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Activities of Kay SWINBURNE related to 2018/0165(COD)

Shadow reports (1)

REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 596/2014 and (EU) 2017/1129 as regards the promotion of the use of SME growth markets PDF (623 KB) DOC (82 KB)
2016/11/22
Committee: ECON
Dossiers: 2018/0165(COD)
Documents: PDF(623 KB) DOC(82 KB)

Amendments (10)

Amendment 28 #
Proposal for a regulation
Recital 2
(2) Directive 2014/65/EU of the European Parliament and of the Council24 has created a new type of trading venues, the SME growth markets, a subgroup of Multilateral Trading Facilities (‘MTFs’), in order to facilitate access to capital for SMEs to enable them to grow and to facilitate the further development of specialist markets that aim to cater for the needs of SME issuers that have genuine growth potential. Directive 2014/65/EU also anticipated that “attention should be focused on how future regulation should further foster and promote the use of that market so as to make it attractive for investors, and provide a lessening of administrative burdens and further incentives for SMEs to access capital markets through SME growth markets". _________________ 24 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).
2018/10/11
Committee: ECON
Amendment 35 #
Proposal for a regulation
Recital 4 a (new)
(4a) The success of an SME growth market should not be measured simply by the number of companies listed, but rather by the rate of growth achieved by the listed companies. Regulatory alleviation should be for the benefit of those smaller companies with real growth potential.
2018/10/11
Committee: ECON
Amendment 38 #
Proposal for a regulation
Recital 6
(6) Some liquidity in an issuer’s shares can be achieved through liquidity mechanisms such as market-making arrangements or liquidity contracts. A market-making arrangement involves a contract between the market operator and a third party who commits to maintaining the liquidity in certain shares and benefits from rebates on trading fees in return. A liquidity contract involves a contract between an issuer and a third party who commits to providing liquidity in the shares of the issuer, and on its behalf. To ensure that market integrity is fully preserved, liquidity contracts should be available for all SME growth markets issuers across the Union, subject to a number of conditions. Not all competent authorities have, pursuant to Article 13 of Regulation (EU) No 596/2014, established accepted market practices in relation to liquidity contracts pursuant to Article 13 of Regulation (EU) No 596/2014, which means that not all SME growth market issuers have currently access to liquidity schemes across the Union. That absence of liquidity schemes can be an impediment to the effective development of SME growth markets. It is therefore necessary to create a Union framework that will enable SME growth market issuers to enter into a liquidity contract with a liquidity provider in another Member State in the absence of an accepted market practice established at national level. The Union framework on liquidity contracts for SME growth markets should however not replace, but rather complement, existing or future accepted domestic market practices. Competent authorities should keep the possibility to establish accepted market practices on liquidity contracts to tailor their conditions to local specificities or to extend such agreements to illiquid securities other than SME growth market shares.
2018/10/11
Committee: ECON
Amendment 40 #
Proposal for a regulation
Recital 8
(8) According to Article 17(4) of Regulation (EU) No 596/2014, issuers can decide to delay the public disclosure of inside information if their legitimate interests are likely to be prejudiced. Issuers are however required to notify the competent authority thereof and to provide an explanation of the rationale supporting the decision. The obligation for SME growth market issuers to document in writing the reasons why they have decided to delay the disclosure can be burdensome. It is considered that a lighter requirement for SME growth markets issuers consisting in an obligation to only explain the reasons for the delay upon request by the competent authority would have no significant impact on the ability of the competent authority to monitor the disclosure of inside information, while significantly reducing the administrative burden for SME growth markets issuers, provided that competent authorities would are still notified of the decision to delay and are in a position to open an investigation if they have doubt as regards that decision.
2018/10/11
Committee: ECON
Amendment 44 #
Proposal for a regulation
Recital 9 a (new)
(9a) Reflecting less stringent requirements elsewhere, punitive sanctions applied should reflect the economic realties of smaller companies.
2018/10/11
Committee: ECON
Amendment 45 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 596/2014
Article 13 – paragraph 12 – introductory part
An issuer whose financial instruments are admitted to trading on an SME growth market shall be authorised to enter into a liquidity contract either at national or European level, for its shares where all of the following conditions are met:
2018/10/11
Committee: ECON
Amendment 51 #
Issuers whose financial instruments are admitted to trading on an SME growth market shall be authorised to include in their lists of insiders only those persons who, due to the nature of their function or position within the issuer, have regularpermanent access to inside information with the issuer. Any person acting on behalf of, or for the account of an issuer admitted to trading on an SME growth market issuer remains subject to requirements set out in paragraphs 1 to 5.
2018/10/11
Committee: ECON
Amendment 60 #
Proposal for a regulation
Article 2 b (new)
Article 2 b Review clause of the MiFID II/MiFIR framework 1. The Commission shall draw up a report in cooperation with the ESMA on the impact of the requirements of Regulation (EU) 600/2014 of the European Parliament and of the Council and Directive 2014/65/EU on the financing and access to the financial markets of SMEs, measuring success of SME Growth Markets. For the purpose of the report, ESMA shall collect data on IPOs and delistings on SME Growth Markets, other MTFs and Regulated Markets, as well as monitor transfer of companies between different trading venues. This report shall be submitted to the European Parliament and the Council together with a legislative proposal, if appropriate. 2. The Commission shall, by 31 December 2019 at the latest, set up an expert stakeholder group to monitor the success of SME Growth Markets. The section on SME Growth Markets in the report referred to in para 1 of this Article shall be prepared in cooperation with the expert stakeholder group.
2018/10/11
Committee: ECON
Amendment 61 #
Proposal for a regulation
Article 2 a (new)
Article 2a Review clause of Directive 2009/138/EC of the European Parliament and the Council 1. The Commission shall, draw up a report on the impact of own fund requirements, investment ratios and any other measures that may have a restrictive impact on insurance and reinsurance companies in financing listed and unlisted SMEs, and submit this report to the European Parliament and the Council together with a legislative proposal, where appropriate 2. For the purposes of paragraph 1, the European supervisory authority (the European Insurance and Occupational Pensions Authority, EIOPA) shall report to the Commission on the following: (a) an analysis of the evolution of investing by insurance and reinsurance companies in listed and unlisted SMEs; (b) an analysis of the regulatory and administrative barriers that limit or prevent financing and investing in listed and unlisted SMEs, such as prudential requirements and ratios, or any other provisions; (c) the consistency of the own funds requirements set out in Directive 2009/138/EC linked to SME exposures and the conclusions of the analyses referred to in points (a) and (b).
2018/10/11
Committee: ECON
Amendment 62 #
Proposal for a regulation
Article 2 c (new)
Article 2c Review clause of Directive (EU) 2016/2341 of the European Parliament and the Council 1.The Commission shall, draw up a report on the impact of own fund requirements, investment ratios and any other measures which may have a restrictive impact on institutions for occupational retirement provision (IORP 2) in financing listed and non-listed SMEs, and shall submit this report to the European Parliament and the Council together with a legislative proposal, where appropriate. 2. For the purpose of paragraph 1, EIOPA shall report to the Commission on the following: (a) an analysis of the evolution of investing by occupational pension institutions in listed and unlisted SMEs (b) an analysis of the regulatory and administrative barriers that limit or prevent financing and investing in listed and unlisted SMEs, such as prudential requirements and ratios, or any other provisions; (c) the consistency of the own funds requirements set out in Directive 2009/138/EC linked to SME exposures and the conclusions of the analyses referred to in points (a) and (b).
2018/10/11
Committee: ECON