27 Amendments of Sven GIEGOLD related to 2011/0418(COD)
Amendment 41 #
Proposal for a regulation
Recital 7
Recital 7
(7) This Regulation should establish uniform rules on the nature of EuSEFs, notably on the portfolio undertakings into which the EuSEFs are to be permitted to invest, and the investment instruments to be used. In order to ensure the necessary clarity and certainty this Regulation should also lay down uniform criteria to identify social undertakings as eligible qualifying portfolio undertakings. Social undertakings have the achievement of positive social impact as their principle objective rather than maximising their profits. Therefore, this Regulation should require that a qualifying portfolio undertaking should have as its focus the achievement of a measurable and positive social impact as its focusconsistent with Union social policy objectives such as the social impact assessment guidelines of the Commission and of the European Economic and Social Committee; that it uses its profits to achieve its primary objective and that it be managed in an accountable and transparent way. For the, in general, exceptional cases, in which a qualifying portfolio undertaking wishes to distribute profits to shareholders and owners, the qualifying portfolio undertaking should have predefined procedures and rules on how profits are distributed to shareholders and owners. Those rules should specify that distribution of profits does not undermine the primary social objective.
Amendment 44 #
Proposal for a regulation
Recital 8
Recital 8
(8) Social undertakings include a large range of undertakings, taking various legal forms, that provide social services or goods to vulnerable or marginalised persons. Such services include combating poverty, access to housing, healthcare, assistance for elderly or disabled persons, child care, access to employment and training as well as dependency management. Social undertakings also include undertakings that employ a method of production of goods or services with a social objective, but whose activities may be outside the realm of the provision of social goods or services. Those activities include social and professional integration by means of access to employment for people disadvantaged in particular by insufficient qualifications or social or professional problems leading to exclusion and marginalisation.
Amendment 52 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 a (new)
Article 2 – paragraph 1 – subparagraph 1 a (new)
For investments by EuSEFs in qualifying portfolio undertakings relating to social housing and other sectors with social relevance, with a high investment intensity, a higher threshold may be established on a case-by-case basis.
Amendment 54 #
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
3. The Commission shall be empowered to adopt delegated acts in accordance with Article 24 specifying the methods for calculating the appropriate thresholds as referred in paragraph 1 of this Article and for monitoring compliance with this threshold on an ongoing basis.
Amendment 62 #
Proposal for a regulation
Article 3 – paragraph 1 – point c – point v
Article 3 – paragraph 1 – point c – point v
(v) any other type of participation in a qualifying portfolio undertaking. In the case of debt or loans referred to in points (ii) and (iv), interest shall be set at a level that does not undermine the achievement of the primary social objective of the qualifying portfolio undertaking by limiting the reinvestment of profits.
Amendment 63 #
Proposal for a regulation
Article 3 – paragraph 1 – point d – introductory part
Article 3 – paragraph 1 – point d – introductory part
(d) ‘qualifying portfolio undertaking’ means an undertaking which is not itself a collective investment undertaking and that, at the time of an investment by the EuSEF, is not listed on a regulated market as defined in point (14) of Article 4 (1) of Directive 2004/39/EC, which, except in the case of undertakings dealing with social housing and other sectors with social relevance having a high investment intensity, either has an annual turnover not exceeding EUR 50 million, or an annual balance sheet total not exceeding EUR 43 million, which is not itself a collective investment undertaking and which:
Amendment 72 #
Proposal for a regulation
Article 3 – paragraph 1 – point d – point ii
Article 3 – paragraph 1 – point d – point ii
(ii) uses its profits to achieve its primary objective instead of distributing profits and has in place predefined procedures and rules for any exceptional circumstances in which profits are distributed to shareholders and owners, which ensure that any distribution of profits does not undermine the primary objective;
Amendment 76 #
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2a. The Commission shall be empowered to adopt delegated acts in accordance with Article 24 specifying the criteria for identifying qualifying portfolio undertakings dealing with social housing and other sectors with social relevance having a high investment intensity and the appropriate thresholds for turnover and balance sheet total to be used for the purposes of paragraph 1(d).
Amendment 77 #
Proposal for a regulation
Article 3 a (new)
Article 3 a (new)
Article 3a 1. The social impact in the Union of qualifying portfolio undertakings shall be assessed in a manner consistent with Union social policy regarding at least the following: (a) employment and labour markets; (b) standards and rights relating to job quality; (c) social inclusion and protection of particular groups; (d) equality of treatment and opportunities, non-discrimination; (e) private and family life, personal data; (f) governance, participation, good administration, access to justice, media and ethics; (g) public health and safety; (h) crime, terrorism and security; (i) access to and effects on social protection, health and educational systems; (j) art and culture; (k) intercultural understanding; (l) preservation of the natural environment, (m) animal welfare In addition, the assessment shall take into account social impacts in third countries. 2. The Commission shall be empowered to adopt delegated acts in accordance with Article 24 further specifying: (a) the detailed criteria for quantitative and qualitative measures of the social impact of a qualifying portfolio undertaking on the dimensions referred to in paragraph 2; (b) the methodology for combining the measures referred to in point (a) to derive an overall measure of the social impact of a qualifying portfolio undertaking.
Amendment 82 #
Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 1 a (new)
Article 5 – paragraph 1 – subparagraph 1 a (new)
Such investments shall be limited to transferable securities of high liquidity and credit quality.
Amendment 86 #
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. By way of derogation from Article 2, EuSEF managers may borrow from regional, Member State or Union-level development agencies which have a mandate to provide such funding for the promotion of social entrepreneurship.
Amendment 97 #
Proposal for a regulation
Article 6 a (new)
Article 6 a (new)
Article 6 a 1. EuSEF managers shall not charge fees that are higher than twice the interest on an appropriate sovereign bond index. There shall be a component of such fees that is linked to the performance measured against the social impact of the qualifying portfolio undertakings in accordance with Article 3a. 2. The Commission shall be empowered to adopt delegated acts in accordance with Article 24 specifying the details of the appropriate sovereign bond index and the method for calculating the performance measure referred to in paragraph 1.
Amendment 100 #
Proposal for a regulation
Article 7 – paragraph 1 – point c
Article 7 – paragraph 1 – point c
(c) conduct of their business activities so as to promote the positive social impact of the qualifying portfolio undertakings invested in, the best interests of the EuSEFs they manage, the investors in those EuSEFs, and the integrity of the market;
Amendment 102 #
Proposal for a regulation
Article 7 – paragraph 1 – point d
Article 7 – paragraph 1 – point d
(d) apply a high level of diligence in the selection and ongoing monitoring of investments in qualifying portfolio undertakings and their positive social impact;
Amendment 105 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. EuSEF managers shall employ for each EuSEF they manage procedures to measure and monitor the extent to which the qualifying portfolio undertakings, in which the EuSEF invests, achieve the positive social impact that they are committed to in accordance with Article 3a.
Amendment 110 #
Proposal for a regulation
Article 12 – paragraph 2 – point a
Article 12 – paragraph 2 – point a
(a) details, as appropriate, of the overall social outcomes achieved by the investment policy and the method used to measure these outcomes in accordance with Article 3a;
Amendment 111 #
Proposal for a regulation
Article 12 – paragraph 2 – point d a (new)
Article 12 – paragraph 2 – point d a (new)
(da) detailed information on nature and purpose of the investments other than qualifying portfolio investments referred to in Article 4(1).
Amendment 114 #
Proposal for a regulation
Article 13 – paragraph 1 – point d
Article 13 – paragraph 1 – point d
(d) the specific methodologies to be used to measure social impacts in accordance with Article 3a;
Amendment 115 #
Proposal for a regulation
Article 13 – paragraph 1 – point e
Article 13 – paragraph 1 – point e
(e) a descriptiondetailed information on the nature and purpose of the assets other than qualifying portfolio undertakings and the process and the criteria which are used for selecting these assets unless they are cash or cash equivalents;
Amendment 119 #
Proposal for a regulation
Article 13 – paragraph 4 – point b a (new)
Article 13 – paragraph 4 – point b a (new)
(ba) the principles to be applied in the design of methods used for the valuation of qualifying portfolio undertakings as referred to in paragraph 1(g).
Amendment 127 #
Proposal for a regulation
Article 22 – paragraph 2 a (new)
Article 22 – paragraph 2 a (new)
2a. In the event of disagreement between the competent authorities concerning the exercise of their respective duties under this Regulation, any of the authorities concerned may refer the matter for mediation by ESMA under Article 19 of Regulation 1095/2010/EU.
Amendment 129 #
Proposal for a regulation
Article 24 – paragraph 2
Article 24 – paragraph 2
2. The delegation of power referred to in Articles 2 (3), 3 (2), 3a, 8 (5), 9 (2) and 13 (4) shall be conferred on the Commission for a period of four years for a period of four years from the date of entering into force of this Regulation. The Commission shall draw up a report in respect of the delegation of powers not later than nine months before the end of the four year period. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension not later than three months before the end of each period.
Amendment 130 #
Proposal for a regulation
Article 24 – paragraph 3
Article 24 – paragraph 3
3. The delegation of powers referred to Articles 2 (3), 3 (2), 3a, 8 (5), 9 (2) and 13 (4) may be revoked at any time by the European Parliament or by the Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.
Amendment 132 #
Proposal for a regulation
Article 25 – paragraph 1 – point c
Article 25 – paragraph 1 – point c
(c) the practical application of the criteria for identifying qualifying portfolio undertakings and the impact of this on the development of social undertakings across the Union and their positive social impact;
Amendment 134 #
Proposal for a regulation
Article 25 – paragraph 1 – point d a (new)
Article 25 – paragraph 1 – point d a (new)
(da) the possibility of introducing a fund of EuSEFs with appropriately high standards of consumer protection in order to promote retail investment in EuSEFs and social entrepreneurship in general;
Amendment 135 #
Proposal for a regulation
Article 25 – paragraph 1 – point d b (new)
Article 25 – paragraph 1 – point d b (new)
(db) the resource requirements for ESMA to perform its tasks under this Regulation.
Amendment 137 #
Proposal for a regulation
Article 26 – paragraph 1
Article 26 – 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. It shall apply from the 22 July 2013, except for Articles 2 (3), 3 (2), 3a, 8 (5), 9 (2) and 13 (4), which shall apply from the date of entry into force of the Regulation.