12 Amendments of Ivailo KALFIN related to 2010/0395(COD)
Amendment 18 #
Proposal for a regulation
Part 1 – Article 29 – paragraph 3 a (new)
Part 1 – Article 29 – paragraph 3 a (new)
3a. The acceptable levels of risk of error shall be adapted to the particularities of the respective policy areas. Research & Innovation financing shall be made more accessible by reducing bureaucratic burdens and accordingly adapting the levels of TRE.
Amendment 27 #
Proposal for a regulation
Part 1 – Article 116 a (new)
Part 1 – Article 116 a (new)
Article 116 a Definition of eligible costs A further clarification or a reasonable definition of eligible costs shall be proposed by the Commission, as it will benefit to the respect of the full cost principle: direct and indirect costs, upstream and downstream of research;
Amendment 28 #
Proposal for a regulation
Part 1 – Article 116 b (new)
Part 1 – Article 116 b (new)
Article 116 b Time-recording mechanisms A more flexible approach towards time- recording mechanisms should be implemented. In some areas, such as Research & Innovation, it shall be abolished.
Amendment 424 #
Proposal for a regulation
Part 1 – article 130 – paragraph 1
Part 1 – article 130 – paragraph 1
1. For the purpose of this Regulation, ‘'financial instruments’' shall mean Union measures of financial support provided from the budget in order to address aone or more specific policy objectives by way of loans, including loans with interest rate rebates, guarantees, equity or quasi-equity investments or participations, or other risk- bearing instruments, possibly combined with grants. The risk exposure resulting from the implementation of financial instruments shall in all cases be pre-defined. The following definitions shall apply: (a) 'loan' means an agreement which obliges the lender to make available to the borrower a sum of money in the agreed amount. The borrower is obliged to repay the loan made available to him at the due date. Usually the borrower is obliged to pay interest owed; (b) 'interest rate rebates' means a subsidy on the interests of loans; (c) 'guarantee' means a written commitment to be responsible for the debt of a third party in an event of default; (d) ‘equity investment’ means the provision of capital to a firm by an investor in return for partial ownership of that firm where, in addition, this investor may assume some management control of the firm and may share in future profits; (e) ‘quasi-equity investment’ means a type of financing that involves a mix of equity and debt, where the equity allows investors to achieve a high rate of return upon the success of the company or where the debt component entails a premium price contributing to the return of the investor (e.g. mezzanine debt or subordinated debt); (f) ‘risk-sharing instrument’ means a financial instrument which guarantees the total or partial coverage of a defined risk, if possible in exchange for an agreed remuneration.
Amendment 428 #
Proposal for a regulation
Part 1 – article 131 – paragraph 1
Part 1 – article 131 – paragraph 1
1. Financial instruments shall be provided to final recipients of Union funds in accordance with the principles of sound financial management, transparency, proportionality, non-discrimination and equal treatment and in accordance with the objectives established in the basic act that applies to those financial instruments.
Amendment 430 #
Proposal for a regulation
Part 1 – article 131 – paragraph 1 a (new)
Part 1 – article 131 – paragraph 1 a (new)
1a. Financial instruments shall comply with the following conditions: (a) added value of the Union intervention, which means that financial instruments shall facilitate the achievement of the EU goals on a larger scale and more efficiently than using comparable national instruments; (b) they shall be implemented in order to address sub-optimal investment situations, including high innovation risk or market failures that give rise to insufficient funding from market sources; (c) additionality, which means that financial instruments of the EU shall complement and not aim at replacing those of a Member State, private funding or another financial EU intervention where ever such alternative instruments exist; d) financial instruments shall be implemented in a way which does not distort competition in the internal market; (e) they shall have a multiplier effect, which means that the Union contribution to a financial instrument shall mobilize a global investment exceeding the size of the Union contribution; f) good governance, meaning that in the implementation of the financial instruments the Commission shall endeavour to assure that the entrusted entities shall align with the EU's interests, using appropriate incentives and enhanced controls.
Amendment 431 #
Proposal for a regulation
Part 1 – article 131 – paragraph 1 b (new)
Part 1 – article 131 – paragraph 1 b (new)
1b. Revenues and repayments under a financial instrument shall constitute internal assigned revenue according to Article 18(3) and shall be carried over automatically with a view to being re- invested.
Amendment 432 #
Proposal for a regulation
Part 1 – article 131 – paragraph 2
Part 1 – article 131 – paragraph 2
2. Without prejudice to points (d) and (e) of aArticle 46(1), the budgetary expenditure linked to a financial instrument shall be kept within the relevant budgetary commitment made for iand the financial responsibility of the Union shall not exceed the amount of within the relevant budgetary commitment made for it, thus excluding contingent liabilities for the Union budget.
Amendment 433 #
Proposal for a regulation
Part 1 – article 131 – paragraph 3
Part 1 – article 131 – paragraph 3
3. FThe entities referred to in point (iii) and (iv) of Article 55(1)(b) and all financial intermediaries involved in the execution of financial operations under a financial instrument shall comply with relevant standards on the prevention of money laundering and fight against terrorism. They shall not be established and/or shall not interact with entities incorporated in territories whose jurisdictions do not co- operate with the Union in relation to the application of internationally agreed tax standards.
Amendment 434 #
Proposal for a regulation
Part 1 – article 131 – paragraph 4
Part 1 – article 131 – paragraph 4
4. Each agreement between an entity referred to in point (iii) and (iv) of Article 55(1)(b) and a financial intermediary referred to in paragraph 3 shall provide expressly foraccess of the Commission and the Court of Auditors to exercise their powers of control, on documents and on the premises and on informationdocuments, premises and to any requested information, related to the implementation of the financial instruments, even stored on electronic media, overthat should be provided by all third parties who have received Union funds.
Amendment 435 #
Proposal for a regulation
Part 1 – article 131 a (new)
Part 1 – article 131 a (new)
Article 131a Hedging operations, related to financial instruments shall be allowed to the entities entrusted for indirect management, in order to reduce the interest rate, exchange rate or cash flow risks. Those operations shall rely on appropriate instruments, providing efficiency and shall not seek speculative purposes.
Amendment 436 #
Proposal for a regulation
Part 1 – article 131 b (new)
Part 1 – article 131 b (new)
Article 131b The Commission shall report annually to the budgetary authority on the activities supported by financial instruments, on the financial institutions involved in their implementation, on the performance of financial instruments, including reinvestments realised, balance on the trust accounts, revenues and repayments, multiplier effect achieved, and value of participations. The Commission shall attach its report to the synthesis report referred to in Article 63(9).