Activities of Syed KAMALL related to 2011/0418(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on European Social Entrepreneurship Funds PDF (366 KB) DOC (325 KB)
Amendments (13)
Amendment 35 #
Proposal for a regulation
Recital 1
Recital 1
(1) Increasingly, as investors also pursue social goals and are not only seeking financial returns, a social investment market has been emerging in the Union, comprised in part by investment funds targeting social undertakings. Such investment funds provide funding to social undertakings which are acting as drivers of social change by offering innovative solutions to social problems and making a valuable contribution to meeting the objectives of the Europe 2020 Strategy, while taking into account the long-term challenges facing Member States of the Union, such as those identified in the European Strategy and Policy Analysis System's report, Global Trends 2030.
Amendment 38 #
Proposal for a regulation
Recital 5
Recital 5
(5) In order to clarify the relationship between this Regulation and generally applicable Union rules on collective investment undertakings and their managers, it is necessary to establish that this Regulation should only apply to managers of collective investment undertakings other than UCITS in accordance with Article 1 of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations, and administrative provisions, relating to undertakings for collective investment in transferable securities (UCITS) and who are established in the Union and are registered with the competent authority in their home Member State in accordance with Directive 2011/61/EC of the European Parliament and of the Council of 8 June 20011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010. Furthermore, this Regulation should only apply to managers who manage portfolios of EuSEFs whose assets under management in total do not exceed a threshold of EUR 500 million, irrespective of whether such qualifying assets, together with other non-qualifying assets, managed by a manager, exceed EUR 500 million. In order to make the calculation of this threshold operational, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of specifying the calculation of this threshold. When exercising this empowerment, the Commission should, in order to ensure consistency in rules on collective investment undertakings, take into account measures adopted by the Commission in accordance with point (a) of Article 3 (6) of Directive 2011/61/EC.
Amendment 56 #
Proposal for a regulation
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
(a) ‘European Social Entrepreneurship Fund’ (EuSEF) means a collective investment undertaking that invests at least 70 percent of its aggregate capital contributions and uncalled committed capital in assets that are qualifying investments;
Amendment 65 #
Proposal for a regulation
Article 3 – paragraph 1 – point d – point i – indent 1
Article 3 – paragraph 1 – point d – point i – indent 1
– the undertaking provides services or goods to vulnerable or, marginalised, disadvantaged or excluded persons; or
Amendment 67 #
Proposal for a regulation
Article 3 – paragraph 1 – point d – point i – indent 1 a (new)
Article 3 – paragraph 1 – point d – point i – indent 1 a (new)
- the undertaking provides goods and services in a manner which advances its social or environmental objective,
Amendment 75 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. The Commission shall be empowered to adopt delegated acts in accordance with Article 24 specifying the typexamples of services or goods and the methods of production of services or goods that embody a social objective referred to in point (i) of paragraph 1 (d) of this Article taking into account the different kinds of qualifying portfolio undertakings and those circumstances in which profits can be distributed to owners and investors.
Amendment 83 #
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. EuSEF managers shall not borrow, issue debt obligations, provide guarantees, at the level of the EuSEF, nor employ any method, at the level of the EuSEF, by which the exposure of the fund will be increased, whether through borrowing of cash or securities, the engagement into derivative positions or by any other means.
Amendment 87 #
Proposal for a regulation
Article 5 – paragraph 3 a (new)
Article 5 – paragraph 3 a (new)
3a. Without prejudice to other Union law and subject to risk diversification rules and cash guarantees being in place, the EuSEF may also be entitled to act as guarantor to portfolio undertakings.
Amendment 90 #
Proposal for a regulation
Article 6 – paragraph 1 – introductory part
Article 6 – paragraph 1 – introductory part
EuSEF managers shall market the units and shares of the EuSEFs under management exclusively to investors which are consideredom they reasonably believe to be professional clients in accordance of Section I of Annex II of Directive 2004/39/EC, or may, on request, be treated as professional clients in accordance with Section II of Annex II of Directive 2004/39/EC, or to other investors where:
Amendment 91 #
Proposal for a regulation
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) those other investors commit to invest a minimum of EUR 100.50 000;
Amendment 109 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. EuSEF managers shall make available an annual report to the competent authority of the home Member State for each EuSEF under management no later than 6 months following the end of the financial year. The report shall describe the composition of the portfolio of the EuSEF and the activities of the past year. It shall contain the audited financial accounts for the EuSEF. It shall confirm that money and assets are held in the name of the fund and that the EuSEF manager has established and maintained adequate records and controls in respect of the use of any mandate or control over the money and assets of the EuSEF and its investors. It shall be produced in accordance with existing reporting standards and the terms agreed between the EuSEF manager and the investors. EuSEF managers shall provide the report to investors on request. EuSEF managers and investors may agree additional disclosures amongst themselves.
Amendment 131 #
Proposal for a regulation
Article 24 – paragraph 5
Article 24 – paragraph 5
5. A delegated act shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of 2three months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by 2three months at the initiative of the European Parliament or the Council.
Amendment 133 #
Proposal for a regulation
Article 25 – paragraph 1 – point d
Article 25 – paragraph 1 – point d
(d) the scope of this Regulation, including the threshold of EUR 500 millionpossibility of extending the marketing of EuSEFs to retail investors.