16 Amendments of Kurt Joachim LAUK related to 2007/2239(INI)
Amendment 17 #
Motion for a resolution
Recital D
Recital D
D. whereas directives seem to be the appropriate legal instruments with which to address the different issues related to hedge funds and private equity fundsan analysis and assessment of legislation already in force in the Member States concerning hedge funds and private equity funds should precede a possible directive on the transparency thereof, and whereas such legislation should be the starting-point for harmonisation,
Amendment 19 #
Motion for a resolution
Recital E
Recital E
E. whereas it is recognised that one of the main issues is the need for transparency; whereas transparency has several facets, such as the transparency of hedge funds vis-à-vis the companies whose shares they acquire or own, as well as vis-à-visir prime brokers, institutional investors such as pension funds or banks, retail investors, and business partners, regulators and authorities; whereas one of the main; whereas the complaint made by some parties that there is a transparency deficits lies in the relationship between a hedge fund and the companies whose shares it acquires or owns is not valid,
Amendment 22 #
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Suggests that voluntary guidelines offer better scope for dealing with a wide range of complexities and circumstances, at least until they have been road-tested;
Amendment 28 #
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. In the interests of ensuring that there is a level playing field, considers it inappropriate to discriminate between different investors;
Amendment 29 #
Motion for a resolution
Recital F
Recital F
Amendment 34 #
Motion for a resolution
Recital H
Recital H
H. whereas numerous different businesshedge funds and private equity initiatives have established their own codes of best practice which may serve as a model for EU legislation; whereas, in addition to complying with EU legislation, companies and business associations should be encouraged to establish their own codes of best practicshould be given the chance to prove their value,
Amendment 36 #
Motion for a resolution
Recital I
Recital I
I. whereas there seems to beis probably no need for product-related legislation,
Amendment 38 #
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Considers it impractical and counterproductive in terms of encouraging investment to make an artificial differentiation between categories of private investors in equities;
Amendment 39 #
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Recommends that hedge funds which seek investment by retail investors should be required to commit themselves to a defined sector and to a formulaic risk profile and should be sold only through sales people who are specifically authorised as regards their technical qualifications, counselling ability and ethical probity;
Amendment 42 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Requests the Commission to submit to Parliament, on the basis of Articles 44, 47(2) or 95 of the EC Treaty, depending on the subject matter, a legislative proposal or proposals on the transparency ofensure, initially, compliance with the existing legislation in the Member States, so as then, if appropriate, to submit to Parliament a legislative proposal on harmonising existing legislation concerning hedge funds and private equity fundinvestments; calls for such a proposal(s) to be drawn up in the light of interinstitutional discussions and following the detailed recommendations below;
Amendment 53 #
Motion for a resolution
Annex – on hedge funds and private equity funds – subparagraph 1
Annex – on hedge funds and private equity funds – subparagraph 1
The European Parliament asks the Commission to submit the appropriate legislative proposals by way of review the existing acquis communautaire affecting the various types of investors and counterparties, and to adapt or establish rulesto explore the possibility of differentiating between hedge funds, private equity and other investors and to adapt the rules of the Transparency Directive providing for the clear disclosure and timely communication of relevant and material information so as to facilitate high-quality decision-making and transparent communication between investors and the company management;
Amendment 55 #
Motion for a resolution
Annex – on hedge funds and private equity funds – subparagraph 2
Annex – on hedge funds and private equity funds – subparagraph 2
The new legislation should require shareholders to notify issuers of the proportion of their voting rights resulting from an acquisition or disposal of shares where that proportion reaches, exceeds or falls below the specific thresholds starting with 3% instead of 5%, as mentioned in Directive 2004/109/EC; it should also oblige hedge funds and private equity funds, if those categories of investors can be differentiated from others, to disclose and explain – vis-à-vis the companies whose shares they acquire or own, retail and institutional investors, prime brokers and supervisors – their general investment policy and associated risks;
Amendment 59 #
Motion for a resolution
Annex – on hedge funds specifically – subparagraph 1
Annex – on hedge funds specifically – subparagraph 1
The European Parliament asks the Commission to establish rules that enhance the transparency of voting policies of hedge funds, on the basis that the addressees of Community rules should be the managers of such funds; such rules could also include a system of EU-wide shareholder identification for registered shares;
Amendment 60 #
Motion for a resolution
Annex – on hedge funds specifically – subparagraph 2 – indent 1
Annex – on hedge funds specifically – subparagraph 2 – indent 1
– investigate the possibility of mitigating the undesirable effects of securities lending; market practices in securities lending and voting on borrowed shares, having regard to better regulation principles and the positive effects of securities lending which, inter alia, allows delays in securities settlement to be avoided and thus enhances the efficiency of those markets;
Amendment 64 #
Motion for a resolution
Annex – on private equity funds specifically – subparagraph 1
Annex – on private equity funds specifically – subparagraph 1
The European Parliament asks the Commission, to establish rules that forbid private equity funds to “plunder” companies (so called “asset stripping”) and thus misuse their financial power in a way that merelyaking into account national legislation, to examine, assess and if necessary to improve current Community legislation so as to prevent the 'plundering' of companies, which might disadvantages the company acquired in the long term, without having any positive impact on ithe company’s future and the situationinterests of its employees, creditors and business partners;
Amendment 66 #
Motion for a resolution
Annex – on private equity funds specifically – subparagraph 2
Annex – on private equity funds specifically – subparagraph 2
With a view to the above-mentioned legislative proposal(s), the Commission should examine ways of addressing the issues arising whenthe role of banks as lend huge amounts of money to private equity funds and then disclaim any responsibility whatsoever as toers to private equity funds, keeping in mind that the purpose for which that money is used orand the provenance of the money used to repay the loan will remain the responsibility of the debtor.