Activities of Andreas SCHWAB related to 2020/0155(COD)
Shadow opinions (1)
OPINION on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2017/1129 as regards the EU Recovery prospectus and targeted adjustments for financial intermediaries to help the recovery from the COVID-19 pandemic
Amendments (11)
Amendment 10 #
Proposal for a regulation
Recital 2
Recital 2
(2) Regulation (EU) 2017/1129 of the European Parliament and of the Council14 lays down requirements for the drawing up, approval and distribution of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market in the Union. As part of the measures to help issuers to recover from the economic shock resulting from the COVID-19 pandemic, targeted amendments to the prospectus regime that respect the principles of the Single European Market and pay specific attention to the specific needs of small and medium enterprises (SMEs) and start-ups are necessary. Such amendments should enable issuers and financial intermediaries to reduce costs and free up resources for the recovery phase in the immediate aftermath of the crisis. __________________ 14Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (OJ L 168, 30.6.2017, p. 12).
Amendment 11 #
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) The current situation makes European companies and especially SMEs and start-ups more fragile and vulnerable. The removal of unjustified barriers and red tape where appropriate, in order to facilitate and diversify funding sources for European companies, with a particular focus on SMEs, including start-ups and mid-caps, can help promoting their ability to access equity markets, and to access more diverse, longer-term and more competitive investment opportunities for retail and large investors.
Amendment 14 #
Proposal for a regulation
Recital 4
Recital 4
(4) In order to swiftly address the severe economic impact of the COVID-19 pandemic, it is important to introduce measures to facilitate investments in the real economy, allow for a rapid recapitalisation of companies in the Union and enable issuers to tap into public markets at an early stage in the recovery process. In order to achieve those objectives, it is appropriate to create a new short-form prospectus (‘EU Recovery prospectus’) that is easy to produce for issuers, easy to understand for investors who want to finance them and easy to scrutinise and approve for competent authorities. For the development of this new short-form prospectus the special needs of SMEs and start ups need to be taken into account and burdensome administrative procedures need to be avoided.
Amendment 16 #
Proposal for a regulation
Recital 6
Recital 6
(6) In order to be an efficient tool for issuers, the EU Recovery prospectus should be a single document of a limited size, allow for incorporation by reference, and benefit from the passport for pan- European offers of securities to the public or admissions to trading on a regulated market. A Single Market approach that avoids fragmentation between the Member States in the set-up of the EU Recovery prospectus is essential.
Amendment 17 #
Proposal for a regulation
Recital 7
Recital 7
(7) The EU Recovery prospectus should include a short-form summary as a useful source of information for investors, in particular retail investors. That summary should be a self-contained part of the EU Recovery prospectus and should focus on key information that would enable investors to decide which offers and admissions to trading of securities to study further by reviewing the EU Recovery prospectus as a whole to take their decision. A Single Market approach shall be ensured with access to the EU Recovery prospectus across all Member States, as well as coordination with regards to language, format and means of accessing the EU Recovery prospectus.
Amendment 20 #
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) Unharmonised practices regarding the structure of the information presented in the EU Recovery Prospectus could be to the detriment of investors’ clear understanding and increase market fragmentation. In order to provide an appropriate level of clarity throughout the Union, issuers should present information from Annex Va in the same order as presented in that Annex.
Amendment 23 #
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10a) In order to avoid the bankruptcy of many European companies, one of the main objectives of this amending Regulation should be to make it easier for investors to assess companies, since it is usually difficult for them to evaluate young and small firms with a short business record, thus hindering innovative openings, especially by young entrepreneurs.
Amendment 37 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) 2017/1129
Article 14 a – paragraph 2 – subparagraph 2
Article 14 a – paragraph 2 – subparagraph 2
The information contained in the EU Recovery prospectus shall be written and presented in an intelligible, easily analysable, concise and comprehensible form and shall enable investorsy investors, in particular SMEs and savers, in order to make an informed investment decision. The competent authority shall also take into account whether the issuer has disclosed the regulated information to the public pursuant to Directive 2004/109/EC, where applicable, Regulation (EU) No 596/2014 and, where applicable, information referred to in Commission Delegated Regulation (EU) 2017/565. The competent authority shall ensure that the Recovery prospectus is easily accessible to any investors.
Amendment 38 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) 2017/1129
Article 14 a – paragraph 2 – subparagraph 2
Article 14 a – paragraph 2 – subparagraph 2
The information contained in the EU Recovery prospectus shall be written in an easily understandable, concise and comprehensible language and presented in an easily analysable, concise and comprehensible form and shall enable investors to make an informed investment decision. The competent authority shall also take into account whether the issuer has disclosed the regulated information to the public pursuant to Directive 2004/109/EC, where applicable, Regulation (EU) No 596/2014 and, where applicable, information referred to in Commission Delegated Regulation (EU) 2017/565.
Amendment 40 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) 2017/1129
Article 14 a – paragraph 2 – subparagraph 5
Article 14 a – paragraph 2 – subparagraph 5
Amendment 67 #
Proposal for a regulation
Annex I
Annex I
Regulation (EU) 2017/1129
Annex Va – section I – paragraph 1
Annex Va – section I – paragraph 1
The purpose is to promote greater transparency and identify the company issuing shares, including its legal entity identifier (‘LEI’), its Member State of incorporation and the website where investors can find information on the company’s business operations, the products it makes or the services it provides, the principal markets where it competes, its organisational structure and, where applicable, information incorporated by reference.