BETA


2007/2238(INL) Hedge funds and private equity

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON RASMUSSEN Poul Nyrup (icon: PSE PSE)
Committee Opinion EMPL ETTL Harald (icon: PSE PSE)
Committee Opinion JURI KAUPPI Piia-Noora (icon: PPE-DE PPE-DE)
Lead committee dossier:
Legal Basis:
RoP 47

Events

2009/01/29
   EC - Commission response to text adopted in plenary
Documents
2008/10/17
   EC - Commission response to text adopted in plenary
Documents
2008/09/23
   EP - Decision by Parliament
Details

The European Parliament adopted by 562 votes to 86, with 25 abstentions, a resolution with recommendations to the Commission on Hedge funds and private equity.

The own initiative report had been tabled for consideration in plenary by Poul Nyrup RASMUSSEN (PES, DK) on behalf of the Committee on Economic and Monetary Affairs.

Stressing the need to ensure the consistent implementation and application of the regulation on financial markets, the Parliament calls on the Commission to submit, by the end of 2008, a legislative proposal or proposals covering all relevant actors and financial market participants, including hedge funds and private equity, responding to the following seven principles:

existing Community legislation should be reviewed to identify any regulatory gaps, national variations should be reviewed and harmonisation should be promoted; capital requirements should be mandatory for all financial institutions and should reflect risk from the type of business, exposures and risk control; to achieve a better alignment of the interests of investors and originators, originators should generally retain exposure to their securitised products by holding a representative stake in the product; disclosure should be made of the level of the stakes originators keep in loan products; a smoothing technique to counter the pro-cyclical effects of fair value accounting should be considered. Credit Rating Agencies should adopt codes of conduct regarding visibility of assumptions, product complexity and business practices; conflict of interest should be managed and unsolicited rating should be independently categorised and not used as a means of pressure to obtain business; open and visible trading of derivatives should be promoted whether on-exchange or otherwise; reward packages should be aligned with longer term outcomes, reflecting losses as well as profits.

MEPs ask that these proposals be implemented in accordance with the following principals:

Recommendation 1 on financial stability, capital and universal regulatory coverage :

investment firms including partnerships and limited partnerships, insurance companies, credit institutions, conventional funds (such as UCITS and pension arrangements) should be required to comply with capital requirements; the Commission's proposal(s) concerning capital requirements should require that originators hold portions of securitised loans on their balance sheets, or provide other means to align the interests of investors and originators; the Commission should establish a mechanism for EU review of Credit Rating Agencies, procedures and compliance, with duties allocated to existing bodies such as the Committee of European Securities Regulators (CESR); the Commission should adopt principle-based legislative measures on the valuation of illiquid financial instruments in order better to protect investors and the stability of financial markets; the transparency requirements applicable to any institution providing prime brokerage services should be increased in line with the complexity and opacity of the structure or nature of the exposures to which their dealings with all products and actors, including hedge funds and private equity, expose them; the Commission should propose legislation to provide a harmonised EU-wide framework for venture capital, and particularly so as to ensure cross-border access to such capital for the SME sector.

Recommendation 2 on transparency measures :

the Commission should submit a legislative proposal for the establishment of a European private placement regime allowing for cross-border distribution of investment products, including alternative investment vehicles, to eligible groups of sophisticated investors; the Commission should, in cooperation with supervisory authorities, devise rules to ensure clear disclosure and communication of relevant and material information to investors; the Commission should ensure that Directive 2001/23/EC always grants the same rights to employees, including the right to be informed and consulted, whenever control of the undertaking or business concerned is transferred by any investors, including private equity and hedge funds; an increasing number of pension funds and insurance companies have holdings in hedge funds and private equity. The Commission should therefore ensure that employees or staff representatives are informed about the way in which their pensions are invested and the associated risks.

Recommendation 3 on excessive debt measures :

the Commission should, while reviewing Directive 77/91/EEC on capital, ensure that any amendments adhere to the following fundamental principles: (i) there is capital held according to risk; (ii) there is a reasonable expectation that the level of leverage is sustainable both for the private equity fund/firm and for the target company; and (iii) that there is no unfair discrimination against specific private investors or between different investment funds or vehicles that use similar strategy; in terms of capital depletion , the Commission should propose harmonised supplementary measures at EU level in order to avoid unreasonable asset stripping in target companies.

Recommendation 4 on conflicts of interest measures :

Credit Rating Agencies should be required to increase information and eliminate or mitigate asymmetric information and uncertainty and disclose the conflicts of interest under which they operate without destroying the transaction oriented financial system. In particular, they should be required to separate their rating business from any other services (such as advice on structuring transactions) that they provide in respect of any obligations or entities that they rate; the Commission should launch a general review of the effects of market concentration and of the effects of dominant players in the financial services industry.

Recommendation 5 on existing financial services legislation : the Commission should undertake an examination of all existing Community legislation relevant to financial markets and, based on the results of such examination, submit a legislative proposal or proposals amending the existing directives, where necessary.

Documents
2008/09/23
   EP - End of procedure in Parliament
2008/09/22
   EP - Debate in Parliament
2008/09/11
   EP - Committee report tabled for plenary, single reading
Documents
2008/09/11
   EP - Committee report tabled for plenary
Documents
2008/09/10
   EP - Vote in committee
Details

The Committee on Economic and Monetary Affairs adopted an own initiative report by Poul Nyrup RASMUSSEN (PES, DK) with recommendations to the Commission on Hedge funds and private equity.

Stressing that, at present, there is insufficient EU regulation of hedge funds and private equity, MEPs call on the Commission to submit to Parliament by the end of 2008, on the basis of Article 44, Article 47(2), or Article 95 of the EC Treaty, a legislative proposal or proposals covering all relevant actors and financial market participants, including hedge funds and private equity, in accordance with the following seven principles:

Regulatory coverage : existing Community legislation should be reviewed to identify any regulatory gaps; national variations should be reviewed and harmonisation should be promoted; Capital : capital requirements should be mandatory for all financial institutions and should reflect risk from the type of business, exposures and risk control; Originate and distribute : to achieve a better alignment of the interests of investors and originators, originators should generally retain exposure to their securitised products by holding a representative stake in the product; disclosure should be made of the level of the stakes originators keep in loan products. Accounting : a smoothing technique to counter the pro-cyclical effects of fair value accounting should be considered; Rating : Credit Rating Agencies should adopt codes of conduct regarding visibility of assumptions, product complexity and business practices; conflict of interest should be managed and unsolicited rating should be independently categorised and not used as a means of pressure to obtain business; Derivative trading : open and visible trading of derivatives should be promoted whether on-exchange or otherwise; Long term : reward packages should be aligned with longer term outcomes, reflecting losses as well as profits.

MEPs ask that these proposals be implemented in accordance with the following principals:

Capital requirements : investment firms including partnerships and limited partnerships, insurance companies, credit institutions, conventional funds (such as UCITS and pension arrangements) should be required to comply with capital requirements; Originators and Securitisation : the Commission's proposal(s) concerning capital requirements should require that originators hold portions of securitised loans on their balance sheets, or provide other means to align the interests of investors and originators; EU oversight of Credit Rating Agencies : the Commission should establish a mechanism for EU review of Credit Rating Agencies, procedures and compliance, with duties allocated to existing bodies such as the Committee of European Securities Regulators (CESR); Valuation : the Commission should adopt principle-based legislative measures on the valuation of illiquid financial instruments; Prime brokers : the transparency requirements applicable to any institution providing prime brokerage services should be increased in line with the complexity and opacity of the structure or nature of the exposures, to which their dealings with all products and actors expose them; Venture capital and SME sector : the Commission should propose legislation to provide a harmonised EU-wide framework for venture capital, and particularly so as to ensure cross-border access to such capital for the SME sector.

Recommendation 2 on transparency measures :

Private Placement Regime : the Commission should submit a legislative proposal for the establishment of a European private placement regime allowing for cross-border distribution of investment products, including alternative investment vehicles, to eligible groups of sophisticated investors; Investors : the Commission should, in cooperation with supervisory authorities, devise rules to ensure clear disclosure and communication of relevant and material information to investors; Private equity and protection of employees : the Commission should ensure that Directive 2001/23/EC always grants the same rights to employees, including the right to be informed and consulted, whenever control of the undertaking or business concerned is transferred by any investors, including private equity and hedge funds; Pension schemes : an increasing number of pension funds and insurance companies have holdings in hedge funds and private equity. The Commission should therefore ensure that employees or staff representatives are informed about the way in which their pensions are invested and the associated risks.

Recommendation 3 on excessive debt measures :

Leverage for private equity : the Commission should, while reviewing Directive 77/91/EEC on capital, ensure that any amendments adhere to the following fundamental principles: (i) there is capital held according to risk; (ii) there is a reasonable expectation that the level of leverage is sustainable both for the private equity fund/firm and for the target company; and (iii) that there is no unfair discrimination against specific private investors or between different investment funds or vehicles that use similar strategy. Capital depletion : the Commission should propose harmonised supplementary measures at EU level.

Recommendation 4 on conflicts of interest measures :

Credit Rating Agencies : Credit Rating Agencies should be required to increase information and eliminate or mitigate asymmetric information and uncertainty and disclose the conflicts of interest under which they operate without destroying the transaction oriented financial system. In particular, they should be required to separate their rating business from any other services (such as advice on structuring transactions) that they provide in respect of any obligations or entities that they rate; Market access and concentration : the Commission should launch a general review of the effects of market concentration and of the effects of dominant players in the financial services industry.

Recommendation 5 on existing financial services legislation : the Commission should undertake an examination of all existing Community legislation relevant to financial markets and, based on the results of such examination, submit a legislative proposal or proposals amending the existing directives where necessary.

2008/06/11
   EP - Committee opinion
Documents
2008/05/29
   EP - Committee opinion
Documents
2008/05/19
   EP - Amendments tabled in committee
Documents
2008/04/18
   EP - Committee draft report
Documents
2008/03/04
   CSL - Debate in Council
Documents
2008/03/04
   CSL - Council Meeting
2008/02/26
   EP - ETTL Harald (PSE) appointed as rapporteur in EMPL
2007/11/19
   EP - KAUPPI Piia-Noora (PPE-DE) appointed as rapporteur in JURI
2007/11/15
   EP - Committee referral announced in Parliament
2007/11/15
   EP - Referral to associated committees announced in Parliament
2007/11/13
   EP - RASMUSSEN Poul Nyrup (PSE) appointed as rapporteur in ECON

Documents

Votes

Rapport Rasmussen A6-0338/2008 - am. 6 #

2008/09/23 Outcome: -: 379, 0: 158, +: 123
DK CY EE MT LU PT AT SE LV CZ FI SK SI EL BG NL BE IE LT HU PL DE ES FR RO IT GB
Total
14
4
6
5
6
19
15
18
9
23
14
10
7
21
14
26
18
11
11
20
45
87
46
63
32
60
56
icon: Verts/ALE Verts/ALE
35

Denmark Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1

Austria Verts/ALE

1

Sweden Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Finland Verts/ALE

For (1)

1

Belgium Verts/ALE

2

Spain Verts/ALE

2

Romania Verts/ALE

Abstain (1)

1

Italy Verts/ALE

1

United Kingdom Verts/ALE

Against (1)

3
icon: GUE/NGL GUE/NGL
38

Denmark GUE/NGL

1

Cyprus GUE/NGL

2

Portugal GUE/NGL

For (1)

3

Sweden GUE/NGL

2

Finland GUE/NGL

For (1)

1

Netherlands GUE/NGL

2

Ireland GUE/NGL

Abstain (1)

1

Spain GUE/NGL

For (1)

1
icon: PSE PSE
164

Estonia PSE

3

Malta PSE

For (1)

3

Luxembourg PSE

Abstain (1)

1

Czechia PSE

Abstain (1)

1

Finland PSE

3

Slovakia PSE

2

Slovenia PSE

Abstain (1)

1

Ireland PSE

Abstain (1)

1

Lithuania PSE

2
icon: IND/DEM IND/DEM
20

Denmark IND/DEM

For (1)

1

Sweden IND/DEM

2

Czechia IND/DEM

Against (1)

1

Greece IND/DEM

1

Netherlands IND/DEM

2

Ireland IND/DEM

Abstain (1)

1

Poland IND/DEM

For (1)

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3
icon: NI NI
23

Austria NI

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2

Czechia NI

Against (1)

1

Slovakia NI

Against (2)

3

Belgium NI

Against (1)

1
3
icon: UEN UEN
38

Denmark UEN

Abstain (1)

1

Lithuania UEN

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1
icon: ALDE ALDE
87

Denmark ALDE

For (1)

4

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For (1)

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2

Luxembourg ALDE

Against (1)

1

Sweden ALDE

Against (2)

2

Latvia ALDE

Against (1)

1

Slovenia ALDE

2

Ireland ALDE

Against (1)

1

Hungary ALDE

Against (1)

1

Spain ALDE

1
icon: PPE-DE PPE-DE
255

Denmark PPE-DE

Against (1)

1

Cyprus PPE-DE

2

Estonia PPE-DE

Against (1)

1

Malta PPE-DE

Against (2)

2

Luxembourg PPE-DE

3

Latvia PPE-DE

3

Slovenia PPE-DE

4

Ireland PPE-DE

3

Lithuania PPE-DE

1

Rapport Rasmussen A6-0338/2008 - am. 7 #

2008/09/23 Outcome: -: 381, 0: 172, +: 105
HU DK CY LU MT PT AT EE FI SI IE EL BE LV CZ SE NL SK BG LT ES RO FR PL DE IT GB
Total
20
14
5
6
5
19
16
6
14
7
11
21
19
9
22
17
26
10
14
11
47
31
62
44
87
57
58
icon: Verts/ALE Verts/ALE
39

Denmark Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1

Austria Verts/ALE

2

Finland Verts/ALE

For (1)

1

Belgium Verts/ALE

2

Latvia Verts/ALE

1

Sweden Verts/ALE

For (1)

1

Romania Verts/ALE

1

Italy Verts/ALE

1

United Kingdom Verts/ALE

Against (2)

5
icon: GUE/NGL GUE/NGL
38

Denmark GUE/NGL

1

Cyprus GUE/NGL

Abstain (1)

2

Portugal GUE/NGL

For (1)

3

Finland GUE/NGL

For (1)

1

Ireland GUE/NGL

1

Sweden GUE/NGL

For (1)

1

Netherlands GUE/NGL

2

Spain GUE/NGL

For (1)

1
icon: PSE PSE
165

Luxembourg PSE

Abstain (1)

1

Estonia PSE

3

Finland PSE

3

Slovenia PSE

Abstain (1)

1

Ireland PSE

Abstain (1)

1

Czechia PSE

Abstain (1)

1

Slovakia PSE

2

Lithuania PSE

2
icon: IND/DEM IND/DEM
20

Denmark IND/DEM

For (1)

1

Ireland IND/DEM

Abstain (1)

1

Greece IND/DEM

1

Czechia IND/DEM

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1

Sweden IND/DEM

2

Netherlands IND/DEM

2

Poland IND/DEM

For (1)

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3
icon: NI NI
25

Austria NI

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2

Belgium NI

3

Czechia NI

Against (1)

1

Slovakia NI

3

Italy NI

Abstain (1)

3
icon: UEN UEN
35

Denmark UEN

Abstain (1)

1

Lithuania UEN

Against (1)

1
icon: ALDE ALDE
87

Hungary ALDE

Against (1)

1

Cyprus ALDE

Against (1)

1

Luxembourg ALDE

Against (1)

1

Estonia ALDE

Against (2)

2

Finland ALDE

Abstain (1)

5

Slovenia ALDE

2

Ireland ALDE

Against (1)

1

Latvia ALDE

Against (1)

1

Sweden ALDE

Against (2)

2

Spain ALDE

1
icon: PPE-DE PPE-DE
249

Denmark PPE-DE

Against (1)

1

Cyprus PPE-DE

2

Luxembourg PPE-DE

3

Malta PPE-DE

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2

Estonia PPE-DE

Against (1)

1

Slovenia PPE-DE

4

Ireland PPE-DE

3

Belgium PPE-DE

For (1)

4

Latvia PPE-DE

3

Lithuania PPE-DE

1

Rapport Rasmussen A6-0338/2008 - am. 8 #

2008/09/23 Outcome: -: 411, 0: 164, +: 90
DK CY MT AT EE LU SI SE PT IE FI LV EL SK NL BG LT CZ BE HU ES RO PL FR DE IT GB
Total
14
5
5
16
5
5
7
18
19
11
14
9
21
10
27
14
11
23
20
20
47
32
43
62
87
62
58
icon: Verts/ALE Verts/ALE
38

Denmark Verts/ALE

For (1)

1

Austria Verts/ALE

2

Sweden Verts/ALE

For (1)

1

Finland Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Belgium Verts/ALE

2

Romania Verts/ALE

Against (1)

1

Italy Verts/ALE

1

United Kingdom Verts/ALE

Against (2)

5
icon: GUE/NGL GUE/NGL
39

Denmark GUE/NGL

1

Cyprus GUE/NGL

Abstain (1)

2

Sweden GUE/NGL

2

Portugal GUE/NGL

For (1)

3

Ireland GUE/NGL

1

Finland GUE/NGL

For (1)

1

Netherlands GUE/NGL

2

Spain GUE/NGL

For (1)

1
icon: PSE PSE
162

Estonia PSE

2

Luxembourg PSE

Abstain (1)

1

Slovenia PSE

Abstain (1)

1

Ireland PSE

Abstain (1)

1

Finland PSE

3

Slovakia PSE

2

Lithuania PSE

Abstain (1)

1

Czechia PSE

Abstain (1)

1
icon: IND/DEM IND/DEM
20

Denmark IND/DEM

For (1)

1

Sweden IND/DEM

2

Ireland IND/DEM

Abstain (1)

1

Greece IND/DEM

1

Netherlands IND/DEM

2

Czechia IND/DEM

Against (1)

1

Poland IND/DEM

Against (1)

3
icon: NI NI
25

Austria NI

Against (1)

2

Slovakia NI

3

Czechia NI

Against (1)

1

Belgium NI

3

Italy NI

Abstain (1)

3
icon: UEN UEN
38

Denmark UEN

Abstain (1)

1

Lithuania UEN

Against (1)

Abstain (1)

2
icon: ALDE ALDE
87

Cyprus ALDE

Against (1)

1

Estonia ALDE

Against (2)

2

Luxembourg ALDE

Against (1)

1

Slovenia ALDE

2

Sweden ALDE

Against (2)

2

Ireland ALDE

Against (1)

1

Latvia ALDE

Against (1)

1

Hungary ALDE

Against (1)

1

Spain ALDE

1
icon: PPE-DE PPE-DE
256

Denmark PPE-DE

Against (1)

1

Cyprus PPE-DE

2

Malta PPE-DE

Against (2)

2

Estonia PPE-DE

Against (1)

1

Luxembourg PPE-DE

3

Slovenia PPE-DE

For (1)

4

Ireland PPE-DE

3

Latvia PPE-DE

3

Lithuania PPE-DE

1

Rapport Rasmussen A6-0338/2008 - am. 9 #

2008/09/23 Outcome: -: 403, 0: 173, +: 84
DK CY LU MT AT EE SI PT SE IE FI LV EL SK NL BG LT BE CZ HU ES RO FR PL DE IT GB
Total
14
5
6
5
16
6
7
18
18
11
14
9
22
10
26
14
10
20
22
20
47
32
59
44
85
62
58
icon: Verts/ALE Verts/ALE
38

Denmark Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1

Austria Verts/ALE

2

Sweden Verts/ALE

For (1)

1

Finland Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Belgium Verts/ALE

2

Romania Verts/ALE

1

Italy Verts/ALE

2

United Kingdom Verts/ALE

Against (2)

5
icon: GUE/NGL GUE/NGL
37

Denmark GUE/NGL

1

Cyprus GUE/NGL

Abstain (1)

2

Portugal GUE/NGL

For (1)

Abstain (1)

2

Sweden GUE/NGL

2

Ireland GUE/NGL

1

Finland GUE/NGL

For (1)

1

Netherlands GUE/NGL

2

Spain GUE/NGL

For (1)

1
icon: PSE PSE
162

Luxembourg PSE

Abstain (1)

1

Estonia PSE

3

Slovenia PSE

Abstain (1)

1

Ireland PSE

Abstain (1)

1

Finland PSE

3

Slovakia PSE

2

Lithuania PSE

Abstain (1)

1

Czechia PSE

Abstain (1)

1
icon: NI NI
23

Austria NI

Against (1)

2

Slovakia NI

3

Belgium NI

3

Czechia NI

Against (1)

1

France NI

For (1)

Against (1)

2

Italy NI

Abstain (1)

3
icon: IND/DEM IND/DEM
20

Denmark IND/DEM

For (1)

1

Sweden IND/DEM

2

Ireland IND/DEM

Abstain (1)

1

Greece IND/DEM

1

Netherlands IND/DEM

2

Czechia IND/DEM

Against (1)

1

Poland IND/DEM

For (1)

Against (1)

Abstain (1)

3
icon: UEN UEN
38

Denmark UEN

Abstain (1)

1

Lithuania UEN

Against (1)

1
icon: ALDE ALDE
87

Cyprus ALDE

Against (1)

1

Luxembourg ALDE

Against (1)

1

Estonia ALDE

Against (2)

2

Slovenia ALDE

2

Sweden ALDE

Against (2)

2

Ireland ALDE

Against (1)

1

Latvia ALDE

Against (1)

1

Hungary ALDE

Against (1)

1

Spain ALDE

1
icon: PPE-DE PPE-DE
255

Denmark PPE-DE

Against (1)

1

Cyprus PPE-DE

2

Luxembourg PPE-DE

3

Malta PPE-DE

Against (2)

2

Estonia PPE-DE

Against (1)

1

Slovenia PPE-DE

For (1)

4

Ireland PPE-DE

3

Latvia PPE-DE

3

Lithuania PPE-DE

1

Rapport Rasmussen A6-0338/2008 - am. 10 #

2008/09/23 Outcome: -: 409, 0: 171, +: 82
EE DK CY LU MT AT PT SI SE IE FI LV SK NL EL BG CZ BE LT HU ES RO FR DE IT PL GB
Total
6
14
5
6
5
16
19
7
17
10
13
9
10
27
22
14
23
20
12
20
46
32
60
86
60
45
58
icon: GUE/NGL GUE/NGL
38

Denmark GUE/NGL

1

Cyprus GUE/NGL

Abstain (1)

2

Portugal GUE/NGL

3

Sweden GUE/NGL

2

Ireland GUE/NGL

1

Finland GUE/NGL

For (1)

1

Netherlands GUE/NGL

2

Spain GUE/NGL

For (1)

1
icon: Verts/ALE Verts/ALE
39

Denmark Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1

Austria Verts/ALE

2

Sweden Verts/ALE

For (1)

1

Finland Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Belgium Verts/ALE

2

Romania Verts/ALE

Abstain (1)

1

Italy Verts/ALE

1

United Kingdom Verts/ALE

Against (2)

5
icon: PSE PSE
160

Estonia PSE

3

Luxembourg PSE

Abstain (1)

1

Slovenia PSE

Abstain (1)

1

Ireland PSE

Abstain (1)

1

Finland PSE

3

Slovakia PSE

2

Czechia PSE

Abstain (1)

1

Lithuania PSE

2
icon: IND/DEM IND/DEM
20

Denmark IND/DEM

For (1)

1

Sweden IND/DEM

2

Ireland IND/DEM

For (1)

1

Netherlands IND/DEM

2

Greece IND/DEM

1

Czechia IND/DEM

Against (1)

1

France IND/DEM

Against (1)

3

Poland IND/DEM

3
icon: NI NI
25

Austria NI

Against (1)

2

Slovakia NI

3

Czechia NI

Against (1)

1

Belgium NI

3

Italy NI

Abstain (1)

3
2
icon: UEN UEN
38

Denmark UEN

For (1)

1

Ireland UEN

3

Lithuania UEN

2
icon: ALDE ALDE
87

Estonia ALDE

For (1)

Against (1)

2

Cyprus ALDE

Against (1)

1

Luxembourg ALDE

Against (1)

1

Slovenia ALDE

2

Sweden ALDE

Against (2)

2

Ireland ALDE

Against (1)

1

Latvia ALDE

Against (1)

1

Hungary ALDE

Against (1)

1

Spain ALDE

1
icon: PPE-DE PPE-DE
255

Estonia PPE-DE

Against (1)

1

Denmark PPE-DE

Against (1)

1

Cyprus PPE-DE

2

Luxembourg PPE-DE

3

Malta PPE-DE

Against (2)

2

Slovenia PPE-DE

For (1)

4

Ireland PPE-DE

3

Latvia PPE-DE

3

Lithuania PPE-DE

1

Rapport Rasmussen A6-0338/2008 - am. 11 #

2008/09/23 Outcome: -: 404, 0: 169, +: 90
CY DK LU MT AT SI EE PT EL IE SE FI LV BG SK CZ NL LT BE HU ES RO FR DE PL IT GB
Total
5
13
6
5
16
6
6
17
22
11
17
14
9
13
10
23
27
11
20
19
47
32
64
86
44
62
58
icon: GUE/NGL GUE/NGL
37

Cyprus GUE/NGL

2

Portugal GUE/NGL

3

Ireland GUE/NGL

1

Sweden GUE/NGL

2

Finland GUE/NGL

For (1)

1

Netherlands GUE/NGL

2

Spain GUE/NGL

For (1)

1
icon: Verts/ALE Verts/ALE
40

Denmark Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1

Austria Verts/ALE

2

Sweden Verts/ALE

For (1)

1

Finland Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Belgium Verts/ALE

2

Romania Verts/ALE

Abstain (1)

1

Italy Verts/ALE

2

United Kingdom Verts/ALE

Against (2)

5
icon: PSE PSE
163

Luxembourg PSE

Abstain (1)

1

Slovenia PSE

Abstain (1)

1

Estonia PSE

3

Ireland PSE

Abstain (1)

1

Finland PSE

3

Slovakia PSE

2

Czechia PSE

Abstain (1)

1

Lithuania PSE

2
icon: IND/DEM IND/DEM
20

Denmark IND/DEM

For (1)

1

Greece IND/DEM

1

Ireland IND/DEM

For (1)

1

Sweden IND/DEM

2

Czechia IND/DEM

Against (1)

1

Netherlands IND/DEM

2

Poland IND/DEM

For (1)

Against (1)

Abstain (1)

3
icon: NI NI
26

Austria NI

Against (1)

2

Slovakia NI

3

Czechia NI

Against (1)

1

Belgium NI

3

Italy NI

Abstain (1)

3
icon: UEN UEN
38

Denmark UEN

For (1)

1

Lithuania UEN

2
icon: ALDE ALDE
86

Cyprus ALDE

Against (1)

1

Luxembourg ALDE

Against (1)

1

Slovenia ALDE

2

Estonia ALDE

Against (2)

2

Ireland ALDE

Against (1)

1

Sweden ALDE

Against (2)

2

Latvia ALDE

Against (1)

1

Hungary ALDE

Against (1)

1

Spain ALDE

1
icon: PPE-DE PPE-DE
253

Cyprus PPE-DE

2

Denmark PPE-DE

Against (1)

1

Luxembourg PPE-DE

3

Malta PPE-DE

Against (2)

2

Slovenia PPE-DE

For (1)

3

Estonia PPE-DE

Against (1)

1

Ireland PPE-DE

3

Latvia PPE-DE

3

Lithuania PPE-DE

1

Rapport Rasmussen A6-0338/2008 - am. 12 #

2008/09/23 Outcome: -: 409, 0: 171, +: 94
CY EL DK LU MT AT EE PT SE SI FI LV IE SK NL BG CZ BE LT HU ES FR RO DE PL IT GB
Total
5
22
14
6
5
16
6
19
18
7
14
9
11
10
27
14
23
20
12
20
47
63
32
88
45
63
58
icon: GUE/NGL GUE/NGL
39

Cyprus GUE/NGL

2

Denmark GUE/NGL

1

Portugal GUE/NGL

3

Sweden GUE/NGL

2

Finland GUE/NGL

For (1)

1

Ireland GUE/NGL

1

Netherlands GUE/NGL

2

Spain GUE/NGL

For (1)

1
icon: Verts/ALE Verts/ALE
41

Denmark Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1

Austria Verts/ALE

2

Sweden Verts/ALE

For (1)

1

Finland Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Belgium Verts/ALE

2

Romania Verts/ALE

Abstain (1)

1

Italy Verts/ALE

2

United Kingdom Verts/ALE

Against (2)

5
icon: PSE PSE
168

Luxembourg PSE

Abstain (1)

1

Estonia PSE

3

Slovenia PSE

Abstain (1)

1

Finland PSE

3

Ireland PSE

Abstain (1)

1

Slovakia PSE

2

Czechia PSE

Abstain (1)

1

Lithuania PSE

2
icon: NI NI
24

Austria NI

Against (1)

2

Slovakia NI

3

Czechia NI

Against (1)

1

Belgium NI

3

Italy NI

Abstain (1)

3
icon: IND/DEM IND/DEM
20

Greece IND/DEM

1

Denmark IND/DEM

For (1)

1

Sweden IND/DEM

2

Ireland IND/DEM

Against (1)

1

Netherlands IND/DEM

2

Czechia IND/DEM

Against (1)

1

Poland IND/DEM

Against (1)

3
icon: UEN UEN
39

Denmark UEN

Abstain (1)

1

Lithuania UEN

2
icon: ALDE ALDE
88

Cyprus ALDE

Against (1)

1

Luxembourg ALDE

Against (1)

1

Estonia ALDE

Against (2)

2

Sweden ALDE

Against (2)

2

Slovenia ALDE

2

Latvia ALDE

Against (1)

1

Ireland ALDE

Against (1)

1

Hungary ALDE

Against (1)

1

Spain ALDE

1
icon: PPE-DE PPE-DE
255

Cyprus PPE-DE

2

Denmark PPE-DE

Against (1)

1

Luxembourg PPE-DE

3

Malta PPE-DE

Against (2)

2

Estonia PPE-DE

Against (1)

1

Slovenia PPE-DE

4

Latvia PPE-DE

3

Ireland PPE-DE

3

Lithuania PPE-DE

1

Rapport Rasmussen A6-0338/2008 - am. 15 #

2008/09/23 Outcome: -: 402, 0: 171, +: 98
CY PT DK LU MT AT EE SE FI SI LV IE SK NL BG CZ HU BE LT ES EL FR RO DE IT PL GB
Total
5
19
14
5
5
16
6
18
14
7
9
11
10
27
14
23
20
20
12
48
21
66
32
88
59
44
58
icon: Verts/ALE Verts/ALE
42

Denmark Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1

Austria Verts/ALE

2

Sweden Verts/ALE

For (1)

1

Finland Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Belgium Verts/ALE

2

Romania Verts/ALE

1

Italy Verts/ALE

2

United Kingdom Verts/ALE

Against (2)

5
icon: GUE/NGL GUE/NGL
39

Cyprus GUE/NGL

2

Portugal GUE/NGL

3

Denmark GUE/NGL

1

Sweden GUE/NGL

2

Finland GUE/NGL

For (1)

1

Ireland GUE/NGL

1

Netherlands GUE/NGL

2

Spain GUE/NGL

For (1)

1
icon: PSE PSE
167

Luxembourg PSE

Abstain (1)

1

Estonia PSE

3

Finland PSE

For (1)

3

Slovenia PSE

Abstain (1)

1

Ireland PSE

Abstain (1)

1

Slovakia PSE

2

Czechia PSE

Abstain (1)

1

Lithuania PSE

2
icon: NI NI
27

Austria NI

Against (1)

2

Slovakia NI

3

Czechia NI

Against (1)

1

Belgium NI

3

Italy NI

Abstain (1)

3
icon: IND/DEM IND/DEM
19

Denmark IND/DEM

For (1)

1

Sweden IND/DEM

2

Ireland IND/DEM

Against (1)

1

Netherlands IND/DEM

2

Czechia IND/DEM

Against (1)

1

Poland IND/DEM

For (1)

Against (1)

Abstain (1)

3
icon: UEN UEN
36

Denmark UEN

Abstain (1)

1

Lithuania UEN

2
icon: ALDE ALDE
86

Cyprus ALDE

Against (1)

1

Estonia ALDE

Against (2)

2

Sweden ALDE

Against (2)

2

Slovenia ALDE

2

Latvia ALDE

Against (1)

1

Ireland ALDE

Against (1)

1

Hungary ALDE

Against (1)

1

Spain ALDE

1
icon: PPE-DE PPE-DE
255

Cyprus PPE-DE

Against (1)

2

Denmark PPE-DE

Against (1)

1

Luxembourg PPE-DE

3

Malta PPE-DE

Against (2)

2

Estonia PPE-DE

Against (1)

1

Slovenia PPE-DE

4

Latvia PPE-DE

3

Ireland PPE-DE

3

Lithuania PPE-DE

1

Rapport Rasmussen A6-0338/2008 - résolution #

2008/09/23 Outcome: +: 562, -: 86, 0: 25
DE IT PL FR ES RO GB NL HU BE BG EL DK PT LT IE FI SK SE AT LV SI LU EE MT CY CZ
Total
88
61
45
66
47
32
58
27
20
20
14
22
14
19
11
11
14
10
18
16
9
7
6
5
5
5
23
icon: PPE-DE PPE-DE
255

Denmark PPE-DE

1

Lithuania PPE-DE

1

Ireland PPE-DE

3

Luxembourg PPE-DE

3

Estonia PPE-DE

For (1)

1

Malta PPE-DE

2

Cyprus PPE-DE

2
icon: PSE PSE
165

Lithuania PSE

For (1)

1

Ireland PSE

1

Slovakia PSE

2

Slovenia PSE

For (1)

1

Luxembourg PSE

For (1)

1

Estonia PSE

2

Czechia PSE

For (1)

1
icon: ALDE ALDE
86

Spain ALDE

1

Hungary ALDE

1

Ireland ALDE

For (1)

1

Sweden ALDE

2

Latvia ALDE

1

Slovenia ALDE

2

Luxembourg ALDE

For (1)

1

Estonia ALDE

2

Cyprus ALDE

For (1)

1
icon: UEN UEN
39

Denmark UEN

For (1)

1

Lithuania UEN

2
icon: NI NI
27

Austria NI

For (1)

Against (1)

2

Czechia NI

Abstain (1)

1
icon: IND/DEM IND/DEM
20

Poland IND/DEM

Abstain (1)

3

Netherlands IND/DEM

2

Greece IND/DEM

1

Denmark IND/DEM

For (1)

1

Ireland IND/DEM

For (1)

1

Sweden IND/DEM

2

Czechia IND/DEM

Against (1)

1
icon: GUE/NGL GUE/NGL
39

Spain GUE/NGL

Against (1)

1

Netherlands GUE/NGL

2

Denmark GUE/NGL

1

Portugal GUE/NGL

3

Ireland GUE/NGL

1

Finland GUE/NGL

Against (1)

1

Sweden GUE/NGL

2

Cyprus GUE/NGL

2
icon: Verts/ALE Verts/ALE
42

Italy Verts/ALE

2

Romania Verts/ALE

Abstain (1)

1

United Kingdom Verts/ALE

5

Belgium Verts/ALE

Against (1)

2

Denmark Verts/ALE

For (1)

1

Finland Verts/ALE

Against (1)

1

Sweden Verts/ALE

Against (1)

1

Austria Verts/ALE

2

Latvia Verts/ALE

Against (1)

1

Luxembourg Verts/ALE

For (1)

1

History

(these mark the time of scraping, not the official date of the change)

committees/0/associated
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True
New
 
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committee
ECON
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  • date: 2008-09-10T00:00:00 body: EP committees: body: EP responsible: True committee: ECON date: 2007-11-13T00:00:00 committee_full: Economic and Monetary Affairs (Associated committee) rapporteur: group: PSE name: RASMUSSEN Poul Nyrup body: EP responsible: False committee: EMPL date: 2008-02-26T00:00:00 committee_full: Employment and Social Affairs rapporteur: group: PSE name: ETTL Harald body: EP responsible: False committee: JURI date: 2007-11-19T00:00:00 committee_full: Legal Affairs (Associated committee) rapporteur: group: PPE-DE name: KAUPPI Piia-Noora type: Vote in committee, 1st reading/single reading
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commission
  • body: EC dg: Economic and Financial Affairs commissioner: ALMUNIA Joaquín
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type
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True
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committee
ECON
date
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rapporteur
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committees/0
body
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date
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committee_full
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rapporteur
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type
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EMPL
date
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committees/1
body
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date
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rapporteur
group: PSE name: ETTL Harald
committees/2
type
Committee Opinion
body
EP
associated
True
committee_full
Legal Affairs
committee
JURI
date
2007-11-19T00:00:00
rapporteur
name: KAUPPI Piia-Noora group: European People's Party (Christian Democrats) and European Democrats abbr: PPE-DE
committees/2
body
EP
responsible
False
committee
JURI
date
2007-11-19T00:00:00
committee_full
Legal Affairs (Associated committee)
rapporteur
group: PPE-DE name: KAUPPI Piia-Noora
council
  • body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 2857 url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=2857*&MEET_DATE=04/03/2008 date: 2008-03-04T00:00:00
docs
  • date: 2008-04-18T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE404.764 title: PE404.764 type: Committee draft report body: EP
  • date: 2008-05-19T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE406.138 title: PE406.138 type: Amendments tabled in committee body: EP
  • date: 2008-05-29T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE404.799&secondRef=02 title: PE404.799 committee: JURI type: Committee opinion body: EP
  • date: 2008-06-11T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE404.730&secondRef=03 title: PE404.730 committee: EMPL type: Committee opinion body: EP
  • date: 2008-09-11T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2008-338&language=EN title: A6-0338/2008 type: Committee report tabled for plenary, single reading body: EP
  • date: 2008-10-17T00:00:00 docs: url: /oeil/spdoc.do?i=16041&j=1&l=en title: SP(2008)6073 type: Commission response to text adopted in plenary
  • date: 2009-01-29T00:00:00 docs: url: /oeil/spdoc.do?i=16041&j=0&l=en title: SP(2008)6487/3 type: Commission response to text adopted in plenary
events
  • date: 2007-11-15T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2007-11-15T00:00:00 type: Referral to associated committees announced in Parliament body: EP
  • date: 2008-03-04T00:00:00 type: Debate in Council body: CSL docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=2857*&MEET_DATE=04/03/2008 title: 2857
  • date: 2008-09-10T00:00:00 type: Vote in committee, 1st reading/single reading body: EP summary: The Committee on Economic and Monetary Affairs adopted an own initiative report by Poul Nyrup RASMUSSEN (PES, DK) with recommendations to the Commission on Hedge funds and private equity. Stressing that, at present, there is insufficient EU regulation of hedge funds and private equity, MEPs call on the Commission to submit to Parliament by the end of 2008, on the basis of Article 44, Article 47(2), or Article 95 of the EC Treaty, a legislative proposal or proposals covering all relevant actors and financial market participants, including hedge funds and private equity, in accordance with the following seven principles: Regulatory coverage : existing Community legislation should be reviewed to identify any regulatory gaps; national variations should be reviewed and harmonisation should be promoted; Capital : capital requirements should be mandatory for all financial institutions and should reflect risk from the type of business, exposures and risk control; Originate and distribute : to achieve a better alignment of the interests of investors and originators, originators should generally retain exposure to their securitised products by holding a representative stake in the product; disclosure should be made of the level of the stakes originators keep in loan products. Accounting : a smoothing technique to counter the pro-cyclical effects of fair value accounting should be considered; Rating : Credit Rating Agencies should adopt codes of conduct regarding visibility of assumptions, product complexity and business practices; conflict of interest should be managed and unsolicited rating should be independently categorised and not used as a means of pressure to obtain business; Derivative trading : open and visible trading of derivatives should be promoted whether on-exchange or otherwise; Long term : reward packages should be aligned with longer term outcomes, reflecting losses as well as profits. MEPs ask that these proposals be implemented in accordance with the following principals: Capital requirements : investment firms including partnerships and limited partnerships, insurance companies, credit institutions, conventional funds (such as UCITS and pension arrangements) should be required to comply with capital requirements; Originators and Securitisation : the Commission's proposal(s) concerning capital requirements should require that originators hold portions of securitised loans on their balance sheets, or provide other means to align the interests of investors and originators; EU oversight of Credit Rating Agencies : the Commission should establish a mechanism for EU review of Credit Rating Agencies, procedures and compliance, with duties allocated to existing bodies such as the Committee of European Securities Regulators (CESR); Valuation : the Commission should adopt principle-based legislative measures on the valuation of illiquid financial instruments; Prime brokers : the transparency requirements applicable to any institution providing prime brokerage services should be increased in line with the complexity and opacity of the structure or nature of the exposures, to which their dealings with all products and actors expose them; Venture capital and SME sector : the Commission should propose legislation to provide a harmonised EU-wide framework for venture capital, and particularly so as to ensure cross-border access to such capital for the SME sector. Recommendation 2 on transparency measures : Private Placement Regime : the Commission should submit a legislative proposal for the establishment of a European private placement regime allowing for cross-border distribution of investment products, including alternative investment vehicles, to eligible groups of sophisticated investors; Investors : the Commission should, in cooperation with supervisory authorities, devise rules to ensure clear disclosure and communication of relevant and material information to investors; Private equity and protection of employees : the Commission should ensure that Directive 2001/23/EC always grants the same rights to employees, including the right to be informed and consulted, whenever control of the undertaking or business concerned is transferred by any investors, including private equity and hedge funds; Pension schemes : an increasing number of pension funds and insurance companies have holdings in hedge funds and private equity. The Commission should therefore ensure that employees or staff representatives are informed about the way in which their pensions are invested and the associated risks. Recommendation 3 on excessive debt measures : Leverage for private equity : the Commission should, while reviewing Directive 77/91/EEC on capital, ensure that any amendments adhere to the following fundamental principles: (i) there is capital held according to risk; (ii) there is a reasonable expectation that the level of leverage is sustainable both for the private equity fund/firm and for the target company; and (iii) that there is no unfair discrimination against specific private investors or between different investment funds or vehicles that use similar strategy. Capital depletion : the Commission should propose harmonised supplementary measures at EU level. Recommendation 4 on conflicts of interest measures : Credit Rating Agencies : Credit Rating Agencies should be required to increase information and eliminate or mitigate asymmetric information and uncertainty and disclose the conflicts of interest under which they operate without destroying the transaction oriented financial system. In particular, they should be required to separate their rating business from any other services (such as advice on structuring transactions) that they provide in respect of any obligations or entities that they rate; Market access and concentration : the Commission should launch a general review of the effects of market concentration and of the effects of dominant players in the financial services industry. Recommendation 5 on existing financial services legislation : the Commission should undertake an examination of all existing Community legislation relevant to financial markets and, based on the results of such examination, submit a legislative proposal or proposals amending the existing directives where necessary.
  • date: 2008-09-11T00:00:00 type: Committee report tabled for plenary, single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2008-338&language=EN title: A6-0338/2008
  • date: 2008-09-22T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20080922&type=CRE title: Debate in Parliament
  • date: 2008-09-23T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=16041&l=en title: Results of vote in Parliament
  • date: 2008-09-23T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2008-425 title: T6-0425/2008 summary: The European Parliament adopted by 562 votes to 86, with 25 abstentions, a resolution with recommendations to the Commission on Hedge funds and private equity. The own initiative report had been tabled for consideration in plenary by Poul Nyrup RASMUSSEN (PES, DK) on behalf of the Committee on Economic and Monetary Affairs. Stressing the need to ensure the consistent implementation and application of the regulation on financial markets, the Parliament calls on the Commission to submit, by the end of 2008, a legislative proposal or proposals covering all relevant actors and financial market participants, including hedge funds and private equity, responding to the following seven principles: existing Community legislation should be reviewed to identify any regulatory gaps, national variations should be reviewed and harmonisation should be promoted; capital requirements should be mandatory for all financial institutions and should reflect risk from the type of business, exposures and risk control; to achieve a better alignment of the interests of investors and originators, originators should generally retain exposure to their securitised products by holding a representative stake in the product; disclosure should be made of the level of the stakes originators keep in loan products; a smoothing technique to counter the pro-cyclical effects of fair value accounting should be considered. Credit Rating Agencies should adopt codes of conduct regarding visibility of assumptions, product complexity and business practices; conflict of interest should be managed and unsolicited rating should be independently categorised and not used as a means of pressure to obtain business; open and visible trading of derivatives should be promoted whether on-exchange or otherwise; reward packages should be aligned with longer term outcomes, reflecting losses as well as profits. MEPs ask that these proposals be implemented in accordance with the following principals: Recommendation 1 on financial stability, capital and universal regulatory coverage : investment firms including partnerships and limited partnerships, insurance companies, credit institutions, conventional funds (such as UCITS and pension arrangements) should be required to comply with capital requirements; the Commission's proposal(s) concerning capital requirements should require that originators hold portions of securitised loans on their balance sheets, or provide other means to align the interests of investors and originators; the Commission should establish a mechanism for EU review of Credit Rating Agencies, procedures and compliance, with duties allocated to existing bodies such as the Committee of European Securities Regulators (CESR); the Commission should adopt principle-based legislative measures on the valuation of illiquid financial instruments in order better to protect investors and the stability of financial markets; the transparency requirements applicable to any institution providing prime brokerage services should be increased in line with the complexity and opacity of the structure or nature of the exposures to which their dealings with all products and actors, including hedge funds and private equity, expose them; the Commission should propose legislation to provide a harmonised EU-wide framework for venture capital, and particularly so as to ensure cross-border access to such capital for the SME sector. Recommendation 2 on transparency measures : the Commission should submit a legislative proposal for the establishment of a European private placement regime allowing for cross-border distribution of investment products, including alternative investment vehicles, to eligible groups of sophisticated investors; the Commission should, in cooperation with supervisory authorities, devise rules to ensure clear disclosure and communication of relevant and material information to investors; the Commission should ensure that Directive 2001/23/EC always grants the same rights to employees, including the right to be informed and consulted, whenever control of the undertaking or business concerned is transferred by any investors, including private equity and hedge funds; an increasing number of pension funds and insurance companies have holdings in hedge funds and private equity. The Commission should therefore ensure that employees or staff representatives are informed about the way in which their pensions are invested and the associated risks. Recommendation 3 on excessive debt measures : the Commission should, while reviewing Directive 77/91/EEC on capital, ensure that any amendments adhere to the following fundamental principles: (i) there is capital held according to risk; (ii) there is a reasonable expectation that the level of leverage is sustainable both for the private equity fund/firm and for the target company; and (iii) that there is no unfair discrimination against specific private investors or between different investment funds or vehicles that use similar strategy; in terms of capital depletion , the Commission should propose harmonised supplementary measures at EU level in order to avoid unreasonable asset stripping in target companies. Recommendation 4 on conflicts of interest measures : Credit Rating Agencies should be required to increase information and eliminate or mitigate asymmetric information and uncertainty and disclose the conflicts of interest under which they operate without destroying the transaction oriented financial system. In particular, they should be required to separate their rating business from any other services (such as advice on structuring transactions) that they provide in respect of any obligations or entities that they rate; the Commission should launch a general review of the effects of market concentration and of the effects of dominant players in the financial services industry. Recommendation 5 on existing financial services legislation : the Commission should undertake an examination of all existing Community legislation relevant to financial markets and, based on the results of such examination, submit a legislative proposal or proposals amending the existing directives, where necessary.
  • date: 2008-09-23T00:00:00 type: End of procedure in Parliament body: EP
links
other
  • body: EC dg: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs commissioner: ALMUNIA Joaquín
procedure/dossier_of_the_committee
Old
ECON/6/55877
New
  • ECON/6/55877
procedure/legal_basis/0
Rules of Procedure EP 46
procedure/legal_basis/0
Rules of Procedure of the European Parliament EP 046
procedure/subject
Old
  • 2.50.03 Securities and financial markets, stock exchange, CIUTS, investments
New
2.50.03
Securities and financial markets, stock exchange, CIUTS, investments
activities
  • date: 2007-11-15T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: True committee: ECON date: 2007-11-13T00:00:00 committee_full: Economic and Monetary Affairs (Associated committee) rapporteur: group: PSE name: RASMUSSEN Poul Nyrup body: EP responsible: False committee: EMPL date: 2008-02-26T00:00:00 committee_full: Employment and Social Affairs rapporteur: group: PSE name: ETTL Harald body: EP responsible: False committee: JURI date: 2007-11-19T00:00:00 committee_full: Legal Affairs (Associated committee) rapporteur: group: PPE-DE name: KAUPPI Piia-Noora
  • body: CSL meeting_id: 2857 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=2857*&MEET_DATE=04/03/2008 type: Debate in Council title: 2857 council: Economic and Financial Affairs ECOFIN date: 2008-03-04T00:00:00 type: Council Meeting
  • date: 2008-09-10T00:00:00 body: EP committees: body: EP responsible: True committee: ECON date: 2007-11-13T00:00:00 committee_full: Economic and Monetary Affairs (Associated committee) rapporteur: group: PSE name: RASMUSSEN Poul Nyrup body: EP responsible: False committee: EMPL date: 2008-02-26T00:00:00 committee_full: Employment and Social Affairs rapporteur: group: PSE name: ETTL Harald body: EP responsible: False committee: JURI date: 2007-11-19T00:00:00 committee_full: Legal Affairs (Associated committee) rapporteur: group: PPE-DE name: KAUPPI Piia-Noora type: Vote in committee, 1st reading/single reading
  • date: 2008-09-11T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2008-338&language=EN type: Committee report tabled for plenary, single reading title: A6-0338/2008 body: EP type: Committee report tabled for plenary, single reading
  • date: 2008-09-22T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20080922&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
  • date: 2008-09-23T00:00:00 docs: url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=16041&l=en type: Results of vote in Parliament title: Results of vote in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2008-425 type: Decision by Parliament, 1st reading/single reading title: T6-0425/2008 body: EP type: Results of vote in Parliament
committees
  • body: EP responsible: True committee: ECON date: 2007-11-13T00:00:00 committee_full: Economic and Monetary Affairs (Associated committee) rapporteur: group: PSE name: RASMUSSEN Poul Nyrup
  • body: EP responsible: False committee: EMPL date: 2008-02-26T00:00:00 committee_full: Employment and Social Affairs rapporteur: group: PSE name: ETTL Harald
  • body: EP responsible: False committee: JURI date: 2007-11-19T00:00:00 committee_full: Legal Affairs (Associated committee) rapporteur: group: PPE-DE name: KAUPPI Piia-Noora
links
other
  • body: EC dg: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs commissioner: ALMUNIA Joaquín
procedure
dossier_of_the_committee
ECON/6/55877
reference
2007/2238(INL)
title
Hedge funds and private equity
legal_basis
Rules of Procedure of the European Parliament EP 046
stage_reached
Procedure completed
subtype
Request for legislative proposal
type
INL - Legislative initiative procedure
subject
2.50.03 Securities and financial markets, stock exchange, CIUTS, investments