7 Amendments of Jean-Paul GAUZÈS related to 2011/0307(COD)
Amendment 6 #
Proposal for a directive
Recital 4
Recital 4
(4) According to the Commission report and to the Commission Communication, the administrative burden associated with obligations linked to admission to trading on regulated markets should be reduced for small and medium-sized issuers in order to improve their access to capital. The obligations to publish interim management statements or quarterly financial reports represent an important burden for small and medium-sized issuers whose securities are admitted to trading on regulated markets, without being necessary for investor protection. They also encourage short-term performance and discourage long-term investment. In order to encourage sustainable value creation and long-term oriented investment strategy it is essential to reduce short-term pressure on issuers and to give investors incentive to adopt a longer term vision. The requirement to publish interim management statements should therefore be abolished for small and medium-sized issuers.
Amendment 7 #
Proposal for a directive
Recital 5
Recital 5
(5) In order to ensure that the administrative burden is effectively reduced across the Union, Member States should not be allowed to continue to impose to small and medium-sized issuers the requirement to publish interim management statements in their national legislation.
Amendment 8 #
Proposal for a directive
Recital 6
Recital 6
(6) To further reduce the administrative burden for small and medium-sized issuers and to ensure the comparability of information, the European Supervisory Authority (European Securities and Markets Authority, hereinafter ‘ESMA’), established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council, should issue guidelines, including standard forms or templates, to specify which information should be included in the management report. ESMA should provide proportionate guidelines for small and medium-sized issuers to have them submitted to a simpler regime. The European Commission will submit a report before the 31 December 2012 to the European Parliament and the Council that will analyse the different options for a definition of the European small and medium-sized issuers.
Amendment 22 #
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point a
Article 1 – paragraph 1 – point 1 – point a
Directive 2004/109/EC
Article 2 – paragraph 1 – point d – subparagraph 2
Article 2 – paragraph 1 – point d – subparagraph 2
In case of depository receipts admitted to trading on a regulated market, the issuer means the issuer of the securities represented, whether those securities are admitted to trading on a regulated market or not;. The European Commission will submit a report before the 31 December 2012 to the European Parliament and the Council that will analyse the different options for a definition of the European small and medium-sized issuers.
Amendment 26 #
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2004/109/EC
Article 3 – paragraph 1 – subparagraph 1
Article 3 – paragraph 1 – subparagraph 1
The home Member State may make an issuer subject to requirements more stringent than those laid down in this Directive, except requiring small and medium-sized issuers to publish periodic information other than annual financial reports referred to in Article 4 and half- yearly financial reports referred to in Article 5.
Amendment 30 #
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2004/109/EC
Article 4 – paragraph 7
Article 4 – paragraph 7
7. The European Securities and Markets Authority (hereinafter “ESMA”), established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council(*), shall issue guidelines, including standard forms or templates, to specify the information to be included in the management report. These guidelines shall be proportionate and take into account the relative size of the issuers in order to submit, small and medium-sized issuers to a simpler regime.
Amendment 32 #
Proposal for a directive
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Directive 2004/109/EC
Article 5 – paragraph 7
Article 5 – paragraph 7
7. ESMA shall issue guidelines, including standard forms or templates, to specify the information to be included in the interim management report. These guidelines shall be proportionate and take into account the relative size of the issuers in order to submit small and medium-sized issuers to a simpler regime.