13 Amendments of Gianni PITTELLA related to 2011/0295(COD)
Amendment 69 #
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14 a) Having access to inside information relating to another company and using it in the context of a public take-over bid for the purpose of gaining control of that company or proposing a merger with that company should not in itself be deemed to constitute insider dealing.
Amendment 78 #
Proposal for a regulation
Recital 14 b (new)
Recital 14 b (new)
(14 b) Since the acquisition or disposal of financial instruments necessarily involves a prior decision to acquire or dispose taken by the person who undertakes one or other of these operations, the carrying out of this acquisition or disposal should not be deemed in itself to constitute the use of inside information.
Amendment 106 #
Proposal for a regulation
Recital 27
Recital 27
(27) Insider lists are an important tool for regulators when investigating possible market abuse, but national differences in regards to data to be included in those lists impose unnecessary administrative burdens on issuers. DEntities obliged to draw up these lists and data fields required for insider lists should therefore be uniform and subject to maximum harmonization in order to reduce those costs. The requirement to keep and constantly update insider lists imposes administrative burdens specifically on issuers on SME growth markets. As competent authorities are able to exercise effective market abuse supervision, especially with respect to issuers, without having those lists available at all times for those issuers they should be exempt from this obligation in order to reduce the administrative costs imposed by this Regula, issuers of a financial instrument and any person acting on their behalf or on their account shall draw up a list identifying people working for them having access to inside information, on a case by case basis, if requested to do so by the competent authority as part of its supervisory or the investigatory functions.
Amendment 139 #
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2 a. Having access to inside information relating to another company and using it in the context of a public take-over bid for the purpose of gaining control of that company or proposing a merger with that company should not in itself be deemed to constitute insider dealing
Amendment 140 #
Proposal for a regulation
Article 3 – paragraph 2 b (new)
Article 3 – paragraph 2 b (new)
2 b. Since the acquisition or disposal of financial instruments necessarily involves a prior decision to acquire or dispose taken by the person who undertakes one or other of these operations, the carrying out of this acquisition or disposal should not be deemed in itself to constitute the use of inside information.
Amendment 155 #
Proposal for a regulation
Article 5 – paragraph 1 – point 16 a (new)
Article 5 – paragraph 1 – point 16 a (new)
16 a. "Rumours": news disclosed to the public in a manner not in accordance to article 12.concerning the assets and liabilities, profits and losses or financial position of issuers of financial instruments, extraordinary corporate actions in which such issuers are involved or their business performance
Amendment 276 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. An issuer of a financial instrument shall inform the public as soon as possible of inside information, which directly concerns the issuer,any major new developments in its sphere of activity which are not public knowledge and which may, by virtue of their effect on its assets and liabilities or financial position or on the general course of its business, lead to substantial movements in the prices of its shares and any changes in the rights attaching to the various classes of shares; and shall, for an appropriate period, post on its Internet site all insidthese information it is required to disclose publicly.
Amendment 278 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 a (new)
Article 12 – paragraph 1 – subparagraph 1 a (new)
The issuers should be obliged to comments on rumours only if there are two conditions: - the rumours is true, and - there are abnormal movements in prices and quantities.
Amendment 290 #
Proposal for a regulation
Article 12 – paragraph 7
Article 12 – paragraph 7
7. Inside information relating to issuers of a financial instrument, whose financial instruments are admitted to trading on an SME growth market, may be posted by the trading venue on its website instead of on the website of the issuer where the trading venue chooses to provide this facility for issuers on that market. In that event such issuer is deemed to have fulfilled the obligation in paragraph 1Member States may decide to extend disclosure obligations to issuers traded on demand only on "listing" MTFs.
Amendment 305 #
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. Issuers of a financial instrument whose financial instruments are admitted to trading on an SME growth market shall be exempt from drawing up such a list. However,and any person acting on their behalf or on their account shall draw up a list identifying those people working for them having access to inside information, only if requested to do so by the competent authority, on a case by case basis, as part of the exercise of its supervisory or investigatory functions, that issuer shall provide the competent authority with a list identifying those persons working for them with access to inside information.
Amendment 310 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. Persons discharging managerial responsibilities within an issuer of a financial instrument or an emission allowance market participant, not exempted pursuant to the second subparagraph of paragraph 2 of Article 12, as well as persons closely associated with them,Such persons shall ensure that the information is made public about the existence of transactions conduccommunicated ton their own account relating to the shares of that issuer, or to derivatives or other financial instruments linked to them, or in emission allowances. Such persons shall ensure that the information is made public within two competent authority within five business days after the day on which the transaction occurred.
Amendment 312 #
Proposal for a regulation
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
1 a. Competent authorities will decide how to make it publicly available according to ESMA implementing technical standards.
Amendment 319 #
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Paragraph 1 shall not apply to transactions totalling under EUR 20,000 over the period of a calendar year. Every time the threshold is reached, the calculation of the threshold should restart from zero until the limit has been reached again.