4 Amendments of Neena GILL related to 2016/0221(COD)
Amendment 82 #
Proposal for a regulation
Recital 4
Recital 4
(4) The market of qualifying venture capital funds and qualifying social entrepreneurship funds should be opened to increase scale effects, to reduce transaction and operational costs, to improve competition and to strengthen investor choice. Enlarging the base of prospective managers contributes to opening up that market. It should benefit undertakings seeking investment by giving them access to financing from a greater and more varied range of risk investment sources. The scope of Regulation (EU) No 345/2013 and Regulation (EU) No 346/2013 should therefore be extended by opening up the use of the ‘'EuVECA’' and ‘'EuSEF’' labels to managers of collective investment undertakings authorised under Article 6 of Directive 2011/61/EU. Given the fact that the UK venture capital market accounts for 36 % of total Union activity, appropriate measures should be adopted to ensure that the Union economy will not be cut off from this source of finance. Although the day-to-day supervision should remain the responsibility of national competent authorities as they have the technical and operational expertise of supervising individual firms, ESMA has a key role to play in ensuring supervisory convergence.
Amendment 118 #
Proposal for a regulation
Recital 11
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. To ensure a consistent understanding across the Union of what constitutes sufficient own funds for those 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 funds. Where the value of the qualifying venture capital funds managed by the manager of qualifying venture capital funds is below EUR 250 000 000, own funds requirements shall represent one eighth of the preceding year's fixed overheads of the same manager.
Amendment 156 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
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.; These standards will be applicable to every qualifying venture capital fund registered since the adoption of these standards.
Amendment 231 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3
Article 2 – paragraph 1 – point 3
(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. Where the value of the qualifying venture capital funds managed by the manager of qualifying venture capital funds is below 250000000, own funds requirements shall represent one eight of the preceding year's fixed overheads of the same manager.