11 Amendments of José Manuel GARCÍA-MARGALLO Y MARFIL related to 2007/2238(INI)
Amendment 11 #
Motion for a resolution
Recital A
Recital A
A. whereas there is at present insufficientno specific EU regulation ofn hedge funds and private equity,.
Amendment 27 #
Motion for a resolution
Recital F
Recital F
F. whereas there is empirical evidencea risk that hedge funds may engage in herding in times of market turmoil, thuswhich could givinge rise to financial stability concerns,
Amendment 52 #
Motion for a resolution
Recital L
Recital L
L. whereas excessive debt required by much of the activitiespoor management of hedge funds and private equity threatens financial stability, prejudices the realisation of the long-term investment, growth and jobs agenda and is, moreover, unfairly favoured in nationdebt may, despite its risk diversification capacity, threaten financial stax regimesbility,
Amendment 66 #
Motion for a resolution
Recital N
Recital N
N. whereas in the event of extreme debt loads, private equity leveraged buy-outs may come to affect the viability of the target companies,
Amendment 74 #
Motion for a resolution
Recital O
Recital O
O. whereas there are many conflicts of interest either arisingmay arise either from the business model of private equity or hedge funds or from the relationships between those vehicles and other actors in financial markets,
Amendment 80 #
Motion for a resolution
Recital P
Recital P
P. whereas whilst there is no evidence that those vehicles did not caused the current financial crisis, they have been involved in the business oftrade in non-regulated and highly complex structured products; whereas not being adequately capitalised and thus volatile to turbulences, those vehicles enhanced the crisis,
Amendment 125 #
Motion for a resolution
Annex – recommendation 1 – point a
Annex – recommendation 1 – point a
a) Capital requirements Investment firms, insurance companies, credit institutions, conventional funds (such as UCITS and pension funds/IORPs) have to comply with capital requirements. Whatever the legal structure of hedge fund and private equity vehicles, including limited partnerships, the Commission should ensure that an appropriate capital requirement is introduced at the level of the entity that controlsis responsible for the investment of the fund or funds concerned (i.e. management firm), covering all funds regardless of their place of registration.
Amendment 163 #
Motion for a resolution
Annex – recommendation 2 – point b
Annex – recommendation 2 – point b
b) Notification (i.e. approval) of wholesale investment vehicles In order to encourage funds to be located onshore in the EU, the Commission should propose a separate directive along the lines of the EU-wide private placement regime, currently under discussion, to apply to the marketing and distribution in the EU of hedge funds and private equity funds. Such a regime should function on a single entry point basis: once authorised, it should be possible to offer those wholesale investment vehicles to professional, institutional investors throughout the EU. In order to promote a well-functioning single European financial market, the Commission should ensure the investment vehicle discloses the following: - general investment strategy and immediate information on any changes thereto, - leverage/debt exposure, - overall fees as well as breakdown of fees (including any stock options awarded to employees), - source and amount of funds raised, - past performance, - risk-management system and portfolio valuation methods, - information on the administrator of thPrivate equity fund regime: The Commission should submit a legislative proposal to regulate the private equity fund regime at European level, allowing cross-border distribution of hedge funds to qualified investors. In addition, within the EU-USA dialogue it should encourage adoption of some common rules on hedge funds, and - share of the fund contributed by the management company and its staff.. That information should be set out in a uniform format (also to facilitate the database proposal below)to even out the existing imbalances.
Amendment 171 #
Motion for a resolution
Annex – recommendation 2 – point c
Annex – recommendation 2 – point c
c) Database The Commission should, with the help of Level 3 Committees, establish an EU-wide registration/authorisation database recording the information on both management firms and investment vehicles as specified above. The supervisory authorities of all Member States should have unlimited access. Relevant categories of the database should be public.
Amendment 173 #
Motion for a resolution
Annex – recommendation 2 – point d
Annex – recommendation 2 – point d
d) Investors The Commission and supervisory authorities shouldshould examine whether there is a need to ensure that investors in those vehicles receive not only sufficient but alsoand relevant and comparable information (e.g. the simplified prospectus/fact sheet for UCITS)information on the main features of their investment.
Amendment 191 #
Motion for a resolution
Annex – recommendation 3 – point c
Annex – recommendation 3 – point c