Activities of Ramon TREMOSA i BALCELLS 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)
Amendments (6)
Amendment 32 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) It is relevant to acknowledge the inclusion in Regulation (EU) 2017/1129[1] of the EU Growth Prospectus, which applies to SMEs that issue capital on the markets. The EU Growth Prospectus is a condensed form of the full Prospectus, which includes essential information and documentation. The EU Growth Prospectus is shorter and therefore cheaper to produce, reducing costs for SMEs. SMEs may choose to use the EU Growth Prospectus. Moreover, in offers of securities up to EUR20 million any issuer may also choose to use the EU Growth Prospectus unless they are going for admission to trading to a regulated market. This covers issuers whose public offers might be admitted to trading on an SME Growth Market, as well as issuers that make public offers that will not be traded on an exchange. Alternatively, issuers may choose to draw up full Prospectus under the Regulation. [1] Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC Text with EEA relevance
Amendment 39 #
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) The use of SME growth markets should be actively promoted. Many SMEs are still not aware of the existence of this new category trading venue. To solve this situation, the Commission, in close cooperation with the competent national authorities and organisations representing SMEs should conduct awareness-raising campaigns to inform the SMEs about the possibilities that the SMEs growth markets offer.
Amendment 41 #
Proposal for a regulation
Recital 9
Recital 9
(9) The current less stringent requirements for SME growth markets issuers to produce, in accordance with Article 18(6) of Regulation (EU) No 596/2014, an insider list only upon the request of the competent authority, is of limited practical effect, because those issuers are still subject to ongoing monitoring of the persons who qualify as insiders in the context of ongoing projects. The existing alleviation should therefore be replaced by the possibility for SME growth markets issuers to maintain only a list of permanent insiders, which should include persons who have regular access to inside information due to their function or position within the issuer. The listing alleviation rules should also be in the form of a list of selected criteria and voluntary best practices that all trading venues may follow. Calibration of each criterion should remain at local level under the responsibility of market operators together with their regulators.
Amendment 55 #
1. in the first subparagraph of paragraph 1, the following points d isand d a are added:
Amendment 56 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
Regulation (EU) No 2017/1129
Article 14 – paragraph 1 – subparagraph 1 – point d a (new)
Article 14 – paragraph 1 – subparagraph 1 – point d a (new)
(da) The listing alleviation rules shall be in the form of a list of selected criteria and voluntary best practices that all trading venues may follow. Calibration of each criterion shall remain at local level under the responsibility of market operators together with the competent regulatory authorities.
Amendment 58 #
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)