BETA

60 Amendments of Philippe LAMBERTS related to 2016/0221(COD)

Philippe LAMBERTS

Proposal for a regulation
Recital 7

(7) The range of eligible undertakings in which qualifying venture capital funds can invest should ~~be expanded to further increase supply of capital to bus~~vary according to the timing of the invesses. The definition of qualifying portfolio undertakings should therefore include companies with up to 499 employees (small mid-caps) and small and medium enterprises listed on SME growth markets. The new investment options should also allow growth stage entities that have already access to othtment. At the time of the first investment by the qualifying venture capital fund, it should be limited to undertakings employing fewer than 250 persons and having an annual turnover not exceeding EUR 50 million. At the time of the second investment by the qualifying venture capital fund, it could however be expanded to undertakings employing up to 499 per so~~urces of financing, such as SME growth markets, to receive capital from qualifying venture capital funds which in turn should contribu~~ns and having an annual turnover exceeding EUR 50 million. Throughout all the investment stages, qualifying portfolio undertakings should however not be admitted to t~~he development of the SME growth markets~~rading on a regulated market or on a multilateral trading facility.

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Recital 8

(8) Qualifying venture capital funds should be allowed to participate on the longer term in the funding ladder for unlisted SMEs, unlisted small-midcaps and SMEs listed on SME growth markets, to further enhance their potential for making returns from high-growth companies. Therefore, follow-on investments subsequent to the first investment should be allowed.deleted

2017/01/31
Committee: ECON

Philippe LAMBERTS

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. To ensure a consistent understanding across the Union of what constitutes sufficient own funds for those managers,~~equal to a minimum of 2% of their assets under management at all times. In accordance with methodologies set out by 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~~'), competent authorities could however require managers of qualifying venture capital funds and of qualifying social entrepreneurship funds to have a level of own funds higher than the minimum requirement.

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point -1 (new)

Regulation (EU) No 345/2013
Article 1 – paragraph 1

(-1) In Article 1, the first paragraph is replaced by the following: "This Regulation lays down uniform requirements and conditions for managers of collective investment undertakings that wish to use the designation 'EuVECA' in relation to the marketing and management of qualifying venture capital funds in the Union, thereby contributing to the smooth functioning of the internal market." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point -1 a (new)

Regulation (EU) No 345/2013
Article 1 – paragraph 2

(-1a) In Article 1, the second paragraph is replaced by the following: "It also lays down uniform rules for the marketing of qualifying venture capital funds to eligible investors across the Union, for the portfolio composition of qualifying venture capital funds, for the eligible investment instruments and techniques to be used by qualifying venture capital funds as well as for the organisation, conduct and transparency of managers that market and manage qualifying venture capital funds across the Union." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b

Regulation (EU) No 345/2013
Article 3 – paragraph 1 – point d – point i – indent 1

- the undertaking is not admitted to trading on a regulated market or on a multilateral trading facility (MTF) as defined in points (21) and (22) of Article 4(1) of Directive 2014/65/EU of the European Parliament and the Council*, ~~and~~ employs ~~up to 499 persons~~fewer than 250 persons, and has an annual turnover not exceeding EUR 50 million;

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b

Regulation (EU) No 345/2013
Article 3 – paragraph 1 – point d – point i – indent 2

- the undertaking is a small and medium-sized enterprise as defined in point (12) of Article 4(1) of Directive 2014/65/EU which is listed on a SME growth market as defined in point (13) of Article 4(1) of that Directive.deleted

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b a (new)

Regulation (EU) No 345/2013
Article 3 – paragraph 1 – point d – point ia (new)

(ba) In point (d), the following point is inserted: "(ia) at the time of the second investment by the qualifying venture capital fund in that undertaking complies with the following conditions: — the undertaking is not admitted to trading on a regulated market or on a multilateral trading facility (MTF) as defined in points (21) and (22) of Article 4(1) of Directive 2014/65/EU, and employs up to 499 persons;"

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 2 a (new)

Regulation (EU) No 345/2013
Article 10 – paragraph 1

(2a) Article 10(1) is replaced by the following: "1. At all times, managers of qualifying venture capital funds shall have sufficient own funds equal to a minimum of 2% of their assets under management and shall use adequate and appropriate human and technical resources as necessary for the proper management of the qualifying venture capital funds that they manage." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 2 b (new) Regulation (EU) No 345/2013

(2b) In Article 10, the following paragraph is inserted: "1a. On the basis of the methodologies set out by ESMA, competent authorities may require managers of qualifying venture capital funds to have a level of own funds higher than the minimum amount referred in paragraph 1."

2017/01/31
Committee: ECON

Philippe LAMBERTS

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

Regulation (EU) No 345/2013
Article 10 – paragraph 3 – subparagraph 1 – introductory part

ESMA shall develop draft regulatory technical standards specifying the methodologies to determine ~~what constitutes sufficient own funds~~in which cases own funds requirements may be set at a higher level than the minimum amount referred in paragraph 1. Those methodologies shall:

2017/01/31
Committee: ECON

Philippe LAMBERTS

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

Regulation (EU) No 345/2013
Article 10 – paragraph 3 – subparagraph 1 – point a

(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;deleted

2017/01/31
Committee: ECON

Philippe LAMBERTS

(b) take into account the size, complexity, structure 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;

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 3 a (new)

Regulation (EU) No 345/2013
Article 12 – paragraph 1

(3a) Article 12(1) is replaced by the following: " "1. Managers of qualifying venture capital funds shall make available an annual report to the competent authority of the home Member State as well as to ESMA for each qualifying venture capital fund that they manage, by six months following the end of the financial year. The report shall ~~describe~~at least include the following: (a) a description of the composition of the portfolio of the qualifying venture capital fund, including the nature, value and economic purpose of its qualifying and non-qualifying investments, and the activities of the previous year~~. It shall also~~; (b) the discloseure of the profits earned by the qualifying venture capital fund at the end of its life and, where applicable, the profits distributed during its life. It shall contain the audited financial accounts for the qualifying venture capital fund." ; (c) a description of how environmental and climate factors are considered in the investment approach of the qualifying venture capital fund and in particular, information about its exposure to assets whose value may be negatively impacted by legislation necessary to meet the Union's climate targets; (d) a description of how the qualifying investments of the qualifying venture capital fund contribute to innovation, using for that purpose the indicators included in the innovation scoreboard developed by ESMA. These information shall be submitted by ESMA to the European Commission, which shall report annually on how the designation 'EuVECA' is leading to an improvement in innovation in the European Union. The annual report shall be produced in accordance with existing reporting standards and the terms agreed between the managers of qualifying venture capital funds and the investors. Managers of qualifying venture capital funds shall provide the report to investors on request. Managers of qualifying venture capital funds and investors may agree to make additional disclosures to each other."" Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 3 e (new)

Regulation (EU) No 345/2013
Article 13 – paragraph 1 – point c – point iv

~~"(iv) the non-qualifying investments which it intends to make;"~~ (3e) In Article 13(1), point (c) (iv) is replaced by the following: "(iv) the non-qualifying investments which it intends to make, including the criteria and guidelines which govern the selection of such investments;" Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 3 h (new)

Regulation (EU) No 345/2013
Article 14 – paragraph 1 – introductory part

(3h) In Article 14(1), the introductory part is replaced by the following: "1. Managers of qualifying venture capital funds that intend to use designation 'EuVECA' for the marketing of their qualifying venture capital funds shall inform ~~the competent authority of their home Member State~~ESMA of their intention and shall provide the following information:" Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 3 j (new)

Regulation (EU) No 345/2013
Article 14 – paragraph 2 – introductory part

~~" 2. The competent authority of the home Member State~~(3j) In Article 14(2) the introductory part is replaced by the following: " 2. ESMA shall only register the manager of a qualifying venture capital fund if the following conditions are met:" Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 3 b (new)

Regulation (EU) No 345/2013
Article 12 – paragraph 2

(3b) Article 12(2) is replaced by the following: "2. An audit of the qualifying venture capital fund shall be conducted at least annually. The audit shall confirm that money and assets are held in the name of the qualifying venture capital fund, that the qualifying venture capital fund does not use more than 30 % of its aggregate capital contributions and uncalled committed capital for the acquisition of assets other than qualifying investments, and that the manager of a qualifying venture capital fund has established and maintained adequate records and checks in respect of the use of any mandate or control over the money and assets of the qualifying venture capital fund and the investors therein." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 3 c (new)

Regulation (EU) No 345/2013
Article 12 – paragraph 3a (new)

(3c) In Article 12, the following paragraph is inserted: 3a. ESMA shall issue guidelines within twelve months after the entry into force of this Regulation to establish the innovation scoreboard referred in paragraph 1. It shall contain detailed indicators aimed at assessing to what extent different categories of qualifying investments contribute to the following four output- oriented innovation: technology innovation, employment in knowledge- intensive activities, competitiveness of knowledge-intensive goods and services and employment in fast-growing firms of innovation sectors.

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 3 k (new)

Regulation (EU) No 345/2013
Article 14 – paragraph 2a (new)

(3k) In Article 14, the following paragraph is inserted: 2a. ESMA shall inform the competent authority of the home Member State of the manager of a qualifying venture capital fund when informed of the intention to use designation 'EuVECA' by a manager in accordance with paragraph 1. ESMA may require the competent authority to provide information about the manager to allow ESMA to determine whether the conditions set out in paragraph 2 are met;

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 3 l (new)

Regulation (EU) No 345/2013
Article 14 – paragraph 3

(3l) Article 14 (3) is replaced by the following: "3. Registration under this Article shall be valid in the entire territory of the Union and shall allow managers of qualifying venture capital funds to market and manage qualifying venture capital funds under the designation 'EuVECA' throughout the Union." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 4

Regulation (EU) No 345/2013
Article 14 – paragraph 3 a (new)

3a. The managers referred to in paragraph 1 shall be informed by ~~the competent authority of their home Member State~~ESMA on whether they have been registered as a manager of a qualifying venture capital fund no later than two months after they have provided all the information referred to in paragraph 1.

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 345/2013
Article 14a – paragraph 2 – introductory part

The application for registration referred to in paragraph 1 shall be made to ~~the competent authority of the qualifying venture capital fund~~ESMA and shall include the following:

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 345/2013
Article 14a – paragraph 3

3. ~~The competent authority of the qualifying venture capital fund~~ESMA shall register every fund as a qualifying venture capital fund if the manager of the fund meets the conditions laid down in Article 14(2).

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 345/2013
Article 14a – paragraph 4

4. The managers referred to in paragraph 1 shall be informed by ~~the competent authority of the qualifying venture capital fund~~ESMA on whether that fund has been registered as a qualifying venture capital fund no later than two months after those managers have provided all the information referred to in paragraph 2.

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 5

5. Registration of qualifying venture capital funds under paragraphs 1, 2 and 3 shall be valid in the entire territory of the Union and shall allow marketing and management of those funds under the designation ‘EuVECA’ throughout the Union.

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 5 b (new)

Regulation (EU) No 345/2013
Article 15 – introductory part

~~"Managers of qualifying venture capital funds shall inform the competent authority of the home Member State where they intend to market:"~~ (5b) In Article 15, the introductory part is replaced by the following: "Managers of qualifying venture capital funds shall inform ESMA where they intend to market:" Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 345/2013
Article 16 – paragraph 1 – subparagraph 1

~~The competent authorities of the home Member States~~ESMA shall notify the competent authorities of the host Member States ~~and ESMA~~ immediately of any registration of a manager of a qualifying venture capital fund, any ~~addition~~establishment of a new qualifying venture capital fund, any ~~addition~~establishment of a new domicile for the establishment of a qualifying venture capital fund or of any addition of a new Member State in which a manager of a qualifying venture capital fund intends to market those funds.

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 345/2013
Article 16 – paragraph 1 – subparagraph 2

For the purposes of the first subparagraph, ~~the competent authority~~ESMA shall immediately notify the registration of a qualifying venture capital fund that has been registered in accordance with Article 14a ~~shall immediately notify that registration~~ to the competent authority of the home Member State of the manager of that qualifying venture capital fund.

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 6 a (new)

Regulation (EU) No 345/2013
Article 16a (new)

(6a) The following Article 16a is inserted: "Article 16a 1. Managers of qualifying venture capital funds shall not charge fees that are higher than twice the interest on an appropriate sovereign bond index. 2. The Commission shall be empowered to adopt delegated acts in accordance with Article 25 specifying the details of the appropriate sovereign index referred in paragraph 1."

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 7

Regulation (EU) No 345/2013
Article 17

ESMA shall maintain a central database, publicly accessible on the internet, listing all managers of qualifying venture capital fund using the designation 'EuVECA' and the qualifying venture capital funds for which they use it, as well as the countries in which those funds are marketed. and managed;

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point b a (new)

Regulation (EU) No 345/2013
Article 21 – paragraph 2 – introductory part

~~"2.~~(ba) In the ~~cases referred to in paragraph 1 the competent authority of the home Member State shall, as appropriate:"~~ second paragraph of Article 21, the introductory part is replaced by the following: "2. In the cases referred to in paragraph 1 ESMA shall, as appropriate:" Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point c a (new)

Regulation (EU) No 345/2013
Article 21 – paragraph 3

~~" 3.~~(ca) The ~~competent authority of the home Member State~~third paragraph is replaced by the following: " 3. ESMA shall inform the competent authorities of the host Member States in accordance with point (d) of Article 14(1) and ESMA, without delay, of the removal of the manager of a qualifying venture capital fund from the register referred to in point (b) of paragraph 2 of this Article." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point c c (new)

Regulation (EU) No 345/2013
Article 21 – paragraph 4

(cc) The fourth paragraph is replaced by the following: "4. The right to market one or more qualifying venture capital funds under the designation 'EuVECA' expires with immediate effect from the date of the decision of ~~the competent authority~~ESMA referred to in point (b) of paragraph 2." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 1 – paragraph 1 – point 9 a (new)

Regulation (EU) No 345/2013
Article 26 – paragraph 1 – point a a (new)

(9a) In Article 26(1), the following point is inserted: "(aa) the extent to which the designation 'EuVECA' has led to an improvement in innovation in the European Union;"

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point -1 (new)

Regulation (EU) No 346/2013
Article 1 – paragraph 1

(-1) In Article 1, the first paragraph is replaced by the following: "This Regulation lays down uniform requirements and conditions for managers of collective investment undertakings that wish to use the designation 'EuSEF' in relation to the marketing and management of qualifying social entrepreneurship funds in the Union, thereby contributing to the smooth functioning of the internal market." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point -1 a (new)

Regulation (EU) No 346/2013
Article 1 – paragraph 2

(-1a) In Article 1, the second paragraph is replaced by the following: "It also lays down uniform rules for the marketing of qualifying social entrepreneurship funds to eligible investors across the Union, for the portfolio composition of qualifying social entrepreneurship funds, for the eligible investment instruments and techniques to be used by qualifying social entrepreneurship funds as well as for the organisation, conduct and transparency of managers that market and manage qualifying social entrepreneurship funds across the Union." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 2 – point -a (new)

Regulation (EU) No 346/2013
Article 3 – paragraph 1 – point d – point ii – first indent

~~"provides services or goods to vulnerable or marginalised, disadvantaged or excluded persons,"~~ (-a) In paragraph 1 of Article 3, point d(ii) first indent is replaced by the following: "provides services or goods which generate a social return demonstrably in line with Union policy objectives in the area of Social Protection and Social Inclusion and the 2030 Agenda for Sustainable Development," Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 2 a (new)

Regulation (EU) No 346/2013
Article 11 – paragraph 1

(2a) In Article 11, the first paragraph is replaced by the following: "1. At all times, managers of qualifying social entrepreneurship funds shall have sufficient own funds ~~and~~equal to a minimum of 2% of their assets under management and shall use adequate and appropriate human and technical resources as necessary for the proper management of the qualifying social entrepreneurship fund that they manage." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 2 c (new)

Regulation (EU) No 346/2013
Article 11 – paragraph 1a (new)

(2c) In Article 11, the following paragraph is inserted: "1a. On the basis of the methodologies set out by ESMA, competent authorities may require managers of qualifying social entrepreneurship funds to have a level of own funds higher than the minimum amount referred in paragraph 1;"

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 3

Regulation (EU) No 346/2013
Article 11 – paragraph 3 – subparagraph 1 – introductory part

ESMA shall develop draft regulatory technical standards specifying the methodologies to determine ~~what constitutes sufficient own funds~~in which cases own funds requirements may be set at a level higher than the minimum amount referred in paragraph 1. Those methodologies shall:

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 3

Regulation (EU) No 346/2013
Article 11 – paragraph 3 – point a

(a) distinguish between what constitutes sufficient own funds for internally managed qualifying social entrepreneurship funds and sufficient own funds for managers of qualifying social entrepreneurship funds which are external managers;deleted

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 3

Regulation (EU) No 346/2013
Article 11 – paragraph 3 – point b

(b) take into account the size, complexity, structure 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;

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 3 a (new)

Regulation (EU) No 346/2013
Article 13 – paragraph 2 – point e

(3a) In Article 13(2), point (e) is replaced by the following: "(e) information on the nature, value and purpose of the investments other than qualifying investments referred to in Article 5(1)." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 3 b (new)

Regulation (EU) No 346/2013
Article 13 – paragraph 2 – point e a (new)

(3b) In Article 13(2), the following paragraph is inserted: (ea) a description of how environmental and climate factors are considered in the investment approach of the qualifying social entrepreneurship fund and in particular, information about its exposure to assets whose value may be negatively impacted by legislation necessary to meet the Union's climate targets;.

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 3 c (new)

Regulation (EU) No 346/2013
Article 13 – paragraph 3

(3c) In Article 13, the third paragraph is replaced by the following: "3. An audit of the qualifying social entrepreneurship fund shall be conducted at least annually. The audit shall confirm that money and assets are held in the name of the qualifying social entrepreneurship fund, that the qualifying social entrepreneurship fund does not use more than 30 % of its aggregate capital contributions and uncalled committed capital for the acquisition of assets other than qualifying investments, and that the manager of a qualifying social entrepreneurship fund has established and maintained adequate records and checks in respect of the use of any mandate or control over the money and assets of the qualifying social entrepreneurship fund and the investors therein." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 3 d (new)

Regulation (EU) No 346/2013
Article 14 – paragraph 1 – point c – point iv

~~"(iv) the non-qualifying investments which it intends to make;"~~ (3d) In Article 14 (1), point c (iv) is replaced by the following: "(iv) the non-qualifying investments which it intends to make, including the criteria and guidelines which govern the selection of such investments;" Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 3 e (new)

Regulation (EU) No 346/2013
Article 15 – paragraph 2 – introductory part

~~" 2. The competent authority of the home Member State~~(3e) In Article 15 (2), the introductory part is replaced by the following: " 2. ESMA shall register the qualifying social entrepreneurship fund manager only if the following conditions are met:" Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 3 f (new)

Regulation (EU) No 346/2013
Article 15 – paragraph 3

(3f) Article 15(3) is replaced by the following: "3. Registration under this Article shall be valid in the entire territory of the Union and shall allow managers of qualifying social entrepreneurship funds to market and manage qualifying social entrepreneurship funds under the designation 'EuSEF' throughout the Union." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 4

Regulation (EU) No 346/2013
Article 15 – paragraph 3a

3a. The managers referred to in paragraph 1 shall be informed by ~~the competent authority of their home Member State~~ESMA on whether they have been registered as a manager of a qualifying social entrepreneurship fund no later than two months after they have provided all the information referred to in paragraph 1.

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 5

Regulation (EU) No 346/2013
Article 15a – paragraph 2 – introductory part

The application for registration referred to in paragraph 1 shall be made to ~~the competent authority of the qualifying social entrepreneurship fund~~ESMA and shall include the following:

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 5

Regulation (EU) No 346/2013
Article 15a – paragraph 3

3. ~~The competent authority of the qualifying social entrepreneurship fund~~ESMA shall register every fund as a qualifying social entrepreneurship fund if the manager of the fund meets the conditions laid down in Article 15(2).

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 5

Regulation (EU) No 346/2013
Article 15a – paragraph 4

4. The managers referred to in paragraph 1 shall be informed by ~~the competent authority of the qualifying social entrepreneurship fund~~ESMA on whether that fund has been registered as a qualifying social entrepreneurship fund no later than two months after those managers have provided all the information referred to in paragraph 2.

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 5 a (new)

Regulation (EU) No 346/2013
Article 16 – introductory part

~~"Managers of qualifying social entrepreneurship funds shall inform the competent authority of the home Member State where they intend to market:"~~ (5a) In Article 16, the introductory part is replaced by the following: "Managers of qualifying social entrepreneurship funds shall inform ESMA where they intend to market:" Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 6

Regulation (EU) No 346/2013
Article 17 – paragraph 1 – subparagraph 1

~~The competent authorities of the home Member States~~ESMA shall notify the competent authorities of the host Member States and ESMA immediately of any registration of a manager of a qualifying social entrepreneurship fund, any addition of a new qualifying social entrepreneurship fund, any addition of a new domicile for the establishment of a qualifying social entrepreneurship fund or of any addition of a new Member State in which a manager of a qualifying social entrepreneurship fund intends to market those funds.

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 6

Regulation (EU) No 346/2013
Article 17 – paragraph 1 – subparagraph 2

For the purposes of the first subparagraph, ~~the competent authority~~ESMA shall immediately notify the registration of a qualifying social entrepreneurship fund that has been registered in accordance with Article 15a shall ~~immediately notify that registration~~ to the competent authority of the home Member State of the manager of that qualifying social entrepreneurship fund.

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 6 a (new)

Regulation (EU) No 346/2013
Article 17a (new)

(6a) The following Article 17a is inserted: "Article 17a 1. Managers of qualifying social entrepreneurship funds shall not charge fees that are higher than twice the interest on an appropriate sovereign bond index. 2. The Commission shall be empowered to adopt delegated acts in accordance with Article 26 specifying the details of the appropriate sovereign index referred in paragraph 1."

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b a (new)

Regulation (EU) No 346/2013
Article 22 – paragraph 2 – introductory part

~~"2. In the cases referred to in paragraph 1, the competent authority of the home Member State shall, as appropriate:"~~ (ba) The introductory part of paragraph 2 is replaced by the following: "2. In the cases referred to in paragraph 1, ESMA shall, as appropriate:" Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point c a (new)

Regulation (EU) No 346/2013
Article 22 – paragraph 3

~~" 3. The competent authority of the home Member State~~(ca) Paragraph 3 is replaced by the following: " 3. ESMA shall inform the competent authorities of the host Member States in accordance with point (d) of Article 15(1) and ESMA, without delay, of the removal of the manager of a qualifying social entrepreneurship fund from the register referred to in point (b) of paragraph 2 of this Article." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)

2017/01/31
Committee: ECON

Philippe LAMBERTS

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point c b (new)

Regulation (EU) No 346/2013
Article 22 – paragraph 4

(cb) Paragraph 4 is replaced by the following: "4. The right to market one or more qualifying social entrepreneurship funds under the designation 'EuSEF' in the Union expires with immediate effect from the date of the decision of ~~the competent authority~~ESMA referred to in point (b) of paragraph 2." Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)

2017/01/31
Committee: ECON