[ParlTrack]

Proposal for a regulation
Recital 3

(3) The Communication on the Capital Markets Union of 30 September 201523 is an important element of the Investment Plan. It aims at reducing fragmentation in the financial markets and increasing supply of capital to businesses, from inside and outside the Union, through the establishment of a genuine single capital market. The Communication specifies that Regulation (EU) No 345/2013 and Regulation (EU) No 346/2013 need to be amended to ensure that the frameworks are best able to support investment in SMEs. _________________ 23 Communication from the Commission to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions: Action Plan on Building a Capital Markets Union (COM(2015)468 final).

2017/01/31
Committee: ECON

Syed KAMALL

Proposal for a regulation
Recital 5 a (new)

(5a) Due to their long-term and illiquid nature, venture capital funds are not directly suitable for retail investors other than those described in Article 6 of this Regulation. However, in the context of the next review of the Regulation, the Commission could investigate whether it would be beneficial to create an additional voluntary option within the EuVECA regime for fund managers who wish to market to retail investors. Such an option should only apply to those fund managers who decide to market to pure retail investors and EuVECA fund managers who market their funds solely under Article 6 should not be subject to these provisions. Likewise it may be appropriate to extend the social entrepreneurship label to certain crowdfunding and microfinance entities with a high social impact.

2017/01/31
Committee: ECON

Syed KAMALL

Proposal for a regulation
Recital 9

(9) Registration procedures should be simple and cost-effective. Therefore, a registration of a manager in accordance with Regulation (EU) No 345/2013 and Regulation (EU) No 346/2013 should also serve the purpose of the registration referred to in Directive 2011/61/EU. Registration decisions and failures to register under Regulation (EU) No 345/2013 or Regulation (EU) No 346/2013 should, where appropriate, be subject to judicial review.

2017/01/31
Committee: ECON

Syed KAMALL

Proposal for a regulation
Recital 10

(10) It is necessary to emphasise and clarify that the prohibition for the host Member State to impose requirements or administrative procedures in relation to the marketing of qualifying venture capital funds and qualifying social entrepreneurship funds in its territory includes the prohibition to impose fees and other charges on the managers of those funds.

2017/01/31
Committee: ECON

Syed KAMALL

Proposal for a regulation
Recital 11

(11) Regulation (EU) No 345/2013 and Regulation (EU) No 346/2013 now require that managers of qualifying venture capital funds and qualifying social entrepreneurship funds have sufficient own funds at all times. T~~o ensure a consistent understanding across the Union of what constitutes sufficient own funds for those~~his requirement given the nature of these funds, the sophistication of the investor as well as the separation between the fund and fund managers, ~~the European Supervisory Authority (‘ESMA’) should be required to draw up draft regulatory technical standards which prescribe the methodologies to determine what constitutes sufficient own fund~~may be deemed excessive. Another option would be to set a reasonable initial capital requirement of below EUR 30 000 for all funds using these labels as is currently seen in some Member States.

2017/01/31
Committee: ECON

Syed KAMALL

Proposal for a regulation
Article 1 – paragraph 1 – point 3

Regulation (EU) No 345/2013
Article 10 – paragraph 3

3. ESMA shall develop draft regulatory technical standards specifying the methodologies to determine what constitutes sufficient own funds. Those methodologies shall: (a) distinguish between what constitutes sufficient own funds for internally managed qualifying venture capital funds and sufficient own funds for managers of qualifying venture capital funds which are external managers; (b) take into account the size and internal organisation of the managers referred to in paragraph 1 of Article 2 in order to ensure neutral conditions of competition between those managers and managers referred to in paragraph 2 of that Article; (c) ensure that the amounts resulting from the application of those methodologies do not exceed the amounts laid down in Article 9 of Directive 2011/61/EU. ESMA shall submit those draft regulatory technical standards to the Commission by [18 months after the date of entry into application of this Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.;deleted

2017/01/31
Committee: ECON

Syed KAMALL

Proposal for a regulation
Article 3 – paragraph 1

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. This Regulation shall apply as of [3 months after its entry into force], with the following exceptions: (a) in the case of managers of qualifying venture capital funds and qualifying social entrepreneurship funds existing on [date of publication in the OJ]: (i) this Regulation applies from 18 months following its publication in the Official Journal of the European Union; and (ii) points 3 and 5 of paragraph 1 of Article 1 and points 3 and 5 of paragraph 1 of Article 2 shall not apply in relation to those existing funds, during their existing terms; (b) the following provisions of this Regulation shall apply from [6 months after its entry into force]: (i) points 1, 2(c), 5, 6 and 9 of paragraph 1 of Article 1; and (ii) points 1, 2(b), 5, 6 and 9 of paragraph 1 of Article 2.

2017/01/31
Committee: ECON

Activities of Syed KAMALL related to 2016/0221(COD)

Shadow reports (1)

Amendments (7)

ParlTrack - 2011-2024