebted countries but have, rather, increased them;
2020/01/27
Committee: ECON
Amendment 229 #

2019/2211(INI)

Motion for a resolution
Paragraph 11
11. Supports flexibility in the implementation of the SGP as proposed by the Commission in 2015; considers that much more flexibility should be introduced in order to boost investment and ecological transition in the EU; calls, therefore, for the reform of the SGP and the introduction of a euro area fiscal capacityArgues that the SGP process has to be accompanied by rules that avoid pro- cyclicality and incentivize countercyclical policy measures;
2020/01/27
Committee: ECON
Amendment 253 #

2019/2211(INI)

Motion for a resolution
Subheading 5
Macroeconomic imbalancesdeleted
2020/01/27
Committee: ECON
Amendment 273 #

2019/2211(INI)

Motion for a resolution
Paragraph 14 a (new)
14 a. Is concerned that the low interest rates during a long growth period will lead to misperception about the high burden of indebtedness for future generations.
2020/01/27
Committee: ECON
Amendment 278 #

2019/2211(INI)

Motion for a resolution
Paragraph 15
15. Recalls the importance of the efficient regulation of the banking and financial sectors in order to prevent a new crisis; believes that such regulation must integrate the ecological situation; emphasises the importance of completing the Banking Union and the need to reform the European Stability Mechanism;
2020/01/27
Committee: ECON
Amendment 293 #

2019/2211(INI)

Motion for a resolution
Paragraph 15 a (new)
15 a. Points out that macro-financial stability and sound public finances remain a precondition of sustainable growth;
2020/01/27
Committee: ECON
Amendment 295 #

2019/2211(INI)

Motion for a resolution
Paragraph 15 b (new)
15 b. Calls for those Member Stateswith high levels of deficits and public debt to undertake continuous efforts to reduce them; acknowledges the efforts made by a number of Member States to consolidate their public finances, but regrets the fact that some have missed the opportunity to carry out the necessary reforms;
2020/01/27
Committee: ECON
Amendment 299 #

2019/2211(INI)

Motion for a resolution
Paragraph 15 c (new)
15 c. Welcomes that some Member States with good fiscal space have consolidated even further;
2020/01/27
Committee: ECON
Amendment 300 #

2019/2211(INI)

Motion for a resolution
Paragraph 15 d (new)
15 d. Urges the Member States to build appropriate fiscal Buffers;
2020/01/27
Committee: ECON
Amendment 301 #

2019/2211(INI)

Motion for a resolution
Paragraph 15 e (new)
15 e. recalls the importance of aconsistent implementation of fiscal rules for ensuring the trust of financial markets, which is fundamental for attracting investment;
2020/01/27
Committee: ECON
Amendment 302 #

2019/2211(INI)

Motion for a resolution
Paragraph 15 f (new)
15 f. Welcomes the Commission’sefforts to encourage those Member States with current account deficits or high external debt to improve their competitiveness;
2020/01/27
Committee: ECON
Amendment 303 #

2019/2211(INI)

Motion for a resolution
Subheading 6
Taxationdeleted
2020/01/27
Committee: ECON
Amendment 305 #

2019/2211(INI)

Motion for a resolution
Paragraph 16
16. Calls for qualified majority voting in Council on tax matters;deleted
2020/01/27
Committee: ECON
Amendment 321 #

2019/2211(INI)

Motion for a resolution
Paragraph 17
17. Calls for the systematic inclusion of tax matters in the Country Specific Recommendations (CSRs), with the aim of ensuring economic coherence across EU Member States as well as the fairness of EU tax systems; believes that the CSRs could ensure a fair balance between sources of revenue and should alsoBelieves that the Country Specific Recommendations (CSRs) should include innovative elements aiming at promoting the Green Deal; further believes that they should also support Member States in tackling tax avoidance and aggressive tax planning where necessary;
2020/01/27
Committee: ECON
Amendment 339 #

2019/2211(INI)

Motion for a resolution
Subheading 7
Labour situationdeleted
2020/01/27
Committee: ECON
Amendment 397 #

2019/2211(INI)

Motion for a resolution
Paragraph 25 a (new)
25 a. Recalls that the degree of implementation of the country-specific recommendations is too low; believes that the focus of the European Semester should be on national ownership; urges national and regional parliaments to debate country reports andcountry- specific recommendations and to engage with the relevant actors; Points out that a more streamlined and more focused European Semester could increase ownership;
2020/01/27
Committee: ECON
Amendment 9 #

2019/2131(INI)

Motion for a resolution
Recital A
A. whereas competition policy must benefit the consumer while defending European businessesst promoting healthy competition amongst businesses operating in the Single Market, in particular by ensuring SMEs, against unfair competition outside Europere afforded the opportunity to compete on a fair basis;
2020/01/10
Committee: ECON
Amendment 16 #

2019/2131(INI)

Motion for a resolution
Recital A a (new)
A a. whereas, private investment, including from third-country undertakings, is crucial to the success of the European Green Deal;
2020/01/10
Committee: ECON
Amendment 29 #

2019/2131(INI)

Motion for a resolution
Recital C a (new)
C a. whereas, the primary objective of European competition policy is to prevent the distortion of competition in order to preserve the integrity of the internal market and protect consumers;
2020/01/10
Committee: ECON
Amendment 45 #

2019/2131(INI)

Motion for a resolution
Paragraph 2
2. Calls on the Commission to monitor foreign direct investment and not to limit itself to the screening mechanismensure a rapid implementation of the screening for foreign direct investments mechanism and to propose a tool to strengthen the current mechanism, whilst ensuring that the European Union remains an attractive destination for investment;
2020/01/10
Committee: ECON
Amendment 72 #

2019/2131(INI)

Motion for a resolution
Paragraph 5
5. Calls on the Commission to ensure the balanced application of State aid control to European operators in order to avoid asymmetries with their foreign competitors, who are not subject to it, whilst ensuring that the internal market is not undermined and that application and enforcement of EU competition law is not weakened;
2020/01/10
Committee: ECON
Amendment 161 #

2019/2131(INI)

Motion for a resolution
Paragraph 10
10. Stresses that some entities, benefiting from dual status as both platforms and suppliers, being at the same time "player and referee", abuse their position to impose unfair terms on competitors; calls on the Commission to penalise themenforce the necessary laws and make use of the necessary instruments to prevent these abuses;
2020/01/10
Committee: ECON
Amendment 183 #

2019/2131(INI)

Motion for a resolution
Paragraph 13
13. Stresses that, while intermediation platforms play a major role in access to consumers for online services, some abuse their privileged position by acting as gatekeepers; calls on the Commission to conclude its preliminary investigation into Spotify’s complaint about Apple’s anticompetitive practices and to launch a formal procedure as soon as possiblewhich is ultimately to the detriment of the consumer;
2020/01/10
Committee: ECON
Amendment 219 #

2019/2131(INI)

Motion for a resolution
Paragraph 16
16. Stresses the slowness of the application of antitrust rules; stresses the financial and structural risk to which some actors are exposed if they initiate lengthy and costly proceedings; calls on the Commission to consider setting deadlines which take into account the economic timeframe of businesses; stresses, however, that due process must be observed;
2020/01/10
Committee: ECON
Amendment 232 #

2019/2131(INI)

Motion for a resolution
Paragraph 18
18. Deplores the fact that, despite repeated requests, the Commission has still not completed the investigation into Google Shopping which began in 2010; stresses that, in the absence of targeted and effective behavioural remedies that have been tested in advance with the undertaking which is the victim, a complete structural separation of general and specialised research services may be necessary;deleted
2020/01/10
Committee: ECON
Amendment 249 #

2019/2131(INI)

Motion for a resolution
Paragraph 19
19. Calls on the Commission to make more systematic use of investigations in sectors that are essential to the everyday life of citizens, such as urban transport, online advertising, financial services and the media, in the digital age;
2020/01/10
Committee: ECON
Amendment 257 #

2019/2131(INI)

Motion for a resolution
Paragraph 19 a (new)
19 a. Calls on the Commission to take note of the presence of national monopolies and oligopolies as a potential signal of the existence of weaknesses in the Single Market or barriers to fair competition;
2020/01/10
Committee: ECON
Amendment 5 #

2019/2130(INI)

Motion for a resolution
Citation 10
— having regard to the European Banking Authority (EBA) report of DecNovember 20189 entitled ‘Risk Assessment of the European Banking System’5 ;5, _________________ 5 https://eba.europa.eu/eba-sees-further- improvesites/default/docume nts-in-eu-banks-resilience-but- highlights-challenges-connected-to- profitability-funding-and-operational-risk /files/document_library/Risk%20Analy sis%20and%20Data/Risk%20Assessment %20Reports/2019/Risk%20Assessment%2 0Report_November%202019.PDF
2019/12/18
Committee: ECON
Amendment 14 #

2019/2130(INI)

Motion for a resolution
Citation 27 a (new)
- having regard to the EBA report of November 2019 entitled 'Report on NPLs: Progress made and challenges ahead',15a _________________ 15a https://eba.europa.eu/file/233465/downloa d?token=xH5hxq39
2019/12/18
Committee: ECON
Amendment 16 #

2019/2130(INI)

Motion for a resolution
Citation 27 b (new)
- having regard to the joint advice of the European Supervisory Authorities (ESAs) to the European Commission of April 2019 on the need for improvements relating to ICT risk management requirements in the EU financial sector15b, _________________ 15bJC 2019 26, https://eba.europa.eu/file/102634/downloa d?token=ZR98JZp8
2019/12/18
Committee: ECON
Amendment 18 #

2019/2130(INI)

Motion for a resolution
Citation 27 c (new)
- having regard to the EBA report of October 2019 entitled 'Report on potential impediments to the cross-border provision of banking and payment services',15c _________________ 15c https://eba.europa.eu/file/178124/downloa d?token=7fFsD9og
2019/12/18
Committee: ECON
Amendment 25 #

2019/2130(INI)

Motion for a resolution
Recital A a (new)
A a. whereas the completion of the Banking Union is a vital contributor to the international perception of the euro and its increased role in global markets;
2019/12/18
Committee: ECON
Amendment 36 #

2019/2130(INI)

Motion for a resolution
Recital C
C. whereas entrusting the ECB with the supervision of systemically important financial institutions has proven to be successful; whereas the ECB can exercise, where necessary, supervisory tasks in relation to all credit institutions authorised in, and branches established in, participating Member States;
2019/12/18
Committee: ECON
Amendment 55 #

2019/2130(INI)

Motion for a resolution
Paragraph 1
1. Rrecalls the progress made regarding the implementation of the Banking Union, namely on risk reduction; stresses, however, that the Union and the banking sector must not become complacent and further progress has to be made, particularly onboth on risk reduction and risk sharing;
2019/12/18
Committee: ECON
Amendment 60 #

2019/2130(INI)

Motion for a resolution
Paragraph 1 a (new)
1 a. Recalls that the Banking Union is open to all Members States wishing to join; considers that the control and accountability of the Banking Union lies primarily with the participating Member States and institutions;
2019/12/18
Committee: ECON
Amendment 70 #

2019/2130(INI)

Motion for a resolution
Paragraph 2
2. Welcomes the support of the [incoming] President of the European Commission and the President of the ECB for the completion of the Banking Union and, more globalbroadly, the Economic and Monetary Union, through the creation of a fiscal capacity designed to provide the euro area with an adequate stabilisation function;
2019/12/18
Committee: ECON
Amendment 88 #

2019/2130(INI)

Motion for a resolution
Paragraph 4
4. Notes that bank profitability has increased steadily since 2012, with return on equity surpassing 6 % since 2017; highlights, however, that recent findings from the EBA state that banks' profitability has weakened and the challenges to profitability are not expected to abate in the short-term; underlines that the low risk and low interest rate environment has resulted in lower costs for provisions and losses; recalls the need to continuously evaluate the levels of financing to the economy and particularly to SMEs;
2019/12/18
Committee: ECON
Amendment 97 #

2019/2130(INI)

Motion for a resolution
Paragraph 5
5. Underlines the crucial role of the banking sector in channelling funding into sustainable investments and enabling the transition to a climate-neutral economy; is concerned that the vulnerabilities of banks to climate-related risks may not be fully comprehended; in that regard, welcomes the EBA's commitments to include climate-risk considerations in its annual risk assessment and to introduce a dedicated climate change stress test; calls on the Commission to respond to these risks if necessary;
2019/12/18
Committee: ECON
Amendment 116 #

2019/2130(INI)

Motion for a resolution
Paragraph 6
6. Restates the importance of a safe asset in the euro area as a way to help stabilise financial markets and allow banks to reduce the exposure of their balance sheets to national sovereign debt; calls on the Commission to submit a legislative proposal for the creation of a true European safe assetbring forward a new proposal, building on existing initiatives and taking note of their limitations, which would provide an EU safe asset; urges the Commission to explore complementary measures to incentivise the market to invest in the EU safe asset; recalls the lack of appetite at present for any instrument requiring the mutualisation of debt amongst the Member States participating in the Banking Union;
2019/12/18
Committee: ECON
Amendment 135 #

2019/2130(INI)

Motion for a resolution
Paragraph 7 a (new)
7 a. Recalls the political mandate given to Commission Vice-President Dombrovskis to deliver an economy that works for people; stresses that the objective of all prospective measures or reforms should be to contribute to the stability or proper functioning of the Banking Union to the benefit of the citizen and the real economy;
2019/12/18
Committee: ECON
Amendment 140 #

2019/2130(INI)

Motion for a resolution
Paragraph 7 b (new)
7 b. Underlines that the EU banking sector hosts a plethora of banking models; stresses that all future measures and reforms should take due consideration of the diversity of the EU banking sectors and deliver proportionate measures which will maintain the competitiveness of the sector, both in the internal market and vis-à-vis global markets;
2019/12/18
Committee: ECON
Amendment 152 #

2019/2130(INI)

Motion for a resolution
Paragraph 9
9. Notes that the ratio of non- performing loans (NPLs) held by significant institutionEU banks has fallen by more than half from the start of ECB banking supervision, in November 2014, to June 2019; underlines the need to protect customers’ rights in the context of NPL transactio but that there are still disparities amongst the Member States; stresses that all institutions across the EU should contribute to lowering the ratio; underlines the need to protect customers’ rights in the context of NPL transactions in the primary and secondary markets and that these rights should apply equally to existing and future loans;
2019/12/18
Committee: ECON
Amendment 171 #

2019/2130(INI)

Motion for a resolution
Paragraph 10
10. Notes that work on the implementation of the final Basel III standards has already started; recalls its resolution of 23 November 2016 on the finalisation of Basel III and the conclusions of the ECOFIN Council of 12 July 2016 and calls on the Commission to act on the recommendations therein when drafting the new legislative proposals; underlines that the Commission should ensure that implementation in the EU is proportionate, and maintains the competitiveness of the EU banking sector, both internally and vis-à-vis global competitors;
2019/12/18
Committee: ECON
Amendment 182 #

2019/2130(INI)

Motion for a resolution
Paragraph 12
12. Requests increased transparency in banking supervision in order to reinforce trust from capital and financial markets, companies and citizens, as well as to ensure consistency of treatment across Member States;
2019/12/18
Committee: ECON
Amendment 185 #

2019/2130(INI)

13. Notes that innovative financial technologies are profoundly transforming the financial sector, including banking and payment services, and welcomes the efficiencies these offer to consumers and the competition these bring to the market; highlights the need to address the challenges posed by these new technologies, such as ensuring sustainable business models that are interoperable across borders, a level playing field in terms of regulation and supervision, and cybersecurity; notes, also, the increasing reliance on cloud-computing by the banking sector and urges the Commission to respond to the Joint Advice of the ESAs on the need for legislative improvements relating to ICT risk management requirements in the EU financial sector;
2019/12/18
Committee: ECON
Amendment 191 #

2019/2130(INI)

Motion for a resolution
Paragraph 14
14. NotesRecognises the important contribution the 'shadow banking' sector can make to the establishment of the Capital Markets Union by diversifying funding channels; notes, however, that there is considerable interconnectedness between the ‘shadow banking’ sector and the ‘traditional’ banking sector, which has raisesd concerns of systemic risk given the lack of appropriate supervision of the first; calls,; in this regard, calls for the establishment of a macroprudential toolkit to counter threats to financial stability posed by the increasing role of the ‘shadow banking’ system; encourages global standards setters to work to identify and address these risks;
2019/12/18
Committee: ECON
Amendment 203 #

2019/2130(INI)

Motion for a resolution
Paragraph 15
15. Welcomes the agreement on the exchange of information between the ECB and the AML/CFT supervisors; recalls its serious concern about regulatory and supervisory fragmentation in the AML/CFT area, which has failed to provide adequate oversight and responses to national supervisory authorities’ deficiencies, and is ill-suited to supervise the increasing cross-border activity in the EU; calls on the Commission to start working on the overhaul ofidentifying shortcomings in the EU AML framework, and legislation to effectively address the risks posed by cross-border illegal activityto provide clarity on the division of responsibilities and coordination of cross-border supervision, with legislative measures if necessary; reiterates the importance of a robust and coherent AML/CFT framework to the integrity of the EU financial system and the security of EU citizens;
2019/12/18
Committee: ECON
Amendment 218 #

2019/2130(INI)

Motion for a resolution
Paragraph 16
16. Recalls its resthe evolution of 8 June 2011 on credit rating agencies: future perspectives; notes that the creation of a European credit rating agency would contribute to increasing competition, reducing information asymmetries and increasing transparency for marketthe EU framework for credit rating agencies; notes that sustainability ratings based on environmental, social and governance (ESG) criteria are an important complement to the credit risk assessments provided by credit ratings in channelling funds towards investments in sustainable activities; stresses the importance of ensuring that the development of a market for the provision of sustainability ratings is competitive and not concentrated with a limited number of providers;
2019/12/18
Committee: ECON
Amendment 222 #

2019/2130(INI)

Motion for a resolution
Paragraph 17 a (new)
17 a. Stresses that banks need to be able to operate across borders while managing their capital and liquidity at a consolidated level, in order to diversify their risks and address any lack of profitability; highlights that rules should allow for greater flexibility for the parent company in this regard, while specifying that, in the event of a crisis, the parent company should provide capital and liquidity to the subsidiary located in the host country; notes the greater clarity on the division of supervision responsibilities provided by the Banking Package; urges, however, the Commission and Member States to continue to work to diffuse home-host tensions;
2019/12/18
Committee: ECON
Amendment 223 #

2019/2130(INI)

Motion for a resolution
Paragraph 17 b (new)
17 b. Notes the recent findings of the EBA highlighting remaining impediments to the cross-border provision of banking services; highlights the benefits of increased cross-border activity to market competition and the provision of services to consumers; calls on the Commission to identify and address aspects of the Single Rulebook which could be harmonised further, as well as divergent implementation of the rules across Member States; recommends that the Commission explores aspects of national insolvency regimes which could be harmonised;
2019/12/18
Committee: ECON
Amendment 230 #

2019/2130(INI)

Motion for a resolution
Paragraph 18
18. Welcomes the fact that the Single Resolution Board has not been required to take resolution action in 2019; urges the Commission to review whether the legislation isand the 2013 Banking Communication on State aid are adequate to ensure that all banks could, if needed, be resolved without the need for taxpayers’ money; invites the Commission to follow up on the Financial Stability Board review of the ‘too big to fail’ legislation and consider if legislation to separate deposit-taking and investment banking should once again be considered;
2019/12/18
Committee: ECON
Amendment 241 #

2019/2130(INI)

Motion for a resolution
Paragraph 19
19. Is concerned by the lack of mechanisms in the Banking Union to ensure that emergency liquidity can be provided in the event of a resolution and; highlights the importance of liquidity in resolution to the smooth continuity of services and stability of financial markets; recognises that the common backstop to the SRF would not be sufficient to serve this purpose, particularly in the event of the resolution of a G-SIB; calls on the Commission to attempt to address this gap without further delay;
2019/12/18
Committee: ECON
Amendment 245 #

2019/2130(INI)

Motion for a resolution
Paragraph 20
20. Urges the operationalisationNotes the progress made by the Eurogroup in reaching an agreement on the legal framework for the common backstop to the SRF; regrets, however, its decision to postpone the final decision on the introduction of the common backstop; recalls the importance of the common backstop to the SRFas an important tool for the SRM; urges the operationalisation of the backstop as soon as practicable;
2019/12/18
Committee: ECON
Amendment 269 #

2019/2130(INI)

Motion for a resolution
Paragraph 22
22. Urges the completion of the Banking Union through the creation of a fully mutualised EDIS, to protect depositors against banking disruptions and to ensure confidence among depositors and investors across the Banking Union; recognises the potential need for a pragmatic phasing in of EDIS whilst maintaining the ambition to introduce a fully mutualised framework; welcomes the support of the [incoming] President of the Commission and the President of the ECB for the establishment of EDIS;
2019/12/18
Committee: ECON
Amendment 27 #

2019/2129(INI)

Motion for a resolution
Recital F
F. whereas a stronger role of the euro, and its increased use as a reserve currency, would increase the EU’s ability to frame its policy stance independently vis-à-vis the US and the Federal Reserve and would ultimately provide protection from the risk of an uncooperative US approach;
2019/11/15
Committee: ECON
Amendment 104 #

2019/2129(INI)

Motion for a resolution
Paragraph 5 – indent 1
- The deepening of the European Monetary Union, including a fiscal capacity for the euro area able to providinge a counter-cyclical stabilisation function whilst ensuring that Member States follow a sound budgetary policy;
2019/11/15
Committee: ECON
Amendment 118 #

2019/2129(INI)

Motion for a resolution
Paragraph 5 – indent 3 a (new)
- The respect of a market-driven economy that refrains from protectionism;
2019/11/15
Committee: ECON
Amendment 119 #

2019/2129(INI)

Motion for a resolution
Paragraph 5 – indent 3 b (new)
- The respect of the rule of law;
2019/11/15
Committee: ECON
Amendment 155 #

2019/2129(INI)

Motion for a resolution
Paragraph 7 a (new)
7a. Underlines the need to monitor the impact that the current monetary policy stance might have on asset prices;
2019/11/15
Committee: ECON
Amendment 161 #

2019/2129(INI)

Motion for a resolution
Paragraph 8
8. Notes that the negative effects on banks’ net interest income have been largely counterbalanced so far by the benefits from more bank lending and lower costs for provisions and losses;
2019/11/15
Committee: ECON
Amendment 171 #

2019/2129(INI)

Motion for a resolution
Paragraph 9
9. Underlines that while very low or negative interest rates offer opportunities to consumers, workers and borrowers, who can benefit from stronger economic momentum, lower unemployment and lower borrowing costs, it is being perceived in certain Member States as creating problems for small savers and pension systems;
2019/11/15
Committee: ECON
Amendment 189 #

2019/2129(INI)

Motion for a resolution
Paragraph 10 a (new)
10a. Is concerned about the prolonged subdued inflationary pressure, the overreliance on the ECB’s monetary policy to sustain growth and its increasingly limited options under its current toolbox;
2019/11/15
Committee: ECON
Amendment 193 #

2019/2129(INI)

Motion for a resolution
Paragraph 10 b (new)
10b. Notes President Draghi’s call for a better alignment between the ECB’s monetary and Member State fiscal policies, highlighting that a more balanced macroeconomic policy mix would allow low interest rates to deliver the same degree of stimulus as in the past with fewer side effects;
2019/11/15
Committee: ECON
Amendment 196 #

2019/2129(INI)

Motion for a resolution
Paragraph 10 c (new)
10c. Underlines the importance of cooperation between central banks, both in the European Union and at a global level, for the achievement of the inflation targets in the medium term;
2019/11/15
Committee: ECON
Amendment 216 #

2019/2129(INI)

Motion for a resolution
Paragraph 12
12. Takes good note of Christine Lagarde’s declaration of 4 September, in which she welcomed the ECB’s collaboration in the Network for Greening the Financial System (NGFS) and commitment to contribute to facinge the challenges which climate change poses by implementing the NGFS’s recommendations and acting oin them substantively wherever possible without underminingfull respect of the ECB’s price stability mandate and other objectives;
2019/11/15
Committee: ECON
Amendment 260 #

2019/2129(INI)

Motion for a resolution
Paragraph 16
16. Calls on the ECB to increase its monitoring of the development of crypto- currencies and the increased risks in cyber-securirisks in cyber-security and the development of crypto-assets, especially those that are privately managed, given the challenges they pose to the European Union's monetary sovereignty;
2019/11/15
Committee: ECON
Amendment 266 #

2019/2129(INI)

Motion for a resolution
Paragraph 17
17. Calls on the ECB to ensure an appropriate balance between allowingppropriate regulatory constraints, allowing financial innovation in Fintech and ensuring financial stability;
2019/11/15
Committee: ECON
Amendment 15 #

2018/0412(CNS)

Proposal for a directive
Recital 7
(7) In accordance with Regulation (EU) 2016/679 of the European Parliament and of the Council46 , it is important that the obligation on a payment service provider, to retain and provide information in relation to a cross-border payment transaction, should be proportionate and should only be what is necessary for Member States to fight e-commerce VAT fraud. Furthermore, the only information relating to the payer that should be retained is where the payer is located. With regard to information relating to the payee and the payment transaction itself, payment service providers should only be required to retain and transmit to tax authorities information which is necessary for tax authorities to detect possible fraudsters and to carry out VAT controls. Therefore, payment service providers should only be required to retain records on cross-border payment transactions which are likely to indicate economic activities. The introduction of a ceiling based on the number of payments received by a payee over the course of a calendar quarter would give a reliable indication that those payments were received as part of an economic activity, thereby excluding payments for non- commercial reasons. Where such a ceiling is reached, the accounting obligation of the payment service provider would be triggered. In order to ensure proportionality, and, furthermore, to ensure adherence with data protection provisions, payment service providers should be permitted to report transactions on an aggregated basis where appropriate. _________________ 46Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L119, 04.05.2016, p.1).
2019/11/14
Committee: ECON
Amendment 19 #

2018/0412(CNS)

Proposal for a directive
Recital 8 a (new)
(8 a) Several payment service providers may be involved in one single payment from a payer to a payee. That single payment may give rise to several transfers of funds between the different payment service providers. It is necessary that all payment service providers involved in a given payment, unless a specific exclusion is applicable, have a record keeping and reporting obligation. Those records and reports should be proportionate and contain information on the payment from the initial payer to the final payee and not on the intermediate transfers of funds between the payment service providers.
2019/11/14
Committee: ECON
Amendment 20 #

2018/0412(CNS)

Proposal for a directive
Recital 8 b (new)
(8 b) The record keeping and reporting obligation should also arise in cases where a payment service provider receives funds or acquires payment transactions on behalf of the payee and not only where a payment service provider transfers funds or issues payments instruments for the payer.
2019/11/14
Committee: ECON
Amendment 21 #

2018/0412(CNS)

Proposal for a directive
Recital 8 c (new)
(8 c) Obligations stipulated in this Directive should not apply to payment service providers falling outside the scope of Directive (EU) 2015/2366. Therefore, when the payment service providers of the payee are not located in a Member State, the payer’s payment service providers should keep records and report the information on the cross-border payment. Conversely, in order for the record keeping and reporting obligation to be proportionate, when both the payer’s and the payee’s payment service providers are located in a Member State, only the payee’s payment service providers should keep records of that information. For the purposes of the record keeping and reporting obligation, a payment service provider should be considered to be located in a Member State when his BIC or unique business identifier refers to that Member State.
2019/11/14
Committee: ECON
Amendment 26 #

2018/0412(CNS)

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Directive 2006/112/EC
Article 243b – paragraph 2 – introductory phrase
2. The requirement referred to in paragraph 1 shall apply in circumstances where both of the following conditions are met:to which payment service providers are subject to under paragraph 1 shall apply where, in the course of a calendar quarter, a payment service provider provides payment services corresponding to more than 25 cross- border payments to the same payee. The cross-border payments referred to in subparagraph 1 shall be calculated by reference to the payment services provided by the payment service provider per Member State and per identifiers referred to in Article 243c(2). Where the payment service provider has information that the payee has several identifiers the calculation shall be made per payee.
2019/11/14
Committee: ECON
Amendment 27 #

2018/0412(CNS)

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Directive 2006/112/EC
Article 243b – paragraph 2 – point a
(a) where funds are transferred by a payment service provider from a payer located in one Member State to a payee located in another Member State, in a third territory or in a third country;deleted
2019/11/14
Committee: ECON
Amendment 28 #

2018/0412(CNS)

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Directive 2006/112/EC
Article 243b – paragraph 2 – point b
(b) in respect of the transfer of funds referred to in point (a), where a payment service provider executes more than 25 payment transactions to the same payee in the course of a calendar quarter.deleted
2019/11/14
Committee: ECON
Amendment 31 #

2018/0412(CNS)

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
3. The records referred to in paragraph 1 shall:quirement referred to in paragraph 1 shall not apply to payment services provided by the payment service providers of the payer as regards each payment where at least one of the payment service providers of the payee is located in a Member State according to the BIC or any other business identifier code that unambiguously identifies the payment service provider and its location. A payment service provider of the payer shall in any case include these payment services in the calculation referred to in paragraph 2.
2019/11/14
Committee: ECON
Amendment 32 #

2018/0412(CNS)

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Directive 2006/112/EC
Article 243b – paragraph 3 – point a
(a) be kept by the payment service provider in electronic format for a period of two years from the end of the year during which the payment transaction was executed;deleted
2019/11/14
Committee: ECON
Amendment 35 #

2018/0412(CNS)

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Directive 2006/112/EC
Article 243b – paragraph 3 – point b
(b) be made available to the Member States of establishment of the payment service provider in accordance with Article 24b of Regulation (EU) No 904/2010 (*). __________________________________ __________________________________ _ (*) Council Regulation (EU) No 904/2010 of 7 October 2010 on administrative cooperation and combating fraud in the field of value added tax (OJ L 268, 12.10.2010, p. 1).deleted
2019/11/14
Committee: ECON
Amendment 36 #

2018/0412(CNS)

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Directive 2006/112/EC
Article 243b – paragraph 3a (new)
3 a. Where the requirement for payment service providers in paragraph 1 is applicable, the records shall: (i) be kept by the payment service provider in electronic format for a period of three calendar years from the end of the calendar year of the date of the payment; (ii) be made available in accordance with Article 24b of Regulation (EU) No 904/2010 (*) to the home Member State of the payment service provider, or to the host Member States when the payment service provider provides payment services in Member States other than the home Member State.
2019/11/14
Committee: ECON
Amendment 37 #

2018/0412(CNS)

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Directive 2006/112/EC
Article 243c – paragraph 1 – point a
(a) the IBAN of the payer’s payment account or any other identifier which unambiguously identifies the payer and his location;
2019/11/14
Committee: ECON
Amendment 39 #

2018/0412(CNS)

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Directive 2006/112/EC
Article 243c – paragraph 1 – point b
(b) where none of the identifiers referred to in subparagraph (a) is applicable, the BIC or any other business identifier code that unambiguously identifies the payment service provider acting on behalf of the payer, as well as the location of that payment service provider.
2019/11/14
Committee: ECON
Amendment 41 #

2018/0412(CNS)

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Directive 2006/112/EC
Article 243d – paragraph 1 – introductory phrase
1. The records kept by the payment service providers, in accordance with Article 243b, with regards to cross border payments, shall contain the following information:
2019/11/14
Committee: ECON
Amendment 42 #

2018/0412(CNS)

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Directive 2006/112/EC
Article 243d – paragraph 1 – point h
(h) any executed payment refunds for payment transactions referred to in point (g), if available;
2019/11/14
Committee: ECON
Amendment 39 #

2015/0270(COD)

Proposal for a regulation
Recital 17
(17) EDIS I should progressively evolve from a reinsurance scheme intobe considered a first step towards a fully mutualised co- insurance scheme over a number of years. EDIS I should establish a liquidity support mechanism with the ambition to progressively evolve over time into a fully-mutualised insurance scheme. In the context of efforts to deepen the EMU, together with the work on the establishment of bridge-financing arrangements for the Single Resolution Fund (SRF) and on developing a common fiscal backstop, this step isa fully mutualised co- insurance scheme is ultimately necessary to reduce the bank/sovereign links in individual Member States by means of steps towards risk sharing among all the Member States in the Banking Union, and thereby to reinforce the Banking Union in achieving its key objective. However, such risk sharing implied by steps to reinforce Banking Union must proceed in paralthe progress made towards completing the Banking Union is not yet sufficient to make a fully-fledged EDIS feasible. The establishment of EDIS I, therefore, reflects the current level of integration and trust amongst the national banking sectors. In time, and coupleld with risk reducing measures designed to break the bank-sovereign link more directlyfurther measures to reinforce the Banking Union and reduce the divergence in the degrees of risk amongst participants, EDIS I should serve to strengthen trust amongst the national banking sectors and facilitate progress towards a fully-mutualised co- insurance scheme.
2024/03/13
Committee: ECON
Amendment 129 #

2015/0270(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) 806/2014
Article 41 a – paragraph 2
2. In case a participating DGS encounters a payout event or is used in resolution in accordance with Article 79 of this Regulation, it may claim funding from the DIF of up to 20% of its liquidity shortfall as set out in Article 41b.
2024/03/13
Committee: ECON
Amendment 133 #

2015/0270(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) 806/2014
Article 41 a – paragraph 3
3. The DIF shall also cover 20% of the excess loss of the participating DGS as set out in Article 41c. The participating DGS shall repay the amount of funding it obtained under paragraph 2 of this Article, less the amount of excess loss covIn case a participating DGS encounters a payout event or is used in resolution in accordance with Article 79 of this Regulation, it may request a loan from the DIF wher,e in accordance with the procedure set out inArticle 41ots intervention will diminish its available financial means below 15% of its target level.
2024/03/13
Committee: ECON
Amendment 140 #

2015/0270(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation 806/2014
Article 41 b – paragraph 1 – introductory part
1. In case the participating DGS encounters a payout event, its liquidity shortfall shall be calculated as the total amount of covered deposits held by the credit institution referred to under 2(2), point b, andwithin the meaning of Article 6(1) and (2)of the Directive 2014/49/EU that is held by the credit institution at the time of the payout event less: in accordance with Articles 10(2) and 10(3) of that Directive.
2024/03/13
Committee: ECON
Amendment 231 #

2015/0270(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 806/2014
Article 41 q a (new)
Article 41qa Terms of loans provided by the DIF 1. The Board shall determine thekey financial terms and conditions of the liquidity facility in a standardised agreement. 2. The Board and the participating DGS that has requested liquidity support in accordance with Article 41a shall enter into an agreement based on the standardized agreement as referred to in paragraph 1. 3. The interest rate on loans provided by the DIF shall be: (i) 0% for the first tranche of loans up to the total amount of contributions transferred to the DIF by the relevant DGS in accordance with Article 74c(1); (ii) equal to the ECB marginal facility rate for the subsequent tranches of loans that exceed the total amount of contributions transferred to the DIF by the relevant DGS.
2024/03/13
Committee: ECON
Amendment 243 #

2015/0270(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 a – paragraph 1 a (new)
1a. The transfer from participating DGS each year shall be the sum of the individual contribution of each participating credit institution based on: a) a flat contribution, that is pro-rata based on the amount of an institution's covered deposits, with respect to the total covered deposits in the credit institutions referred to in Article 2(2), point (b); b) a risk-adjusted contribution reflecting the degree of risk of the DGS members relative to the banking union as a whole.
2024/03/13
Committee: ECON
Amendment 272 #

2015/0270(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 –subparagraph 2
It shall adopt one delegated act specifying the method for the calculation of contributions payable to participating DGSs and, for the reinsurance period only, to the DIF. In this delegated act the calculation shall be based on the amount of covered deposits and the degree of risk incurred by each credit institution relative to all other credit institutions affiliated to the same participating DGS.
2024/03/13
Committee: ECON
Amendment 275 #

2015/0270(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 –subparagraph 3
It shall adopt a second delegated act specifying the method for the calculation of the contributions payable to the DIF as from the co-insurance period. In this second delegated act the calculation shall be based on the amount of covered deposits and the degree of risk incurred by each credit institution relative to all other credit institutions referred to in point (b) of Article 2(2).
2024/03/13
Committee: ECON
Amendment 277 #

2015/0270(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 –subparagraph 4 – introductory part
BothThe delegated acts shall set out a method to assess the degree of risk of members of participating DGS, as stipulated in Article 2(1), relative to the banking union as a whole, and shall include a calculation formula, specific indicators, risk classes for members, thresholds for risk weights assigned to specific risk classes, and other necessary elements. The degree of risk shall be assessed on the basis of the following criteria:
2024/03/13
Committee: ECON
Amendment 281 #

2015/0270(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 –subparagraph 4 – point e
(e) the institution’s business model, governance, and management;
2024/03/13
Committee: ECON
Amendment 282 #

2015/0270(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 –subparagraph 4 – point f a (new)
(fa) the level of concentration of exposures to central government and central bank of the Member State where the credit institution is authorised;
2024/03/13
Committee: ECON
Amendment 288 #

2015/0270(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 –subparagraph 4 – point f b (new)
(fb) exposures to other members of the same DGS and risk of contagion;
2024/03/13
Committee: ECON
Amendment 310 #

2015/0270(COD)

Proposal for a regulation
Article 1 – paragraph 1 – point 39 a (new)
Regulation (EU) No 806/2014
Article 94 – paragraph 3 a (new)
39a. In Article 94, the following paragraph is added: ‘3a. By 31 December one year after entry into force of this amending Regulation the Commission shall review the functioning of EDIS I. The review shall assess in particular the following: (a) the adequacy of funding mechanism and target level of EDIS I, including the ratio between the flat-rate and risk- adjusted contributions, and the cases of use of the liquidity mechanism; (b) The target level of the EDIS I vis-a-vis the target levels of the participating DGS, taking into account the benefit of pooling of funds; (b) the scope of measures financed by EDIS I under article 41a and the entities referred to in Article 2(2), point (b); (c) the appropriateness and necessity of an extension of EDIS I from providing liquidity support to deposit insurance mechanisms, taking into account the progress made towards the completion of the banking union; (d) the appropriateness of introducing a publicly funded backstop mechanism or the DIF. The Commission shall submit a report to the European Parliament and the Council. Where appropriate the review shall be accompanied with a legislative proposal.
2024/03/13
Committee: ECON