27 Amendments of Danuta Maria HÜBNER related to 2020/2036(INI)
Amendment 41 #
Motion for a resolution
Recital C
Recital C
C. whereas the social and economic crisis resulting from COVID-19 will have a particularly negative impact on SMEs and retail savers; whereas the EU’s response to COVID-19 through the European Recovery Plan should provide a large injection of capital and provide incentives to promote market based financing in order to increase European enterprises’ access to finance;
Amendment 46 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the European banking system has a vital role financing the EU economy; it is not sufficient by itself to provide the amount of credit the EU economy will need to harness the growth required in order to recover from the crisis; a Capital Markets Union together with fully-fledged Banking Union will allow for sound risk sharing, in order to build a resilient EU economy;
Amendment 54 #
Motion for a resolution
Recital C b (new)
Recital C b (new)
Cb. whereas the departure of the UK from the European Union in view of Brexit brings structural changes to the EU financial system; whereas the EU capital markets post Brexit will have a polycentric character, facing greater risk for fragmentation in the EU; underlines the importance to promote policies and measures that ensure the resilience, connectivity and competitiveness of the EU financial markets;
Amendment 58 #
Motion for a resolution
Recital C c (new)
Recital C c (new)
Cc. whereas the level of the financing required for the recovery of the EU economy creates an imperative need to invest wisely and sustainably for the future generations; the European Green deal remains at the forefront of the European Union priorities;
Amendment 63 #
Motion for a resolution
Recital C d (new)
Recital C d (new)
Cd. whereas the completion of the Capital Markets Union is a precondition for a stronger international role of the euro; and a stronger and more competitive EU globally.
Amendment 74 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls for the removal of barriers, including the simplification of legislation , to diversify funding sources for SMEs, in order to promote SMEs’ ability toEuropean companies, with a particular focus on SMEs, in order to ensure access to equity markets, and to reduce the existing debt bias; points out that the current situation makes European companies and especially SMEs more fragile and vulnerable;
Amendment 97 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Takes the view that the efficiency of financial markets should be improved and that the listing of companies should be facilitated; encourages the creation and prioritisation of a large private pan- European fund, an Initial Public Offering (IPO) Fund, to support SME fundings;
Amendment 103 #
2a. Calls for targeted adjustments to the regulatory framework of the European Long Term Investment Funds (ELTIF), to enable retail investors engage in the long-term financing of unlisted companies, infrastructure projects and sustainable investments;
Amendment 121 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Requests the strengthening of securitisation as a tool and a market through a series of measures to avoid a reduction of European bank lending in the fact of prudential regulation and the successful development of the CMU. These measures should include the realignment of the treatment of cash and synthetic securitisations, of the treatment of regulatory capital and liquidity with that of covered bonds and loans, as well as with the disclosure and due diligence requirements for covered bonds and simple, transparent and standardised (STS) securitisation, along with calibration of the Capital Requirements Regulation for the risk-weight floor calibration and a review of the eligibility criteria for securitisations in terms of the Liquidity Coverage Ration;
Amendment 128 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for targeted measures within securities market legislation to expedite the recovery after the COVID-19 crisis; supports changes in the Prospectus Regulation, the Markets in Financial Instruments Directive (MIFID), and the Securitisation Regulation and the Market Abuse Regulation to facilitate investments in the real economy, in particular in SMEs, and to allow newcomers and new products to enter the markets, preserving consumer protection and market integrity; underlines that any regulatory changes should preserve consumer protection and market integrity and ensure consumer and investor protection;
Amendment 130 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for targeted measures in terms of alignment and simplification within securities market legislation to expedite the recovery after the COVID-19 crisis; supports changes in the Prospectus Regulation, the Markets in Financial Instruments Directive (MIFID), the Packaged Retail Investment and Insurance Products Regulation (PRIIPS), the Securitisation Regulation and the Market Abuse Regulation to facilitate investments in the real economy, in particular in SMEs, and to allow newcomers and new products to enter the markets, preserving consumer protection and market integrity;
Amendment 141 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Invites the Commission to review the settlement discipline regime under CSDR in view of COVID 19 crisis and Brexit
Amendment 182 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Takes note of the limited use of the ELTIF vehicle throughout the European Union. Encourages the Commission to review the ELTIF regulation in light of the experience since its entry into force in order to make use of its full potential.
Amendment 189 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Underlines the need to create and stimulate the availability of suitable sustainable assets; encourages the Commission to put forward a legislative initiative for an EU Green Bond Standard; calls for further discussions on the creation of a European safe asset, based on an evaluation to be performed by the Commission of the sovereign bond- backed securities (SBBS) proposal and possible developments, in order to strengthen the international role of the euro, stabilise financial markets and allow banks to diversify their portfolios;
Amendment 194 #
Motion for a resolution
Paragraph 11 b (new)
Paragraph 11 b (new)
11b. Calls on the Commission, in line with the High level forum report recommendation, to put forward a legislative proposal to develop the European Single Access Point (ESAP) for company data; ESAP will serve as an EU- wide, digital, one-stop-shop for both public financial and non-financial information in respect to EU companies; ESAP should be a single platform established and managed by ESMA; in that regard the legislative proposal should ensure that adequate time, funding and resources are provided to ESMA;
Amendment 199 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses the need for European and national supervisory authorities to overcome their differences; calls fora European model of enhanced supervisory convergence, to promote a common European model, guided by the European Securities and Market Authority (ESMA), to reduce the existing obstacles to cross-border financial operations;reduce the existing obstacles to cross-border financial operations; in this context ESMA and national supervisory authorities should act as one and ensure consistent, effective and coordinated supervision of the EU markets.
Amendment 210 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. In order to reduce the fragmentation risk stemming from the application of national options and discretion, underlines the need to progress on common European standards;
Amendment 211 #
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12b. Underlines the efficiency that can be achieved by gradually granting to ESMA direct supervisory powers over EU CCPs and EU CSDs, in line with their cross border activity and market concentration;
Amendment 228 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. IEmphasizes the fact that there is no sound market without a wide investor base; is concerned that retail investors’ engagement with financial markets remains low; calls for measures to promote retail investments in view of the demographic challenges faced by the EU by increasing the participation of retail investors in capital markets through more attractive and appropriate personal pension products;
Amendment 232 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Underlines the importance to enhance investor confidence in the capital markets, fostered by sound investor protection and supported by financially literate market participants;
Amendment 240 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (PRIIPs) that should be addressed in the next review; expects that Level 2 PRIIPs legislation on the Key Investor Document to respect level 1, in particular in relation to the performance scenarios; regrets the delays in the adoption of Level 2 PRIIPs legislation that will overlap with the first review of PRIIPs, and which increases legal uncertainty and costs for stakeholders;
Amendment 253 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Urges the Commission to make clear the differentiation between professional and retail investors on all levels of MIFID, making it possible to tailor the treatment of clients according to their knowledge and experience on the markets; requests that the Commission to consider if the introduction of a category of semi-professional investors towould better respond to the reality of participation on the financial markets and based on its findings, assess if the introduction of such category would be needed or not;
Amendment 261 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Is of the opinion that the current reporting framework within MIFID II and the European Market Infrastructure Regulation (EMIR) is very costly and complex, hindering and, the reffectiveness of the system;ore, believes that a simplification thereof is necessary; stresses however that the adequate level of information that is made available to regulators and supervisors should not be compromised;
Amendment 269 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. 1. Calls for amendments to legislation to ensure access to independent advice by financial intermediaries while avoidingithout undue promotion of the institution’s own financial products and while ensuring a fair marketing ofn appropriate marketing of all relevant financial products;
Amendment 270 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Calls for the consideration of amendments to the legislationve framework to ensure access to independent advice by financial intermediaries while avoiding promotion of the institution’s own financial products and ensuring a fair and transparent marketing of financial products; further requires the Commission and ESMA to investigate the impact of inducements on the quality of the advice;
Amendment 323 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. 1. Points out that Europe competes for capital in a global market, and that, as a result, deeper, more integrated and efficient European capital markets along with increased risk sharing among stakeholders are critical to protecting Europe’s economic sovereignty, the use of the euro in third countries, and to attracting foreign investors;
Amendment 329 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Reiterates that EU legislation provides for the possibility of considering third-country rules as equivalent based on a proportional and risk-based analysis, and that such decisions should be taken through a delegated act; recalls that the EU can unilaterally withdraw any equivalence decision; emphasizes the need to ensure EU supervisors have direct supervisory powers in case the activities of certain third-country firms recognized under the EU equivalence framework may impact financial stability, orderly markets or investor protection;