Activities of Kay SWINBURNE related to 2018/0178(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment PDF (321 KB) DOC (139 KB)
Amendments (21)
Amendment 141 #
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8 a) The scale of the challenge, which entails shifting the entire financial system and economy to a position where they are able to function on a sustainable basis, will require gradual movement and progressive transition over time.
Amendment 184 #
Proposal for a regulation
Recital 16
Recital 16
(16) To avoid harming consumer interests, fund managers and institutional investors offering financial products as environmentally sustainable, should disclose how and to what extent the criteria for environmentally sustainable economic activities are used to determine the environmental sustainability of the investments. The information disclosed should enable investors to understand the share of the investment funding environmentally sustainable economic activities as a percentage of all economic activities and thus the degree of environmental sustainability of the investment. The Commission should specify the information that needs to be disclosed for that purpose as well as the frequency, format and recipients of the disclosure. That information should enable national competent authorities to verify compliance with the disclosure obligation easily, and to enforce that obligation in accordance with applicable national law. The Commission should ensure that any new disclosure requirements complement those already required under existing legislation and do not lead to unnecessary duplication of reporting.
Amendment 229 #
Proposal for a regulation
Recital 32
Recital 32
(32) It is of particular importance that the Commission when preparing the development of the technical screening criteria, carry out appropriate consultations in line with Better Regulation requirements. The process for the establishment and the update of the technical screening criteria should also involve relevant stakeholders and build on the advice of experts with proven knowledge and global experience in the relevant areas. For that purpose, the Commission should set up a Platform on sustainable finance. This Platform should be composed of experts representing both the public and the private sector. Public sector representatives should include experts from the European Environmental Agency, the European Supervisory Authorities and the European Investment Bank. Private sector experts should reflect the breadth of the sector and include representatives of relevant stakeholders, including financial market actors, universities, research institutes, associations and organisations. Where necessary the Platform should be allowed to request advice from non-members. The Platform should advise the Commission on the development, analysis and review of technical screening criteria, including their potential impact on the valuation of assets that until the adoption of the technical screening criteria were considered as green assets under existing market practices. The Platform should also advise the Commission on whether the technical screening criteria are suitable for further uses in future Union policy initiatives aimed at facilitating sustainable investment.
Amendment 253 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation establishes the criteria for determining whether an economic activity is environmentally sustainable for the purposes of establishing the degree of environmental sustainability of an investment made within the Union.
Amendment 263 #
Proposal for a regulation
Article 1 – paragraph 2 – point a
Article 1 – paragraph 2 – point a
(a) measures adopted by Member States or by the Union setting out any requirements on market actors in respect of financial products or corporate bonds that are marketed to EU clients as environmentally sustainable.
Amendment 271 #
Proposal for a regulation
Article 1 – paragraph 2 – point b
Article 1 – paragraph 2 – point b
(b) financial market participants offering financial products or corporate bonds as environmentally sustainable investments or as investments having similar characteristics.
Amendment 275 #
Proposal for a regulation
Article 1 – paragraph 2 – point b
Article 1 – paragraph 2 – point b
(b) financial market participants offering EU clients financial products as environmentally sustainable investments or as investments having similar characteristics.
Amendment 359 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. Financial market participants offering financial products or corporate bonds as environmentally sustainable investments, or as investments having similar characteristics, shall disclose information on how and to what extent the criteria for environmentally sustainable economic activities set out in Article 3 are used to determine the environmental sustainability of the investment. Where financial market participants consider that an economic activity which does not comply with the technical screening criteria set out in accordance with this Regulation or for which those technical screening criteria have not been established yet, should be considered environmentally sustainable, they may inform the Commission.
Amendment 537 #
Proposal for a regulation
Article 14 – paragraph 1 – point e
Article 14 – paragraph 1 – point e
(e) be based on conclusive scientific evidence, or in its absence, be based on the prevailing global scientific consensus and take into account, where relevant, the precautionary principle enshrined in article 191 TFEU;
Amendment 570 #
Proposal for a regulation
Article 15 – paragraph 1 – point b
Article 15 – paragraph 1 – point b
(b) experts representing relevant private stakeholders including financial, industrial and representatives of civil society;
Amendment 582 #
Proposal for a regulation
Article 15 – paragraph 1 – point c
Article 15 – paragraph 1 – point c
(c) expertsAcademic experts, who may be appointed in a personal capacity, with global expertise, proven knowledge and experience in the areas covered by this Regulation.
Amendment 588 #
Proposal for a regulation
Article 15 – paragraph 2 – point b
Article 15 – paragraph 2 – point b
(b) analyse the impact of the technical screening criteria based on data and scientific research whenever available or globally accepted indicators if quality data for sound analysis is unavailable, in terms of potential costs and benefits of their application;
Amendment 589 #
Proposal for a regulation
Article 15 – paragraph 2 – point c
Article 15 – paragraph 2 – point c
(c) assist the Commission to analyse requests from stakeholders to develop or revise technical screening criteria based on data and scientific research whenever available or globally accepted indicators if unavailable for a given economic activity;
Amendment 591 #
Proposal for a regulation
Article 15 – paragraph 2 – point d
Article 15 – paragraph 2 – point d
(d) advise the Commission on the suitability of the technical screening criteria based on data and scientific research whenever available or globally accepted indicators if unavailable, for possible further uses;
Amendment 593 #
Proposal for a regulation
Article 15 – paragraph 2 – point e
Article 15 – paragraph 2 – point e
(e) monitor and report regularly to the Commission obased on data and, ideally, independent peer reviewed research on any causal links between the taxonomy and shifts in capital flows towards sustainable investment;
Amendment 596 #
Proposal for a regulation
Article 15 – paragraph 2 – point e a (new)
Article 15 – paragraph 2 – point e a (new)
(e a) Assist the Commission in analysing the specific environmental considerations and progress towards sustainability objectives in third countries.
Amendment 599 #
Proposal for a regulation
Article 15 – paragraph 2 – point f
Article 15 – paragraph 2 – point f
(f) advise the Commission on the possible need to amend this Regulation, particularly in regard to data relevance and quality, and ways to reduce the administrative burden.
Amendment 622 #
Proposal for a regulation
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. By 31 December 2021, and subsequently every three years thereafter, the Commission shall publish a report on the application and impacts of this Regulation. That report shall evaluate whether this Regulation is sufficiently broad as not to lock-in technological development and innovation, and, on the other hand, not too lax as to have a real effect in guiding resources towards sustainable development. The related impact analyses should be independent and consider the following:
Amendment 626 #
Proposal for a regulation
Article 17 – paragraph 1 – point a
Article 17 – paragraph 1 – point a
(a) the progress onwhether the implementation of this Regulation with regard to the development ofhas constrained technological progress and innovation, and how the technical screening criteria for environmentally sustainable economic activities should be broadened or relaxed to facilitate innovation;
Amendment 630 #
Proposal for a regulation
Article 17 – paragraph 1 – point b
Article 17 – paragraph 1 – point b
(b) the possible need to revise the criteria set out in this Regulation for considering an economic activity environmentally sustainablewhether the framework has had a real impact towards its goals, and if not, how the criteria set out in this Regulation should be revised;
Amendment 633 #
Proposal for a regulation
Article 17 – paragraph 1 – point c
Article 17 – paragraph 1 – point c
(c) the appropriateness of extending the scope of this Regulation to cover other sustainability objectives, in particular social objectives provided that they are not conflicting;