18 Amendments of Bas EICKHOUT related to 2020/0106(COD)
Amendment 3 #
Proposal for a regulation
Recital 1 b (new)
Recital 1 b (new)
(1b) If left unaddressed, the COVID-19 negative economic effects can jeopardise efforts to achieve climate, energy and environmental targets in the Union. The Solvency Support Instrument should contribute to ensuring continuous progress towards the achievement of these targets.
Amendment 4 #
Proposal for a regulation
Recital 3
Recital 3
(3) In order to counter the severe economic consequences of the Covid-19 pandemic in the Union, companies, small and medium-sized enterprises (SMEs) in particular, that have encountered difficulties because of the economic crisis caused by the pandemic and that cannot obtain sufficient support through market financing, or measures undertaken by Member States, should be provided with a facility for solvency support as a matter of urgency under a Solvency Support Instrument which should be added as a third window under the EFSI.
Amendment 6 #
Proposal for a regulation
Recital 4
Recital 4
(4) Companies supported under the Solvency Support Instrument, the majority of which should be SMEs, should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should not be part of a group having subsidiaries without real economic activity in a country included in the EU list for non-cooperative jurisdictions for tax purposes6a and should maintain substantial activities in the Union for the duration of the support. They should also, where relevant, suspend dividends distribution, bonuses to top executives and buy-back of shares for a period of two years after benefiting from the scheme. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model and not have been in difficulty in terms of the State aid framework7 already at end 2019, nor should they have been involved or engaged in money laundering, terrorism financing, tax avoidance, tax fraud or tax evasion. Support should be targeted at eligible companies operating in those Member States and sectors which are most impacted by the Covid-19 crisis as well as by surging unemployment rates and/or where the availability of State solvency support is more limited. _________________ 6a Council conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes (OJ C 64, 27.2.2020, p. 8). 7 As defined in Article 2(18) of Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (OJ L 187, 26.6.2014, p.1).
Amendment 8 #
Proposal for a regulation
Recital 8
Recital 8
(8) The delivery modes of the support should be flexible in view of the need of differing solutions in different Member States. They should include, inter alia, EIB Group financing, or guarantee or investment in existing independently managed funds or in special purpose vehicles that in turn invest in eligible companies. Furthermore, the support could be channelled via newly established independently managed funds, including via first-time teams, or via special purpose vehicles especially set up either at European or regional or national level with a view to benefiting from the EU guarantee in order to invest in eligible companies. The EU guarantee could also be used to guarantee or finance an intervention by a national promotional bank or institution in line with State aid rules together with private investors in support of eligible companies. Undue distortion of competition in the internal market should be avoided. Within one year after the entry into operation of the Solvency Support Instrument, the Commission should evaluate the effectiveness and appropriateness of this Instrument in achieving its main objectives, including its impact on the achievement of the Union's climate objectives.
Amendment 10 #
Proposal for a regulation
Recital 10
Recital 10
(10) The financing and investment operations should be aligned with current policy priorities of the Union such as the European Green Deal, in particular its climate objectives for 2030 and 2050, the European Pillar of Social Rights and the Sustainable Development Goals as well as the European Green Deal, a New Industrial Strategy for Europe, an SME Strategy for a sustainable and digital Europe and the Strategy on shaping Europe’s digital future. Support to cross- border activities should also be targeted.
Amendment 14 #
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10a) Large companies benefitting from the Solvency Support Instrument should be obliged to adopt binding transition plans, elaborating how they align their economic activities with the Union's climate objectives, and contribute to a more circular economy and biodiverse ecosystem. These transition plans should include appropriate governance around sustainability risk and ensure that all future capital expenditure is used for sustainable economic activities in accordance with the EU framework to facilitate sustainable investment. They should foresee the phase-out of activities causing significant harm to any environmental objective and the transformation of such activities into neutral or low impact activities within a pre-defined timeframe.
Amendment 15 #
Proposal for a regulation
Recital 10 b (new)
Recital 10 b (new)
(10b) Companies benefiting from the Solvency Support Instrument should commit to and implement equal pay between women and men for work of equal value and should include in their transition plans actions to prioritise, when necessary and to the extent possible, early retirement, short-term work or equivalent measures rather than lay-offs and further flexibilisation and precariousness of jobs. Companies benefiting from the Solvency Support Instrument should also commit to the training and relevant retraining of workers towards a green and digital transition.
Amendment 17 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) 2015/1017
Article 3 – paragraph 1 – point c
Article 3 – paragraph 1 – point c
(c) the solvency of companies, with a particular focus on SMEs, established in a Member State and operating in the Union.
Amendment 18 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) 2015/1017
Article 6 – paragraph 1 – point a – subparagraph 2
Article 6 – paragraph 1 – point a – subparagraph 2
However, support under the solvency support window shall only be granted if it is to the benefit of companies that were not in difficulty in State aid terms8 already at the end of 2019 but since then face significant solvency risks due to the crisis caused by the Covid-19 pandemic; _________________ 8 As defined in Article 2(18) of Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (OJ L 187, 26.6.2014, p. 1). Moreover, support under the solvency support window shall only be granted to companies that: - adopt plans according to the guidance referred to in point (d) of Section 6 of Annex II; - comply with the minimum safeguards referred to in Article 18 of Regulation (EU) 2020/852 of the European Parliament and of the Council8a; - have not been involved in or are not currently being investigated or prosecuted for money laundering, terrorism financing, tax avoidance, tax fraud or tax evasion; companies with a consolidated turnover exceeding EUR 750 000 000 shall draw up and make publicly available free of charge a report with the information referred to in Article 89(1) of Directive 2013/36/EU of the European Parliament and of the Council8b; - are not part of a group having subsidiaries without real economic activity in a country included in the EU list for non-cooperative jurisdictions for tax purposes8c; - are not paying out dividends, reserves or bonuses or buying back shares for a period of at least two years after benefiting from the support under the Solvency Support Instrument; _________________ 8 As defined in Article 2(18) of Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (OJ L 187, 26.6.2014, p. 1). 8aRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13). 8bDirective 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176 27.6.2013, p. 338). 8c Council conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes (OJ C 64, 27.2.2020, p. 8).
Amendment 22 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 b (new)Regulation (EU) 2015/1017
Article 1 – paragraph 1 – point 5 b (new)Regulation (EU) 2015/1017
Article 6 – paragraph 1 a (new)
(5b) In Article 6, the following paragraph is inserted: 1a. The Commission shall develop a separate scoreboard specific to the solvency support window, in order to rate potential beneficiary companies under the solvency support window for the purpose of Article 7(12) of this Regulation. Only companies reaching a minimum score are eligible for support under the Solvency Support Instrument.
Amendment 25 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) 2015/1017
Article 9 – paragraph 2 – subparagraph 3 – introductory part
Article 9 – paragraph 2 – subparagraph 3 – introductory part
The operations concerned shall be consistent with Union policies, including and commitments, in particular the Union's climate objectives laid down in [Regulation (EU) 2020/XXX establishing the framework for achieving climate neutrality and amending Regulation (EU) 2018/1999 ("European Climate Law")], the European Green Deal9 and the Strategy on shaping Europe’s digital future10 , as well as supporting an inclusive and symmetric recovery in the aftermath of the COVID-19 pandemic, and support any of the following general objectives:’ _________________ 9 COM(2019)640 final. 10 COM(2020)67 final.
Amendment 39 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) 2015/1017
Article 9 – paragraph 2 a – subparagraph 1 – point a
Article 9 – paragraph 2 a – subparagraph 1 – point a
(a) target that at least 460 % of EFSI financing under the infrastructure and innovation window and at least 50 % of EFSI financing under the solvency support window support project components that contribute to climate action, in line with the commitments made at the 21st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP21). EFSI financing for SMEs and small mid- cap companies shall not be included in that computation. The EIB shall use its internationally agreed methodology to identify those climate action project components or cost shares;
Amendment 43 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017
Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017
(ba) ensure that at least 50 % of the financing under the solvency support window supports activities that qualify as environmentally sustainable pursuant to Regulation (EU) 2020/852;
Amendment 49 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) 2015/1017
Article 9 – paragraph 2 a – subparagraph 2
Article 9 – paragraph 2 a – subparagraph 2
The Steering Board shall, where necessary, provide detailed guidance concerning points (a) to (c). Financing and investment operations that are inconsistent with the achievement of the Union's climate objectives shall not be eligible for support under this Regulation.
Amendment 53 #
Proposal for a regulation
Article 1 – paragraph 1 – point 26
Article 1 – paragraph 1 – point 26
Regulation (EU) 2015/1017
Article 14a – paragraph 1
Article 14a – paragraph 1
An amount of up to EUR 100 000 000 shall be made available for covering costs, advisory services and technical and administrative assistance to set-up and manage funds, special purpose vehicles, investment platforms and other vehicles for the purposes of the solvency support window including for support referred to in point (i) of Article 14(2) and having a special focus on Member States with less developed equity markets. The technical assistance shall also be available tofocus on supporting the green and digital transformation of companies financed under this window.
Amendment 55 #
Proposal for a regulation
Article 1 – paragraph 1 – point 27
Article 1 – paragraph 1 – point 27
Regulation (EU) 2015/1017
Article 16 – paragraph 2 – subparagraph 2
Article 16 – paragraph 2 – subparagraph 2
Operations under the solvency support window shall be reported on separately, as appropriate and as set out in the guarantee agreement. This reporting shall in particular contain a detailed assessment of the contribution to the green and digital transition of the companies benefiting under the scheme, as appropriate on the basis of the transition plans established by the supported companies.
Amendment 56 #
Proposal for a regulation
Article 1 – paragraph 1 – point 27
Article 1 – paragraph 1 – point 27
Regulation (EU) 2015/1017
Article 16 – paragraph 2 – subparagraph 2 a (new)
Article 16 – paragraph 2 – subparagraph 2 a (new)
Operations financed shall be subject to climate, environmental and social sustainability proofing and tracking with a view to minimise adverse impacts and maximise benefits for the Union's environmental and social objectives. For that purpose, entities requesting financing shall provide adequate information based on guidance to be developed by the Commission. This information shall include the proportion of financing in environmentally sustainable economic activities in accordance with Article 3 of Regulation (EU) 2020/852. Projects below a certain size, as defined in the guidance, shall be excluded from the proofing.
Amendment 64 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 3
Article 1 – paragraph 1 – point 31 – point 3
Regulation (EU) 2015/1017
Annex II – section 6 – point d – indent 5
Annex II – section 6 – point d – indent 5
— Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply, to the extent possible, with minimum high-levelcomply with social and environmental safeguards in line with guidance based on Articles 17 and 18 of Regulation (EU) 2020/852 provided by the Steering Board. Such guidance should include adequate provisions for avoiding undue administrative burdens, taking into account the size of companies and including lighter provisions for SMEs. Companies with a certain level of exposure to a pre-defined list of environmentally harmful activities, in particular the sectors covered by the EU Emissions Trading System (EU ETS), shall be encouraged to put in place, in the future, green transition plans. Companies shall also be encouraged to advance in their digital transformation. Technical assistance shall be available to assist companies for the purpose of these transitions. subject to an obligation to publish non-financial information pursuant to Article 19a or 29a of Directive 2013/34/EU of the European Parliament and of the Council1a shall put in place green and just transition plans. Companies shall also be encouraged to advance in their digital transformation. Technical assistance shall be available to assist companies for the purpose of these transitions. Such transition plans shall, as a minimum, ensure that: - economic activities of the company are aligned with the Union's climate objectives laid down in [Regulation (EU) 2020/XXX establishing the framework for achieving climate neutrality and amending Regulation (EU) 2018/1999 ("European Climate Law")]; - where relevant, economic activities of the company are aligned with the environmental objectives set out in points (b) to (f) of Article 9 of Regulation (EU) 2020/852; - appropriate governance is established to assess and minimise sustainability risks; - all future capital expenditure is used for assets or processes associated with economic activities that qualify as environmentally sustainable under Articles 3 and 9 of Regulation (EU) 2020/852; - the phase-out of activities causing significant harm to any environmental objective in accordance with Article 17 of Regulation (EU) 2020/852 and the transformation of such activities into neutral or low impact activities within a pre-defined timeframe are foreseen; - quality employment targets and gender equality related targets including equal pay objectives are established. The transition plans shall contain intermediate targets and be updated on a yearly basis and provide an ex-post assessment on whether the intermediate targets are met. Companies not subject to an obligation to publish non-financial information pursuant to Article 19a or 29a of Directive 2013/34/EU shall put in place transition plans explaining whether and to what extent their economic activities support the environmental objectives referred to in Article 3 of Regulation (EU) 2020/852. The transition plans shall include, as appropriate, targets on the proportion of their capital expenditure and the proportion of their operating expenditure related to assets or processes associated with economic activities that qualify as environmentally sustainable under Articles 3 and 9 of Regulation (EU) 2020/852. The plans shall also include quality job target and employment conservation measures as well as gender equality related targets including equal pay objectives. The plans shall contain intermediate targets and be updated on a yearly basis and provide an ex-post assessment on whether the intermediate targets are met. _______________________ 1a Directive2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).