10 Amendments of Vincenzo SOFO related to 2020/0106(COD)
Amendment 1 #
Proposal for a regulation
Recital 1
Recital 1
(1) Commission estimates derived from firm-level data suggest that the equity repair needs resulting from the CovidOVID-19 pandemic could be in the region of EUR 720 billion in 2020. The number could go higher in case lockdown measures were to stay in place for longer than currently assumed, or if they had to be re-imposed due to a resurgence of contaminations. If left unaddressed these capital shortfalls may lead to a prolonged period of lower investment and higher unemployment. The impact of the capital shortfall will be uneven across sectors and Member States, leading to divergences in the singleternal market. This is compounded by the fact that the capacity of Member States to provide State aid differs greatly.
Amendment 7 #
Proposal for a regulation
Recital 4
Recital 4
(4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model and not have been in difficulty in terms of the State aid framework7 already at end 2019. Support should be targeted at eligible companies operating in those Member States and sectors which are most impacted by the CovidOVID-19 crisis and/or where the availability of State solvency support is more limited. _________________ 7 As defined in Article 2(18) of Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (OJ L 187, 26.6.2014, p.1).
Amendment 11 #
Proposal for a regulation
Recital 10
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 Strategsupport a symmetric macroeconomic recovery oin shaping Europe’s digital future. Support to cross-border activities should also be targetedthe aftermath of the COVID-19 pandemic.
Amendment 19 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) 2015/1017
Article 6 – paragraph 1 – point a – subparagraph 2
Article 6 – paragraph 1 – point a – subparagraph 2
However, support under the solvency support window shall only be granted if it is to the benefit of companies that were not in difficulty in State aid terms8 already at the end of 2019 but since then face significant solvency risks due to the crisis caused by the CovidOVID-19 pandemic; _________________ 8 As defined in Article 2(18) of Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (OJ L 187, 26.6.2014, p. 1).
Amendment 26 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) 2015/1017
Article 9 – paragraph 2 – subparagraph 3 – introductory part
Article 9 – paragraph 2 – subparagraph 3 – introductory part
The operations concerned shall be consistent with Union policies, including the European Green Deal9 and the Strategy on shaping Europe’s digital future10 , as well as supporting an inclusive and symmetrsupport a symmetric macroeconomic recovery in the aftermath of the COVID-19 pandemic, and supports well as any of the following general objectives:’ _________________ 9 10COM(2019)640 final. COM(2020)67 final.
Amendment 33 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) 2015/1017
Article 9 – paragraph 2 a – subparagraph 1 – point a
Article 9 – paragraph 2 a – subparagraph 1 – point a
Amendment 42 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) 2015/1017
Article 9 – paragraph 2 a – subparagraph 1 – point b
Article 9 – paragraph 2 a – subparagraph 1 – point b
(b) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies in Member States and sectors economically most hit by the CovidOVID-19 pandemic;
Amendment 44 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) 2015/1017
Article 9 – paragraph 2 a – subparagraph 1 – point c
Article 9 – paragraph 2 a – subparagraph 1 – point c
(c) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies in Member States where the availability of State solvency support is more limited.
Amendment 58 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 2 – point a
Article 1 – paragraph 1 – point 31 – point 2 – point a
Regulation (EU) 2015/1017
Annex II – Section 2 – point b – subparagraph 1
Annex II – Section 2 – point b – subparagraph 1
(b) The EU guarantee shall be granted to support, directly or indirectly, the financing of new operations. In the infrastructure field, both greenfield investments (asset creation) should be encouraged. Band brownfield investments (extension and modernisation of existing assets) may also beshall be encouraged and supported. Under the Solvency Support Window, financing shall aim at improving the equity base of companies and their solvency. The terms of the financing should avoid distorting competition between companies. As a rule, the EU guarantee shall not be granted for supporting refinancing operations (such as replacing existing loan agreements or other forms of financial support for projects which have already partially or fully materialised), except under the Solvency Support Window or in exceptional and well-justified circumstances where it is demonstrated that such a transaction will enable a new investment of an amount at least equivalent to the amount of the transaction and that would fulfil the eligibility criteria and general objectives laid down in Article 6 and Article 9(2) respectively.
Amendment 74 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 3
Article 1 – paragraph 1 – point 31 – point 3
Regulation (EU) 2015/1017
Annex II – section 6 – point d – indent 5
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 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 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.