17 Amendments of Wolf KLINZ related to 2007/2239(INI)
Amendment 2 #
Draft opinion
Paragraph 1
Paragraph 1
Amendment 7 #
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Recognises that hedge funds and private equity are distinct investment vehicles that differ as regards the nature of investment and investment strategy;
Amendment 12 #
Draft opinion
Paragraph 3
Paragraph 3
3. Considers that standardisation of over- the-counter (OTC) products is a contradiction in terms: an OTC clearshould be traded more using regular trading systems is attractive in theory but would add to costs, so unless it is done on an international basis it could damage European competitiveness in a global marketn order to increase mark-to-market valuation; considers also that, in order to ensure that there is a level playing field in the global context, any new system needs to be introduced on an international basis;
Amendment 16 #
Motion for a resolution
Recital D
Recital D
Amendment 18 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas the hedge fund and private equity industries could make concrete proposals on transparency issues and where these initiatives already exist they should be implemented accordingly, whereas only if this is not successful should legislative measures be considered as the appropriate instrument,
Amendment 20 #
Draft opinion
Paragraph 4
Paragraph 4
4. Notes that public attention was drawn to hedge funds and private equity following high-profile cases and activity in the context of well-known companies; recognises that both hedge funds and private equity are responding to criticism by way of self-regulatory proposals incorporating a 'comply or explain' principle; considers that those codes need to spread globally and be allowed sufficient time to operate, spread globally and for their effects to be analysed;
Amendment 23 #
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Is aware of the fact that adequate and effective monitoring of codes of conduct remains an open question that needs to be addressed;
Amendment 26 #
Motion for a resolution
Recital F
Recital F
F. whereas the primary reasons for the current sub-prime crisis is not the lack of regulation of investors but the failure of rating agencies; whereas tturmoil in financial markets are manifold and include: – negligent lending practices in the US housing market, – rapid innovation of complex structured products, – the originate-to-distribute model and the long intermediation chain, – investors' greed for ever-higher rating agencies should therefore be made subject in principle to the same compliance rules as those applying to auditoreturns and a short-sighted incentive structure regarding remuneration, as well as – conflicts of interest of credit rating agencies and the misconception of the meaning of ratings,
Amendment 29 #
Draft opinion
Paragraph 6
Paragraph 6
Amendment 40 #
Motion for a resolution
Paragraph 1
Paragraph 1
Amendment 43 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Asks the hedge fund and private equity industries to address transparency issues by means of concrete proposals, and where these already exist, to implement them accordingly, and to keep Parliament and the Commission regularly informed about their progress on these initiatives; considers that if no real progress is made by the industry in the near future, a legislative proposal on the transparency of hedge funds and private equity might be the right way to address transparency concerns;
Amendment 46 #
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Urges the Commission to establish a European private placement regime in order to eliminate obstacles to cross- border distribution for alternative investments;
Amendment 47 #
Motion for a resolution
Annex
Annex
Amendment 49 #
Motion for a resolution
Annex – Introductory part
Annex – Introductory part
The European Parliament asks the Commission to propose a directive or directivehedge fund and private equity industries to bring forward concrete proposals guaranteeing a common standard of transparency, and to tackle the issues mentioned below related to hedge funds and private equity funds, on the basis that the directive(s) should give Member States, where necessary, enough flexibility to transpose EU rules iwhere proposals already exist, to implemento their existing company-law systemsm accordingly.
Amendment 51 #
Motion for a resolution
Annex – on hedge funds and private equity funds
Annex – on hedge funds and private equity funds
The European Parliament asks the Commission to submit the approhedge fund and private legislative proposals by way of review of the existing acquis communautaire affecting the various types of investors and counterparties,equity fund industries to submit appropriate and concrete proposals and to adapt or establish rules 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; 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 to disclose and explain – vis-à-vis the companies whose shares they acquire or own, retail and institutional investors, prime brokers and supervisors – their investment policy and associated risks; These proposals should be based on an examination of the existing EU legislation, carried out with a view to ascertaining the extent to which the existing rules on transparency can be applied to the specific situation of hedge funds and private equity funds; With a view to the above-mentioned legislative proposals, the Commission should in particular: – explore the possibility of contract terms, to be applied to alternative investments, that provide for an unambiguous limitation of risk, for measures to be taken in the event of thresholds being exceeded, for adequate disclosure, for a clear description of lock-up periods, and for explicit conditions governing cancellation and termination of the contract; – investigate the issue of money laundering in the context of hedge funds and private equity fundswhere proposals already exist they should be implemented accordingly; These proposals should complement existing rules on transparency;
Amendment 57 #
Motion for a resolution
Annex – on hedge funds specifically
Annex – on hedge funds specifically
The European Parliament asks the Commissionhedge fund industry to establish rules for self- regulation 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; With a view to the above-mentioned legislative proposal(s), the Commission should in particular: –and to investigate the possibility of mitigating the undesirable effects of securities lending; – examine whether reporting requirements should also apply to coopera and indirect acquisitions of voting rights via option agrerrangements between several shareholders and to indirect acquisitions of voting rights via option arrangements; where proposals already exist they should be implemented accordingly;
Amendment 62 #
Motion for a resolution
Annex – on private equity funds specifically
Annex – on private equity funds specifically
The European Parliament asks the Commission to establish rulesprivate equity fund industry to establish rules for self-regulation that forbid private equity funds to “plunder” companies (so -called “asset stripping”) and thus misuse their financial power in a way that merely disadvantages the company acquired, without having any positive impact on the company’s future and the situation of its employees, creditors and business partners; With a view to the above-mentioned legislative proposal(s), the Commission should examine ways of addressing the issues arising when banks lend huge amounts of money to private equity funds and then disclaim any responsibility whatsoever as to the purpose for which that money is used or the provenance of the money used to repay the loan.where proposals already exist they should be implemented accordingly;