{"change_dates":[],"dossier":{"amendments":[{"authors":"Notis Marias","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-70","location":[["Draft legislative resolution","Citation 4 a (new)"]],"meps":[125069],"meta":{"created":"2019-07-03T06:14:10"},"new":["- having regard to Protocol (No 1)","of the Treaty on the Functioning of the","European Union on the role of national","parliaments in the European Union,"],"orig_lang":"el","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"70","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Notis Marias","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-71","location":[["Draft legislative resolution","Citation 4 b (new)"]],"meps":[125069],"meta":{"created":"2019-07-03T06:14:10"},"new":["- having regard to Protocol (No 2)","of the Treaty on the Functioning of the","European Union (TFEU) on the","application of the principles of","subsidiarity and proportionality,"],"orig_lang":"el","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"71","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Notis Marias","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-72","location":[["Proposal for a regulation","Citation 1 a (new)"]],"meps":[125069],"meta":{"created":"2019-07-03T06:14:10"},"new":["having regard to Protocol (No. 1) of the","Treaty on the Functioning of the","European Union on the role of national","parliaments in the European Union,"],"orig_lang":"el","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"72","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Notis Marias","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-73","location":[[" Proposal for a regulation","Citation 1 b (new)"]],"meps":[125069],"meta":{"created":"2019-07-03T06:14:10"},"new":["having regard to Protocol (No. 2) of the","Treaty on the Functioning of the","European Union (TFEU) on the","application of the principles of","subsidiarity and proportionality,"],"orig_lang":"el","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"73","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Markus Ferber","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-74","location":[[" Proposal for a regulation","Recital 1"]],"meps":[1917],"meta":{"created":"2019-07-03T06:14:10"},"new":["(1) Regulation (EU) No 345/2013 of","the European Parliament and of the","Council19 and Regulation (EU) No","346/2013 of the European Parliament and","of the Council20 lay down uniform","requirements and conditions for managers","of collective investment undertakings that","wish to use in the Union the \u2018EuVECA\u2019 or","\u2018EuSEF\u2019 designations for the marketing","and management of qualifying venture","capital funds and qualifying social","entrepreneurship funds. Regulation (EU)","No 345/2013 and Regulation (EU) No","346/2013 contain rules governing, in","particular, qualifying investment,","qualifying portfolio undertaking and","eligible investors. Under Regulation (EU)","No 345/2013 and Regulation (EU) No","346/2013, only managers with assets under","management that in total do not exceed the","threshold referred to in point (b) of Article","3(2) of Directive 2011/61/EU of the","European Parliament and of the Council21","qualify for the use of the \u2018EuVECA\u2019 and","\u2018EuSEF\u2019 labels respectively.","_________________","19","Regulation (EU) No 345/2013 of the","European Parliament and of the Council of","17 April 2013 on European venture capital","funds (OJ L 115, 25.4.2013, p. 1).","20","Regulation (EU) No 346/2013 of the","European Parliament and of the Council of","17 April 2013 on European social","entrepreneurship funds (OJ L 115,","25.4.2013, p. 18).","21","Directive 2011/61/EU of the European","Parliament and of the Council of 8 June","2011 on Alternative Investment Fund","Managers and amending Directives","2003/41/EC and 2009/65/EC and","Regulations (EC) No 1060/2009 and (EU)","No 1095/2010 (OJ L 174, 1.7.2011, p. 1)."],"old":["(1) Regulation (EU) No 345/2013 of","the European Parliament and of the","Council19 and Regulation (EU) No","346/2013 of the European Parliament and","of the Council20 lay down uniform","requirements and conditions for managers","of collective investment undertakings that","wish to use in the Union the \u2018EuVECA\u2019 or","\u2018EuSEF\u2019 designations for the marketing of","qualifying venture capital funds and","qualifying social entrepreneurship funds.","Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 contain","rules governing, in particular, qualifying","investment, qualifying portfolio","undertaking and eligible investors. Under","Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013, only","managers with assets under management","that in total do not exceed the threshold","","","referred to in point (b) of Article 3(2) of","Directive 2011/61/EU of the European","Parliament and of the Council21 qualify for","the use of the \u2018EuVECA\u2019 and \u2018EuSEF\u2019","labels respectively.","_________________","19","Regulation (EU) No 345/2013 of the","European Parliament and of the Council of","17 April 2013 on European venture capital","funds (OJ L 115, 25.4.2013, p. 1).","20","Regulation (EU) No 346/2013 of the","European Parliament and of the Council of","17 April 2013 on European social","entrepreneurship funds (OJ L 115,","25.4.2013, p. 18).","21","Directive 2011/61/EU of the European","Parliament and of the Council of 8 June","2011 on Alternative Investment Fund","Managers and amending Directives","2003/41/EC and 2009/65/EC and","Regulations (EC) No 1060/2009 and (EU)","No 1095/2010 (OJ L 174, 1.7.2011, p. 1)."],"orig_lang":"de","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"74","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-75","location":[["Proposal for a regulation","Recital 2"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:10"},"new":["(2) The Communication on the","Investment Plan for Europe of 16","November 201422 provides a strategy to","tackle the lack of finance which is holding","back Europe's potential to grow and to","provide jobs for its citizens. Although it","aims at unlocking private investment by","using public funding and by improving the","legal framework for the investment","environment, it needs to be updated and","further aimed at small and medium-sized","enterprises. It has provided limited and","uneven results and therefore needs","evaluation and further elaboration.","_________________","22","Communication from the Commission to","the European Parliament, the Council, the","European Central Bank, the European","Economic and Social Committee, the","Committee of the Regions and the","European Investment bank: An Investment","Plan for Europe (COM(2014)903 final)."],"old":["(2) The Communication on the","Investment Plan for Europe of 16","November 201422 provides a","comprehensive strategy to tackle the lack","of finance which is holding back Europe's","potential to grow and to provide jobs for its","citizens. It aims at unlocking private","investment by using public funding and by","improving the legal framework for the","investment environment.","","_________________","22","Communication from the Commission to","the European Parliament, the Council, the","European Central Bank, the European","Economic and Social Committee, the","Committee of the Regions and the","European Investment bank: An Investment","Plan for Europe (COM(2014)903 final)."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"75","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Notis Marias","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-76","location":[[" Proposal for a regulation","Recital 2"]],"meps":[125069],"meta":{"created":"2019-07-03T06:14:10"},"new":["(2) The Communication on the","Investment Plan for Europe of 16","November 201422 should provide a","comprehensive strategy to tackle the lack","of finance which is holding back Europe's","potential to grow and to provide jobs for its","citizens, especially in the southern","European Member States such as Greece,","Italy, Spain and Portugal. It aims at","unlocking private investment by using","public funding and by improving the legal","framework for the investment environment.","_________________","22","Communication from the Commission to","the European Parliament, the Council, the","European Central Bank, the European","Economic and Social Committee, the","Committee of the Regions and the","European Investment bank: An Investment","Plan for Europe (COM(2014)903 final)."],"old":["(2) The Communication on the","Investment Plan for Europe of 16","November 201422 provides a","comprehensive strategy to tackle the lack","of finance which is holding back Europe's","potential to grow and to provide jobs for its","citizens. It aims at unlocking private","investment by using public funding and by","improving the legal framework for the","investment environment.","_________________","22","Communication from the Commission to","the European Parliament, the Council, the","European Central Bank, the European","Economic and Social Committee, the","Committee of the Regions and the","European Investment bank: An Investment","Plan for Europe (COM(2014)903 final)."],"orig_lang":"el","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"76","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Marco Zanni","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-77","location":[["Proposal for a regulation","Recital 3"]],"meps":[124780],"meta":{"created":"2019-07-03T06:14:10"},"new":["(3) On 15 September 2016, the","European Parliament adopted a","resolution on access to finance for SMEs","(2016/2032(INI)). Since the first round of","the surveys on the access to finance of","enterprises (SAFE), 'finding customers'","has remained the dominant concern for","euro area SMEs, while 'access to finance'","has ranked lower in terms of concerns."],"old":["(3) The Communication on the","Capital Markets Union of 30 September","201523 is an important element of the","Investment Plan. It aims at reducing","fragmentation in the financial markets","and increasing supply of capital to","businesses through the establishment of a","genuine single capital market. The","Communication specifies that Regulation","(EU) No 345/2013 and Regulation (EU)","No 346/2013 need to be amended to","ensure that the frameworks are best able","to support investment in SMEs.","_________________","23 Communication from the Commission","to the European Parliament, the Council,","the European Central Bank, the","European Economic and Social","Committee and the Committee of the","Regions: Action Plan on Building a","Capital Markets Union (COM(2015)468","final)."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"77","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Notis Marias","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-78","location":[["Proposal for a regulation","Recital 3"]],"meps":[125069],"meta":{"created":"2019-07-03T06:14:10"},"new":["(3) The Communication on the Capital","Markets Union of 30 September 201523 is","an important element of the Investment","Plan. It aims at reducing fragmentation in","the financial markets and increasing supply","of capital to businesses through the","establishment of a genuine single capital","market. The Communication specifies that","Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 need to be","amended to ensure that the frameworks are","able to increase immediately investment in","SMEs.","_________________","23","Communication from the Commission to","the European Parliament, the Council, the","European Central Bank, the European","Economic and Social Committee and the","Committee of the Regions: Action Plan on","Building a Capital Markets Union","(COM(2015)468 final)."],"old":["(3) The Communication on the Capital","","Markets Union of 30 September 201523 is","an important element of the Investment","Plan. It aims at reducing fragmentation in","the financial markets and increasing supply","of capital to businesses through the","establishment of a genuine single capital","market. The Communication specifies that","Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 need to be","amended to ensure that the frameworks are","best able to support investment in SMEs.","_________________","23","Communication from the Commission to","the European Parliament, the Council, the","European Central Bank, the European","Economic and Social Committee and the","Committee of the Regions: Action Plan on","Building a Capital Markets Union","(COM(2015)468 final)."],"orig_lang":"el","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"78","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-79","location":[[" Proposal for a regulation","Recital 3"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:10"},"new":["(3) The CMU framework goes in the","wrong direction and its establishment has","proved counterproductive in many areas","of social and economic development. The","Communication on the Capital Markets","Union of 30 September 201523 is an","important element of the Investment Plan.","It aims at reducing fragmentation in the","financial markets and increasing supply of","capital to businesses through the","establishment of a genuine single capital","market. The Communication specifies that","Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 need to be","amended to ensure that the frameworks are","best able to support investment in SMEs.","_________________","23","Communication from the Commission to","the European Parliament, the Council, the","European Central Bank, the European","Economic and Social Committee and the","Committee of the Regions: Action Plan on","Building a Capital Markets Union","(COM(2015)468 final)."],"old":["(3) The Communication on the Capital","Markets Union of 30 September 201523 is","an important element of the Investment","Plan. It aims at reducing fragmentation in","the financial markets and increasing supply","of capital to businesses through the","establishment of a genuine single capital","market. The Communication specifies that","Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 need to be","amended to ensure that the frameworks are","best able to support investment in SMEs.","","_________________","23","Communication from the Commission to","the European Parliament, the Council, the","European Central Bank, the European","Economic and Social Committee and the","Committee of the Regions: Action Plan on","Building a Capital Markets Union","(COM(2015)468 final)."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"79","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-80","location":[["Proposal for a regulation","Recital 3"]],"meps":[33569],"meta":{"created":"2019-07-03T06:14:10"},"new":["(3) The Communication on the Capital","Markets Union of 30 September 201523 is","an important element of the Investment","Plan. It aims at reducing fragmentation in","the financial markets and increasing supply","of capital to businesses, from inside and","outside the Union, through the","establishment of a genuine single capital","market. The Communication specifies that","Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 need to be","amended to ensure that the frameworks are","best able to support investment in SMEs.","_________________","23","Communication from the Commission to","the European Parliament, the Council, the","European Central Bank, the European","Economic and Social Committee and the","Committee of the Regions: Action Plan on","Building a Capital Markets Union","(COM(2015)468 final)."],"old":["(3) The Communication on the Capital","Markets Union of 30 September 201523 is","an important element of the Investment","Plan. It aims at reducing fragmentation in","the financial markets and increasing supply","of capital to businesses through the","establishment of a genuine single capital","market. The Communication specifies that","Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 need to be","amended to ensure that the frameworks are","best able to support investment in SMEs.","_________________","23","Communication from the Commission to","the European Parliament, the Council, the","European Central Bank, the European","Economic and Social Committee and the","Committee of the Regions: Action Plan on","Building a Capital Markets Union","(COM(2015)468 final)."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"80","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-81","location":[[" Proposal for a regulation","Recital 4"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:10"},"new":["(4) The market of qualifying venture","capital funds and qualifying social","entrepreneurship funds should be opened to","increase scale effects, to reduce transaction","and operational costs, to improve","cooperation and sound competition and to","strengthen investor choice enhancing","economic convergence between Member","States and regions. Enlarging the base of","prospective managers should contribute to","opening up that market to retail investors.","It should benefit undertakings seeking","investment by giving them access to","financing from a greater and more varied","range of risk investment sources. The","scope of Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 should","therefore be extended by opening up the","use of the \u2018EuVECA\u2019 and \u2018EuSEF\u2019 labels","to managers of collective investment","undertakings authorised under Article 6 of","Directive 2011/61/EU."],"old":["(4) The market of qualifying venture","capital funds and qualifying social","entrepreneurship funds should be opened to","increase scale effects, to reduce transaction","and operational costs, to improve","competition and to strengthen investor","choice. Enlarging the base of prospective","managers contributes to opening up that","market. It should benefit undertakings","seeking investment by giving them access","to financing from a greater and more varied","range of risk investment sources. The","scope of Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 should","therefore be extended by opening up the","use of the \u2018EuVECA\u2019 and \u2018EuSEF\u2019 labels","to managers of collective investment","undertakings authorised under Article 6 of","Directive 2011/61/EU."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"81","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Neena Gill","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-82","location":[[" Proposal for a regulation","Recital 4"]],"meps":[4533],"meta":{"created":"2019-07-03T06:14:10"},"new":["(4) The market of qualifying venture","capital funds and qualifying social","entrepreneurship funds should be opened to","increase scale effects, to reduce transaction","and operational costs, to improve","competition and to strengthen investor","choice. Enlarging the base of prospective","managers contributes to opening up that","market. It should benefit undertakings","seeking investment by giving them access","to financing from a greater and more varied","range of risk investment sources. The","scope of Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 should","therefore be extended by opening up the","use of the 'EuVECA' and 'EuSEF' labels to","managers of collective investment","undertakings authorised under Article 6 of","Directive 2011/61/EU. Given the fact that","the UK venture capital market accounts","for 36 % of total Union activity,","appropriate measures should be adopted","to ensure that the Union economy will not","be cut off from this source of","finance. Although the day-to-day","supervision should remain the","responsibility of national competent","authorities as they have the technical and","operational expertise of supervising","individual firms, ESMA has a key role to","play in ensuring supervisory convergence."],"old":["(4) The market of qualifying venture","capital funds and qualifying social","","entrepreneurship funds should be opened to","increase scale effects, to reduce transaction","and operational costs, to improve","competition and to strengthen investor","choice. Enlarging the base of prospective","managers contributes to opening up that","market. It should benefit undertakings","seeking investment by giving them access","to financing from a greater and more varied","range of risk investment sources. The","scope of Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 should","therefore be extended by opening up the","use of the \u2018EuVECA\u2019 and \u2018EuSEF\u2019 labels","to managers of collective investment","undertakings authorised under Article 6 of","Directive 2011/61/EU."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"82","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Burkhard Balz","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-83","location":[["Proposal for a regulation","Recital 4"]],"meps":[96997],"meta":{"created":"2019-07-03T06:14:11"},"new":["(4) The market of qualifying venture","capital funds and qualifying social","entrepreneurship funds should be opened to","increase scale effects, to reduce transaction","and operational costs, to improve","competition and to strengthen investor","choice. Enlarging the base of prospective","managers contributes to opening up that","market. It should benefit undertakings","seeking investment by giving them access","to financing from a greater and more varied","range of risk investment sources. The","scope of Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 should","therefore be extended by opening up the","use of the \u2018EuVECA\u2019 and \u2018EuSEF\u2019 labels","to managers of collective investment","undertakings authorised under Article 6 of","Directive 2011/61/EU. Facilitating access","to passporting rights for EuVECA and","EuSEF managers is vital to increase the","choice for investors, to enhance efficiency","in the European EuVECA and EuSEF","business and thus to removing barriers to","the financing of the real economy.","Impediments to accessing the Union","passport regime should be avoided.","Requirements for EuVECA and EuSEF","managers should therefore be","proportionate and not be aligned to","AIFMD."],"old":["(4) The market of qualifying venture","capital funds and qualifying social","entrepreneurship funds should be opened to","increase scale effects, to reduce transaction","and operational costs, to improve","competition and to strengthen investor","","choice. Enlarging the base of prospective","managers contributes to opening up that","market. It should benefit undertakings","seeking investment by giving them access","to financing from a greater and more varied","range of risk investment sources. The","scope of Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 should","therefore be extended by opening up the","use of the \u2018EuVECA\u2019 and \u2018EuSEF\u2019 labels","to managers of collective investment","undertakings authorised under Article 6 of","Directive 2011/61/EU."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"83","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Notis Marias","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-84","location":[[" Proposal for a regulation","Recital 5"]],"meps":[125069],"meta":{"created":"2019-07-03T06:14:11"},"new":["(5) In order to improve the level of","investor protection, those managers should","be subject to the requirements of Directive","2011/61/EU while complying with certain","provisions of Regulation (EU) No","345/2013 or Regulation (EU) No","346/2013, namely the provisions","concerning eligible investments, targeted","investors and information requirements."],"old":["(5) In order to keep a high level of","investor protection, those managers should","continue to be subject to the requirements","of Directive 2011/61/EU while complying","with certain provisions of Regulation (EU)","No 345/2013 or Regulation (EU) No","346/2013, namely the provisions","concerning eligible investments, targeted","investors and information requirements."],"orig_lang":"el","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"84","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Alain Lamassoure, Alain Cadec","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-85","justification":"Eligible investors should have the experience, knowledge and expertise to make sound\ninvestment decisions and properly assess the risks and return profile of these types of funds.\nIn this regard, rules laid out in Regulations (EU) No 345/2013 and (EU) No 346/2013\ncontinue to be appropriate: the entry ticket of \u20ac100,000 should be maintained for non-\nprofessional investors.","location":[["Proposal for a regulation","Recital 5"]],"meps":[1204,96849],"meta":{"created":"2019-07-03T06:14:11"},"new":["(5) In order to keep a high level of","investor protection, those managers should","continue to be subject to the requirements","of Directive 2011/61/EU while complying","with certain provisions of Regulation (EU)","No 345/2013 or Regulation (EU) No","346/2013, namely the provisions","concerning eligible investments, targeted","investors and information requirements.","Eligible investors should continue to be","subject to the rules laid out in Regulation","(EU) No 345/2013 and Regulation (EU)","No 346/2013."],"old":["(5) In order to keep a high level of","investor protection, those managers should","continue to be subject to the requirements","of Directive 2011/61/EU while complying","with certain provisions of Regulation (EU)","No 345/2013 or Regulation (EU) No","346/2013, namely the provisions","concerning eligible investments, targeted","investors and information requirements."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"85","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Pervenche Ber\u00e8s","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-86","justification":" Eligible investors should have the experience, knowledge and expertise to make sound\n investment decisions and properly assess the risks and return profile of these types of funds.\n The rules laid out in Regulations (EU) No 345/2013 and (EU) No 346/2013 to that regard,\n i.e. a \u20ac 100 000 entry ticket for non-professional investors, are therefore appropriate.","location":[["Proposal for a regulation","Recital 5"]],"meps":[1985],"meta":{"created":"2019-07-03T06:14:11"},"new":["(5) In order to keep a high level of","investor protection, those managers should","continue to be subject to the requirements","of Directive 2011/61/EU while complying","with certain provisions of Regulation (EU)","No 345/2013 or Regulation (EU) No","346/2013, namely the provisions","concerning eligible investments, targeted","investors and information requirements.","Eligible investors should continue to be","subject to the rules laid out in Regulation","(EU) No 345/2013 and Regulation (EU)","No 346/2013."],"old":["(5) In order to keep a high level of","investor protection, those managers should","continue to be subject to the requirements","","of Directive 2011/61/EU while complying","with certain provisions of Regulation (EU)","No 345/2013 or Regulation (EU) No","346/2013, namely the provisions","concerning eligible investments, targeted","investors and information requirements."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"86","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-87","location":[[" Proposal for a regulation","Recital 5 a (new)"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:11"},"new":["(5a) A threshold of EUR 100 000","minimum entry ticket for non-","professional investors is maintained for","investing in EuVECA funds. It is","questionable whether venture capital","funds would be suitable for retail","investors even in the case where investor","protection rules would be strengthened, in","particular due to the long term and","illiquid nature of venture capital funds.","However, it might be worth considering in","the future whether a special possibility for","retail investors could be opened through","the use of a feeder fund under Regulation","(EU) No 345/2013 for those EuVECA","funds that wish to opt for enlarging their","investor base. During the next review of","that Regulation, the Commission should","also investigate how lowering the","relatively high threshold might be","beneficial, especially as it can be seen as a","potential barrier to more investment in","such funds."],"old":[""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"87","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-88","justification":"Marketing to retail investors should remain a goal for EuVECA and EuSEF, but this must be\ndone in a way that does not undermine the success and characteristics of the current regime.\nA voluntary option within the frameworks could allow for those interested fund managers to\n\n market to retail investors and perhaps improve the uptake and levels of investment in these\n funds.","location":[["Proposal for a regulation","Recital 5 a (new)"]],"meps":[33569],"meta":{"created":"2019-07-03T06:14:11"},"new":["(5a) Due to their long-term and illiquid","nature, venture capital funds are not","directly suitable for retail investors other","than those described in Article 6 of this","Regulation. However, in the context of the","next review of the Regulation, the","Commission could investigate whether it","would be beneficial to create an","additional voluntary option within the","EuVECA regime for fund managers who","wish to market to retail investors. Such an","option should only apply to those fund","managers who decide to market to pure","retail investors and EuVECA fund","managers who market their funds solely","under Article 6 should not be subject to","these provisions. Likewise it may be","appropriate to extend the social","entrepreneurship label to certain","crowdfunding and microfinance entities","with a high social impact."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"88","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Marco Zanni","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-89","location":[[" Proposal for a regulation","Recital 5 a (new)"]],"meps":[124780],"meta":{"created":"2019-07-03T06:14:11"},"new":["(5a) For EuVECA funds, the threshold","of EUR 100 000 should in any case be","lowered to EUR 40 000. This would allow","the spectrum of investment possibilities","for non-professional investors to be","widened and would allow such investors","to support firms with a positive social","impact."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"89","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Marco Zanni","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-90","location":[[" Proposal for a regulation","Recital 5 b (new)"]],"meps":[124780],"meta":{"created":"2019-07-03T06:14:12"},"new":["(5b) For EuSEF funds, the threshold","of EUR 100 000 should in any case be","lowered to EUR 40 000. This should","increase access to funding especially for","smaller and socially engaged firms which","are less bankable due to the fact that they","re-invest their profits into their projects","and as such do not meet the minimum","required return for bank capital","requirements. This would also allow the","spectrum of investment possibilities for","non-professional investors to be widened","and would allow such investors to support","firms with a positive social impact."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"90","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-91","location":[["Proposal for a regulation","Recital 5 b (new)"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:12"},"new":["(5b) For EuSEF funds, the threshold","of EUR 100 000 should in any case be","lowered to EUR 50 000, increasing access","to funding especially for smaller and","socially engaged firms which are less","bankable due to the fact that they re-","invest their profits into their projects and","as such do not meet the minimum","required return for bank capital","requirements. This would also allow the","spectrum of investment possibilities for","non-professional investors to be widened","and would allow such investors to support","firms with a positive social impact."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"91","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Andrea Cozzolino, Pervenche Ber\u00e8s","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-92","location":[["Proposal for a regulation","Recital 6"]],"meps":[96880,1985],"meta":{"created":"2019-07-03T06:14:12"},"new":["(6) In order to ensure that competent","authorities know about every new use of","the \"EuVECA\" and \"EuSEF\" labels,","managers of collective investment","undertakings authorised under Article 6 of","Directive 2011/61/EU should register each","qualifying venture capital fund or","qualifying social entrepreneurship fund","they intend to manage and market. This","should ensure that those managers may","maintain their business models by being","able to manage collective investment","undertakings established in other Member","States while further widening the range of","products they offer. Furthermore, in order","to permit the automatic distribution of","standardised information to all","stakeholders and to deepen European","capital markets' integration, managers of","all alternative investment funds, including","EuVECA and EuSEF, should be required","in the upcoming review of AIFMD to use","the global Legal Entity Identifier (LEI) as","the unique identifier to identify","themselves and the qualifying funds they","intend to manage as well as the","International Securities Identification","Number (ISIN) for identifying the units","or shares of such funds."],"old":["(6) In order to ensure that competent","authorities know about every new use of","the \u2018EuVECA\u2019 and \u2018EuSEF\u2019 labels,","managers of collective investment","undertakings authorised under Article 6 of","Directive 2011/61/EU should register each","qualifying venture capital fund or","qualifying social entrepreneurship fund","they intend to manage and market. This","should ensure that those managers may","","maintain their business models by being","able to manage collective investment","undertakings established in other Member","States while further widening the range of","products they offer."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"92","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-93","location":[[" Proposal for a regulation","Recital 6"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:12"},"new":["(6) In order to ensure that competent","authorities know about every new use of","the \u2018EuVECA\u2019 and \u2018EuSEF\u2019 labels,","managers of collective investment","undertakings authorised under Article 6 of","Directive 2011/61/EU should register each","qualifying venture capital fund or","qualifying social entrepreneurship fund","they intend to market. This should ensure","that those managers may maintain their","business models by being able to manage","collective investment undertakings","established in other Member State while","further widening the range of products they","offer. However, in order to avoid","overconcentration of capital across","Europe to few managers, there should be","a threshold of maximum two Member","States, where a manager can maintain","investment undertakings."],"old":["(6) In order to ensure that competent","authorities know about every new use of","the \u2018EuVECA\u2019 and \u2018EuSEF\u2019 labels,","managers of collective investment","undertakings authorised under Article 6 of","Directive 2011/61/EU should register each","qualifying venture capital fund or","qualifying social entrepreneurship fund","they intend to manage and market. This","should ensure that those managers may","maintain their business models by being","able to manage collective investment","undertakings established in other Member","States while further widening the range of","products they offer.",""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"93","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-94","location":[["Proposal for a regulation","Recital 7"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:12"},"new":["(7) The range of eligible undertakings","in which qualifying venture capital funds","can invest should vary according to the","timing of the investment. At the time of","the first investment by the qualifying","venture capital fund, it should be limited","to undertakings employing fewer than 250","persons and having an annual turnover","not exceeding EUR 50 million. At the time","of the second investment by the qualifying","venture capital fund, it could however be","expanded to undertakings employing up","to 499 persons and having an annual","turnover exceeding EUR 50 million.","Throughout all the investment stages,","qualifying portfolio undertakings should","however not be admitted to trading on a","regulated market or on a multilateral","trading facility."],"old":["(7) The range of eligible undertakings","in which qualifying venture capital funds","can invest should be expanded to further","increase supply of capital to businesses.","The definition of qualifying portfolio","undertakings should therefore include","companies with up to 499 employees","(small mid-caps) and small and medium","enterprises listed on SME growth","markets. The new investment options","should also allow growth stage entities","that have already access to other sources","of financing, such as SME growth","markets, to receive capital from qualifying","venture capital funds which in turn","should contribute to the development of","the SME growth markets."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"94","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-95","location":[["Proposal for a regulation","Recital 7"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:12"},"new":["(7) The range of eligible undertakings","in which qualifying venture capital funds","can invest should be defined by a","combination of cumulative criteria that","would direct liquidity to small and medium","enterprises. Alternatively, the definition of","qualifying portfolio undertakings should","therefore give the opportunity to","companies with up to 250 employees, as","referred to in Commission's","Recommendation (EC) 361/2003."],"old":["(7) The range of eligible undertakings","in which qualifying venture capital funds","can invest should be expanded to further","increase supply of capital to businesses.","The definition of qualifying portfolio","undertakings should therefore include","companies with up to 499 employees","(small mid-caps) and small and medium","enterprises listed on SME growth markets.","The new investment options should also","allow growth stage entities that have","already access to other sources of","financing, such as SME growth markets,","to receive capital from qualifying venture","capital funds which in turn should","contribute to the development of the SME","growth markets."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"95","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Andrea Cozzolino","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-96","location":[[" Proposal for a regulation","Recital 7"]],"meps":[96880],"meta":{"created":"2019-07-03T06:14:12"},"new":["(7) The range of eligible undertakings","in which qualifying venture capital funds","can invest should be expanded to further","increase supply of capital to businesses.","The definition of qualifying portfolio","undertakings should therefore include","companies with up to 499 employees","(small mid-caps) not admitted to trading","on a regulated market or on a multilateral","trading facility, and small and medium","enterprises listed on SME growth markets.","The new investment options should also","allow growth stage entities that have","already access to other sources of","financing, such as SME growth markets, to","receive capital from qualifying venture","capital funds which in turn should","contribute to the development of the SME","growth markets. Moreover, the","investments from qualifying venture","capital funds in qualifying portfolio","undertakings will not per se disqualify","those qualifying portfolio undertakings","from being eligible in public programmes."],"old":["(7) The range of eligible undertakings","in which qualifying venture capital funds","can invest should be expanded to further","increase supply of capital to businesses.","The definition of qualifying portfolio","undertakings should therefore include","companies with up to 499 employees","(small mid-caps) and small and medium","enterprises listed on SME growth markets.","The new investment options should also","allow growth stage entities that have","already access to other sources of","financing, such as SME growth markets, to","receive capital from qualifying venture","capital funds which in turn should","contribute to the development of the SME","","growth markets."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"96","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Marco Zanni","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-97","location":[["Proposal for a regulation","Recital 7"]],"meps":[124780],"meta":{"created":"2019-07-03T06:14:12"},"new":["(7) The range of eligible undertakings","in which qualifying venture capital funds","can invest should be expanded to further","increase supply of capital to businesses.","The definition of qualifying portfolio","undertakings should therefore include","micro, small and medium enterprises, and","companies with up to 499 employees","(small mid-caps) and small and medium","enterprises listed on SME growth markets.","The new investment options should also","allow growth stage entities that have","already access to other sources of","financing, such as SME growth markets, to","receive capital from qualifying venture","capital funds which in turn should","contribute to the development of the SME","growth markets."],"old":["(7) The range of eligible undertakings","in which qualifying venture capital funds","can invest should be expanded to further","increase supply of capital to businesses.","The definition of qualifying portfolio","undertakings should therefore include","companies with up to 499 employees","(small mid-caps) and small and medium","enterprises listed on SME growth markets.","The new investment options should also","allow growth stage entities that have","already access to other sources of","financing, such as SME growth markets, to","receive capital from qualifying venture","capital funds which in turn should","contribute to the development of the SME","growth markets."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"97","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Notis Marias","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-98","meps":[125069],"meta":{"created":"2019-07-03T06:14:12"},"new":["(7) The range of eligible undertakings","in which qualifying venture capital funds","can invest should be expanded immediately","to further increase supply of capital to","businesses. The definition of qualifying","portfolio undertakings should therefore","include companies with up to 499","employees (small mid-caps) and small and","medium enterprises listed on SME growth","markets. The new investment options","should also allow growth stage entities that","have already access to other sources of","financing, such as SME growth markets, to","receive capital from qualifying venture","capital funds which in turn should","contribute to the development of the SME","growth markets."],"old":["(7) The range of eligible undertakings","in which qualifying venture capital funds","can invest should be expanded to further","increase supply of capital to businesses.","The definition of qualifying portfolio","undertakings should therefore include","companies with up to 499 employees","(small mid-caps) and small and medium","enterprises listed on SME growth markets.","The new investment options should also","allow growth stage entities that have","already access to other sources of","financing, such as SME growth markets, to","receive capital from qualifying venture","capital funds which in turn should","contribute to the development of the SME","growth markets."],"orig_lang":"el","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"98","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-99","location":[[" Proposal for a regulation","Recital 7 a (new)"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:12"},"new":["(7a) In order to make the framework","more appealing and to further increase","the supply of capital to social businesses,","the range of eligible undertakings in","which qualifying social entrepreneurship","funds can invest should be expanded by","extending the definition of positive social","impact, without watering down its","importance and while ensuring that it is a","priority. The current, detailed language","on positive social impact under the","definition of qualifying portfolio","undertaking is in some cases difficult to","quantify and thus both for the funds and","the regulators to interpret, apply or","supervise. Therefore, further elaboration","is needed, without lowering the standards","of positive social impact and without","creating further difficulties."],"old":[""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"99","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-100","location":[["Proposal for a regulation","Recital 8"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:12"},"new":["deleted"],"old":["(8) Qualifying venture capital funds","should be allowed to participate on the","longer term in the funding ladder for","unlisted SMEs, unlisted small-midcaps","and SMEs listed on SME growth markets,","to further enhance their potential for","making returns from high-growth","companies. Therefore, follow-on","investments subsequent to the first","investment should be allowed."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"100","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-101","location":[["Proposal for a regulation","Recital 8"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:12"},"new":["(8) Further examination is needed for","qualifying venture capital funds to be","allowed to participate on the longer term in","the funding ladder for unlisted SMEs,","unlisted small-midcaps and SMEs listed on","SME growth markets and to further","enhance their potential for making returns","from high-growth companies."],"old":["(8) Qualifying venture capital funds","should be allowed to participate on the","longer term in the funding ladder for","unlisted SMEs, unlisted small-midcaps and","SMEs listed on SME growth markets, to","further enhance their potential for making","","returns from high-growth companies.","Therefore, follow-on investments","subsequent to the first investment should","be allowed."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"101","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Aldo Patriciello","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-102","location":[[" Proposal for a regulation","Recital 8"]],"meps":[36392],"meta":{"created":"2019-07-03T06:14:13"},"new":["(8) Qualifying venture capital funds","should be allowed to participate on the","longer term in the funding ladder for","unlisted SMEs, unlisted small-midcaps and","SMEs listed on SME growth markets, to","further enhance their potential for making","returns from high-growth companies.","Therefore, follow-on investments","subsequent to the first investment should","be allowed for a period of no more than","three years."],"old":["(8) Qualifying venture capital funds","should be allowed to participate on the","longer term in the funding ladder for","unlisted SMEs, unlisted small-midcaps and","SMEs listed on SME growth markets, to","further enhance their potential for making","returns from high-growth companies.","Therefore, follow-on investments","subsequent to the first investment should","be allowed."],"orig_lang":"it","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"102","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Notis Marias","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-103","location":[[" Proposal for a regulation","Recital 8"]],"meps":[125069],"meta":{"created":"2019-07-03T06:14:13"},"new":["(8) Qualifying venture capital funds","should be allowed to participate on the","longer term also in the funding ladder for","unlisted SMEs, unlisted small-midcaps and","SMEs listed on SME growth markets, to","further enhance their potential for making","returns from high-growth companies.","Therefore, follow-on investments","subsequent to the first investment should","be allowed."],"old":["(8) Qualifying venture capital funds","should be allowed to participate on the","longer term in the funding ladder for","unlisted SMEs, unlisted small-midcaps and","SMEs listed on SME growth markets, to","further enhance their potential for making","returns from high-growth companies.","Therefore, follow-on investments","subsequent to the first investment should","","be allowed."],"orig_lang":"el","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"103","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Andrea Cozzolino","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-104","location":[["Proposal for a regulation","Recital 8 a (new)"]],"meps":[96880],"meta":{"created":"2019-07-03T06:14:13"},"new":["(8a) Managers of qualifying venture","capital funds and qualifying social","entrepreneurship funds, which are not","authorised in accordance with Directive","2011/61/EU, are entitled to market such","funds within the whole territory of the","Union, but not to manage them in cross-","border operations."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"104","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-105","location":[["Proposal for a regulation","Recital 9"]],"meps":[33569],"meta":{"created":"2019-07-03T06:14:13"},"new":["(9) Registration procedures should be","simple and cost-effective. Therefore, a","registration of a manager in accordance","with Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 should also","serve the purpose of the registration","referred to in Directive 2011/61/EU.","Registration decisions and failures to","register under Regulation (EU) No","345/2013 or Regulation (EU) No 346/2013","should, where appropriate, be subject to","judicial review."],"old":["(9) Registration procedures should be","cost-effective. Therefore, a registration of a","manager in accordance with Regulation","(EU) No 345/2013 and Regulation (EU)","No 346/2013 should also serve the purpose","of the registration referred to in Directive","2011/61/EU. Registration decisions and","failures to register under Regulation (EU)","No 345/2013 or Regulation (EU) No","346/2013 should, where appropriate, be","subject to judicial review."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"105","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Pervenche Ber\u00e8s, Andrea Cozzolino","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-106","justification":" Venture capital and social entrepreneurship products are the kind of products that could\n easily focus on some environmental goals, participating to the environmental transition.\n Developing a specific category of \u201cgreen EuVECA fund\u201d or \u201cgreen EuSEF fund\u201d sub-labels\n would foster the take \u2013up of the two Regulations by providing them with additional visibility\n towards and interest from investors which are concerned by the environmental impacts of\n their investments.","location":[[" Proposal for a regulation","Recital 9 a (new)"]],"meps":[1985,96880],"meta":{"created":"2019-07-03T06:14:13"},"new":["(9a) Environmental-friendly","investments are growing quickly in the","EU but often lack a suitable regulatory","approach. By providing specific rules on","an environmental sub-label to EuVECA","and EuSEF labels, the visibility of","dedicated EuVECA or EuSEF funds","would be improved. The power to adopt","acts in accordance with Article 290 of the","Treaty on the Functioning of the","European Union should be delegated to","the Commission in respect of specifying","the rules on an environmental sub-label."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"106","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Notis Marias","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-107","location":[[" Proposal for a regulation","Recital 10"]],"meps":[125069],"meta":{"created":"2019-07-03T06:14:13"},"new":["deleted"],"old":["(10) It is necessary to clarify that the","prohibition for the host Member State to","","impose requirements or administrative","procedures in relation to the marketing of","qualifying venture capital funds and","qualifying social entrepreneurship funds","in its territory includes the prohibition to","impose fees and other charges on the","managers of those funds."],"orig_lang":"el","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"107","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Alain Lamassoure, Alain Cadec","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-108","justification":"It would be unnecessary and it would set a precedent for the review of other asset\nmanagement-linked Directives or Regulations where fees and charges are justified by the\nmissions granted in various regulations to the host authority regarding investors\u2019 protection.\nLevying fees and charges by the host authorities may indeed be justifiable in order to\nsupervise in an appropriate manner the marketing of funds towards investors, when the\nDirectives or regulations entrust the host authority to that end.","location":[["Proposal for a regulation","Recital 10"]],"meps":[1204,96849],"meta":{"created":"2019-07-03T06:14:13"},"new":["deleted"],"old":["(10) It is necessary to clarify that the","prohibition for the host Member State to","impose requirements or administrative","procedures in relation to the marketing of","qualifying venture capital funds and","qualifying social entrepreneurship funds","in its territory includes the prohibition to","impose fees and other charges on the","managers of those funds."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"108","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Markus Ferber","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-109","location":[["Proposal for a regulation","Recital 10"]],"meps":[1917],"meta":{"created":"2019-07-03T06:14:13"},"new":["(10) It is necessary to clarify that the","prohibition for the host Member State to","impose requirements or administrative","procedures in relation to the marketing of","qualifying venture capital funds and","qualifying social entrepreneurship funds in","its territory includes the prohibition to","impose fees and other charges on the","managers of those funds, as these may","sometimes represent significant obstacles","to cross-border activities."],"old":["(10) It is necessary to clarify that the","prohibition for the host Member State to","impose requirements or administrative","procedures in relation to the marketing of","qualifying venture capital funds and","qualifying social entrepreneurship funds in","its territory includes the prohibition to","impose fees and other charges on the","managers of those funds."],"orig_lang":"de","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"109","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Pervenche Ber\u00e8s","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-110","justification":" The absence of fees is due to fact that no supervisory task has to be performed for these funds.\n For other funds, Directives and Regulations mandate host authorities with supervisory\n missions linked to investor protection. In those cases, fees can be legitimate.","location":[[" Proposal for a regulation","Recital 10"]],"meps":[1985],"meta":{"created":"2019-07-03T06:14:13"},"new":["(10) It is necessary to clarify that the","prohibition for the host Member State to","impose requirements or administrative","procedures in relation to the marketing of","qualifying venture capital funds and","qualifying social entrepreneurship funds in","its territory includes the prohibition to","impose fees and other charges on the","managers of those funds, since the host","Member State does not have to fulfill any","supervisory mission."],"old":["(10) It is necessary to clarify that the","prohibition for the host Member State to","impose requirements or administrative","procedures in relation to the marketing of","qualifying venture capital funds and","qualifying social entrepreneurship funds in","its territory includes the prohibition to","impose fees and other charges on the","managers of those funds."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"110","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Andrea Cozzolino","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-111","location":[["Proposal for a regulation","Recital 10"]],"meps":[96880],"meta":{"created":"2019-07-03T06:14:13"},"new":["(10) It is necessary to clarify that the","prohibition for the host Member State to","impose requirements or administrative","procedures in relation to the marketing of","qualifying venture capital funds and","qualifying social entrepreneurship funds in","its territory includes the prohibition to","impose fees and other charges on the","managers for the marketing of those funds","if no supervisory task has to be","performed."],"old":["(10) It is necessary to clarify that the","prohibition for the host Member State to","impose requirements or administrative","procedures in relation to the marketing of","qualifying venture capital funds and","qualifying social entrepreneurship funds in","its territory includes the prohibition to","impose fees and other charges on the","managers of those funds."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"111","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-112","location":[["Proposal for a regulation","Recital 10"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:13"},"new":["(10) It is necessary to clarify that the","prohibition for the host Member State to","impose requirements or administrative","procedures in relation to the marketing of","qualifying venture capital funds and","qualifying social entrepreneurship funds in","its territory, does not necessarily include","the prohibition to impose fees and other","charges on the managers of those funds."],"old":["(10) It is necessary to clarify that the","prohibition for the host Member State to","impose requirements or administrative","procedures in relation to the marketing of","qualifying venture capital funds and","qualifying social entrepreneurship funds in","its territory includes the prohibition to","impose fees and other charges on the","managers of those funds."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"112","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Syed Kamall","changes":{},"committee":["ECON"],"compromise":[" on behalf of the ECR Group"],"date":"2017-01-31T00:00:00","id":"PE597.685-113","location":[[" Proposal for a regulation","Recital 10"]],"meps":[33569],"meta":{"created":"2019-07-03T06:14:13"},"new":["(10) It is necessary to emphasise and","clarify that the prohibition for the host","Member State to impose requirements or","administrative procedures in relation to the","marketing of qualifying venture capital","funds and qualifying social","entrepreneurship funds in its territory","includes the prohibition to impose fees and","other charges on the managers of those","funds."],"old":["(10) It is necessary to clarify that the","prohibition for the host Member State to","impose requirements or administrative","procedures in relation to the marketing of","qualifying venture capital funds and","qualifying social entrepreneurship funds in","its territory includes the prohibition to","impose fees and other charges on the","managers of those funds."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"113","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Andrea Cozzolino, Pervenche Ber\u00e8s","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-114","location":[[" Proposal for a regulation","Recital 10 a (new)"]],"meps":[96880,1985],"meta":{"created":"2019-07-03T06:14:13"},"new":["(10a) The legal and supervisory","frameworks should play a fundamental","role in avoiding excessive risk-taking and","instability in financial markets and","facilitate cross-border operations in a","deepened European capital market union;","therefore, a strong EU-wide supervision","including adequate macroprudential","instruments is needed. In the view of the","mid-term review 2017 of the CMU","programme, supervisory convergence","should be improved in the EU on the basis","of banking sector\u00b4s experience with the","SSM framework."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"114","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-115","location":[["Proposal for a regulation","Recital 11"]],"meps":[33569],"meta":{"created":"2019-07-03T06:14:13"},"new":["(11) Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 now require","that managers of qualifying venture capital","funds and qualifying social","entrepreneurship funds have sufficient own","funds at all times. This requirement given","the nature of these funds, the","sophistication of the investor as well as","the separation between the fund and fund","manager, may be deemed","excessive. Another option would be to set","a reasonable initial capital requirement of","below EUR 30 000 for all funds using","these labels as is currently seen in some","Member States."],"old":["(11) Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 now require","that managers of qualifying venture capital","funds and qualifying social","entrepreneurship funds have sufficient own","funds at all times. To ensure a consistent","understanding across the Union of what","constitutes sufficient own funds for those","managers, the European Supervisory","Authority (\u2018ESMA\u2019) should be required to","draw up draft regulatory technical","standards which prescribe the","methodologies to determine what","constitutes sufficient own funds."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"115","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-116","location":[["Proposal for a regulation","Recital 11"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:13"},"new":["(11) Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 now require","that managers of qualifying venture capital","funds and qualifying social","entrepreneurship funds have sufficient own","funds equal to a minimum of 2% of their","assets under management at all times. In","accordance with methodologies set out by","the European Supervisory Authority","('ESMA'), competent authorities could","however require managers of qualifying","venture capital funds and of qualifying","social entrepreneurship funds to have a","level of own funds higher than the","minimum requirement."],"old":["(11) Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 now require","that managers of qualifying venture capital","funds and qualifying social","entrepreneurship funds have sufficient own","funds at all times. To ensure a consistent","understanding across the Union of what","constitutes sufficient own funds for those","managers, the European Supervisory","Authority (\u2018ESMA\u2019) should be required to","","draw up draft regulatory technical","standards which prescribe the","methodologies to determine what","constitutes sufficient own funds."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"116","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Markus Ferber","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-117","location":[[" Proposal for a regulation","Recital 11"]],"meps":[1917],"meta":{"created":"2019-07-03T06:14:14"},"new":["(11) Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 now require","that managers of qualifying venture capital","funds and qualifying social","entrepreneurship funds have sufficient own","funds at all times. To ensure a consistent","understanding across the Union of what","constitutes sufficient own funds for those","managers, the European Supervisory","Authority (\u2018ESMA\u2019) should be required to","draw up draft regulatory technical","standards which prescribe the","methodologies to determine what","constitutes sufficient own funds. The level","of own fund requirements in the context","of those two fund structures should be","significantly lower and less complex than","the amounts laid down in Article 9 of","Directive 2011/61/EU (AIFMD), to take","into account the principle of","proportionality and to ensure that no","unnecessary obstacles are placed in the","way of venture capital funding."],"old":["(11) Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 now require","that managers of qualifying venture capital","funds and qualifying social","entrepreneurship funds have sufficient own","funds at all times. To ensure a consistent","understanding across the Union of what","constitutes sufficient own funds for those","managers, the European Supervisory","Authority (\u2018ESMA\u2019) should be required to","draw up draft regulatory technical","standards which prescribe the","methodologies to determine what","constitutes sufficient own funds."],"orig_lang":"de","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"117","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Neena Gill","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-118","location":[["Proposal for a regulation","Recital 11"]],"meps":[4533],"meta":{"created":"2019-07-03T06:14:14"},"new":["(11) Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 now require","that managers of qualifying venture capital","funds and qualifying social","entrepreneurship funds have sufficient own","funds at all times. To ensure a consistent","understanding across the Union of what","constitutes sufficient own funds for those","managers, the European Supervisory","Authority ('ESMA') should be required to","draw up draft regulatory technical","standards which prescribe the","methodologies to determine what","constitutes sufficient own funds. Where","the value of the qualifying venture capital","funds managed by the manager of","qualifying venture capital funds is below","EUR 250 000 000, own funds","requirements shall represent one eighth of","the preceding year's fixed overheads of","the same manager."],"old":["(11) Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 now require","that managers of qualifying venture capital","funds and qualifying social","entrepreneurship funds have sufficient own","funds at all times. To ensure a consistent","understanding across the Union of what","constitutes sufficient own funds for those","managers, the European Supervisory","Authority (\u2018ESMA\u2019) should be required to","draw up draft regulatory technical","standards which prescribe the","methodologies to determine what","constitutes sufficient own funds."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"118","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-119","location":[["Proposal for a regulation","Recital 11"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:14"},"new":["(11) Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 now require","that managers of qualifying venture capital","funds and qualifying social","entrepreneurship funds have sufficient own","funds at all times. To ensure a consistent","understanding across the Union of what","constitutes sufficient own funds for those","managers, the European Supervisory","Authority (\u2018ESMA\u2019) should be required to","draw up draft regulatory technical","standards, based on cumulative criteria.","The final defined amount should be no","more than that of AIFMD, which","prescribe the methodologies to determine","what constitutes sufficient own funds,","taking into account the differences within","the EU and the particularities of the","different Member States."],"old":["(11) Regulation (EU) No 345/2013 and","Regulation (EU) No 346/2013 now require","that managers of qualifying venture capital","funds and qualifying social","entrepreneurship funds have sufficient own","funds at all times. To ensure a consistent","understanding across the Union of what","constitutes sufficient own funds for those","","managers, the European Supervisory","Authority (\u2018ESMA\u2019) should be required to","draw up draft regulatory technical","standards which prescribe the","methodologies to determine what","constitutes sufficient own funds."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"119","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Andrea Cozzolino","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-120","location":[[" Proposal for a regulation","Recital 11 a (new)"]],"meps":[96880],"meta":{"created":"2019-07-03T06:14:14"},"new":["(11a) According to Regulation (EU) No","345/2013 and Regulation (EU) No","346/2013, managers of qualifying venture","capital funds and qualifying social","entrepreneurship funds, which are not","authorised in accordance with Directive","2011/61/EU, are required to have","sufficient own funds at all times. In order","to have a consistent understanding of this","requirement for those managers across","the Union, the application of minimum","capital requirements and additional own","funds should be provided for in this","regulation."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"120","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Alain Lamassoure, Alain Cadec","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-121","location":[[" Proposal for a regulation","Recital 11 a (new)"]],"meps":[1204,96849],"meta":{"created":"2019-07-03T06:14:14"},"new":["(11a) Managers of qualifying venture","capital funds and qualifying social","entrepreneurship funds which are not","authorised in accordance with Directive","2011/61/EU may market such funds","throughout the Union, but are not allowed","to manage such funds cross-border."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"121","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Pervenche Ber\u00e8s","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-122","justification":"Managers below the thresholds of AIFMD and not opting in the AIFMD regime cannot be\nentitled to benefit from the AIFMD management company passport.","location":[["Proposal for a regulation","Recital 11 a (new)"]],"meps":[1985],"meta":{"created":"2019-07-03T06:14:14"},"new":["(11a) Managers of EuVECA and","EuSEF funds who are not authorised in","accordance with Directive 2011/61/EU","are allowed to market such funds","throughout the Union but cannot benefit","from a management company passport."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"122","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-123","location":[["Proposal for a regulation","Recital 12"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:14"},"new":["(12) Since this Regulation opens up the","use of the 'EuVECA' and 'EuSEF' labels to","managers of collective investment","undertakings authorised under Article 6 of","Directive 2011/61/EU, the central","database, maintained by ESMA in","accordance with Regulation (EU) No","345/2013 and Regulation (EU) No","346/2013, should also include information","concerning the qualifying venture capital","funds and qualifying social","entrepreneurship funds that are marketed","by those managers."],"old":["(12) Since this Regulation opens up the","use of the \u2018EuVECA\u2019 and \u2018EuSEF\u2019 labels","","to managers of collective investment","undertakings authorised under Article 6 of","Directive 2011/61/EU, the central","database, maintained by ESMA in","accordance with Regulation (EU) No","345/2013 and Regulation (EU) No","346/2013, should also include information","concerning the qualifying venture capital","funds and qualifying social","entrepreneurship funds that are managed","and marketed by those managers."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"123","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Brian Hayes","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-124","location":[[" Proposal for a regulation","Recital 12 a (new)"]],"meps":[118658],"meta":{"created":"2019-07-03T06:14:14"},"new":["(12a) The appropriateness of the","definition of marketing and discrepancies","in the interpretation of that","concept/definition by national competent","authorities were identified as one of the","significant barriers to the cross-border","distribution of funds as part of the","Commission's work on a Capital Markets","Union. In order to facilitate the efficient","cross-border marketing of qualifying","venture capital funds, and to take into","account the specificities of EuVECA","funds and the venture capital fundraising","process, the circulation of draft fund","documentation that does not include","subscription documents, that is where no","subscription is possible at that point in","time, should not be considered as","marketing."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"124","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-125","location":[["Proposal for a regulation","Recital 12 a (new)"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:14"},"new":["(12a) In order to take into account the","specificities of EuVECA and EuSEF","funds and their capital fundraising","process, the circulation of draft fund","documentation that does not include","subscription documents, that is where no","subscription is possible at that point in","time, should not be considered to be","marketing. Marketing should be deemed","only to start at the point at which final","legal documents relating to a fund are no","longer negotiable."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"125","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-126","location":[["Proposal for a regulation","Recital 12 b (new)"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:14"},"new":["(12b) The central database maintained","by ESMA should also conduct a","background check of the qualifying","venture capital fund managers and","qualifying social entrepreneurship fund","managers, as the managers should have a","clear legal record with no illegal activities","in the past."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"126","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Notis Marias","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-127","location":[[" Proposal for a regulation","Recital 13"]],"meps":[125069],"meta":{"created":"2019-07-03T06:14:14"},"new":["(13) The objectives of this Regulation,","namely to further strengthen an internal","market for qualifying venture capital funds","and qualifying social entrepreneurship","funds by strengthening the use of","\u2018EuVECA\u2019 and \u2018EuSEF\u2019 labels, can be","achieved at Member State and Union","level. The Union may adopt measures in","accordance with the principle of","subsidiarity as set out in Article 5 of the","Treaty on European Union. In accordance","with the principle of proportionality, this","Regulation does not go beyond what is","necessary in order to achieve the objectives","pursued, in accordance with Article 5(4) of","the Treaty on European Union."],"old":["(13) Since the objectives of this","Regulation, namely to further strengthen an","internal market for qualifying venture","capital funds and qualifying social","entrepreneurship funds by strengthening","the use of \u2018EuVECA\u2019 and \u2018EuSEF\u2019 labels,","cannot be sufficiently achieved by the","Member States and can therefore, by","reason of its scale and effects, be better","achieved at Union level, the Union may","adopt measures in accordance with the","principle of subsidiarity as set out in","Article 5 of the Treaty on European Union.","In accordance with the principle of","proportionality, this Regulation does not go","beyond what is necessary in order to","achieve the objectives pursued, in","accordance with Article 5(4) of the Treaty","on European Union."],"orig_lang":"el","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"127","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-128","location":[[" Proposal for a regulation","Recital 13 a (new)"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:14"},"new":["(13a) This Regulation should be without","prejudice to the application of state aid","rules to qualifying venture capital funds.","Such funds may serve as vehicles for state","aid to promote risk capital investments in","SMEs through, for example, more","favourable treatment of private investors","than of the State, provided the aid is","compatible with state aid rules and in","particular with Article 21 of Commission","Regulation (EU) No 651/2014 of 17 June","2014;"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"128","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-129","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point -1 (new)"],["Regulation (EU) No 345/2013","Article 1 \u2013 paragraph 1"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:14"},"new":["(-1) In Article 1, the first paragraph is","replaced by the following:","\"This Regulation lays down uniform","requirements and conditions for managers","of collective investment undertakings that","wish to use the designation 'EuVECA' in","relation to the marketing and management","of qualifying venture capital funds in the","Union, thereby contributing to the smooth","functioning of the internal market.\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)"],"old":["\"This Regulation lays down uniform","requirements and conditions for managers","of collective investment undertakings that","wish to use the designation 'EuVECA' in","relation to the marketing of qualifying","venture capital funds in the Union, thereby","contributing to the smooth functioning of","the internal market.\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"129","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-130","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point -1 a (new)"],["Regulation (EU) No 345/2013","Article 1 \u2013 paragraph 2"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:14"},"new":["(-1a) In Article 1, the second paragraph","is replaced by the following:","\"It also lays down uniform rules for the","marketing of qualifying venture capital","funds to eligible investors across the","Union, for the portfolio composition of","qualifying venture capital funds, for the","eligible investment instruments and","techniques to be used by qualifying venture","capital funds as well as for the","organisation, conduct and transparency of","managers that market and manage","qualifying venture capital funds across the","Union.\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)"],"old":["\"It also lays down uniform rules for the","marketing of qualifying venture capital","funds to eligible investors across the","","Union, for the portfolio composition of","qualifying venture capital funds, for the","eligible investment instruments and","techniques to be used by qualifying venture","capital funds as well as for the","organisation, conduct and transparency of","managers that market qualifying venture","capital funds across the Union.\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"130","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-131","justification":" According to the European Commission\u2019s latest report SMEs below 250 employees, EUR 50\n million turnover and EUR 43 million balance sheet made up 99.8% of all enterprises, 57.4%\n of value added/ 67% of growth in VA, and 66.8 % of employment / 69% of employment\n growth. This is why it is essential that EU public policy must incentivise investment in such\n SMEs over investment in larger corporations in order to maximise the impact on economic\n development within the Union and the creation of quality employment within the EU.","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 2 \u2013 point b"],[" Regulation (EU) No 345/2013","Article 3 \u2013 paragraph 1 \u2013 point d \u2013 point i \u2013 indent 1"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:14"},"new":["- the undertaking is not admitted to","trading on a regulated market or on a","multilateral trading facility (MTF) as","defined in points (21) and (22) of Article","4(1) of Directive 2014/65/EU of the","European Parliament and the Council*,","employs fewer than 250 persons, and has","an annual turnover not exceeding EUR","50 million;"],"old":["- the undertaking is not admitted to","trading on a regulated market or on a","multilateral trading facility (MTF) as","defined in points (21) and (22) of Article","4(1) of Directive 2014/65/EU of the","European Parliament and the Council*,","and employs up to 499 persons;"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"131","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Beatrix von Storch","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-132","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 2 \u2013 point b"],["Regulation (EU) No 345/2013","Article 3 \u2013 paragraph 1 \u2013 point d \u2013 point i \u2013 indent 1"]],"meps":[124825],"meta":{"created":"2019-07-03T06:14:14"},"new":["- the undertaking is not admitted to","trading on a regulated market or on a","multilateral trading facility (MTF) as","defined in points (21) and (22) of Article","4(1) of Directive 2014/65/EU of the","European Parliament and the Council*, and","employs up to 999 persons;"],"old":["- the undertaking is not admitted to","trading on a regulated market or on a","multilateral trading facility (MTF) as","defined in points (21) and (22) of Article","4(1) of Directive 2014/65/EU of the","European Parliament and the Council*, and","employs up to 499 persons;"],"orig_lang":"de","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"132","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-133","justification":"According to the European Commission\u2019s latest report SMEs below 250 employees,50mio\nturnover and 43mio balance sheet made up 99.8% of all enterprises, 57.4% of value added/\n\n\n 67% of growth in VA, and 66.8 % of employment / 69% of empl growth. This is why it is\n essential that EU public policy must incentivise investment in such SMEs over investment in\n larger corporations in order to maximise the impact on economic development within the\n Union and the creation of quality employment within the EU.","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 2 \u2013 point b"],["Regulation (EU) No 345/2013","Article 3 \u2013 paragraph 1 \u2013 point d \u2013 point i \u2013 indent 2"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:15"},"new":["deleted"],"old":["- the undertaking is a small and","medium-sized enterprise as defined in","point (12) of Article 4(1) of Directive","2014/65/EU which is listed on a SME","growth market as defined in point (13) of","Article 4(1) of that Directive."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"133","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Beatrix von Storch","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-134","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 2 \u2013 point b"],[" Regulation (EU) No 345/2013","Article 3 \u2013 paragraph 1 \u2013 point d \u2013 point i \u2013 indent 2"]],"meps":[124825],"meta":{"created":"2019-07-03T06:14:15"},"new":["- the undertaking is a small and","medium-sized enterprise as defined in","point (12) of Article 4(1) of Directive","2014/65/EU or is listed on a SME growth","market as defined in point (13) of Article","4(1) of that Directive."],"old":["- the undertaking is a small and","medium-sized enterprise as defined in","point (12) of Article 4(1) of Directive","2014/65/EU which is listed on a SME","growth market as defined in point (13) of","Article 4(1) of that Directive.\u201d"],"orig_lang":"de","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"134","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-135","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 2 \u2013 point b a (new)"],[" Regulation (EU) No 345/2013","Article 3 \u2013 paragraph 1 \u2013 point d \u2013 point ia (new)"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:15"},"new":["(ba) In point (d), the following point is","inserted:","\"(ia) at the time of the second investment","by the qualifying venture capital fund in","that undertaking complies with the","following conditions:","\u2014 the undertaking is not admitted to","trading on a regulated market or on a","multilateral trading facility (MTF) as","defined in points (21) and (22) of Article","4(1) of Directive 2014/65/EU, and","employs up to 499 persons;\""],"old":[""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"135","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Pervenche Ber\u00e8s, Andrea Cozzolino","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-136","justification":"Venture capital and social entrepreneurship products are the kind of products that could\neasily focus on some environmental goals, participating to the environmental transition.\nDeveloping a specific category of \u201cgreen EuVECA fund\u201d or \u201cgreen EuSEF fund\u201d sub-labels\nwould foster the take \u2013up of the two Regulations by providing them with additional visibility\ntowards and interest from investors which are concerned by the environmental impacts of\ntheir investments.","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 2 a (new)"],["Regulation (EU) No 345/2013","Article 5 a (new)"]],"meps":[1985,96880],"meta":{"created":"2019-07-03T06:14:15"},"new":["(2a) The following Article is inserted:","\"Article 5a","The Commission shall be empowered to","adopt delegated acts in accordance with","Article 26 specifying the conditions by","which qualifying venture capital funds","can use the denomination 'EuVECA","green fund'.\""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"136","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Marco Zanni","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-137","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 2 a (new)"],["Regulation (EU) No 345/2013","Article 6 \u2013 paragraph 1 \u2013 point a"]],"meps":[124780],"meta":{"created":"2019-07-03T06:14:15"},"new":["(2a) In Article 6(1), point (a) is","replaced by the following:","\"(a) commit to investing a minimum of","EUR 40 000; and\"","Or. en"],"old":["\"(a) commit to investing a minimum of","EUR 100 000; and\"","","","(http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013R0345&from=EN)"],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"137","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-138","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 2 a (new)"],[" Regulation (EU) No 345/2013","Article 10 \u2013 paragraph 1"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:15"},"new":["(2a) Article 10(1) is replaced by the","following:","\"1. At all times, managers of qualifying","venture capital funds shall have sufficient","own funds equal to a minimum of 2% of","their assets under management and shall","use adequate and appropriate human and","technical resources as necessary for the","proper management of the qualifying","venture capital funds that they manage.\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)"],"old":["\"1. At all times, managers of qualifying","venture capital funds shall have sufficient","own funds and shall use adequate and","appropriate human and technical resources","as necessary for the proper management of","the qualifying venture capital funds that","they manage.\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"138","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-139","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 2 b (new) Regulation (EU) No 345/2013"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:15"},"new":["(2b) In Article 10, the following","paragraph is inserted:","\"1a. On the basis of the methodologies set","out by ESMA, competent authorities may","require managers of qualifying venture","capital funds to have a level of own funds","higher than the minimum amount","referred in paragraph 1.\""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"139","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Andrea Cozzolino","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-140","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 2 a (new)"],["Regulation (EU) No 345/2013","Article 10 paragraph 2"]],"meps":[96880],"meta":{"created":"2019-07-03T06:14:15"},"new":["(2a) Article 10(2) is replaced by the","following:","\"2. Both internally and externally","managed qualifying venture capital funds","shall be provided with an initial capital of","EUR 75 000.","2a. The own funds shall always amount to","at least one fourth of the fixed overheads","that the same manager incurred in the","preceding year. Where a significant","change in a firm's business occurs since","the previous year, the competent","authorities may adjust such a","requirement. If a manager of a qualifying","venture capital fund has not completed a","year's business, the requirement shall","amount to a fourth of the fixed overheads","expected in his business plan, unless the","competent authority of the home Member","State of the manager requires an","adjustment to that plan.","2b. If the qualifying venture capital funds","exceed EUR 250 000 000, the manager of","those funds is required to provide an","additional amount of own funds. Such an","additional sum shall correspond to 0,02%","of the amount by which the total value of","the qualifying venture capital funds","exceeds EUR 250 000 000.","2c. It is necessary to invest own funds in","liquid assets or assets that can be readily","converted into cash in the short term.","Own funds shall not include speculative","positions.\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)"],"old":["\"2. At all times, managers of qualifying","venture capital funds shall ensure that","they are able to justify the sufficiency of","their own funds to maintain operational","continuity and disclose their reasoning as","to why those funds are sufficient as","specified in Article 13.\"","","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"140","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Pervenche Ber\u00e8s","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-141","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 2 b (new)"],[" Regulation (EU) No 345/2013","Article 10 \u2013 paragraph 2"]],"meps":[1985],"meta":{"created":"2019-07-03T06:14:15"},"new":["(2b) Article 10(2) is replaced by the","following:","\"2. An initial capital of EUR 100 000 is","required for both internally managed","qualifying venture capital funds and","external managers of qualifying venture","capital funds.","2a. Managers of qualifying venture capital","funds shall never have own funds less","than one fourth of the preceding year's","fixed overheads of the same manager.","2b. In case the value of the qualifying","venture capital funds managed by the","manager of qualifying venture capital","fund exceeds EUR 250 000 000, the","manager shall provide, in addition, 0,02%","of the amount by which the total value of","the qualifying venture capital funds","exceeds the EUR 250 000 000.\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)"],"old":["\"2. At all times, managers of qualifying","venture capital funds shall ensure that they","are able to justify the sufficiency of their","own funds to maintain operational","continuity and disclose their reasoning as","to why those funds are sufficient as","specified in Article 13.\"","","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"141","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Alain Lamassoure, Alain Cadec","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-142","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 2 a (new)"],["Regulation (EU) No 345/2013","Article 10 \u2013 paragraph 2"]],"meps":[1204,96849],"meta":{"created":"2019-07-03T06:14:15"},"new":["(2a) Article 10(2) is replaced by the","following:","\"2. Both internally managed qualifying","venture capital funds and external","managers of qualifying venture capital","funds shall have an initial capital of EUR","60 000.","2a. The own funds shall never be less","than one sixth of the preceding year's","fixed overheads of the same manager. The","competent authorities may adjust the","requirement in the event of a material","change in a firm\u00b4s business since the","preceding year. Where a manager of a","qualifying venture capital fund has not","completed a year's business, the","requirement shall be a fourth of the fixed","overheads projected in his business plan,","unless an adjustment to that plan is","required by the competent authority of the","home member state of the manager.","2b. Where the value of the qualifying","venture capital funds managed by the","manager of qualifying venture capital","fund exceeds EUR 300 000 000, the","manager shall provide an additional","amount of own funds. That additional","amount of own funds shall be equal to","0,015% of the amount by which the total","value of the qualifying venture capital","funds exceeds the EUR 300 000 000.","2c. Own funds shall not include","speculative positions.\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)"],"old":["\"2. At all times, managers of qualifying","venture capital funds shall ensure that they","are able to justify the sufficiency of their","own funds to maintain operational","continuity and disclose their reasoning as","to why those funds are sufficient as","specified in Article 13.\"","","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"142","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-143","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 2 a (new)"],[" Regulation (EU) No 345/2013","Article 10 \u2013 paragraph 2 a (new)"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:15"},"new":["(2a) In Article 10, the following","paragraph is added:","\"2a. Where the value of the qualifying","venture capital funds managed by the","manager of qualifying venture capital","funds is below EUR 250 000 000, own","fund requirements shall represent one","fourth of the preceding year's fixed","overheads of the same manager.\""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"143","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Cora van Nieuwenhuizen","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-144","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 2 a (new)"],["Regulation (EU) No 345/2013","Article 10 \u2013 paragraph 2 a (new)"]],"meps":[125019],"meta":{"created":"2019-07-03T06:14:16"},"new":["(2a) In Article 10, the following","paragraph is added:","\"2a. Where the value of the qualifying","venture capital funds managed by the","manager of qualifying venture capital","funds is below EUR 250 000 000, own","fund requirements shall represent one","tenth of the preceding year's fixed","overheads of the same manager;\""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"144","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Brian Hayes","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-145","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 2 a (new)"],["Regulation (EU) No 345/2013","Article 10 \u2013 paragraph 2 a (new)"]],"meps":[118658],"meta":{"created":"2019-07-03T06:14:16"},"new":["(2a) In Article 10, the following","paragraph is added:","\"2a. Where the value of the qualifying","venture capital funds managed by the","manager of qualifying venture capital","funds is below EUR 250 000 000, own","fund requirements shall represent one","eighth of the preceding year's fixed","overheads of the same manager.\""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"145","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Brian Hayes","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-146","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 2 b (new)"],[" Regulation (EU) No 345/2013","Article 10 \u2013 paragraph 2b (new)"]],"meps":[118658],"meta":{"created":"2019-07-03T06:14:16"},"new":["(2b) In Article 10, the following","paragraph is added:","\"2a. Where the value of the qualifying","venture capital funds managed by the","manager of qualifying venture capital","funds exceeds EUR 250 000 000, the","manager shall provide an additional","amount of own funds. That additional","amount of own funds shall be equal to","0.02% of the amount by which the total","value of the qualifying venture capital","funds exceeds the EUR 250 000 000.\""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"146","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Andrea Cozzolino","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-147","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3"],[" Regulation (EU) No 345/2013","Article 10 \u2013 paragraph 3"]],"meps":[96880],"meta":{"created":"2019-07-03T06:14:16"},"new":["deleted"],"old":["(3) In Article 10, the following","paragraph 3 is inserted:","\u20183.","ESMA shall develop draft regulatory","technical standards specifying the","methodologies to determine what","constitutes sufficient own funds. Those","methodologies shall:","(a) distinguish between what constitutes","sufficient own funds for internally","managed qualifying venture capital funds","","and sufficient own funds for managers of","qualifying venture capital funds which","are external managers;","(b) take into account the size and internal","organisation of the managers referred to","in paragraph 1 of Article 2 in order to","ensure neutral conditions of competition","between those managers and managers","referred to in paragraph 2 of that Article;","(c) ensure that the amounts resulting","from the application of those","methodologies do not exceed the amounts","laid down in Article 9 of Directive","2011/61/EU.","ESMA shall submit those draft regulatory","technical standards to the Commission by","[18 months after the date of entry into","application of this Regulation].","Power is delegated to the Commission to","adopt the regulatory technical standards","referred to in the first subparagraph of","this paragraph in accordance with","Articles 10 to 14 of Regulation (EU) No","1095/2010.;\u2019"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"147","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-148","justification":" ESMA should play a central role in improving the uptake of the EuVECA and EuSEF labels.\n Working with the NCAs acting as a central database enabling ease of management and\n marketing will be crucial. The aim of the amending regulation is to promote the use of these\n labels whilst avoiding disruption to those already using the regime. With this in mind it would\n not be wise to introduce uncertainty for managers. If own fund requirements remain then the\n size of those own funds should be agreed by the legislators at Level 1 and not delegated to\n ESMA.","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3"],["Regulation (EU) No 345/2013","Article 10 \u2013 paragraph 3"]],"meps":[33569],"meta":{"created":"2019-07-03T06:14:16"},"new":["deleted"],"old":["3. ESMA shall develop draft","regulatory technical standards specifying","the methodologies to determine what","constitutes sufficient own funds. Those","methodologies shall:","","","","(a) distinguish between what constitutes","sufficient own funds for internally","managed qualifying venture capital funds","and sufficient own funds for managers of","qualifying venture capital funds which","are external managers;","(b) take into account the size and internal","organisation of the managers referred to","in paragraph 1 of Article 2 in order to","ensure neutral conditions of competition","between those managers and managers","referred to in paragraph 2 of that Article;","(c) ensure that the amounts resulting","from the application of those","methodologies do not exceed the amounts","laid down in Article 9 of Directive","2011/61/EU.","ESMA shall submit those draft regulatory","technical standards to the Commission by","[18 months after the date of entry into","application of this Regulation].","Power is delegated to the Commission to","adopt the regulatory technical standards","referred to in the first subparagraph of","this paragraph in accordance with","Articles 10 to 14 of Regulation (EU) No","1095/2010.;"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"148","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Pervenche Ber\u00e8s","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-149","justification":"Investors\u2019 protection should not be undermined. Managers should therefore have sufficient\nown funds to conduct their business in an appropriate manner.","meps":[1985],"meta":{"created":"2019-07-03T06:14:16"},"new":["deleted"],"old":["3. ESMA shall develop draft","regulatory technical standards specifying","the methodologies to determine what","constitutes sufficient own funds. Those","methodologies shall:","(a) distinguish between what constitutes","sufficient own funds for internally","managed qualifying venture capital funds","and sufficient own funds for managers of","qualifying venture capital funds which","are external managers;","(b) take into account the size and internal","organisation of the managers referred to","in paragraph 1 of Article 2 in order to","ensure neutral conditions of competition","between those managers and managers","referred to in paragraph 2 of that Article;","(c) ensure that the amounts resulting","from the application of those","methodologies do not exceed the amounts","laid down in Article 9 of Directive","2011/61/EU.","ESMA shall submit those draft regulatory","technical standards to the Commission by","[18 months after the date of entry into","application of this Regulation].","Power is delegated to the Commission to","adopt the regulatory technical standards","referred to in the first subparagraph of","this paragraph in accordance with","Articles 10 to 14 of Regulation (EU) No","1095/2010.;"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"149","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-150","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3"],[" Regulation (EU) No 345/2013","Article 10 \u2013 paragraph 3 \u2013 subparagraph 1 \u2013 introductory part"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:16"},"new":["ESMA shall develop draft regulatory","technical standards specifying the","methodologies to determine in which cases","own funds requirements may be set at a","higher level than the minimum amount","referred in paragraph 1. Those","methodologies shall:"],"old":["ESMA shall develop draft regulatory","technical standards specifying the","methodologies to determine what","constitutes sufficient own funds. Those","methodologies shall:"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"150","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-151","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3"],[" Regulation (EU) No 345/2013","Article 10 \u2013 paragraph 3 \u2013 subparagraph 1 \u2013 introductory part"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:16"},"new":["ESMA shall develop draft regulatory","technical standards specifying the","methodologies to determine what","constitutes sufficient own funds based on","quantitative and qualitative criteria. Those","methodologies shall:"],"old":["ESMA shall develop draft regulatory","technical standards specifying the","methodologies to determine what","constitutes sufficient own funds. Those","methodologies shall:"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"151","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts","changes":{},"committee":["ECON"],"compromise":["on behalf of the Verts/ALE Group"],"date":"2017-01-31T00:00:00","id":"PE597.685-152","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3"],["Regulation (EU) No 345/2013","Article 10 \u2013 paragraph 3 \u2013 subparagraph 1 \u2013 point a"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:16"},"new":["deleted"],"old":["(a) distinguish between what","constitutes sufficient own funds for","internally managed qualifying venture","capital funds and sufficient own funds for","managers of qualifying venture capital","funds which are external managers;"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"152","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-153","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3"],["Regulation (EU) No 345/2013","Article 10 \u2013 paragraph 3 \u2013 subparagraph 1 \u2013 point b"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:16"},"new":["(b) take into account and be","proportionate the size, complexity","structure and internal organisation of the","managers referred to in paragraph 1 of","Article 2 in order to ensure neutral","conditions of competition between those","managers and managers referred to in","paragraph 2 of that Article;"],"old":["(b) take into account the size and","internal organisation of the managers","referred to in paragraph 1 of Article 2 in","order to ensure neutral conditions of","competition between those managers and","managers referred to in paragraph 2 of that","Article;"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"153","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-154","meps":[96648],"meta":{"created":"2019-07-03T06:14:16"},"new":["(b) take into account the size,","complexity, structure and internal","organisation of the managers referred to in","paragraph 1 of Article 2 in order to ensure","neutral conditions of competition between","those managers and managers referred to in","paragraph 2 of that Article;"],"old":["(b) take into account the size and","internal organisation of the managers","referred to in paragraph 1 of Article 2 in","order to ensure neutral conditions of","competition between those managers and","managers referred to in paragraph 2 of that","Article;"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"154","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Markus Ferber","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-155","justification":" The level of own fund requirements should take sufficient account of the specificities, nature\n and small size of these funds, respect the principle of proportionality, and not place\n unnecessary obstacles in the way of venture capital funding.","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3"],[" Regulation (EU) No 345/2013","Article 10 \u2013 paragraph 3 \u2013 point c"]],"meps":[1917],"meta":{"created":"2019-07-03T06:14:16"},"new":["c) ensure that the amounts resulting","from the application of those","methodologies are significantly less than","the amounts laid down in Article 9 of","Directive 2011/61/EU."],"old":["c) ensure that the amounts resulting","from the application of those","methodologies do not exceed the amounts","laid down in Article 9 of Directive","2011/61/EU."],"orig_lang":"de","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"155","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Neena Gill","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-156","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3"]],"meps":[4533],"meta":{"created":"2019-07-03T06:14:16"},"new":["Power is delegated to the Commission to","adopt the regulatory technical standards","referred to in the first subparagraph of this","paragraph in accordance with Articles 10","to 14 of Regulation (EU) No 1095/2010.","These standards will be applicable to","every qualifying venture capital fund","registered since the adoption of these","standards."],"old":["Power is delegated to the Commission to","adopt the regulatory technical standards","referred to in the first subparagraph of this","paragraph in accordance with Articles 10","to 14 of Regulation (EU) No 1095/2010.;"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"156","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Brian Hayes","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-157","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3"],["Regulation (EU) No 345/2013","Article 10 \u2013 paragraph 3a (new)"]],"meps":[118658],"meta":{"created":"2019-07-03T06:14:16"},"new":["3a. In Article 10, the following","paragraph is added:","\"3a. Managers of qualifying venture","capital funds in so far as they manage","qualifying venture capital funds before","[date of entry into force of the amended","Regulation] may however continue to","manage such qualifying venture capital","funds without complying with the","requirement set out in paragraph 2b of","Article 10. Those managers shall ensure","that they are able to justify at all times the","sufficiency of their own funds to maintain","operational continuity.\""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"157","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-158","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3 a (new)"],[" Regulation (EU) No 345/2013","Article 12 \u2013 paragraph 1"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:16"},"new":["(3a) Article 12(1) is replaced by the","following:","\"","\"1. Managers of qualifying venture capital","funds shall make available an annual report","to the competent authority of the home","Member State as well as to ESMA for each","qualifying venture capital fund that they","manage, by six months following the end","of the financial year. The report shall at","least include the following:","(a) a description of the composition of the","portfolio of the qualifying venture capital","fund, including the nature, value and","economic purpose of its qualifying and","non-qualifying investments, and the","activities of the previous year;","(b) the disclosure of the profits earned by","the qualifying venture capital fund at the","end of its life and, where applicable, the","profits distributed during its life. It shall","contain the audited financial accounts for","the qualifying venture capital fund;","(c) a description of how environmental","and climate factors are considered in the","investment approach of the qualifying","venture capital fund and in particular,","information about its exposure to assets","whose value may be negatively impacted","by legislation necessary to meet the","Union's climate targets;","(d) a description of how the qualifying","investments of the qualifying venture","capital fund contribute to innovation,","using for that purpose the indicators","included in the innovation scoreboard","developed by ESMA. These information","shall be submitted by ESMA to the","European Commission, which shall report","annually on how the designation","'EuVECA' is leading to an improvement","in innovation in the European Union.","The annual report shall be produced in","accordance with existing reporting","standards and the terms agreed between","the managers of qualifying venture","capital funds and the investors. Managers","of qualifying venture capital funds shall","provide the report to investors on request.","Managers of qualifying venture capital","funds and investors may agree to make","additional disclosures to each other.\"\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)"],"old":["\"1. Managers of qualifying venture capital","funds shall make available an annual report","to the competent authority of the home","Member State for each qualifying venture","capital fund that they manage, by six","months following the end of the financial","year. The report shall describe the","composition of the portfolio of the","qualifying venture capital fund and the","activities of the previous year. It shall also","disclose the profits earned by the","qualifying venture capital fund at the end","of its life and, where applicable, the profits","distributed during its life. It shall contain","the audited financial accounts for the","qualifying venture capital fund.\"","","","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"158","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Burkhard Balz","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-159","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3 b (new)"],["Regulation (EU) No 345/2013","Article 14 \u2013 paragraph 2 \u2013 introductory part"]],"meps":[96997],"meta":{"created":"2019-07-03T06:14:16"},"new":["(3b) In Article 14(2) the introductory","part is replaced by the following:","\"2. The relevant competent authority of the","home Member State shall only register the","manager of a qualifying venture capital","fund if the following conditions are met:\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)"],"old":["\"2. The competent authority of the home","Member State shall only register the","manager of a qualifying venture capital","fund if the following conditions are met:\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"159","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-160","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3 e (new)"],[" Regulation (EU) No 345/2013","Article 13 \u2013 paragraph 1 \u2013 point c \u2013 point iv"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:16"},"new":["(3e) In Article 13(1), point (c) (iv) is","replaced by the following:","\"(iv) the non-qualifying investments which","it intends to make, including the criteria","and guidelines which govern the selection","of such investments;\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)"],"old":["\"(iv) the non-qualifying investments which","it intends to make;\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"160","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-161","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3 h (new)"],[" Regulation (EU) No 345/2013","Article 14 \u2013 paragraph 1 \u2013 introductory part"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:17"},"new":["(3h) In Article 14(1), the introductory","part is replaced by the following:","\"1. Managers of qualifying venture capital","funds that intend to use designation","'EuVECA' for the marketing of their","qualifying venture capital funds shall","inform ESMA of their intention and shall","provide the following information:\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)"],"old":["\"1. Managers of qualifying venture capital","funds that intend to use designation","'EuVECA' for the marketing of their","qualifying venture capital funds shall","inform the competent authority of their","home Member State of their intention and","shall provide the following information:\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"161","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Burkhard Balz","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-162","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3 a (new)"],["Regulation (EU) No 345/2013","Article 14 \u2013 paragraph 1 \u2013 introductory part"]],"meps":[96997],"meta":{"created":"2019-07-03T06:14:17"},"new":["(3a) In Article 14(1) the introductory","part is replaced by the following:","\"1. Managers of qualifying venture capital","funds that intend to use designation","'EuVECA' for the marketing of their","qualifying venture capital funds shall","inform the relevant competent authority of","their home Member State of their intention","and shall provide the following","information:\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)"],"old":["\"1. Managers of qualifying venture capital","funds that intend to use designation","'EuVECA' for the marketing of their","qualifying venture capital funds shall","inform the competent authority of their","home Member State of their intention and","shall provide the following information:\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"162","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Pervenche Ber\u00e8s","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-163","justification":" Managers below the thresholds of AIFMD and not opting in the AIFMD regime cannot be\n entitled to benefit from the AIFMD management company passport.","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3 a (new)"],[" Regulation (EU) No 345/2013","Article 14 \u2013 paragraph 1 \u2013 point e"]],"meps":[1985],"meta":{"created":"2019-07-03T06:14:17"},"new":["(3a) In Article 14(1) point (e) is deleted."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"163","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Alain Lamassoure, Alain Cadec","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-164","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3 a (new)"],[" Regulation (EU) No 345/2013","Article 14 \u2013 paragraph 1 \u2013 point e"]],"meps":[1204,96849],"meta":{"created":"2019-07-03T06:14:17"},"new":["(3a) In Article 14(1), point (e) is","deleted."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"164","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-165","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3 j (new)"],[" Regulation (EU) No 345/2013","Article 14 \u2013 paragraph 2 \u2013 introductory part"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:17"},"new":["(3j) In Article 14(2) the introductory","part is replaced by the following:","\"","2. ESMA shall only register the manager of","a qualifying venture capital fund if the","following conditions are met:\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)"],"old":["\"","2. The competent authority of the home","Member State shall only register the","manager of a qualifying venture capital","fund if the following conditions are met:\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"165","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-166","justification":"Replaces amendment 18","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3 a (new)"],["Regulation (EU) No 345/2013","Article 14 \u2013 paragraph 1 \u2013 introductory part"]],"meps":[40599],"meta":{"created":"2019-07-03T06:14:17"},"new":["(3a) In Article 14(1) the introductory","part is replaced by the following:","\"1. Managers of qualifying venture capital","funds that intend to use designation","'EuVECA' for the marketing of their","qualifying venture capital funds shall","inform the competent authority of their","home Member State and ESMA of their","intention and shall provide them with the","following information:\"","Or. en"],"old":["\"1. Managers of qualifying venture capital","funds that intend to use designation","'EuVECA' for the marketing of their","qualifying venture capital funds shall","inform the competent authority of their","home Member State of their intention and","shall provide the following information:\"","","","(http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013R0345&from=EN)"],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"166","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts","changes":{},"committee":["ECON"],"compromise":[" on behalf of the Verts/ALE Group"],"date":"2017-01-31T00:00:00","id":"PE597.685-167","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3 b (new)"],[" Regulation (EU) No 345/2013","Article 12 \u2013 paragraph 2"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:17"},"new":["(3b) Article 12(2) is replaced by the","following:","\"2. An audit of the qualifying venture","capital fund shall be conducted at least","annually. The audit shall confirm that","money and assets are held in the name of","the qualifying venture capital fund, that the","qualifying venture capital fund does not","use more than 30 % of its aggregate","capital contributions and uncalled","committed capital for the acquisition of","assets other than qualifying investments,","and that the manager of a qualifying","venture capital fund has established and","maintained adequate records and checks in","respect of the use of any mandate or","control over the money and assets of the","qualifying venture capital fund and the","investors therein.\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)"],"old":["\"2. An audit of the qualifying venture","capital fund shall be conducted at least","annually. The audit shall confirm that","money and assets are held in the name of","the qualifying venture capital fund and that","the manager of a qualifying venture capital","fund has established and maintained","adequate records and checks in respect of","the use of any mandate or control over the","money and assets of the qualifying venture","capital fund and the investors therein.\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"167","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-168","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3 c (new)"],[" Regulation (EU) No 345/2013","Article 12 \u2013 paragraph 3a (new)"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:17"},"new":["(3c) In Article 12, the following","paragraph is inserted:","3a. ESMA shall issue guidelines within","twelve months after the entry into force of","this Regulation to establish the innovation","scoreboard referred in paragraph 1. It","shall contain detailed indicators aimed at","assessing to what extent different","categories of qualifying investments","contribute to the following four output-","oriented innovation: technology","innovation, employment in knowledge-","intensive activities, competitiveness of","knowledge-intensive goods and services","and employment in fast-growing firms of","innovation sectors."],"old":["",""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"168","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-169","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 3 k (new)"],["Regulation (EU) No 345/2013","Article 14 \u2013 paragraph 2a (new)"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:17"},"new":["(3k) In Article 14, the following","paragraph is inserted:","2a. 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regulation","Article 1 \u2013 paragraph 1 \u2013 point 6"],["Regulation (EU) No 345/2013","Article 16 \u2013 paragraph 1 \u2013 subparagraph 1"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:19"},"new":["ESMA shall notify the competent","authorities of the host Member States","immediately of any registration of a","manager of a qualifying venture capital","fund, any establishment of a new","qualifying venture capital fund, any","establishment of a new domicile for the","establishment of a qualifying venture","capital fund or of any addition of a new","Member State in which a manager of a","qualifying venture capital fund intends to","market those funds."],"old":["The competent authorities of the home","Member States shall notify the competent","authorities of the host Member States and","ESMA immediately of any registration of a","manager of a qualifying venture capital","fund, any addition of a new qualifying","venture capital fund, any addition of a new","domicile for the establishment of a","qualifying venture capital fund or of any","addition of a new Member State in which a","manager of a qualifying venture capital","fund intends to market those funds."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"193","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-194","justification":" Regulation (EU) No 345/2013 establishes a \u201csingle rule book\u201d for EuVECA funds to be\n marketed across Europe. The amendment enforces this European approach by entrusting\n ESMA with a central coordination role in regard to the notification process.\n\n This amendment replaces amendment 31","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 6"],["Regulation (EU) No 345/2013","Article 16 \u2013 paragraph 1 \u2013 subparagraph 1"]],"meps":[40599],"meta":{"created":"2019-07-03T06:14:19"},"new":["The competent authorities of the home","Member States shall notify ESMA","immediately of any registration of a","manager of a qualifying venture capital","fund in accordance with Article 14 and","Article 14a, any establishment of a new","qualifying venture capital fund, any","establishment of a new domicile for the","establishment of a qualifying venture","capital fund or of any addition of a new","Member State in which a manager of a","qualifying venture capital fund intends to","market those funds."],"old":["The competent authorities of the home","Member States shall notify the competent","authorities of the host Member States and","ESMA immediately of any registration of a","manager of a qualifying venture capital","fund, any addition of a new qualifying","venture capital fund, any addition of a new","","domicile for the establishment of a","qualifying venture capital fund or of any","addition of a new Member State in which a","manager of a qualifying venture capital","fund intends to market those funds."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"194","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-195","justification":" Regulation (EU) No 345/2013 establishes a \u201csingle rule book\u201d for EuVECA funds to be\n marketed across Europe. The amendment enforces this European approach by entrusting\n ESMA with a central coordination role in regard to the notification process.\n\n This amendment replaces amendment 32.","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 6"],[" Regulation (EU) No 345/2013","Article 16 \u2013 paragraph 1 \u2013 subparagraph 2"]],"meps":[40599],"meta":{"created":"2019-07-03T06:14:19"},"new":["ESMA shall maintain a central database","accessible by competent authorities of the","home and host Member States for the","purposes of the facilitation of the","notification process and the required","exchange of information."],"old":["For the purposes of the first","subparagraph, the competent authority of","a qualifying venture capital fund that has","been registered in accordance with Article","14a shall immediately notify that","registration to the competent authority of","the home Member State of the manager of","that qualifying venture capital fund."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"195","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-196","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 6"],["Regulation (EU) No 345/2013","Article 16 \u2013 paragraph 1 \u2013 subparagraph 2"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:19"},"new":["For the purposes of the first subparagraph,","ESMA shall immediately notify the","registration of a qualifying venture capital","fund that has been registered in accordance","with Article 14a to the competent authority","of the home Member State of the manager","of that qualifying venture capital fund."],"old":["For the purposes of the first subparagraph,","the competent authority of a qualifying","venture capital fund that has been","registered in accordance with Article 14a","shall immediately notify that registration","to the competent authority of the home","Member State of the manager of that","qualifying venture capital fund."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"196","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Burkhard Balz","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-197","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 6"],["Regulation (EU) No 345/2013","Article 16 \u2013 paragraph 2 \u2013 subparagraph 1"]],"meps":[96997],"meta":{"created":"2019-07-03T06:14:19"},"new":["The competent authorities of the host","Member States shall not impose on the","managers of qualifying venture capital","funds any requirements or administrative","procedures in relation to the marketing or","management of their qualifying venture","capital funds, nor shall they require any","approval of that marketing or management","prior to its commencement."],"old":["The competent authorities of the host","Member States shall not impose on the","managers of qualifying venture capital","funds any requirements or administrative","procedures in relation to the marketing of","their qualifying venture capital funds, nor","shall they require any approval of that","marketing prior to its commencement."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"197","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-198","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 6 a (new)"],[" Regulation (EU) No 345/2013","Article 16 \u2013 paragraph 3"]],"meps":[40599],"meta":{"created":"2019-07-03T06:14:19"},"new":["(6a) Article 16(3) is replaced by the","following:","\"3. In order to ensure uniform conditions","of application of this Article, ESMA may","develop draft implementing technical","standards to determine standard forms,","templates and procedures for the","provision and exchange of information","provided for in paragraph 1.\"","Or. en"],"old":["\"3. In order to ensure uniform application","of this Article, ESMA shall develop draft","implementing technical standards to","determine the format of notification under","this Article.\"","","","(http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013R0345&from=EN)"],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"198","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-199","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 6 a (new)"],[" Regulation (EU) No 345/2013","Article 16a (new)"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:19"},"new":["(6a) The following Article 16a is","inserted:","\"Article 16a","1. Managers of qualifying venture capital","funds shall not charge fees that are","higher than twice the interest on an","appropriate sovereign bond index.","2. The Commission shall be empowered to","adopt delegated acts in accordance with","Article 25 specifying the details of the","appropriate sovereign index referred in","paragraph 1.\""],"old":[""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"199","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-200","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 7"],["Regulation (EU) No 345/2013","Article 17"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:19"},"new":["ESMA shall maintain a central database,","publicly accessible on the internet, listing","all managers of qualifying venture capital","fund using the designation 'EuVECA' and","the qualifying venture capital funds for","which they use it, as well as the countries","in which those funds are marketed and","managed;"],"old":["ESMA shall maintain a central database,","publicly accessible on the internet, listing","all managers of qualifying venture capital","fund using the designation 'EuVECA' and","the qualifying venture capital funds for","which they use it, as well as the countries","in which those funds are marketed.;"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"200","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Brian Hayes","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-201","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 7 a (new)"],["Regulation (EU) No 345/2013","Article 17 a (new)"]],"meps":[118658],"meta":{"created":"2019-07-03T06:14:19"},"new":["(7a) The following Article 17 a is","inserted:","\"Article 17a","1. ESMA shall publish on its website a list","of third countries fulfilling the applicable","requirement under the second paragraph","of Article 3 (d) (iv) based on the","information received under paragraph 2.","2. For the purpose of the second","paragraph of Article 3 (d) (iv), Member","States shall communicate to ESMA","agreements they have signed with third","country jurisdictions to ensure an","effective exchange of information on tax","matters.\""],"old":["",""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"201","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-202","justification":" Regulation (EU) No 345/2013 establishes a \u201csingle rule book\u201d for EuVECA funds to be\n marketed across Europe. The amendment enforces this European approach entrusting ESMA\n with a central oversight role and empowering ESMA to intervene itself, where necessary","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 7 a (new)"],[" Regulation (EU) No 345/2013","Article 19 \u2013 paragraph 1 a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:14:19"},"new":["(7a) In Article 19, the following","paragraph 1a is added:","\"ESMA shall perform an oversight role in","order to ensure that a consistent approach","is taken by competent authorities in","relation to the use of the supervisory and","investigatory powers set out in paragraph","1. ESMA may, while respecting the","principle of proportionality, make use of","the powers set out in paragraph 1 on its","own initiative.\""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"202","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-203","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 9 \u2013 point b a (new)"],["Regulation (EU) No 345/2013","Article 21 \u2013 paragraph 1 \u2013 subparagraph 1 a (new)"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:19"},"new":["(ba) In paragraph 1, the following","subparagraph is added:","\"The competent authorities of the home","or the host Member State shall inform","ESMA without delay if they believe the","manager of a qualifying venture capital","fund has committed any of the breaches","in points (a) to (i) of Article 21(1).\""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"203","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-204","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 9 \u2013 point b a (new)"],["Regulation (EU) No 345/2013","Article 21 \u2013 paragraph 2 \u2013 introductory part"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:19"},"new":["(ba) In the second paragraph of Article","21, the introductory part is replaced by the","following:","\"2. In the cases referred to in paragraph 1","ESMA shall, as appropriate:\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)"],"old":["\"2. In the cases referred to in paragraph 1","the competent authority of the home","Member State shall, as appropriate:\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"204","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts","changes":{},"committee":["ECON"],"compromise":[" on behalf of the Verts/ALE Group"],"date":"2017-01-31T00:00:00","id":"PE597.685-205","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 9 \u2013 point c a (new)"],[" Regulation (EU) No 345/2013","Article 21 \u2013 paragraph 3"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:20"},"new":["(ca) The third paragraph is replaced by","the following:","\"","3. ESMA shall inform the competent","authorities of the host Member States in","accordance with point (d) of Article 14(1)","and ESMA, without delay, of the removal","of the manager of a qualifying venture","capital fund from the register referred to in","point (b) of paragraph 2 of this Article.\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)"],"old":["\"","3. The competent authority of the home","Member State shall inform the competent","authorities of the host Member States in","accordance with point (d) of Article 14(1)","and ESMA, without delay, of the removal","of the manager of a qualifying venture","capital fund from the register referred to in","point (b) of paragraph 2 of this Article.\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"205","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-206","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 9 \u2013 point c a (new)"],[" Regulation (EU) No 345/2013","Article 21 \u2013 paragraph 4"]],"meps":[40599],"meta":{"created":"2019-07-03T06:14:20"},"new":["(ca) The fourth paragraph is replaced","by the following:","\"4. The right to market one or more","qualifying venture capital funds under the","designation 'EuVECA' expires with","immediate effect from the date of the","decision of the competent authority","referred to in point (b) of paragraph 2 or","ESMA referred to in paragraph 4a.\"","Or. en"],"old":["\"4. The right to market one or more","qualifying venture capital funds under the","designation 'EuVECA' expires with","immediate effect from the date of the","decision of the competent authority","referred to in point (b) of paragraph 2.\"","","","","(http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013R0345&from=EN)"],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"206","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-207","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 9 \u2013 point c c (new)"],["Regulation (EU) No 345/2013","Article 21 \u2013 paragraph 4"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:20"},"new":["(cc) The fourth paragraph is replaced","by the following:","\"4. The right to market one or more","qualifying venture capital funds under the","designation 'EuVECA' expires with","immediate effect from the date of the","decision of ESMA referred to in point (b)","of paragraph 2.\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)"],"old":["\"4. The right to market one or more","qualifying venture capital funds under the","designation 'EuVECA' expires with","immediate effect from the date of the","decision of the competent authority","referred to in point (b) of paragraph 2.\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"207","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-208","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 9 \u2013 point c b (new)"],["Regulation (EU) No 345/2013","Article 21 \u2013 paragraph 4 a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:14:20"},"new":["(cb) The following paragraph 4 a is","inserted:","\"4a. The competent authorities of the","home or the host Member State shall","inform ESMA without delay if they","believe the manager of a qualifying","venture capital fund has committed any of","the breaches in points (a) to (i) of Article","21(1).\"","ESMA shall, while respecting the","principle of proportionality, take","individual decisions addressed to","competent authorities to take or refrain","from measures referred to in paragraph 2","or take appropriate measures referred to","in paragraph 2 itself where it has clear","and demonstrable grounds to believe that","such measures are necessary from the","point of view of investor protection,","financial stability or market integrity.\""],"old":[""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"208","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-209","justification":" ESMA shall be provided with the funding and resources necessary to perform its\n responsibilities under this Regulation. The most efficient way to do that would be to share the\n levies raised by NCAs for the registration and supervision of EuSEF and EuVECA funds and\n their managers.","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 9 a (new)"],[" Regulation (EU) No 345/2013","Article 22 \u2013 paragraph 2 a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:14:20"},"new":["(9a) In Article 22, the following","paragraph 2a is added:","\"2a. The fees and levies raised by","competent authorities for the registration","and supervision of qualifying venture","capital funds and their managers shall be","shared equally between the home","competent authority and ESMA.\""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"209","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-210","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 9 a (new)"],["Regulation (EU) No 345/2013","Article 26 \u2013 paragraph 1 \u2013 point a a (new)"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:20"},"new":["(9a) In Article 26(1), the following","point is inserted:","\"(aa) the extent to which the designation","'EuVECA' has led to an improvement in","innovation in the European Union;\""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"210","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Brian Hayes","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-211","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1 \u2013 point 9 a (new)"],["Regulation (EU) No 346/2013","Article 26 \u2013 paragraph 2 \u2013 subparagraph 1 a (new)"]],"meps":[118658],"meta":{"created":"2019-07-03T06:14:20"},"new":["(9a) In Article 26(2), the following","subparagraph is added:","\"Parallel to the review in accordance with","Article 69 of the Directive 2011/61/EU,","the European Commission shall analyse","and review the suitability of the definition","of marketing for venture capital and the","impact of this definition and differing","national interpretations on the operation","and viability of venture capital funds and","on the cross-border distribution of","EuVECA 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en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)"],"old":["\"This Regulation lays down uniform","requirements and conditions for managers","of collective investment undertakings that","wish to use the designation 'EuSEF' in","relation to the marketing of qualifying","social entrepreneurship funds in the Union,","thereby contributing to the smooth","functioning of the internal market.\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"212","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-213","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point -1 a (new)"],[" Regulation (EU) No 346/2013","Article 1 \u2013 paragraph 2"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:20"},"new":["(-1a) In Article 1, the second paragraph","is replaced by the following:","\"It also lays down uniform rules for the","marketing of qualifying social","entrepreneurship funds to eligible investors","across the Union, for the portfolio","composition of qualifying social","entrepreneurship funds, for the eligible","investment instruments and techniques to","be used by qualifying social","entrepreneurship funds as well as for the","organisation, conduct and transparency of","managers that market and manage","qualifying social entrepreneurship funds","across the Union.\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0345&from=EN)"],"old":["\"It also lays down uniform rules for the","marketing of qualifying social","entrepreneurship funds to eligible investors","across the Union, for the portfolio","composition of qualifying social","entrepreneurship funds, for the eligible","","","investment instruments and techniques to","be used by qualifying social","entrepreneurship funds as well as for the","organisation, conduct and transparency of","managers that market qualifying social","entrepreneurship funds across the Union.\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"213","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-214","justification":"The use of EU legislation, a public good, to promote a particular kind of investment fund must\nbe accompanied by provisions ensuring that the impact of such funds complements EU policy\nobjectives in, the relevant area. This includes the UN Sustainable Development Goals, social\ninvestment package and Europe 2020 strategy and the particular objectives they comprise\nand other strategies in the area of Social Protection & Social Inclusion.","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 2 \u2013 point -a (new)"],["Regulation (EU) No 346/2013","Article 3 \u2013 paragraph 1 \u2013 point d \u2013 point ii \u2013 first indent"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:20"},"new":["(-a) In paragraph 1 of Article 3, point","d(ii) first indent is replaced by the","following:","\"provides services or goods which","generate a social return demonstrably in","line with Union policy objectives in the","area of Social Protection and Social","Inclusion and the 2030 Agenda for","Sustainable Development,\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)"],"old":["\"provides services or goods to vulnerable","or marginalised, disadvantaged or","excluded persons,\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"214","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Pervenche Ber\u00e8s, Andrea Cozzolino","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-215","justification":" Venture capital and social entrepreneurship products are the kind of products that could\n easily focus on some environmental goals, participating to the environmental transition.\n Developing a specific category of \u201cgreen EuVECA fund\u201d or \u201cgreen EuSEF fund\u201d sub-labels\n would foster the take \u2013up of the two Regulations by providing them with additional visibility\n towards and interest from investors which are concerned by the environmental impacts of\n their investments.","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 2 a (new)"],[" Regulation (EU) No 346/2013","Article 5 a (new)"]],"meps":[1985,96880],"meta":{"created":"2019-07-03T06:14:20"},"new":["(2a) The following Article is inserted","after Article 5:","\"Article 5a","The Commission shall be empowered to","adopt delegated acts in accordance with","Article 26 specifying the conditions by","which qualifying venture capital funds","can use the denomination \"EuSEF green","fund\".\""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"215","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-216","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 2 a (new)"],[" Regulation (EU) No 345/2013","Article 6 \u2013 paragraph 1 \u2013 point a"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:20"},"new":["(2a) Article 6(1), point (a) is replaced","by the following:","\"(a) commit to invest a minimum of EUR","50 000; and\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)"],"old":["","","\"(a) commit to invest a minimum of EUR","100 000; and\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"216","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Marco Zanni","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-217","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 2 a (new)"],["Regulation (EU) No 346/2013","Article 6 \u2013 paragraph 1 \u2013 point a"]],"meps":[124780],"meta":{"created":"2019-07-03T06:14:20"},"new":["(2a) Article 6(1) , point (a) is replaced","by the following:","\"(a) commit to invest a minimum of EUR","40 000; and\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)"],"old":["\"(a) commit to invest a minimum of EUR","100 000; and\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"217","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-218","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 2 a (new)"],["Regulation (EU) No 346/2013","Article 11 \u2013 paragraph 1"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:20"},"new":["(2a) In Article 11, the first paragraph is","replaced by the following:","\"1. At all times, managers of qualifying","social entrepreneurship funds shall have","sufficient own funds equal to a minimum","of 2% of their assets under management","and shall use adequate and appropriate","human and technical resources as","necessary for the proper management of","the qualifying social entrepreneurship fund","that they manage.\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)"],"old":["\"1. At all times, managers of qualifying","social entrepreneurship funds shall have","sufficient own funds and use adequate and","appropriate human and technical resources","","","as necessary for the proper management of","the qualifying social entrepreneurship fund","that they manage.\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"218","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-219","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 2 c (new)"],[" Regulation (EU) No 346/2013","Article 11 \u2013 paragraph 1a (new)"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:20"},"new":["(2c) In Article 11, the following","paragraph is inserted:","\"1a. On the basis of the methodologies set","out by ESMA, competent authorities may","require managers of qualifying social","entrepreneurship funds to have a level of","own funds higher than the minimum","amount referred in paragraph 1;\""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"219","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Alain Lamassoure, Alain Cadec","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-220","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 2 a (new)"],[" Regulation (EU) No 346/2013","Article 11 \u2013 paragraph 2"]],"meps":[1204,96849],"meta":{"created":"2019-07-03T06:14:20"},"new":["(2a) In Article 11, paragraph 2 is","deleted and the following paragraphs are","inserted:","\"","2a. Both internally managed qualifying","social entrepreneurship funds and","external managers of qualifying social","entrepreneurship funds shall have an","initial capital of EUR 60 000.","2b. The own funds shall never be less","than one sixth of the preceding year's","fixed overheads of the same manager. The","competent authorities may adjust the","requirement in the event of a material","change in a firm\u00b4s business since the","preceding year. Where a manager of a","qualifying social entrepreneurship fund","has not completed a year's business, the","requirement shall be a fourth of the fixed","overheads projected in his business plan,","unless an adjustment to that plan is","required by the competent authority of the","home member state of the manager.","2c. Where the value of the qualifying","social entrepreneurship funds managed","by the manager of qualifying social","entrepreneurship fund exceeds EUR 300","000 000, the manager shall provide an","additional amount of own funds. That","additional amount of own funds shall be","equal to 0,015% of the amount by which","the total value of the qualifying social","entrepreneurship funds exceeds the EUR","300 000 000.","2d. Own funds shall not include","speculative positions.\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)"],"old":["","\"","2. At all times, managers of qualifying","social entrepreneurship funds shall ensure","that they are able to justify the sufficiency","of their own funds to maintain operational","continuity and disclose their reasoning as","to why those funds are sufficient as","specified in Article 14.\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"220","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Andrea Cozzolino","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-221","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 2 a (new)"],[" Regulation (EU) No 346/2013","Article 11 \u2013 paragraphs 2a \u2013 2d (new)"]],"meps":[96880],"meta":{"created":"2019-07-03T06:14:20"},"new":["(2a) In Article 11, paragraph 2 is","deleted and the following paragraphs are","inserted:","\"2a. Both internally and externally","managed qualifying venture capital funds","shall be provided with an initial capital of","EUR 75 000.","2b. The own funds shall always amount to","at least one fourth of the fixed overheads","that the same manager incurred in the","preceding year. Where a significant","change in a firm's business occurs since","the previous year, the competent","authorities may adjust such a","requirement. If a manager of a qualifying","venture capital fund has not completed a","year's business, the requirement shall","amount to a fourth of the fixed overheads","expected in his business plan, unless the","competent authority of the home Member","State of the manager requires an","adjustment to that plan.","2c. If the qualifying venture capital funds","exceed EUR 250 000 000, the manager of","those funds is required to provide an","additional amount of own funds. Such an","additional sum shall correspond to 0,02%","of the amount by which the total value of","the qualifying venture capital funds","exceeds EUR 250 000 000.","2d. It is necessary to invest own funds in","liquid assets or assets that can be readily","converted into cash in the short term.","Own funds shall not include speculative","positions.\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)"],"old":["\"2. At all times, managers of qualifying","social entrepreneurship funds shall","ensure that they are able to justify the","sufficiency of their own funds to maintain","operational continuity and disclose their","reasoning as to why those funds are","sufficient as specified in Article 14.\"","","","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"221","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Pervenche Ber\u00e8s","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-222","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 2 b (new)"],["Regulation (EU) No 346/2013","Article 11 \u2013 paragraphs 2a \u2013 2c (new)"]],"meps":[1985],"meta":{"created":"2019-07-03T06:14:20"},"new":["(2b) In Article 11, paragraph 2 is","deleted and the following paragraphs are","inserted:","\"2a. An initial capital of EUR 100 000 is","required for both internally managed","qualifying social entrepreneurship funds","and external managers of qualifying social","entrepreneurship funds.","2b. Managers of qualifying social","entrepreneurship funds should never have","own funds less than one fourth of the","preceding year's fixed overheads of the","same manager.","2c. In case the value of the qualifying","social entrepreneurship funds managed by","the manager of qualifying social","entrepreneurship fund exceeds EUR 250","000 000, the manager shall provide, in","addition, 0,02% of the amount by which","the total value of the qualifying social","entrepreneurship funds exceeds the EUR","250 000 000.\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)"],"old":["\"2. At all times, managers of qualifying","social entrepreneurship funds shall ensure","that they are able to justify the sufficiency","of their own funds to maintain","operational continuity and disclose their","reasoning as to why those funds are","sufficient as specified in Article 14.\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"222","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Cora van Nieuwenhuizen","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-223","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 2 a (new)"],[" Regulation (EU) No 346/2013","Article 11 \u2013 paragraph 2a (new)"]],"meps":[125019],"meta":{"created":"2019-07-03T06:14:20"},"new":["(2a) In Article 11, the following","paragraph is added:","\"Where the value of the qualifying social","entrepreneurship funds managed by the","manager of qualifying social","entrepreneurship funds is below EUR 250","000 000, own fund requirements shall","represent one tenth of the preceding","year's fixed overheads of the same","manager.\""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"223","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Dimitrios Papadimoulis","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-224","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 2 b (new)"],[" Regulation (EU) No 346/2013","Article 11 \u2013 paragraph 2a (new)"]],"meps":[28586],"meta":{"created":"2019-07-03T06:14:21"},"new":["(2b) In Article 11, the following","paragraph is added:","\"2a. Where the value of the qualifying","social entrepreneurship funds managed","by the manager of qualifying social","entrepreneurship funds is below EUR 250","000 000, own fund requirements shall","represent one fourth of the preceding","year's fixed overheads of the same","manager.\""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"224","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Alain Lamassoure, Alain Cadec","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-225","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 3"],["Regulation (EU) No 346/2013","Article 11 \u2013 paragraph 3"]],"meps":[1204,96849],"meta":{"created":"2019-07-03T06:14:21"},"new":["deleted"],"old":["(3) In Article 11, the following","paragraph 3 is added:","\u20183.","ESMA shall develop draft regulatory","technical standards specifying the","methodologies to determine what","constitutes sufficient own funds. Those","methodologies shall:","(a) distinguish between what constitutes","sufficient own funds for internally","managed qualifying social","entrepreneurship funds and sufficient","own funds for managers of qualifying","social entrepreneurship funds which are","external managers;","(b) take into account the size and internal","organisation of the managers referred to","in paragraph 1 of Article 2 in order to","ensure neutral conditions of competition","between those managers and managers","referred to in paragraph 2 of that Article;","(c) ensure that the amounts resulting","from the application of those","methodologies do not exceed the amounts","laid down in Article 9 of Directive","2011/61/EU.","ESMA shall submit those draft regulatory","technical standards to the Commission by","[18 months after the date of entry into","application of this Regulation].","Power is delegated to the Commission to","adopt the regulatory technical standards","referred to in the first subparagraph of","","this paragraph in accordance with","Articles 10 to 14 of Regulation (EU) No","1095/2010.;\u2019"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"225","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Andrea Cozzolino","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-226","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 3"],[" Regulation (EU) No 346/2013","Article 11 - paragraph 3"]],"meps":[96880],"meta":{"created":"2019-07-03T06:14:21"},"new":["deleted"],"old":["(3) In Article 11, the following","paragraph 3 is added:","\u20183.","ESMA shall develop draft regulatory","technical standards specifying the","methodologies to determine what","constitutes sufficient own funds. Those","methodologies shall:","(a) distinguish between what constitutes","sufficient own funds for internally","managed qualifying social","entrepreneurship funds and sufficient","own funds for managers of qualifying","social entrepreneurship funds which are","external managers;","(b) take into account the size and internal","organisation of the managers referred to","in paragraph 1 of Article 2 in order to","ensure neutral conditions of competition","between those managers and managers","referred to in paragraph 2 of that Article;","(c) ensure that the amounts resulting","from the application of those","methodologies do not exceed the amounts","laid down in Article 9 of Directive","2011/61/EU.","ESMA shall submit those draft regulatory","","","technical standards to the Commission by","[18 months after the date of entry into","application of this Regulation].","Power is delegated to the Commission to","adopt the regulatory technical standards","referred to in the first subparagraph of","this paragraph in accordance with","Articles 10 to 14 of Regulation (EU) No","1095/2010.;\u2019"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"226","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Pervenche Ber\u00e8s","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-227","justification":" Investors\u2019 protection should not be undermined. Managers should therefore have sufficient\n own funds to conduct their business in an appropriate manner.","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 3"],["Regulation (EU) No 346/2013","Article 11 \u2013 paragraph 3"]],"meps":[1985],"meta":{"created":"2019-07-03T06:14:21"},"new":["deleted"],"old":["3. ESMA shall develop draft","regulatory technical standards specifying","the methodologies to determine what","constitutes sufficient own funds. Those","methodologies shall:","(a) distinguish between what constitutes","sufficient own funds for internally","managed qualifying social","entrepreneurship funds and sufficient","own funds for managers of qualifying","social entrepreneurship funds which are","external managers;","(b) take into account the size and internal","organisation of the managers referred to","in paragraph 1 of Article 2 in order to","ensure neutral conditions of competition","between those managers and managers","referred to in paragraph 2 of that Article;","(c) ensure that the amounts resulting","from the application of those","methodologies do not exceed the amounts","laid down in Article 9 of Directive","","2011/61/EU.","ESMA shall submit those draft regulatory","technical standards to the Commission by","[18 months after the date of entry into","application of this Regulation].","Power is delegated to the Commission to","adopt the regulatory technical standards","referred to in the first subparagraph of","this paragraph in accordance with","Articles 10 to 14 of Regulation (EU) No","1095/2010.;"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"227","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-228","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 3"],[" Regulation (EU) No 346/2013","Article 11 \u2013 paragraph 3 \u2013 subparagraph 1 \u2013 introductory part"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:21"},"new":["ESMA shall develop draft regulatory","technical standards specifying the","methodologies to determine in which cases","own funds requirements may be set at a","level higher than the minimum amount","referred in paragraph 1. Those","methodologies shall:"],"old":["ESMA shall develop draft regulatory","technical standards specifying the","methodologies to determine what","constitutes sufficient own funds. Those","methodologies shall:"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"228","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-229","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 3"],["Regulation (EU) No 346/2013","Article 11 \u2013 paragraph 3 \u2013 point a"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:21"},"new":["deleted"],"old":["(a) distinguish between what","constitutes sufficient own funds for","internally managed qualifying social","entrepreneurship funds and sufficient","own funds for managers of qualifying","social entrepreneurship funds which are","external managers;"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"229","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-230","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 3"],["Regulation (EU) No 346/2013","Article 11 \u2013 paragraph 3 \u2013 point b"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:21"},"new":["(b) take into account the size,","complexity, structure and internal","organisation of the managers referred to in","paragraph 1 of Article 2 in order to ensure","neutral conditions of competition between","those managers and managers referred to in","paragraph 2 of that Article;"],"old":["(b) take into account the size and","internal organisation of the managers","referred to in paragraph 1 of Article 2 in","order to ensure neutral conditions of","competition between those managers and","managers referred to in paragraph 2 of that","Article;"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"230","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Neena Gill","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-231","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 3"]],"meps":[4533],"meta":{"created":"2019-07-03T06:14:21"},"new":["(c) ensure that the amounts resulting","from the application of those","methodologies do not exceed the amounts","laid down in Article 9 of Directive","2011/61/EU. Where the value of the","qualifying venture capital funds managed","by the manager of qualifying venture","capital funds is below 250000000, own","funds requirements shall represent one","eight of the preceding year's fixed","overheads of the same manager."],"old":["(c) ensure that the amounts resulting","from the application of those","methodologies do not exceed the amounts","laid down in Article 9 of Directive","2011/61/EU."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"231","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-232","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 3 a (new)"],[" Regulation (EU) No 346/2013","Article 13 \u2013 paragraph 2 \u2013 point e"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:21"},"new":["(3a) In Article 13(2), point (e) is","replaced by the following:","\"(e) information on the nature, value and","purpose of the investments other than","qualifying investments referred to in","Article 5(1).\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)"],"old":["\"(e) information on the nature and purpose","of the investments other than qualifying","investments referred to in Article 5(1).\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"232","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-233","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 3 b (new)"],["Regulation (EU) No 346/2013","Article 13 \u2013 paragraph 2 \u2013 point e a (new)"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:21"},"new":["(3b) In Article 13(2), the following","paragraph is inserted:","(ea) a description of how environmental","and climate factors are considered in the","investment approach of the qualifying","social entrepreneurship fund and in","particular, information about its exposure","to assets whose value may be negatively","impacted by legislation necessary to meet","the Union's climate targets;."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"233","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-234","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 3 c (new)"],["Regulation (EU) No 346/2013","Article 13 \u2013 paragraph 3"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:21"},"new":["(3c) In Article 13, the third paragraph","is replaced by the following:","\"3. An audit of the qualifying social","entrepreneurship fund shall be conducted at","least annually. The audit shall confirm that","money and assets are held in the name of","the qualifying social entrepreneurship fund,","that the qualifying social","entrepreneurship fund does not use more","than 30 % of its aggregate capital","contributions and uncalled committed","capital for the acquisition of assets other","than qualifying investments, and that the","manager of a qualifying social","entrepreneurship fund has established and","maintained adequate records and checks in","respect of the use of any mandate or","control over the money and assets of the","qualifying social entrepreneurship fund and","the investors therein.\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)"],"old":["\"3. An audit of the qualifying social","entrepreneurship fund shall be conducted at","least annually. The audit shall confirm that","money and assets are held in the name of","the qualifying social entrepreneurship fund","and that the manager of a qualifying social","entrepreneurship fund has established and","maintained adequate records and checks in","respect of the use of any mandate or","control over the money and assets of the","qualifying social entrepreneurship fund and","","","the investors therein.\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"234","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-235","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 3 d (new)"],[" Regulation (EU) No 346/2013","Article 14 \u2013 paragraph 1 \u2013 point c \u2013 point iv"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:21"},"new":["(3d) In Article 14 (1), point c (iv) is","replaced by the following:","\"(iv) the non-qualifying investments which","it intends to make, including the criteria","and guidelines which govern the selection","of such investments;\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)"],"old":["\"(iv) the non-qualifying investments which","it intends to make;\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"235","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-236","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 3 a (new)"],[" Regulation (EU) No 346/2013","Article 15 \u2013 paragraph 1 \u2013 introductory part"]],"meps":[40599],"meta":{"created":"2019-07-03T06:14:21"},"new":["(3a) In Article 15 (1) the introductory","part is replaced by the following:","\"1. Managers of qualifying social","entrepreneurship funds that intend to use of","the designation 'EuSEF' for the marketing","of their qualifying social entrepreneurship","funds shall inform the competent authority","of their home Member State and ESMA of","their intention and shall provide them with","the following information:\"","Or. en","(http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32013R0346)"],"old":["\"1. Managers of qualifying social","entrepreneurship funds that intend to use of","the designation 'EuSEF' for the marketing","of their qualifying social entrepreneurship","funds shall inform the competent authority","of their home Member State of their","intention and shall provide the following","information:\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"236","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Alain Lamassoure, Alain Cadec","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-237","justification":"Sub-thresholds EuVECA or EuSEF managers should not be provided a management passport\nunder the current framework - in the absence of harmonized standards applicable to EUSEF\nand EUVECA managers. Managers above the thresholds can benefit from the AIFMD\nmanagement passport. A unique EU AIF management passport would encourage the visibility\n\n\n and the take-up of the AIFM label, while EuVECA and EuSEF frameworks provide for\n harmonized rules on specific products.","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 3 a (new)"],["Regulation (EU) No 346/2013","Article 15 \u2013 paragraph 1 \u2013 point e"]],"meps":[1204,96849],"meta":{"created":"2019-07-03T06:14:21"},"new":["(3a) In Article 15, the point (e) of","paragraph 1 is deleted.","\"","\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)"],"old":["\"","(e) a list of Member States where the","manager of a qualifying social","entrepreneurship fund has established, or","intends to establish, qualifying social","entrepreneurship funds.","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"237","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Pervenche Ber\u00e8s","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-238","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 3 a (new)"],[" Regulation (EU) No 346/2013","Article 15 \u2013 paragraph 1 \u2013 point e"]],"meps":[1985],"meta":{"created":"2019-07-03T06:14:21"},"new":["(3a) In Article 15, the point (e) of","paragraph 1 is deleted.","\"","\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)"],"old":["\"","(e) a list of Member States where the","manager of a qualifying social","entrepreneurship fund has established, or","intends to establish, qualifying social","entrepreneurship funds.","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"238","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-239","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 3 e (new)"],[" Regulation (EU) No 346/2013","Article 15 \u2013 paragraph 2 \u2013 introductory part"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:21"},"new":["(3e) In Article 15 (2), the introductory","part is replaced by the following:","\"","2. ESMA shall register the qualifying","social entrepreneurship fund manager only","if the following conditions are met:\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)"],"old":["\"","2. The competent authority of the home","Member State shall register the qualifying","social entrepreneurship fund manager only","","if the following conditions are met:\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"239","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-240","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 3 f (new)"],["Regulation (EU) No 346/2013","Article 15 \u2013 paragraph 3"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:21"},"new":["(3f) Article 15(3) is replaced by the","following:","\"3. Registration under this Article shall be","valid in the entire territory of the Union","and shall allow managers of qualifying","social entrepreneurship funds to market","and manage qualifying social","entrepreneurship funds under the","designation 'EuSEF' throughout the","Union.\"","Or. en","(http://eur-lex.europa.eu/legal-","content/EN/TXT/HTML/?uri=CELEX:32013R0346&from=EN)"],"old":["\"3. Registration under this Article shall be","valid in the entire territory of the Union","and shall allow managers of qualifying","social entrepreneurship funds to market","qualifying social entrepreneurship funds","under the designation 'EuSEF' throughout","the Union.\"","",""],"peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"240","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-241","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 4"],["Regulation (EU) No 346/2013","Article 15 \u2013 paragraph 3a"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:22"},"new":["3a. The managers referred to in","paragraph 1 shall be informed by ESMA","on whether they have been registered as a","manager of a qualifying social","entrepreneurship fund no later than two","months after they have provided all the","information referred to in paragraph 1."],"old":["3a. The managers referred to in","","paragraph 1 shall be informed by the","competent authority of their home","Member State on whether they have been","registered as a manager of a qualifying","social entrepreneurship fund no later than","two months after they have provided all the","information referred to in paragraph 1."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"241","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-242","justification":" Regulation (EU) No 346/2013 establishes a \"single rule book\" for EuSEF funds to be\n marketed across Europe. The amendment enforces this European approach by entrusting\n ESMA with the responsibility for drafting RTS in regard to the registration process.","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 4 a (new)"],[" Regulation (EU) No 346/2013","Article 15 \u2013 paragraph 3 c (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:14:22"},"new":["(4a) In Article 15 the following","paragraph 3c is inserted:","\"3c. In order to ensure consistent","application of this Article, ESMA shall","develop draft regulatory technical","standards to specify the information to be","provided to the competent authorities and","ESMA in the application for registration","set out in paragraph 1 and the conditions","set out in paragraph 2.","Power is delegated to the Commission to","adopt the regulatory technical standards","referred to in the first subparagraph in","accordance with Articles 10 to 14 of","Regulation (EU) No 1095/2010.\""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"242","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-243","justification":"Regulation (EU) No 346/2013 establishes a \"single rule book\" for EuSEF funds to be\nmarketed across Europe. The amendment enforces this European approach entrusting ESMA\nwith the responsibility for drafting ITS in relation to the registration process.","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 4 b (new)"],["Regulation (EU) No 346/2013","Article 15 \u2013 paragraph 3 d (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:14:22"},"new":["(4b) In Article 15 the following","paragraph 3d is inserted:","\"3d. In order to ensure uniform","conditions of application of this Article,","ESMA shall develop draft implementing","technical standards to determine standard","forms, templates and procedures for the","provision of information provided for in","paragraph 1.","Power is conferred on the Commission to","adopt the implementing technical","standards referred to in the first","subparagraph in accordance with Article","15 of Regulation (EU) No 1095/2010.\""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"243","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-244","justification":" Regulation (EU) No 346/2013 establishes a \"single rule book\" for EuSEF funds to be\n marketed across Europe. The amendment enforces this European approach by entrusting\n ESMA with a central coordination and oversight role.","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 4 c (new)"],["Regulation (EU) No 346/2013","Article 15 \u2013 paragraph 3 e (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:14:22"},"new":["(4c) In Article 15 the following","paragraph 3e is inserted:","\"3e. ESMA shall perform a coordination","and oversight role in order to ensure that","a consistent approach is taken by","competent authorities in relation to the","registration process set out in this Article.","For this purpose, ESMA shall carry out","reviews of the registration processes of","competent authorities.","ESMA is empowered, while respecting the","principle of proportionality, to take","individual decisions addressed to","competent authorities to change their","registration processes where it has clear","and demonstrable grounds to believe that","the registration process of the competent","authority does not comply with the","registration requirements set out in this","Regulation or the regulatory technical","standards and implementing technical","standards referred to in paragraphs 3c","and 3d.\""],"old":["",""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"244","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-245","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 5"],[" Regulation (EU) No 346/2013","Article 15a \u2013 paragraph 2 \u2013 introductory part"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:22"},"new":["The application for registration referred to","in paragraph 1 shall be made to ESMA and","shall include the following:"],"old":["The application for registration referred to","in paragraph 1 shall be made to the","competent authority of the qualifying","social entrepreneurship fund and shall","","","include the following:"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"245","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-246","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 5"],["Regulation (EU) No 346/2013","Article 15a \u2013 paragraph 2 \u2013 introductory part"]],"meps":[40599],"meta":{"created":"2019-07-03T06:14:22"},"new":["Managers referred to in paragraph 1 shall","inform the competent authority of their","home Member State and ESMA of their","intention and shall provide them with","the following information:"],"old":["The application for registration referred to","in paragraph 1 shall be made to the","competent authority of the qualifying","social entrepreneurship fund and shall","include the following:"],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"246","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Andrea Cozzolino","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-247","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 5"],["Regulation (EU) No 346/2013","Article 15a \u2013 paragraphs 2 a (new) + 2 b (new)"]],"meps":[96880],"meta":{"created":"2019-07-03T06:14:22"},"new":["2a. The competent authority of the","qualifying venture capital fund shall ask","the competent authority of the manager","for information whether qualifying","venture capital fund fall within the scope","of the manager's authorisation to manage","AIFs and whether the conditions laid","down in Article 15 (2) point (a) are","fulfilled. The competent authority of the","manager shall provide an answer within","10 working days from the date on which it","received the request submitted by the","competent authority of the qualifying","venture capital fund.","2b. 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The managers referred to in","paragraph 1 shall be informed by ESMA","on whether that fund has been registered as","a qualifying social entrepreneurship fund","no later than two months after those","managers have provided all the information","referred to in paragraph 2."],"old":["4. The managers referred to in","paragraph 1 shall be informed by the","competent authority of the qualifying","social entrepreneurship fund on whether","that fund has been registered as a","qualifying social entrepreneurship fund no","later than two months after those managers","have provided all the information referred","to in paragraph 2."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"249","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Andrea Cozzolino","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-250","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 5"],["Regulation (EU) No 346/2013","Article 15a \u2013 paragraph 4"]],"meps":[96880],"meta":{"created":"2019-07-03T06:14:22"},"new":["4. The managers referred to in","paragraph 1 shall be informed by the","competent authority of the qualifying","social entrepreneurship fund on whether","that fund has been registered as a","qualifying social entrepreneurship fund no","later than twenty days after those managers","have provided all the information referred","to in paragraph 2."],"old":["4. The managers referred to in","paragraph 1 shall be informed by the","competent authority of the qualifying","social entrepreneurship fund on whether","that fund has been registered as a","qualifying social entrepreneurship fund no","later than two months after those managers","have provided all the information referred","to in paragraph 2."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"250","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":"Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-251","justification":" Regulation (EU) No 345/2013 establishes a \"single rule book\" for EuSEF funds to be\n marketed across Europe. The amendment enforces this European approach entrusting ESMA\n with the responsibility for drafting ITS in relation to the registration process.","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 5"],["Regulation (EU) No 346/2013","Article 15 a \u2013 paragraph 5 a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:14:22"},"new":["5a. In order to ensure uniform","conditions of application of this Article,","ESMA shall develop draft implementing","technical standards to determine standard","forms, templates and procedures for the","provision of information provided for in","paragraph 2.","Power is conferred on the Commission to","adopt the implementing technical","standards referred to in the first","subparagraph in accordance with Article","15 of Regulation (EU) No 1095/2010."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"251","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-252","justification":"Regulation (EU) No 346/2013 establishes a \"single rule book\" for EuSEF funds to be\nmarketed across Europe. The amendment enforces this European approach by entrusting\nESMA with a central coordination and oversight role.","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 5"],[" Regulation (EU) No 346/2013","Article 15 a \u2013 paragraph 5 b (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:14:22"},"new":["5b. 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The amendment enforces this European approach by entrusting\nESMA with a central coordination role in regard to the notification process. 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The amendment enforces this European approach by entrusting\n ESMA with a central coordination role in regard to the notification process. This amendment\n replaces amendment 32.","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 6"],["Regulation (EU) No 346/2013","Article 17 \u2013 paragraph 1 \u2013 subparagraph 2"]],"meps":[40599],"meta":{"created":"2019-07-03T06:14:23"},"new":["ESMA shall maintain a central database","accessible by competent authorities of the","home and host Member States for the","purposes of the facilitation of the","notification process and the required","exchange of information."],"old":["For the purposes of the first","","subparagraph, the competent authority of","a qualifying social entrepreneurship fund","that has been registered in accordance","with Article 15a shall immediately notify","that registration to the competent","authority of the home Member State of the","manager of that qualifying social","entrepreneurship fund."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"257","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Philippe Lamberts on behalf of the Verts/ALE Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-258","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 6"],[" Regulation (EU) No 346/2013","Article 17 \u2013 paragraph 1 \u2013 subparagraph 2"]],"meps":[96648],"meta":{"created":"2019-07-03T06:14:23"},"new":["For the purposes of the first subparagraph,","ESMA shall immediately notify the","registration of a qualifying social","entrepreneurship fund that has been","registered in accordance with Article 15a","shall to the competent authority of the","home Member State of the manager of that","qualifying social entrepreneurship fund."],"old":["For the purposes of the first subparagraph,","the competent authority of a qualifying","social entrepreneurship fund that has been","registered in accordance with Article 15a","shall immediately notify that registration","to the competent authority of the home","Member State of the manager of that","qualifying social entrepreneurship fund."],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"258","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Sirpa Pietik\u00e4inen","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-259","meps":[40599],"meta":{"created":"2019-07-03T06:14:23"},"new":["(6a) In Article 17 paragraph 3 is","replaced by the following:","\"3. 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The amendment enforces this European approach by entrusting\n ESMA with a central oversight role and empowering ESMA to intervene itself, where\n necessary.","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 7 a (new)"],[" Regulation (EU) No 346/2013","Article 20 \u2013 paragraph 1 a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:14:23"},"new":["(7a) In Article 20, the following","paragraph is added:","\"ESMA shall perform an oversight role in","order to ensure that a consistent approach","is taken by competent authorities in","relation to the use of the supervisory and","investigatory powers set out in paragraph","1. 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The most efficient way to do that would be to share the\n levies raised by NCAs for the registration and supervision of EuSEF and EuVECA funds and\n their managers.","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 9 a (new)"],["Regulation (EU) No 346/2013","Article 23 \u2013 paragraph 2 a (new)"]],"meps":[40599],"meta":{"created":"2019-07-03T06:14:23"},"new":["(9a) In Article 23, the following","paragraph is added:","\"2a. The fees and levies raised by","competent authorities for the registration","and supervision of qualifying social","entrepreneurship funds and their","managers shall be shared equally between","the home competent authority and","ESMA.\""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"267","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"},{"authors":" Syed Kamall on behalf of the ECR Group","changes":{},"committee":["ECON"],"date":"2017-01-31T00:00:00","id":"PE597.685-268","justification":"Art 3(a) allows for grandfathering of existing funds, so that new own funds requirements &\nthe amended requirement for notifying investors of own funds do not cause disruption.\nRequiring compliance with the new own funds requirements, could mean managers end\noperations as they cannot raise sufficient funds. An 18 month transitional period is allowed\nfor other amendments. To avoid disruption Art 3(b) delays application of provisions for full-\nscope authorised AIFMs by 6 months, giving Member States & competent authorities time to\nmake changes to legislation, policies & procedures.","location":[[" Proposal for a regulation","Article 3 \u2013 paragraph 1"]],"meps":[33569],"meta":{"created":"2019-07-03T06:14:23"},"new":["This Regulation shall enter into force on","the twentieth day following that of its","publication in the Official Journal of the","European Union.","This Regulation shall apply as of [3","months after its entry into force], with the","following exceptions:","(a) in the case of managers of qualifying","venture capital funds and qualifying","social entrepreneurship funds existing on","[date of publication in the OJ]:","(i) this Regulation applies from 18 months","following its publication in the Official","Journal of the European Union; and","(ii) points 3 and 5 of paragraph 1 of","Article 1 and points 3 and 5 of paragraph","1 of Article 2 shall not apply in relation to","those existing funds, during their existing","terms;","(b) the following provisions of this","Regulation shall apply from [6 months","after its entry into force]:","(i) points 1, 2(c), 5, 6 and 9 of paragraph","1 of Article 1; and","(ii) points 1, 2(b), 5, 6 and 9 of paragraph","1 of Article 2."],"old":["This Regulation shall enter into force on","the twentieth day following that of its","publication in the Official Journal of the","European Union.",""],"orig_lang":"en","peid":"PE597.685v01-00","reference":"2016/0221(COD)","seq":"268","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-597685_EN.pdf"}],"changes":{"2016-07-27T00:30:44":[{"data":[{"body":"EC","commission":[],"date":"2016-07-14T00:00:00","docs":[{"celexid":"CELEX:52016PC0461:EN","title":"COM(2016)0461","type":"Legislative proposal published","url":"http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2016/0461/COM_COM(2016)0461_EN.pdf"}],"type":"Legislative proposal published"}],"path":["activities"],"type":"added"},{"data":[],"path":["other"],"type":"added"},{"data":[{"body":"EP","committee":"ECON","committee_full":"Economic and Monetary Affairs","responsible":true},{"body":"EP","committee":"IMCO","committee_full":"Internal Market and Consumer Protection","responsible":false},{"body":"EP","committee":"ITRE","committee_full":"Industry, Research and Energy","responsible":false},{"body":"EP","committee":"JURI","committee_full":"Legal Affairs","responsible":false}],"path":["committees"],"type":"added"},{"data":{},"path":["links"],"type":"added"},{"data":{"instrument":"Regulation","legal_basis":["Treaty on the Functioning of the EU TFEU 114"],"reference":"2016/0221(COD)","stage_reached":"Preparatory phase in Parliament","subject":["2.50.03 Securities and financial markets, stock exchange, CIUTS, investments","3.45.02 Small and medium-sized enterprises (SME), craft industries","3.45.03 Financial management of undertakings, business loans, accounting","3.45.07 Social economy, mutual societies, cooperatives, associations"],"subtype":"Legislation","summary":["Amending Regulation (EU) No 345/2013","Amending Regulation (EU) No 346/2013"],"title":"European venture capital funds and European social entrepreneurship funds","type":"COD - Ordinary legislative procedure (ex-codecision procedure)"},"path":["procedure"],"type":"added"}],"2016-08-18T02:05:55":[{"data":"Economic and Social Committee","path":["procedure","Mandatory consultation of other institutions"],"type":"added"}],"2016-09-04T01:54:53":[{"data":[{"group":"S&D","mepref":"4f1ac74ab819f25efd00007a","name":"COZZOLINO Andrea"}],"path":["committees",0,"shadows"],"type":"added"}],"2016-09-07T02:01:09":[{"data":{"group":"ALDE","mepref":"53b2de3cb819f205b00000e7","name":"VAN NIEUWENHUIZEN Cora"},"path":["committees",0,"shadows",1],"type":"added"}],"2016-09-11T01:57:57":[{"data":{"Commissioner":"DOMBROVSKIS Valdis","DG":{"title":"Internal Market and Services","url":"http://ec.europa.eu/dgs/internal_market/"}},"path":["activities",0,"commission",0],"type":"added"},{"data":{"body":"EC","commissioner":"DOMBROVSKIS Valdis","dg":{"title":"Internal Market and Services","url":"http://ec.europa.eu/dgs/internal_market/"}},"path":["other",0],"type":"added"}],"2016-09-14T02:52:09":[{"data":["
PURPOSE: to strengthen the internal market for venture\ncapital and social entrepreneurship funds by developing the use of\nEuVECA and EuSEF labels.
\nPROPOSED ACT: Regulation of the European Parliament\nand of the Council.
\nROLE OF THE EUROPEAN PARLIAMENT: the European\nParliament decides following the ordinary legislative procedure on\nan equal footing with Council.
\nBACKGROUND: the proposal is part of the work\nundertaken to stimulate investments in growing and innovative\nfirms. The\nInvestment Plan for Europe presents a global strategy to\nincrease competitiveness and stimulate investments for the purpose\nof job creation. It aims to further mobilise additional private\ninvestment using public funds through the European\nFund for Strategic Investment (\"EFSI\").
\nA key strand of the Investment Plan is the Capital\nMarkets Union (\"CMU\") action plan, which contains a range\nof measures to remove capital market barriers and facilitate the\nfinancing of SMEs.
\nRegulation\n(EU) No 345/2013 of the European Parliament and of the Council\nand Regulation\n(EU) 346/2013 of the European Parliament and of the Council lay\ndown uniform requirements and conditions for managers of collective\ninvestment undertakings that wish to use in the Union the\nEuVECA or EuSEF designations\nfor the marketing of qualifying venture capital funds and\nqualifying social entrepreneurship funds. While EuVECA funds\nsupport young and innovative companies, EuSEF funds focus on\nenterprises whose aim is to achieve positive social\nimpact.
\nThe Commission is seeking to ensure that the EuVECA\nand EuSEF frameworks work as well as possible in supporting\nventure capital and social investment. However, the review of the\ntwo Regulations under the REFIT initiative (Regulatory Fitness and\nPerformance programme) identified a number of factors holding\nback the development of these funds, in particular:
\nIMPACT ASSESSMENT: the options retained by the impact\nassessment are as follows :
\nCONTENT: the proposal aims to amend Regulation (EU)\nNo 345/2013 on European venture capital funds and Regulation\n(EU) 346/2013 on European social entrepreneurship funds. The\namendments aim to:
\nThe Committee on Economic and Monetary Affairs adopted\nthe report by Sirpa PIETIKÄINEN (EPP, FI) on the proposal for\na regulation of the European Parliament and of the Council amending\nRegulation (EU) No 345/2013 on European venture capital funds\n(EuVECA) and Regulation (EU) No 346/2013 on European social\nentrepreneurship funds (EuSEF).
\nThe committee recommended that the European\nParliaments position, adopted at first reading following the\nordinary legislative procedure, should amend the Commission\nproposal as follows:
\nInvestment thresholds: a\nthreshold of EUR 100 000 minimum entry ticket for\nnon-professional investors is maintained for investing in EuVECA\nfunds. The amended text stated that due to their long-term and\nilliquid nature, venture capital funds are not directly suitable\nfor retail investors other than those described in this Regulation,\neven in the case where investor protection rules would be\nstrengthened.
\nOn the other hand, for EuSEF funds, the threshold of\nEUR 100 000 should, in any case, be lowered to EUR 50 000.\nThis would increase access to funding, in particular for smaller\nand socially engaged firms which are less bankable. It would also\nallow the spectrum of investment possibilities for non-professional\ninvestors to be widened and would allow such investors to support\nfirms with a positive social impact.
\nOwn funds: the amended\ntext provides that the venture capital funds and the social\nentrepreneurship funds, whether they are managed internally or\nexternally, shall be provided with an initial capital of EUR\n30 000.
\nOwn funds shall always amount to at least one eighth\nof the fixed overheads incurred by a manager in the preceding\nyear.
\nIt is necessary to invest own funds in liquid\nassets or assets that can be readily converted into cash in the\nshort term. Own funds shall not include speculative\npositions.
\nAt all times, managers of qualifying venture capital\nfunds shall have sufficient own funds to maintain the continuity of\nthe operations.
\nInvestor information:\nmanagers of funds shall inform their investors of the\nnon-qualifying investments which it intends to make, including the\ncriteria and guidelines which govern the selection of such\ninvestments.
\nManagers of qualifying social entrepreneurship funds\nshall provide a description of how environmental and climate\nfactors are considered in the investment approach of the\nqualifying social entrepreneurship fund and in particular,\ninformation about its exposure to assets whose value may be\nnegatively impacted by legislation necessary to meet the Union's\nclimate targets.
\nSupervision: Members\nintroduced more stringent provisions on surveillance at EU level in\norder to avoid excessive risk-taking and instability in financial\nmarkets and to facilitate cross-border operations.
\nThe text provides that the fund managers who intend to\nuse the EuVECA and EuSEF labels for the\nmarketing of their funds shall inform the relevant competent\nauthority of their home Member State and the European Securities\nand Markets Authority (ESMA).
\nESMA shall develop draft regulatory technical\nstandards to specify the information to be provided to the\ncompetent authorities and itself in the application for\nregistration of fund managers.
\nESMA shall perform a coordination and oversight\nrole in order to ensure that a consistent approach is taken by\ncompetent authorities in relation to the registration process. ESMA\nmay issue recommendations to competent authorities to change their\nregistration processes.
\nESMA shall maintain a central database\naccessible by competent authorities of the home and host Member\nStates for the purposes of the facilitation of the notification\nprocess and the required exchange of information.
\nIt shall perform an oversight role in order to ensure\nthat a consistent approach is taken by competent authorities in\nrelation to the use of the supervisory and investigatory\npowers.
\nManagement passport: the\nCommission shall analyse the appropriateness of introducing a\nmanagement passport for managers of the qualifying venture capital\nfunds and qualifying social entrepreneurship funds and the\nsuitability of the definition of marketing for venture capital.\nFollowing the review, the Commission shall submit a report to the\nEuropean Parliament and to the Council, accompanied, if\nappropriate, by a legislative proposal.
\nThe European Parliament adopted by 523 votes to 46\nwith 67 abstentions a legislative resolution on the proposal for a\nregulation of the European Parliament and of the Council amending\nRegulation (EU) No 345/2013 on European venture capital funds and\nRegulation (EU) No 346/2013 on European social entrepreneurship\nfunds. Parliaments position adopted in first reading\nfollowing the ordinary legislative procedure amended the Commission\nproposal as follows:
\nPurpose of funds: venture capital funds (EuVECA) and social\nentrepreneurship funds (EuSEF) aim to\ncontribute to mobilization of investment capital in innovative SMEs\nand social enterprises in the EU.
\nWith respect to EuSEF, these must have the achievement\nof measurable, positive social impacts as their primary\nobjective, where the undertaking: (i) provides services or goods\nwhich generate a social return; (ii) employs a method of production\nof goods or services that embodies its social objective; or (iii)\nprovides financial support exclusively to social undertakings as\ndefined in the first two indents.
\nOwn funds: managers of\nqualifying venture capital funds and qualifying social\nentrepreneurship funds, which are not authorised in accordance with\nDirective\n2011/61/EU, must have sufficient own funds at all\ntimes. However, it is specified that the level of own funds\nshould be based on cumulative criteria and should be\nsignificantly lower and less complex than the amounts\nlaid down in Directive 2011/61/EU to take into account the\nspecificities, nature and small size of those funds.
\nThe amended text states that both internally\nmanaged qualifying venture capital funds\nand external managers of qualifying venture capital\nfunds shall have an initial capital of EUR 50 000.
\nOwn funds shall at all times amount to at least one\neighth of the fixed overheads incurred by the manager in the\npreceding year. Where the value of the qualifying venture capital\nfunds managed by the manager exceeds EUR 250 million, the manager\nshall provide an additional amount of own funds.
\nOwn funds shall be invested in liquid assets or\nassets readily convertible to cash in the short term and shall not\ninclude speculative positions.
\nUniform rules of registration and for managers\nconduct: the application for\nregistration shall be made to the competent authority of the\nqualifying venture capital fund and shall include a list of Member\nStates in which the managers have established qualifying venture\ncapital funds.
\nWith regard to EuSEF, a description of how\nenvironmental and climate-related risks are taken into account in\nthe investment approach of the qualifying social entrepreneurship\nfunds should be supplied.
\nA manager of a qualifying social entrepreneurship fund\nshall notify the competent authority of the home Member State of\nany material changes to the conditions for its initial\nregistration before such changes are implemented. The changes may\nbe implemented if the relevant competent authority does not oppose\nthe changes within the relevant assessment period.
\nAny refusal to register a manager shall be\nsubstantiated, shall be notified to the managers and shall be\nsubject to a right of appeal before a national judicial,\nadministrative or other authority.
\nThe final information on the basis of which the\nregistration was granted must be made available to the European\nSecurities and Markets Authority (ESMA) in a timely manner\nafter the registration.
\nESMA shall conduct peer in order to strengthen the\nconsistency of the registration processes carried out by competent\nauthorities in accordance with the Regulation.
\nThe competent authority of the home Member State shall\nbe responsible for supervising the organisation of the\nmanager, so that that manager is in a position to comply with\nthe obligations and rules that relate to the constitution and\nfunctioning of all the qualifying social entrepreneurship funds\nthat it manages.
\nWhere a manager does not observe the rules set out in\nthe Directive, the competent authority of the Member State of\norigin may prohibit the manager of the qualifying social\nentrepreneurship fund from using the designation EuSEF\nor EuVECA and remove that manager, or the fund concerned,\nfrom the register.
\nManagement passport: the\nCommission should analyse the appropriateness of introducing a\nmanagement passport for managers of qualifying venture capital\nfunds and qualifying social entrepreneurship funds and the\nsuitability of the definition of marketing for venture capital.\nFollowing that analysis, the Commission should submit a report to\nthe European Parliament and to the Council, accompanied, if\nappropriate, by a legislative proposal.
\nThe European Parliament adopted by 523 votes to 46\nwith 67 abstentions a legislative resolution on the proposal for a\nregulation of the European Parliament and of the Council amending\nRegulation (EU) No 345/2013 on European venture capital funds and\nRegulation (EU) No 346/2013 on European social entrepreneurship\nfunds. Parliaments position adopted in first reading\nfollowing the ordinary legislative procedure amended the Commission\nproposal as follows:
\nPurpose of funds: venture capital funds (EuVECA) and social\nentrepreneurship funds (EuSEF) aim to\ncontribute to mobilization of investment capital in innovative SMEs\nand social enterprises in the EU.
\nWith respect to EuSEF, these must have the achievement\nof measurable, positive social impacts as their primary\nobjective, where the undertaking: (i) provides services or goods\nwhich generate a social return; (ii) employs a method of production\nof goods or services that embodies its social objective; or (iii)\nprovides financial support exclusively to social undertakings as\ndefined in the first two indents.
\nOwn funds: managers of\nqualifying venture capital funds and qualifying social\nentrepreneurship funds, which are not authorised in accordance with\nDirective\n2011/61/EU, must have sufficient own funds at all\ntimes. However, it is specified that the level of own funds\nshould be based on cumulative criteria and should be\nsignificantly lower and less complex than the amounts\nlaid down in Directive 2011/61/EU to take into account the\nspecificities, nature and small size of those funds.
\nThe amended text states that both internally\nmanaged qualifying venture capital funds\nand external managers of qualifying venture capital\nfunds shall have an initial capital of EUR 50 000.
\nOwn funds shall at all times amount to at least one\neighth of the fixed overheads incurred by the manager in the\npreceding year. Where the value of the qualifying venture capital\nfunds managed by the manager exceeds EUR 250 million, the manager\nshall provide an additional amount of own funds.
\nOwn funds shall be invested in liquid assets or\nassets readily convertible to cash in the short term and shall not\ninclude speculative positions.
\nUniform rules of registration and for managers\nconduct: the application for\nregistration shall be made to the competent authority of the\nqualifying venture capital fund and shall include a list of Member\nStates in which the managers have established qualifying venture\ncapital funds.
\nWith regard to EuSEF, a description of how\nenvironmental and climate-related risks are taken into account in\nthe investment approach of the qualifying social entrepreneurship\nfunds should be supplied.
\nA manager of a qualifying social entrepreneurship fund\nshall notify the competent authority of the home Member State of\nany material changes to the conditions for its initial\nregistration before such changes are implemented. The changes may\nbe implemented if the relevant competent authority does not oppose\nthe changes within the relevant assessment period.
\nAny refusal to register a manager shall be\nsubstantiated, shall be notified to the managers and shall be\nsubject to a right of appeal before a national judicial,\nadministrative or other authority.
\nThe final information on the basis of which the\nregistration was granted must be made available to the European\nSecurities and Markets Authority (ESMA) in a timely manner\nafter the registration.
\nESMA shall conduct peer in order to strengthen the\nconsistency of the registration processes carried out by competent\nauthorities in accordance with the Regulation.
\nThe competent authority of the home Member State shall\nbe responsible for supervising the organisation of the\nmanager, so that that manager is in a position to comply with\nthe obligations and rules that relate to the constitution and\nfunctioning of all the qualifying social entrepreneurship funds\nthat it manages.
\nWhere a manager does not observe the rules set out in\nthe Directive, the competent authority of the Member State of\norigin may prohibit the manager of the qualifying social\nentrepreneurship fund from using the designation EuSEF\nor EuVECA and remove that manager, or the fund concerned,\nfrom the register.
\nManagement passport: the\nCommission should analyse the appropriateness of introducing a\nmanagement passport for managers of qualifying venture capital\nfunds and qualifying social entrepreneurship funds and the\nsuitability of the definition of marketing for venture capital.\nFollowing that analysis, the Commission should submit a report to\nthe European Parliament and to the Council, accompanied, if\nappropriate, by a legislative proposal.
\nThe European Parliament adopted by 523 votes to 46 with 67 abstentions a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds. Parliament’s position adopted in first reading following the ordinary legislative procedure amended the Commission proposal as follows:
Purpose of funds: venture capital funds (‘EuVECA’) and social entrepreneurship funds (‘EuSEF’) aim to contribute to mobilisation of investment capital in innovative SMEs and social enterprises in the EU.
With respect to EuSEF, these must have the achievement of measurable, positive social impacts as their primary objective, where the undertaking: (i) provides services or goods which generate a social return; (ii) employs a method of production of goods or services that embodies its social objective; or (iii) provides financial support exclusively to social undertakings as defined in the first two indents.
Own funds: managers of qualifying venture capital funds and qualifying social entrepreneurship funds, which are not authorised in accordance with Directive 2011/61/EU, must have sufficient own funds at all times. However, it is specified that the level of own funds should be based on cumulative criteria and should be significantly lower and less complex than the amounts laid down in Directive 2011/61/EU to take into account the specificities, nature and small size of those funds.
The amended text states that both internally managed qualifying venture capital funds and external managers of qualifying venture capital funds shall have an initial capital of EUR 50 000.
Own funds shall at all times amount to at least one eighth of the fixed overheads incurred by the manager in the preceding year. Where the value of the qualifying venture capital funds managed by the manager exceeds EUR 250 million, the manager shall provide an additional amount of own funds.
Own funds shall be invested in liquid assets or assets readily convertible to cash in the short term and shall not include speculative positions.
Uniform rules of registration and for managers’ conduct: the application for registration shall be made to the competent authority of the qualifying venture capital fund and shall include a list of Member States in which the managers have established qualifying venture capital funds.
With regard to EuSEF, a description of how environmental and climate-related risks are taken into account in the investment approach of the qualifying social entrepreneurship funds should be supplied.
A manager of a qualifying social entrepreneurship fund shall notify the competent authority of the home Member State of any material changes to the conditions for its initial registration before such changes are implemented. The changes may be implemented if the relevant competent authority does not oppose the changes within the relevant assessment period.
Any refusal to register a manager shall be substantiated, shall be notified to the managers and shall be subject to a right of appeal before a national judicial, administrative or other authority.
The final information on the basis of which the registration was granted must be made available to the European Securities and Markets Authority (ESMA) in a timely manner after the registration.
ESMA shall conduct peer in order to strengthen the consistency of the registration processes carried out by competent authorities in accordance with the Regulation.
The competent authority of the home Member State shall be responsible for supervising the organisation of the manager, so that that manager is in a position to comply with the obligations and rules that relate to the constitution and functioning of all the qualifying social entrepreneurship funds that it manages.
Where a manager does not observe the rules set out in the Directive, the competent authority of the Member State of origin may prohibit the manager of the qualifying social entrepreneurship fund from using the designation ‘EuSEF’ or EuVECA’ and remove that manager, or the fund concerned, from the register.
Management passport: the Commission should analyse the appropriateness of introducing a management passport for managers of qualifying venture capital funds and qualifying social entrepreneurship funds and the suitability of the definition of marketing for venture capital. Following that analysis, the Commission should submit a report to the European Parliament and to the Council, accompanied, if appropriate, by a legislative proposal.\n
PURPOSE: to strengthen the internal market for venture\ncapital and social entrepreneurship funds by developing the use of\nEuVECA and EuSEF labels.
\nPROPOSED ACT: Regulation of the European Parliament\nand of the Council.
\nROLE OF THE EUROPEAN PARLIAMENT: the European\nParliament decides following the ordinary legislative procedure on\nan equal footing with Council.
\nBACKGROUND: the proposal is part of the work\nundertaken to stimulate investments in growing and innovative\nfirms. The\nInvestment Plan for Europe presents a global strategy to\nincrease competitiveness and stimulate investments for the purpose\nof job creation. It aims to further mobilise additional private\ninvestment using public funds through the European\nFund for Strategic Investment (\"EFSI\").
\nA key strand of the Investment Plan is the Capital\nMarkets Union (\"CMU\") action plan, which contains a range\nof measures to remove capital market barriers and facilitate the\nfinancing of SMEs.
\nRegulation\n(EU) No 345/2013 of the European Parliament and of the Council\nand Regulation\n(EU) 346/2013 of the European Parliament and of the Council lay\ndown uniform requirements and conditions for managers of collective\ninvestment undertakings that wish to use in the Union the\nEuVECA or EuSEF designations\nfor the marketing of qualifying venture capital funds and\nqualifying social entrepreneurship funds. While EuVECA funds\nsupport young and innovative companies, EuSEF funds focus on\nenterprises whose aim is to achieve positive social\nimpact.
\nThe Commission is seeking to ensure that the EuVECA\nand EuSEF frameworks work as well as possible in supporting\nventure capital and social investment. However, the review of the\ntwo Regulations under the REFIT initiative (Regulatory Fitness and\nPerformance programme) identified a number of factors holding\nback the development of these funds, in particular:
\nIMPACT ASSESSMENT: the options retained by the impact\nassessment are as follows :
\nCONTENT: the proposal aims to amend Regulation (EU)\nNo 345/2013 on European venture capital funds and Regulation\n(EU) 346/2013 on European social entrepreneurship funds. The\namendments aim to:
\nThe Committee on Economic and Monetary Affairs adopted\nthe report by Sirpa PIETIKÄINEN (EPP, FI) on the proposal for\na regulation of the European Parliament and of the Council amending\nRegulation (EU) No 345/2013 on European venture capital funds\n(EuVECA) and Regulation (EU) No 346/2013 on European social\nentrepreneurship funds (EuSEF).
\nThe committee recommended that the European\nParliaments position, adopted at first reading following the\nordinary legislative procedure, should amend the Commission\nproposal as follows:
\nInvestment thresholds: a\nthreshold of EUR 100 000 minimum entry ticket for\nnon-professional investors is maintained for investing in EuVECA\nfunds. The amended text stated that due to their long-term and\nilliquid nature, venture capital funds are not directly suitable\nfor retail investors other than those described in this Regulation,\neven in the case where investor protection rules would be\nstrengthened.
\nOn the other hand, for EuSEF funds, the threshold of\nEUR 100 000 should, in any case, be lowered to EUR 50 000.\nThis would increase access to funding, in particular for smaller\nand socially engaged firms which are less bankable. It would also\nallow the spectrum of investment possibilities for non-professional\ninvestors to be widened and would allow such investors to support\nfirms with a positive social impact.
\nOwn funds: the amended\ntext provides that the venture capital funds and the social\nentrepreneurship funds, whether they are managed internally or\nexternally, shall be provided with an initial capital of EUR\n30 000.
\nOwn funds shall always amount to at least one eighth\nof the fixed overheads incurred by a manager in the preceding\nyear.
\nIt is necessary to invest own funds in liquid\nassets or assets that can be readily converted into cash in the\nshort term. Own funds shall not include speculative\npositions.
\nAt all times, managers of qualifying venture capital\nfunds shall have sufficient own funds to maintain the continuity of\nthe operations.
\nInvestor information:\nmanagers of funds shall inform their investors of the\nnon-qualifying investments which it intends to make, including the\ncriteria and guidelines which govern the selection of such\ninvestments.
\nManagers of qualifying social entrepreneurship funds\nshall provide a description of how environmental and climate\nfactors are considered in the investment approach of the\nqualifying social entrepreneurship fund and in particular,\ninformation about its exposure to assets whose value may be\nnegatively impacted by legislation necessary to meet the Union's\nclimate targets.
\nSupervision: Members\nintroduced more stringent provisions on surveillance at EU level in\norder to avoid excessive risk-taking and instability in financial\nmarkets and to facilitate cross-border operations.
\nThe text provides that the fund managers who intend to\nuse the EuVECA and EuSEF labels for the\nmarketing of their funds shall inform the relevant competent\nauthority of their home Member State and the European Securities\nand Markets Authority (ESMA).
\nESMA shall develop draft regulatory technical\nstandards to specify the information to be provided to the\ncompetent authorities and itself in the application for\nregistration of fund managers.
\nESMA shall perform a coordination and oversight\nrole in order to ensure that a consistent approach is taken by\ncompetent authorities in relation to the registration process. ESMA\nmay issue recommendations to competent authorities to change their\nregistration processes.
\nESMA shall maintain a central database\naccessible by competent authorities of the home and host Member\nStates for the purposes of the facilitation of the notification\nprocess and the required exchange of information.
\nIt shall perform an oversight role in order to ensure\nthat a consistent approach is taken by competent authorities in\nrelation to the use of the supervisory and investigatory\npowers.
\nManagement passport: the\nCommission shall analyse the appropriateness of introducing a\nmanagement passport for managers of the qualifying venture capital\nfunds and qualifying social entrepreneurship funds and the\nsuitability of the definition of marketing for venture capital.\nFollowing the review, the Commission shall submit a report to the\nEuropean Parliament and to the Council, accompanied, if\nappropriate, by a legislative proposal.
\nThe European Parliament adopted by 523 votes to 46 with 67 abstentions a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds. Parliament’s position adopted in first reading following the ordinary legislative procedure amended the Commission proposal as follows:
Purpose of funds: venture capital funds (‘EuVECA’) and social entrepreneurship funds (‘EuSEF’) aim to contribute to mobilisation of investment capital in innovative SMEs and social enterprises in the EU.
With respect to EuSEF, these must have the achievement of measurable, positive social impacts as their primary objective, where the undertaking: (i) provides services or goods which generate a social return; (ii) employs a method of production of goods or services that embodies its social objective; or (iii) provides financial support exclusively to social undertakings as defined in the first two indents.
Own funds: managers of qualifying venture capital funds and qualifying social entrepreneurship funds, which are not authorised in accordance with Directive 2011/61/EU, must have sufficient own funds at all times. However, it is specified that the level of own funds should be based on cumulative criteria and should be significantly lower and less complex than the amounts laid down in Directive 2011/61/EU to take into account the specificities, nature and small size of those funds.
The amended text states that both internally managed qualifying venture capital funds and external managers of qualifying venture capital funds shall have an initial capital of EUR 50 000.
Own funds shall at all times amount to at least one eighth of the fixed overheads incurred by the manager in the preceding year. Where the value of the qualifying venture capital funds managed by the manager exceeds EUR 250 million, the manager shall provide an additional amount of own funds.
Own funds shall be invested in liquid assets or assets readily convertible to cash in the short term and shall not include speculative positions.
Uniform rules of registration and for managers’ conduct: the application for registration shall be made to the competent authority of the qualifying venture capital fund and shall include a list of Member States in which the managers have established qualifying venture capital funds.
With regard to EuSEF, a description of how environmental and climate-related risks are taken into account in the investment approach of the qualifying social entrepreneurship funds should be supplied.
A manager of a qualifying social entrepreneurship fund shall notify the competent authority of the home Member State of any material changes to the conditions for its initial registration before such changes are implemented. The changes may be implemented if the relevant competent authority does not oppose the changes within the relevant assessment period.
Any refusal to register a manager shall be substantiated, shall be notified to the managers and shall be subject to a right of appeal before a national judicial, administrative or other authority.
The final information on the basis of which the registration was granted must be made available to the European Securities and Markets Authority (ESMA) in a timely manner after the registration.
ESMA shall conduct peer in order to strengthen the consistency of the registration processes carried out by competent authorities in accordance with the Regulation.
The competent authority of the home Member State shall be responsible for supervising the organisation of the manager, so that that manager is in a position to comply with the obligations and rules that relate to the constitution and functioning of all the qualifying social entrepreneurship funds that it manages.
Where a manager does not observe the rules set out in the Directive, the competent authority of the Member State of origin may prohibit the manager of the qualifying social entrepreneurship fund from using the designation ‘EuSEF’ or EuVECA’ and remove that manager, or the fund concerned, from the register.
Management passport: the Commission should analyse the appropriateness of introducing a management passport for managers of qualifying venture capital funds and qualifying social entrepreneurship funds and the suitability of the definition of marketing for venture capital. Following that analysis, the Commission should submit a report to the European Parliament and to the Council, accompanied, if appropriate, by a legislative proposal.\n