6 Amendments of Anne SANDER related to 2018/0165(COD)
Amendment 33 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) In order to better take into account the real-life situations of SMEs in the texts relating to the regulation of financial services, Regulation (EU) 2017/1129 and Directive 2014/65/EU should be amended. The thresholds should be raised in order to bring these definitions more into line with economic reality in the Union, which has evolved since the Commission published recommendation 2003/361/EC. This Regulation should also propose the introduction of a variable threshold in the definition of an SME in Directive 2014/65/EU in order to better take into account the diversity of SMEs in the Union. It should also introduce criteria allowing for pro rata calculations to be made where the most recent annual or consolidated accounts do not cover a period of 12 months.
Amendment 47 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3 a (new)
Article 1 – paragraph 1 – point 3 a (new)
Regulation (EU) No 596/2014
Article 17 – paragraph 4
Article 17 – paragraph 4
3a. Article 17(4) is amended as follows: ‘4. An issuer or an emission allowance market participant, may, on its own responsibility, delay disclosure to the public of inside information provided that all of the following conditions are met: (a) immediate disclosure is likely to prejudice the legitimate interests of the issuer or emission allowance market participant; (b) delay of disclosure is not likely to mislead the public; (c) the issuer or emission allowance market participant is able to ensure the confidentiality of that information. In the case of a protracted process that occurs in stages and that is intended to bring about, or that results in, a particular circumstance or a particular event, an issuer or an emission allowance market participant may on its own responsibility delay the public disclosure of inside information relating to this process, subject to points (a), (b) and (c) of the first subparagraph. Where an issuer or emission allowance market participant has delayed the disclosure of inside information under this paragraph, it shall inform the competent authority specified under paragraph 3 that disclosure of the information was delayed and shallin writing, immediately after the information is disclosed to the public, that disclosure of the information was delayed. Alongside that written notification, the issuer or emission allowance market participant must provide a written explanation of how the conditions set out in this paragraph were met, immediately after the information is disclosed to the public. Alternatively, Member States may provide that a record of such an explanation is to be provided only upon the request of the competent authority specified under paragraph 3. By way of derogation from subparagraph 4, where the issuer’s shares are admitted to an SME growth market, the record of the written explanations of how the conditions set out in this paragraph were met must only be submitted by that issuer if the competent authority specified in paragraph 3 so requests.’ Or. fr (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014R0596)
Amendment 50 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) No 596/2014
Article 18 – paragraph 6
Article 18 – paragraph 6
Issuers whose financial instruments are admitted to trading on an SME growth market shall be authorised to include in their lists of insiders only those persons who, due to the nature of their function or position within the issuer, have regularpermanent access to all the inside information. A within the issuer. Likewise, any person acting on behalf of, or for the account of an issuer admitted to trading on an SME growth market issuer remains subject to requirementissuer belonging to an SME growth market shall be exempt from the obligations set out in paragraphs 1 to 5.
Amendment 54 #
Proposal for a regulation
Article 2 – paragraph -1 (new)
Article 2 – paragraph -1 (new)
Regulation (EU) 2017/1129
Article 2 – paragraph 1 – point f – point i
Article 2 – paragraph 1 – point f – point i
-1. Article 2(1)(f)(i) is amended as follows: ‘(f) ‘small and medium-sized enterprises’ or ‘SMEs’ means any of the following: (i) companies, which, according to their last annual or consolidated accounts, meet at least two of the following three criteria: an average number of employees during the financial year of less than 250, a total balance sheet not exceeding EUR 453 000 000 and an annual net turnover not exceeding EUR 5062 000 000; ’ Or. fr (https://eur-lex.europa.eu/legal- content/EN/TXT/?uri=CELEX:32017R1129&qid=1535814623476)
Amendment 57 #
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Article 2a Research on investment Article 13 of Commission Delegated Directive (EU) 2017/593 lays down the requirements applicable to the provision of research by third parties to investment firms providing portfolio management or other investment or ancillary services to clients, and in particular the conditions to be met in order for such research not to be regarded as an inducement prohibited under Article 24(7) and (8) of Directive 2014/65/EU. By 31 December 2019 at the latest, the Commission should assess the effects of the provisions of Article 13 of Commission Delegated Directive (EU) 2017/593 with regard to research on SMEs in the Union, and consider the need to introduce a proportionate approach to the application of those provisions on research on SMEs in order to mitigate any negative consequences thereof.
Amendment 59 #
Proposal for a regulation
Article 2 b (new)
Article 2 b (new)
Article 2b MiFID 2/MiFIR review clause 1. By 31 December 2021 at the latest, the Commission shall, in cooperation with EMSA, draw up a report on the impact that the requirements laid down in Regulation (EU) 600/2014 of the European Parliament and of the Council and Directive 2014/65/EU have on SMEs’ financing and access to financial markets, assessing the success of SME growth markets and the health of capital markets in general. For the purposes of that report, EMSA shall collect data on SME stock market listings and delistings on SME growth markets and trading venues, and monitor the transfer of companies between different trading venues. The report shall be submitted to the European Parliament and to the Council, together with a legislative proposal, if appropriate. 2. By 31 December 2019 at the latest, the Commission shall establish a group of experts and stakeholders whose task shall be to define and measure the success of SME growth markets. The section on SME growth markets in the report referred to in paragraph 1 shall be drawn up in cooperation with the group of experts and stakeholders.