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Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Joint Responsible Committee | ['BUDG', 'ECON'] | FERNANDES José Manuel ( EPP), TINAGLI Irene ( S&D), TORVALDS Nils ( Renew) | FITZGERALD Frances ( EPP), NEGRESCU Victor ( S&D), KELLEHER Billy ( Renew), GRUFFAT Claude ( Verts/ALE), HAHN Henrike ( Verts/ALE), BECK Gunnar ( ID), LAPORTE Hélène ( ID), RZOŃCA Bogdan ( ECR), VAN OVERTVELDT Johan ( ECR), GUSMÃO José ( GUE/NGL), PAPADIMOULIS Dimitrios ( GUE/NGL) |
Committee Opinion | ENVI | CANFIN Pascal ( Renew) | Simona BONAFÈ ( S&D) |
Committee Opinion | EMPL | ||
Committee Opinion | ITRE | HAJŠEL Robert ( S&D) | Joëlle MÉLIN ( ID), Jessica STEGRUD ( ECR) |
Committee Opinion | IMCO | ||
Committee Opinion | TRAN | ||
Committee Opinion | REGI | ||
Committee Opinion | CONT |
Lead committee dossier:
Legal Basis:
RoP 57, RoP 58, TFEU 172, TFEU 173-p3, TFEU 175-p3, TFEU 182-p1
Legal Basis:
RoP 57, RoP 58, TFEU 172, TFEU 173-p3, TFEU 175-p3, TFEU 182-p1Subjects
Events
PURPOSE: to create a new solvency support instrument to help viable companies suffering the consequences of the coronavirus crisis.
PROPOSED ACT: Regulation of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure on an equal footing with the Council.
BACKGROUND: the coronavirus pandemic is putting many otherwise healthy businesses at risk of short-term financial difficulties. The problems shall increase as long as the restrictions on economic and social activities remain in place and the rules on distancing continue to affect them.
In order to prevent these companies from going bankrupt, many of them will need to recapitalise by raising new capital. The Commission estimates that the need to re-capitalise may amount to around EUR 720 billion in 2020 alone. These needs would be higher if lockdown measures stay in place for a longer period or in case of a second wave of the pandemic. In a stress scenario of a 15.5% GDP contraction, the direct impact on companies' equity could rise to EUR 1.2 trillion. These are estimates based on the best information available today.
If left unaddressed these capital shortfalls may lead to a prolonged period of lower investment and higher unemployment. The impact of the capital shortfall will be uneven across sectors, regions, industrial ecosystems and Member States, leading to divergences in the Single Market. This is compounded by the fact that the capacity of Member States to provide state aid differs greater.
The proposed new solvency support instrument, which will be based on the existing European Strategic Investment Fund (EFSI), is part of the package of measures to combat the negative economic consequences of the COVID-19 pandemic and constitutes a crisis instrument.
CONTENT: this proposal to amend Regulation (EU) 2015/1017 (EFSI Regulation) aims to create a new solvency support instrument accessible to all Member States that will help viable companies in all economic sectors to cope with their solvency problems caused by the coronavirus pandemic.
The target is to mobilise up to EUR 300 billion in the real economy under the solvency support window.
Establishment of a third tier (solvency support) under the EFSI
The instrument shall operate through the granting of a Union guarantee to the European Investment Bank (EIB) Group under the European Fund for Strategic Investments (EFSI). Solvency support shall be a separate component of the EFSI, aimed at mobilising private capital.
The EIB Group shall use the guarantee to provide funding directly, or to invest in investment funds, special purpose vehicles, investment platforms or national development banks. These intermediary funds or entities shall be established and operate within the Union.
The EIB would implement the Solvency Support Instrument either directly or through the European Investment Fund (EIF). The governance structure of the EFSI would be maintained and would apply to the third strand.
In order to facilitate the implementation of the instrument, Member States could (i) create national special purpose entities that could apply for support under the Solvency Support Strand; (ii) in parallel with the guarantee or investment by the EIB Group, invest in funds or special purpose entities in compliance with State aid rules, either directly or through a national development bank or institution; and (iii) facilitate the creation of investment funds or special purpose entities by targeting institutional investors.
Conditions of support and investment guidelines
To be eligible for solvency support, companies need to: (i) be established and operate in the Union, (ii) have a viable business model and (iii) not be in difficulty within the meaning of the State aid rules by the end of 2019.
Priority shall be given to those Member States most economically affected by the pandemic and where the availability of State solvency support is more limited. The instrument shall also focus on green and digital transitions, which are EU priorities, and on supporting cross-border economic activities.
Duration of the instrument
The Commission proposes that, given its temporary nature, the instrument be put in place as soon as possible in 2020 and that it can be deployed at full capacity quickly in the course of 2021.
The investment period in relation to the solvency support window runs in general until end-2024 in terms of approvals by the Investment Committee and the governing bodies of EIB/EIF and until end-2026 in terms of signature of the operations. However, 60 % of the financing and investment operations must have been approved already by end-2022.
Budgetary implications
- the EU guarantee in relation to the solvency support window amounts to EUR 66.4 billion. Its introduction brings the total EU guarantee to maximum EUR 92.4 billion. The corresponding provisioning (at 50 % provisioning rate as regards the increase of the EU guarantee) amounts to EUR 33.2 billion, bringing the EFSI guarantee fund to EUR 42.3 billion in total. Consequently, the overall provisioning rate is adjusted to 45.8 %;
- a separate amount of EUR 100 million is foreseen to cover costs, advisory services and technical assistance linked to the set-up and management of funds, special purpose vehicles, investment platforms and other vehicles for the purposes of the solvency support instrument. It shall also support the green and digital transformation of companies financed under the solvency support window;
- lastly, the EU’s participation in a possible capital increase of the EIF shall require a financial envelope of up to EUR 500 million in the revised multiannual financial framework for the current period.
Documents
- Committee opinion: PE657.184
- Committee opinion: PE654.115
- Committee draft report: PE655.850
- Contribution: COM(2020)0404
- Economic and Social Committee: opinion, report: CES2866/2020
- Contribution: COM(2020)0404
- Legislative proposal: COM(2020)0404
- Legislative proposal: EUR-Lex
- Legislative proposal: COM(2020)0404 EUR-Lex
- Economic and Social Committee: opinion, report: CES2866/2020
- Committee draft report: PE655.850
- Committee opinion: PE654.115
- Committee opinion: PE657.184
- Contribution: COM(2020)0404
- Contribution: COM(2020)0404
Amendments | Dossier |
187 |
2020/0106(COD)
2020/07/20
ENVI
187 amendments...
Amendment 1 #
Proposal for a regulation Recital 1 (1) Commission estimates derived from firm-level data suggest that the equity repair needs resulting from the C
Amendment 10 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be aligned with current policy priorities of the Union
Amendment 100 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 c (new) Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – point g b (new) (10c) In Article 9, point (g b) is added to the third subparagraph of paragraph 2 as follows: (gb) retail trade;’
Amendment 102 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point a (a) target that
Amendment 103 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point a (a) target that at least
Amendment 104 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point a (a) target that at least
Amendment 105 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point a a (new) (aa) ensure that the EFSI financing is aligned with the EIB lending criteria and with the “do no significant harm principle” as defined in the EU Taxonomy Regulation, and that investments financed under the EFSI are subject to a sustainability screening to determine if they have any detrimental environmental, climate or social impacts;
Amendment 106 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point a b (new) (ab) ensure that at least 50% of the financing under the solvency support window supports activities that qualify as environmentally sustainable pursuant to Regulation (EU) 2020/852;
Amendment 107 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 (b) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies
Amendment 108 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point b (b) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies, in particular micro and SMEs, in Member States and sectors socially and economically most hit by the Covid-19 pandemic;
Amendment 109 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point b (b) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies, in particular SMEs, in Member States and sectors economically most hit by the Covid-19 pandemic;
Amendment 11 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should
Amendment 110 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point c Amendment 111 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point c (c) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies, in particular micro and SMEs, in Member States and regions where the availability of State solvency support is more limited.
Amendment 112 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point c (c) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies, in particular SMEs in Member States where the availability of State solvency support is more limited.
Amendment 113 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point c a (new) (ca) ensure that technical assistance is provided to Members State and companies, in particular SMEs, to facilitate the widespread distribution and absorption of funding from the Solvency Support Instrument, by using existing instruments under EFSI such as the European Investment Advisory Hub (EIAH);
Amendment 114 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point c b (new) (cb) target that at least 65% of EFSI financing under the solvency support window is utilised to support eligible small and medium-sized enterprises (SMEs) as defined in EU recommendation 2003/361.
Amendment 115 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point c c (new) (cc) The EIB shall provide clear and objective parameters regarding the allocation of EFSI financing under the solvency support window.
Amendment 116 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 1 – point c d (new) (cd) ensure that EFSI financing under the solvency support window is utilised to support eligible companies aiming to contribute to climate and energy targets in Member States which have committed to and are implementing the climate neutrality objective by 2050 at the latest
Amendment 117 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 (ce) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies in Member States which commit to maintaining or creating sustainable and quality jobs within their EU-based activities.
Amendment 118 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 2 The Steering Board shall, where necessary, provide detailed guidance concerning points (a) to (
Amendment 119 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a (new) – subparagraph 2 The Steering Board shall, where necessary, provide detailed guidance concerning points (a) to (c). Financing and investment operations that are inconsistent with the EU climate objectives shall not be eligible for support under this Regulation.
Amendment 12 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be aligned with current policy priorities of the Union such as the European Green Deal, the EU Biodiversity Strategy for 2030 and the Strategy on shaping Europe’s digital future. Support to cross-border activities should also be targeted.
Amendment 120 #
Proposal for a regulation Article 1 – paragraph 1 – point 16 Regulation (EU) 2015/1017 Article 10 – paragraph 2 – subparagraph 3 (new) The eligible instruments under the solvency support window shall result in providing equity or quasi-equity to companies referred to in Article 3(c). Hybrid instruments may be used in line with Annex II if such instruments fulfil the purpose of the window. In the case of financing or guarantees provided to institutions, investment platforms, SPVs or funds that are majority-owned or controlled by a Member State, only hybrid capital instruments, such as preferred stocks, profit participation rights, or silent participations, which ensure a passive role of the Member State, shall be eligible under the solvency support window. The Steering Board shall provide detailed guidance concerning this point.
Amendment 121 #
Proposal for a regulation Article 1 – paragraph 1 – point 16 The eligible instruments under the solvency support window shall result in providing equity or quasi-equity to companies referred to in Article 3(c). Hybrid instruments may be used in line with Annex II if such instruments fulfil the purpose of the window and if they fulfil the agreed upon rules in application in the concerned Member States.
Amendment 122 #
Proposal for a regulation Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017 Article 14a – paragraph 1 An amount of up to EUR
Amendment 123 #
Proposal for a regulation Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017 Article 14a – paragraph 1 An amount of up to EUR
Amendment 124 #
Proposal for a regulation Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017 Article 14a – paragraph 1 An amount of up to EUR 100 000 000 shall be made available for covering costs, advisory services and technical and administrative assistance to set-up and manage funds, special purpose vehicles, investment platforms and other vehicles for the purposes of the solvency support
Amendment 125 #
Proposal for a regulation Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017 Article 14a – paragraph 3 An amount of EUR
Amendment 126 #
Proposal for a regulation Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017 Article 14a – paragraph 3 An amount of EUR
Amendment 127 #
Proposal for a regulation Article 1 – paragraph 1 – point 27 Regulation (EU) 2015/1017 Article 16 – paragraph 2 – subparagraph 2 (new) Operations under the solvency support window shall be reported on separately, as appropriate and as set out in the guarantee agreement. Operations financed shall be subject to climate, environmental and social sustainability proofing and tracking with a view to minimising detrimental impacts and maximizing benefits for the Union’s environmental and social objectives. For that purpose, entities requesting financing shall provide adequate information based on guidance to be developed by the Commission. This information shall include the proportion of financing in environmentally sustainable economic activities in accordance with Article 3 of Regulation (EU)2020/852 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU)2019/2088. Projects below a certain size, as defined in the guidance, shall be excluded from the proofing.
Amendment 128 #
Proposal for a regulation Article 1 – paragraph 1 – point 27 a (new) Regulation (EU) 2015/1017 Article 16 – paragraph 2 – subparagraph 2 a (new) (27a) In Article 16, the following third subparagraph is added to paragraph 2: Such separate report shall in particular contain a detailed assessment of the solvency support window contribution to the green and digital transition of the companies benefiting under the scheme as appropriate on the basis of the transition and just plans established by the supported companies.
Amendment 129 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 2 – point a Regulation (EU) 2015/1017 Annex II – section 2 – point b – paragraph 1 (b) The EU guarantee shall be granted to support, directly or indirectly, the financing of new operations. In the infrastructure field, greenfield investments (asset creation) should be encouraged. Brownfield investments (extension and
Amendment 13 #
Proposal for a regulation Recital 10 (10) The
Amendment 130 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 2 – point a Regulation (EU) 2015/1017 Annex II – section 2 – point b – paragraph 1 (b) The EU guarantee shall be granted to support, directly or indirectly, the financing of new operations. In the infrastructure field, greenfield investments (asset creation) should be encouraged. Brownfield investments (extension and modernisation of existing assets) may also be supported. Under the Solvency Support
Amendment 131 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 2 – point b Regulation (EU) 2015/1017 Annex II – section 2 – point c (c) The EU guarantee shall support a wide range of products to allow the EFSI to adapt to market needs while encouraging private investment in projects, without crowding out private market finance. In this context, it is expected that the EIB will provide financing under the EFSI with a view to reach an overall target of at least EUR 500 000 000 000 of public or private investment under the Infrastructure and Innovation Window and under the SME Window together, which includes financing mobilised through the EIF under EFSI operations relating to the instruments
Amendment 132 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d (new) – indent 1 — The EU guarantee may be used to support EIB or EIF financing, or guarantees to, or investments in funds,
Amendment 133 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d (new) – indent 2 — Funds, special purpose vehicles or investment platforms that target companies engaging in cross-border activities within the Union and/or companies which have high potential for green or digital transformation, and the support and creation of sustainable and quality jobs, shall be particularly targeted under the Solvency Support Window.
Amendment 134 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d (new) – indent 2 — Funds, special purpose vehicles or investment platforms that target companies engaging in cross-border activities within the Union, small and medium-sized enterprises (SMEs) and/or companies which have high potential for green or digital transformation shall be particularly targeted under the Solvency Support Window.
Amendment 135 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – Section 6 – point d (new) – indent 2 — Funds, special purpose vehicles or investment platforms that target companies engaging in cross-border activities within the Union and/or companies which have high potential for or are in the midst of a green or digital transformation shall be particularly targeted under the Solvency Support Window.
Amendment 136 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d (new) – indent 3 — The funds, special purpose vehicles or investment platforms shall provide financing on commercial terms or on terms consistent with the State aid Temporary Framework12 and its recent third modification as adopted by the European Commission on the 29th of June 2020, while paying due regard to the European nature of the Solvency Support Instrument and to the funds’ and other vehicles’ independent management. __________________ 12Communication from the Commission: Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak (C(2020)1863), as amended by C(2020) 3156 final.
Amendment 137 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d (new) – indent 3 — The funds, special purpose vehicles or investment platforms shall provide financing on commercial terms or on terms consistent with the State aid
Amendment 138 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d (new) – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 139 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – Section 6 – point d (new) – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 14 #
Proposal for a regulation Recital 10 a (new) (10a) Large companies benefitting from the Solvency Support Instrument should be obliged to adopt binding transition plans, elaborating how they align their economic activities with the Union's climate objectives, and contribute to a more circular economy and biodiverse ecosystem. These transition plans should include appropriate governance around sustainability risk and ensure that all future capital expenditure is used for sustainable economic activities in accordance with the EU framework to facilitate sustainable investment. They should foresee the phase-out of activities causing significant harm to any environmental objective and the transformation of such activities into neutral or low impact activities within a pre-defined timeframe.
Amendment 140 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d (new) – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply, to the extent possible, with minimum high- level social and environmental safeguards in line with guidance provided by the Steering Board. Such guidance should
Amendment 141 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d (new) – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 142 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d (new) – indent 7 a (new) — Companies registered in tax havens, or active either directly or through subsidiaries in tax havens without advance proof of substantial activity in the concerned countries, shall not be eligible for support under the Solvency Support Window. Share buybacks and the payment of dividends to shareholders or executive bonuses are incompatible with support under the Solvency Support Window.
Amendment 143 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 4 Regulation (EU) 2015/1017 Annex II – section 8 – point b – subparagraph 1 EFSI-supported operations shall not be concentrated in any specific territory at the end of the investment period concerned. To this end the Steering Board shall adopt
Amendment 144 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 4 Regulation (EU) 2015/1017 Annex II – section 8 – point b – subparagraph 2 The Steering Board shall set specific diversification and concentration limits under the Solvency Support Window to ensure that the respective requirements of Article 9(2a)
Amendment 145 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 4 Regulation (EU) 2015/1017 Annex II – section 8 – point b – subparagraph 2 The Steering Board shall set specific diversification and concentration limits under the Solvency Support Window to ensure that the respective requirements of Article 9(2a)(b) and (c) are fulfilled, whilst avoiding excessive concentration in a limited number of Member States. Therefore, the Steering Board shall pre
Amendment 146 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 4 Regulation (EU) 2015/1017 Annex II – section 8 – point b – subparagraph 2 The Steering Board shall set specific diversification and concentration limits under the Solvency Support Window to ensure that the respective requirements of Article 9(2a)(b) and (c) are fulfilled, whilst avoiding excessive concentration in a limited number of Member States or markets. The Steering Board shall regularly take stock of the economic impact of the Covid-19 pandemic on
Amendment 147 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 4 Regulation (EU) 2015/1017 Annex II – section 8 – point b – subparagraph 3 The Steering Board shall without delay make this analysis available and explain its decisions relating to the indicative and Solvency Support Window specific limits to the European Parliament and the Council in writing. The EFSI should
Amendment 148 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 4 Regulation (EU) 2015/1017 Annex II – Section 8 – point b – subparagraph 3 a (new) The Steering Board shall report at regular intervals at least once a year to the European Parliament and the Council on the beneficiaries of this instrument and on the supported activities, to ensure complete, correct and timely transparency of the programme.
Amendment 15 #
Proposal for a regulation Recital 10 b (new) (10b) Companies benefiting from the Solvency Support Instrument should commit to and implement equal pay between women and men for work of equal value and should include in their transition plans actions to prioritise, when necessary and to the extent possible, early retirement, short-term work or equivalent measures rather than lay-offs and further flexibilisation and precariousness of jobs. Companies benefiting from the Solvency Support Instrument should also commit to the training and relevant retraining of workers towards a green and digital transition.
Amendment 16 #
Proposal for a regulation Recital 13 (13) An amount of EUR 100 000 000 should be established to support the set-up and management of investment funds, special purpose vehicles and investment platforms in Member States, in particular in those which do not have developed equity fund markets,
Amendment 17 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 2015/1017 Article 3 – paragraph 1 – point c (c) the solvency of companies, with a particular focus on SMEs, established in a Member State and operating in the Union.
Amendment 18 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 2 However, support under the solvency support window shall only be granted if it is to the benefit of companies that were not in difficulty in State aid terms8 already at the end of 2019 but since then face significant solvency risks due to the crisis caused by the Covid-19 pandemic;
Amendment 19 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 2 However, support under the solvency support window shall only be granted if it is to the benefit of companies that
Amendment 2 #
Proposal for a regulation Recital 1 a (new) (1a) The disruptive economic and social effect of the COVID-19 crisis weakens public and private investment capacity thus limiting the financial resources essential for the transition to a climate neutral and resource efficient Union. In this regard, in the framework of Next Generation EU, the Solvency Support Instrument should contribute to reducing this gap and enable Member States to undertake the necessary investments to foster the achievement of the Union's long-term sustainability priorities.
Amendment 20 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 2 However, support under the solvency support window shall only be granted if it is to the benefit of companies that
Amendment 21 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 a (new) Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point b (
Amendment 22 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 b (new)Regulation (EU) 2015/1017 Article 6 – paragraph 1 a (new) (5b) In Article 6, the following paragraph is inserted: 1a. The Commission shall develop a separate scoreboard specific to the solvency support window, in order to rate potential beneficiary companies under the solvency support window for the purpose of Article 7(12) of this Regulation. Only companies reaching a minimum score are eligible for support under the Solvency Support Instrument.
Amendment 23 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part Amendment 24 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with Union policies, including the European Green Deal9 and the respect of the “do not significant harm" principle referred to in Regulation (EU) 2020/852 and the Strategy on shaping Europe’s digital future10 , as well as supporting an inclusive and symmetric recovery in the aftermath of the COVID-19 pandemic, and support any of the following general objectives:’ _________________ 9 COM(2019)640 final. 10 COM(2020)67 final.
Amendment 25 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with Union policies
Amendment 26 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall
Amendment 27 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with and shall contribute to the goals of the Union policies, including the European Green Deal9, in particular the EU Biodiversity Strategy for 20309a, and the Strategy on shaping Europe’s digital future10, as well as supporting an inclusive and symmetric recovery in the aftermath of the COVID-19 pandemic, and support any of the following general objectives:’ _________________ 9 COM(2019)640 final. 9a COM(2020) 380 final. 10 COM(2020)67 final.
Amendment 28 #
The operations concerned shall be consistent with Union policies, including the European Green Deal9and its commitment to achieve climate neutrality by 2050 at the latest, and the Strategy on shaping Europe’s digital future10 , as well as supporting an inclusive and symmetric recovery in the aftermath of the COVID-19 pandemic, and support any of the following general objectives:’ _________________ 9 COM(2019)640 final. 10 COM(2020)67 final.
Amendment 29 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with Union policies, including the European Green Deal9 and the Strategy on shaping Europe’s digital future10
Amendment 3 #
Proposal for a regulation Recital 1 b (new) (1b) If left unaddressed, the COVID-19 negative economic effects can jeopardise efforts to achieve climate, energy and environmental targets in the Union. The Solvency Support Instrument should contribute to ensuring continuous progress towards the achievement of these targets.
Amendment 30 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall
Amendment 31 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be fully consistent with Union policies, in
Amendment 32 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be
Amendment 33 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point a Amendment 34 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point a (a) target that at least 40 % of EFSI financing under the
Amendment 35 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point a (a) target that at least 40 % of EFSI financing under the infrastructure and innovation window support project components that contribute to climate action, in line with the commitments made at the 21st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP21). EFSI financing for SMEs and small mid- cap companies shall not be included in that computation. The EIB shall use
Amendment 36 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point a (a) target that at least 40 % of EFSI financing
Amendment 36 #
Proposal for a regulation Recital 1 (1) Commission estimates derived from firm-level data suggest that the equity repair needs resulting from the Covid-19 pandemic could be in the region of EUR 720 billion in 2020. The number could go higher in case lockdown measures were to stay in place for longer than currently assumed, or if they had to be re-imposed due to a resurgence of contaminations. If left unaddressed these capital shortfalls may lead to a prolonged period of lower investment and higher unemployment. This would have particularly negative effects on SMEs at the core of European industry, whereby reduced investments in research and innovation would lead to technological regression and to loss of technological edge in global competition. The impact of the capital shortfall will be uneven across sectors and Member States, leading to divergences and distortions in the single market. This is compounded by the fact that the capacity of Member States to provide State aid differs greatly. The allocation of resources within the framework of the Solvency Support Instrument should avoid to the largest extent possible any negative impacts on the internal market.
Amendment 37 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point a (a) target that at least
Amendment 37 #
Proposal for a regulation Recital 1 (1) Commission estimates derived from firm-level data suggest that the equity repair needs resulting from the Covid-19 pandemic could be in the region of EUR 720 billion in 2020. The number could go higher in case lockdown measures were to stay in place for longer than currently assumed, or if they had to be re-imposed due to a resurgence of contaminations. If left unaddressed these capital shortfalls may lead to a prolonged period of lower investment
Amendment 38 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point a (a) target that at least 40 % of EFSI financing
Amendment 38 #
Proposal for a regulation Recital 1 (1) Commission estimates derived from firm-level data suggest that the equity repair needs resulting from the Covid-19 pandemic could be in the region of EUR 720 billion in 2020. The number could go higher in case lockdown measures were to stay in place for longer than currently assumed, or if they had to be re-imposed due to a resurgence of contaminations. If left unaddressed these capital shortfalls may lead to a prolonged period of lower
Amendment 39 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point a (a) target that at least
Amendment 39 #
Proposal for a regulation Recital 1 a (new) (1a) The Covid-19 pandemic has had a significant, sudden and unforeseen impact upon the EU economy which has in turn significantly hindered the ability of the EU to make progress on policy priorities, in particular the European Green Deal and related objectives such as climate targets, the development of energy infrastructure, hydrogen strategy, etc., the Strategy on shaping Europe’s digital future, the SME Strategy for a sustainable and digital Europe, the new Industrial Strategy for a green and digital Europe, and delivering open strategic autonomy for a competitive, dynamic and sustainable EU economy. The Solvency Support Instrument should serve as a vital tool to ensure progress towards these policy goals can be maintained and/or accelerated.
Amendment 4 #
Proposal for a regulation Recital 3 (3) In order to counter the severe economic consequences of the Covid-19 pandemic in the Union, companies, small and medium-sized enterprises (SMEs) in particular, that have encountered difficulties because of the economic crisis caused by the pandemic and that cannot obtain sufficient support through market financing, or measures undertaken by Member States,
Amendment 40 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point a (a) target that at least
Amendment 40 #
Proposal for a regulation Recital 1 a (new) (1a) If left unaddressed, the COVID-19 negative economic effects may jeopardise efforts to achieve climate, energy and environmental targets in the EU. The Solvency Support Instrument should contribute to ensuring continuous progress towards the achievement of these targets.
Amendment 41 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point b (b) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies in Member States and sectors economically most hit by the Covid-19 pandemic considering the latest European Economic Forecast;
Amendment 41 #
Proposal for a regulation Recital 1 b (new) (1b) In line with the Union's commitments to implement the Paris Agreement on Climate Change and the SDGs, the Solvency Support Instrument should contribute to mainstream climate actions and to the achievement of the target of 30% climate mainstreaming target for the MFF 2021-2027, and therefore at least 50% of EFSI financing under the solvency support window support project components should contribute to climate action in line with reaching climate neutrality by 2040 at the latest.
Amendment 42 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point b (b) ensure that
Amendment 42 #
Proposal for a regulation Recital 1 c (new) (1c) The primary aim of the Solvency Support Instrument should be to preserve as many jobs in the Union as possible by providing policy-driven support to companies across all Member States that are otherwise viable in the long term, and enable them to return to capacity, strengthen productivity and innovation and drive employment across the Union. No support should be provided under the Solvency Support Instrument for activities that are inconsistent with Union policies.
Amendment 43 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 (ba) ensure that at least 50 % of the financing under the solvency support window supports activities that qualify as environmentally sustainable pursuant to Regulation (EU) 2020/852;
Amendment 43 #
Proposal for a regulation Recital 2 (2) In accordance with Regulation [European Union Recovery Instrument] and within the limits of resources allocated therein, recovery and resilience measures under the solvency support window of the European Fund for Strategic Investments should be carried out to address the unprecedented impact of the COVID-19 crisis. Such additional resources should be used in such a way as to ensure compliance with the time limits provided for in
Amendment 44 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point c (c) ensure that
Amendment 44 #
Proposal for a regulation Recital 2 (2) In accordance with Regulation [European Union Recovery Instrument] and within the limits of resources allocated therein, recovery and resilience measures under the solvency support window of the European Fund for Strategic Investments should be carried out to address the unprecedented economic impact of the COVID-19 crisis with a particular focus on preserving jobs and livelihoods by supporting SMEs, as they provide two out of three jobs in the EU. Such additional resources should be used in such a way as to ensure compliance with the time limits provided for in Regulation [EURI].
Amendment 45 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point c (c) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies in Member States wh
Amendment 45 #
Proposal for a regulation Recital 2 a (new) (2a) EFSI has been particularly successful in mobilising both private and public investments worth more than €500 billion as of June 2020, and benefiting around 1.4 million small and medium sized enterprises (SMEs). The participation of the private sector to mobilise investment following the Covid- 19 pandemic is particularly important to counter the negative impacts on the EU economy, and therefore a key focus of the Solvency Support Instrument should be on crowding in private investment.
Amendment 46 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point c (c) ensure that
Amendment 46 #
Proposal for a regulation Recital 3 (3) In order to counter the severe economic consequences of the Covid-19 pandemic in the Union, companies, in particular SMEs and especially innovative and technology-based micro and family- run business entities, that have encountered difficulties because of the economic crisis caused by the pandemic and that cannot obtain sufficient support through market financing, or measures undertaken by Member States, should be provided with a facility for solvency support as a matter of urgency under a Solvency Support Instrument which should be added as a third window under the EFSI.
Amendment 47 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point c a (new) (ca) ensure that investments are in line with the “do no significant harm” principle and the EU taxonomy for sustainable investment established by Regulation (EU) 2020/852 both for the infrastructure and innovation window and the solvency support window;
Amendment 47 #
Proposal for a regulation Recital 3 (3) In order to counter the severe economic consequences of the Covid-19 pandemic in the Union, companies and in particular SMEs, that have encountered difficulties because of the economic crisis caused by the pandemic and that cannot obtain sufficient support through market financing, or measures undertaken by Member States, should be provided with a facility for solvency support as a matter of urgency under a Solvency Support Instrument which should be added as a third window under the EFSI.
Amendment 48 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 1 – point c b (new) (cb) ensure that EFSI financing under the solvency support window is used to support eligible companies respecting the "do no significant harm" principle referred to in Regulation (EU) 2020/852.
Amendment 48 #
Proposal for a regulation Recital 3 a (new) (3a) The Solvency Support Instrument is designed to overcome the economic impact of the Covid-19 pandemic. It is an instrument to prevent viable companies from bankruptcy and thus an instrument to prevent EU citizens from unemployment. The instrument is not designed to steer the economies of Member States in another direction. Any action taken in light of the Solvency Support Instrument shall be to prevent higher unemployment rates.
Amendment 49 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 2 The Steering Board shall, where necessary, provide detailed guidance concerning points (a) to (c). Financing and investment operations that are inconsistent with the achievement of the Union's climate objectives shall not be eligible for support under this Regulation.
Amendment 49 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model and not have been in difficulty in terms of the State aid framework7 already at end 2019. Support should be targeted at eligible companies operating in those Member States and sectors which are most impacted by the Covid-19 crisis
Amendment 5 #
Proposal for a regulation Recital 3 (3) In order to counter the severe economic and social consequences of the Covid-19 pandemic in the Union, companies that have encountered difficulties because of the economic crisis caused by the pandemic and that cannot obtain sufficient support through market financing, or measures undertaken by Member States, should be provided with a facility for solvency support as a matter of urgency under a Solvency Support Instrument which should be added as a third window under the EFSI.
Amendment 50 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) 2015/1017 Article 9 – paragraph 2 a – subparagraph 2 The Steering Board shall, where
Amendment 50 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument, the majority of which should be SMEs, should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should not be part of a group having subsidiaries without real economic activity in a country included in the EU list for non-cooperative jurisdictions6a and should maintain substantial activities in the Union for the duration of the support. They should also, where relevant, suspend dividends distribution, bonuses to top executives and buy-back of shares for a period of 2 years after benefiting from the scheme. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model and not have been in difficulty in terms of the State aid framework7 already at end 2019 nor should they have been involved or engaged in money laundering, terrorism financing, tax avoidance, tax fraud or tax evasion. Support should be targeted at eligible companies operating in those Member States and sectors which are most impacted by the Covid-19 crisis, surging unemployment rates and/or where the availability of State solvency support is more limited.
Amendment 51 #
Proposal for a regulation Article 1 – paragraph 1 – point 16 Regulation (EU) 2015/1017 Article 10 – paragraph 2 – subparagraph 3 The eligible instruments under the solvency support window shall result in providing equity or quasi-equity to companies referred to in Article 3(c). Hybrid instruments may be used in line with Annex II if such instruments fulfil the purpose of the window and if they fulfil the agreed upon rules applied in the Member States concerned.
Amendment 51 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model and not have been in difficulty in terms of the State aid framework7 already at end 2019. They should also comply with Union social and environmental standards and legislation. Support
Amendment 52 #
Proposal for a regulation Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017 Article 14a – paragraph 1 An amount of up to EUR
Amendment 52 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model and not have been in difficulty in terms of the State aid framework7 already at end 2019. In case of micro or small enterprises, they could have been in difficulty already on 31 December 2019 provided that they are not subject to collective insolvency procedure under national law, and that they have not received rescue aid or restructuring aid. Support
Amendment 53 #
Proposal for a regulation Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017 Article 14a – paragraph 1 An amount of up to EUR 100 000 000 shall be made available for covering costs, advisory services and technical and administrative assistance to set-up and manage funds, special purpose vehicles, investment platforms and other vehicles for the purposes of the solvency support window including for support referred to in point (i) of Article 14(2) and having a special focus on Member States with less developed equity markets. The technical assistance shall also
Amendment 53 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and
Amendment 54 #
Proposal for a regulation Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017 Article 14a – paragraph 3 An amount of EUR
Amendment 54 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in
Amendment 55 #
Proposal for a regulation Article 1 – paragraph 1 – point 27 Regulation (EU) 2015/1017 Article 16 – paragraph 2 – subparagraph 2 Operations under the solvency support window shall be reported on separately, as appropriate and as set out in the guarantee agreement. This reporting shall in particular contain a detailed assessment of the contribution to the green and digital transition of the companies benefiting under the scheme, as appropriate on the basis of the transition plans established by the supported companies.
Amendment 55 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should pursue activities in support of objectives covered by this Regulation. They should have a viable
Amendment 56 #
Proposal for a regulation Article 1 – paragraph 1 – point 27 Regulation (EU) 2015/1017 Article 16 – paragraph 2 – subparagraph 2 a (new) Operations financed shall be subject to climate, environmental and social sustainability proofing and tracking with a view to minimise adverse impacts and maximise benefits for the Union's environmental and social objectives. For that purpose, entities requesting financing shall provide adequate information based on guidance to be developed by the Commission. This information shall include the proportion of financing in environmentally sustainable economic activities in accordance with Article 3 of Regulation (EU) 2020/852. Projects below a certain size, as defined in the guidance, shall be excluded from the proofing.
Amendment 56 #
Proposal for a regulation Recital 4 a (new) (4a) Small and medium-sized Enterprises (SMEs) are the backbone of the Union economy and will be central to a jobs-led economic recovery. However, SMEs have been particularly impacted by the COVID-19 crisis with up to 90% of EU SMEs reportedly impacted economically, notably in the services sector, manufacturing, construction, tourism, and the cultural and creative sectors. The Solvency Support Instrument forms part of a strategic Union recovery policy focused on getting people back to work as quickly as possible, particularly by providing adequate support to SMEs.
Amendment 57 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 2 – point a Regulation (EU) 2015/1017 Annex II – section 2 – point b – subparagraph 1 (b) The EU guarantee shall be granted to support, directly or indirectly, the financing of new operations. In the infrastructure field, greenfield investments (asset creation) should be
Amendment 57 #
Proposal for a regulation Recital 4 b (new) (4b) Support provided under the Solvency Support Instrument should aim to preserve the efficiency and competitiveness of EU markets. The Instrument should avoid enabling companies in stronger market positions to consolidate their market dominance over their competitors. The Steering Board should therefore ensure that the SSI avoids contributing to market concentration.
Amendment 58 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 2 – point a Regulation (EU) 2015/1017 Annex II – Section 2 – point b – subparagraph 1 (b) The EU guarantee shall be granted to support, directly or indirectly, the financing of new operations. In the infrastructure field, both greenfield investments (asset creation)
Amendment 58 #
Proposal for a regulation Recital 7 (7) The amount of the EU guarantee available under the solvency support window is expected to mobilise up to EUR 300 000 000 000 of investment in the real economy. The Solvency Support Instrument shall contribute to investments in the real economy. The Solvency Support window shall specifically not contribute to the refinancing of existing debts in any form or way.
Amendment 59 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 2 – point a a (new) Regulation (EU) 2015/1017 Annex II – Section 2 – point b a (new) (aa) The following point is inserted: (ba) All investments shall be subject to the EU taxonomy for sustainable investments and the EU Paris-aligned and EU Climate Transition Benchmarks. They shall all abide by the ‘do no significant harm’ principle and shall not undermine the efforts made for the just transition to an economy with net-zero greenhouse gas emissions.
Amendment 59 #
Proposal for a regulation Recital 8 (8) The EIB and the Commission should carry out communication and technical assistance activities to support the widespread distribution and absorption of the SSI funding, particularly by SMEs. The delivery modes of the support should be flexible in view of the need of differing solutions in different Member States. They should include, inter alia, EIB Group financing, or guarantee or investment in existing independently managed funds or in special purpose vehicles that in turn invest in eligible companies. Furthermore, the support could be channelled via newly established independently managed funds, including via first-time teams, or via special purpose vehicles especially set up either at European or regional or national level with a view to benefiting from the EU guarantee in order to invest in eligible companies. The EU guarantee could also be used to guarantee or finance an intervention by a national promotional bank or institution in line with State aid rules together with private investors in support of eligible companies. Undue distortion of competition in the internal market should be avoided. Within one year after the entry into operation of the Solvency Support Instrument, the Commission should evaluate the effectiveness and appropriateness of this Instrument in achieving its main objectives, including its impact on the achievement of the Union's climate objectives.
Amendment 6 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument, the majority of which should be SMEs, should be
Amendment 60 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 1 — The EU guarantee may be used to support EIB or EIF financing, or guarantees to, or investments in funds, special purpose vehicles or other investment platforms, including through national promotional banks or institutions or other relevant arrangements, that provide equity and equity-type investments in companies. The use of the EU guarantee does not affect the decision- making independence and autonomy of the beneficiary.
Amendment 60 #
Proposal for a regulation Recital 8 (8) The delivery modes of the support should be flexible in view of the need of differing solutions in different Member States. They should include, inter alia, EIB Group financing, or guarantee or investment in existing independently managed funds or in special purpose vehicles that in turn invest in eligible companies. Furthermore, the support could be channelled via newly established independently managed funds, including via first-time teams, or via special purpose vehicles especially set up either at European or regional or national level with a view to benefiting from the EU guarantee in order to invest in eligible companies. The EU guarantee could also be used to guarantee or finance an intervention by a national promotional bank or institution in line with State aid rules together with private investors in support of eligible companies. Undue distortion of competition in the internal market should be avoided. However a long-standing focus on competitiveness and market- based approaches has proven unable to bridge divergences between Member States and regions, causing the loss of numerous jobs and reinforcing the de- industrialization of entire regions.
Amendment 61 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 2 — Funds, special purpose vehicles or investment platforms that target companies engaging in cross-border activities within the Union and/or companies which have high potential for
Amendment 61 #
Proposal for a regulation Recital 8 (8) The delivery modes of the support should be flexible in view of the need of differing solutions in different Member States. Delivery modes should also exclude costs or at least minimise the impact of costs for potential beneficiaries of the SSI, especially for micro and small business entities and SMEs in general, which would discourage or prevent them from using SSI. They should include, inter alia, EIB Group financing, or guarantee or investment in existing independently managed funds or in special purpose vehicles that in turn invest in eligible companies. Furthermore, the support could be channelled via newly established independently managed funds, including via first-time teams, or via special purpose vehicles especially set up either at European or regional or national level with a view to benefiting from the EU guarantee in order to invest in eligible companies. The EU guarantee could also be used to guarantee or finance an intervention by a national promotional bank or institution in line with State aid rules together with private investors in support of eligible companies. Undue distortion of competition in the internal market should be avoided.
Amendment 62 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 2 — Funds, special purpose vehicles or investment platforms that target companies engaging in cross-border activities within the Union and/or companies which have high potential for green or digital transformation, and the support and creation of sustainable and quality jobs, shall be particularly targeted under the Solvency Support Window.
Amendment 62 #
Proposal for a regulation Recital 8 a (new) (8a) Only a strong public industrial strategy can guarantee a truly equal, sustainable and just industrial development, including high quality jobs, and ambitious social and environmental objectives;
Amendment 63 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 3 — The funds, special purpose vehicles or investment platforms shall provide financing on commercial terms or on terms consistent with
Amendment 63 #
Proposal for a regulation Recital 9 (9) The equity funds, special purpose vehicles, investment platforms and national promotional banks and institutions should provide equity or quasi-equity (such as hybrid debt, preferred stock or convertible equity) to eligible companies, but excluding entities targeting buy-out (or replacement capital) intended for asset stripping. The Commission should exercise regular oversight and control of the use of funds and take necessary steps to sanction the misuse of funds by participating actors.
Amendment 64 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 64 #
Proposal for a regulation Recital 9 (9) The equity funds, special purpose vehicles, investment platforms and national promotional banks and institutions should provide equity or quasi-equity (such as hybrid debt, preferred stock
Amendment 65 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 65 #
Proposal for a regulation Recital 9 (9) The equity funds, fintechs, hedge funds, special purpose vehicles, investment platforms and national promotional banks and institutions should provide equity or quasi-equity (such as hybrid debt, preferred stock or convertible equity) to eligible companies, but excluding entities targeting buy-out (or replacement capital) intended for asset stripping.
Amendment 66 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 66 #
Proposal for a regulation Recital 9 (9) The equity funds, special purpose vehicles, investment platforms and national promotional banks and institutions should provide equity or quasi-equity (such as hybrid debt, preferred stock or convertible equity) to eligible companies, but excluding entities targeting buy-out
Amendment 67 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 67 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be aligned with current policy priorities of the Union
Amendment 68 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 68 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be
Amendment 69 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply
Amendment 69 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be aligned with current policy priorities of the Union such as the European Green Deal
Amendment 7 #
Proposal for a regulation Recital 4 (4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model
Amendment 70 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply, to the extent possible, with minimum high- level social and environmental safeguards in line with guidance provided by the Steering Board. Such guidance should include adequate provisions for avoiding undue administrative burdens, taking into account the size of companies and including lighter provisions for SMEs. Companies with a certain level of exposure to a pre-defined list of environmentally harmful activities, in particular the sectors covered by the EU Emissions Trading System (EU ETS), shall be encouraged to put in place, in the future, green transition plans. Companies shall be required to respect collective bargaining principles when engaging in countries where such principles are in force. They shall, as recipients of the funds, not pay out bonuses to staff or dividends to shareholders. Companies shall also be encouraged to advance in their digital transformation. Technical assistance shall be available to assist companies for the purpose of these transitions.
Amendment 70 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be aligned with current policy priorities of the Union such as the European Green Deal, the European Pillar of Social Rights, the European Social Charter (Revised) and the Strategy on shaping Europe’s digital future. Support to cross-border activities should also be targeted.
Amendment 71 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d –indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply, to the extent possible, with minimum high- level social and environmental safeguards in line with guidance provided by the Steering Board. Such guidance should include adequate provisions for avoiding undue administrative burdens, taking into account the size of companies and including lighter provisions for SMEs. Companies with a certain level of exposure to a pre-defined list of environmentally harmful activities, in particular the sectors covered by the EU Emissions Trading System (EU ETS), shall be encouraged to put in place, in the future,
Amendment 71 #
Proposal for a regulation Recital 10 a (new) (10a) Large companies benefitting from the SSI should be obliged to adopt binding transition plans, elaborating how they align their economic activities to the Union's climate objectives, and contribute to a more circular economy and biodiverse ecosystem. These transition plans should include appropriate governance around sustainability risk and ensure that all future capital expenditure is used for sustainable economic activities in accordance with the EU Framework to facilitate sustainable investment. They should foresee the phase-out of activities causing significant harm to any environmental objective and the transformation of such activities into neutral or low impact activities within a pre-defined timeframe.
Amendment 72 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 72 #
Proposal for a regulation Recital 10 b (new) (10b) Companies benefiting from the SSI should commit to and implement equal pay between women and men for work of equal value and should include in their transition plans actions to prioritise when necessary and to the extent possible, early retirement, short-term work or equivalent measures rather than lay-offs and further flexibilisation and precariousness of jobs. Companies benefiting from the SSI should also commit to the training and relevant retraining of workers towards a green and digital transition.
Amendment 73 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall
Amendment 73 #
Proposal for a regulation Recital 11 a (new) (11a) At least 60% of financing and investment operations under the solvency support window should target SMEs and mid-cap enterprises.
Amendment 74 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment
Amendment 74 #
Proposal for a regulation Recital 13 (13) An amount of EUR 100 000 000 should be established to support the set-up and management of investment funds, special purpose vehicles and investment platforms in Member States, in particular in those which do not have developed equity fund markets
Amendment 75 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point 3 Regulation (EU) 2015/1017 Annex II – section 6 – point d – indent 5 — Companies targeted by funds, special purpose vehicles or investment platforms shall be
Amendment 75 #
Proposal for a regulation Recital 14 (14) The Investment Committee under the InvestEU Regulation should become responsible for granting the EU guarantee also under this Regulation once it is established. The Investment Committee should set out measures in a way that secures the attractiveness of the SSI to potential beneficiaries by avoiding red tape, excessive costs and administrative burdens on one side and on the other side ensure transparency and accountability in achieving the goals of the SSI.
Amendment 76 #
Proposal for a regulation Recital 14 (14) The Investment Committee under the InvestEU Regulation should become responsible for granting the EU guarantee also under this Regulation once it is established. This Committee should guarantee an active participation of all stakeholders, especially trade unions.
Amendment 77 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 Regulation (EU) 2015/1017 Article 2 – paragraph 1 – point 9 (9) ‘companies’ means for the purposes of the solvency support window companies, micro and SMEs, project companies, public-
Amendment 78 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 2015/1017 Article 3 – point c (c) the post COVID-19 solvency of companies with a particular focus on SMEs established in a Member State and operating in the Union.
Amendment 79 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 2015/1017 Article 3 – point c (c) the solvency of companies established in a Member State and operating in the Union, with a particular focus on SMEs.
Amendment 8 #
Proposal for a regulation Recital 8 (8) The delivery modes of the support should be flexible in view of the need of differing solutions in different Member States. They should include, inter alia, EIB Group financing, or guarantee or investment in existing independently managed funds or in special purpose vehicles that in turn invest in eligible companies. Furthermore, the support could be channelled via newly established independently managed funds, including via first-time teams, or via special purpose vehicles especially set up either at European or regional or national level with a view to benefiting from the EU guarantee in order to invest in eligible companies. The EU guarantee could also be used to guarantee or finance an intervention by a national promotional bank or institution in line with State aid rules together with private investors in support of eligible companies. Undue distortion of competition in the internal market should be avoided. Within one year after the entry into operation of the Solvency Support Instrument, the Commission should evaluate the effectiveness and appropriateness of this Instrument in achieving its main objectives, including its impact on the achievement of the Union's climate objectives.
Amendment 80 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) 2015/1017 Article 5 – paragraph 1 – subparagraph 3 – indent 3 a (new) — support to funds, special purpose vehicles, investment platforms or other arrangements under the solvency support window; in particular for projects involving SMEs and contributing to the achievement of the 2030 and 2050 energy and climate objectives.
Amendment 81 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 1 a (new) However, support under the solvency support window shall only be granted if it is to the benefit of companies that
Amendment 82 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 1 a (new) However, support under the solvency support window shall only be granted if it is to the benefit of companies that were not in difficulty in State aid terms8 already at the end of 2019 but since then face significant solvency risks due to the crisis caused by the Covid-19 pandemic. Support under the solvency support window shall be granted as well to the benefit of companies already in difficulty on 31 December 2019 if their difficulties have been aggravated by the COVID-19 outbreak. Any newly created undertaking shall not fall within the meaning "in difficulty" for the first three years following the start of operations in the relevant field of activity; __________________ 8 As defined in Article 2(18) of Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (OJ L 187, 26.6.2014, p. 1).
Amendment 83 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 1 a (new) However, support under the solvency support window shall only be granted if it is to the benefit of companies that were not in difficulty in State aid terms8 already at the end of 2019
Amendment 84 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 1 a (new) However, support under the solvency support window shall only be granted if it is to the benefit of companies that were not in difficulty in State aid terms8 already at the end of 2019, or to micro or small enterprises that were already in difficulty on 31 December 2019 provided that they are not subject to collective insolvency procedure under national law, and that they have not received rescue aid or restructuring aid, but since then face significant solvency risks due to the crisis
Amendment 85 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 1 a (new) However, support under the solvency support window shall only be granted if it is to the benefit of companies that were not in difficulty in State aid terms8 already at
Amendment 86 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point a – subparagraph 1 b (new) Moreover, support under the solvency support window shall only be granted to companies that: - adopt plans according to the guidance referred to in Section 6 point d of Annex II; - have not been involved in or are currently investigated or prosecuted for money laundering, terrorism financing, tax avoidance, tax fraud or tax evasion; companies having a consolidated turnover of or exceeding EUR 750 000 000 shall draw up and make publicly available free of charge a report on income tax information on an annual basis in accordance with Article 89 of Directive2013/36/EU; - are not part of a group having subsidiaries without real economic activity in a country included in the EU list for non-cooperative jurisdictions1a; - are not paying out dividends and reserves, bonuses or buying back shares for at least the next 2 years after benefiting from the support -under the SSI; - comply with the minimum safeguards referred to in Article 18 of Regulation (EU) 2020/852; - do not carry out a relocalisation or transfer of jobs, capital and production processes from one Member State to another or outside the Union during the duration of the support. - commit to and implement equal pay between women and men for work of equal value __________________ 1ahttps://eur-lex.europa.eu/legal- content/en/TXT/?uri=CELEX:52020XG0 227(01)
Amendment 87 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 a (new) Regulation (EU) 2015/1017 Article 6 – paragraph 1 – point b Amendment 88 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 b (new) Regulation (EU) 2015/1017 Article 6 – paragraph 1 a (new) (5b) In Article 6 the following paragraph is inserted after paragraph 1: 1a. The Commission shall develop a separate scoreboard specific to the solvency support window, in order to rate potential beneficiary companies under the solvency support window for the purpose of Article 7 (12) of this Regulation. Only companies reaching a minimum score should become eligible for support under the SSI.
Amendment 89 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 Amendment 9 #
Proposal for a regulation Recital 10 (10) The financing and investment operations should be aligned with current policy priorities of the Union such as the European Green Deal and
Amendment 90 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 a (new) Regulation (EU) 2015/1017 Article 7 – paragraph 12 – subparagraph 2 (new) (7a) In Article 7(12), the following subparagraph is inserted after subparagraph 2: The scoreboard, which is a tool for the Investment Committee to prioritise the use of the EU guarantee for operations, including the support provided by solvency window to specific undertakings, that display higher scores and added value, shall be publicly available after the signature of a project. The publication shall not contain commercially sensitive information.
Amendment 91 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 b (new) Regulation (EU) 2015/1017 Article 7 – paragraph 14 – subparagraph 1 (7b) In Article 7 the first subparagraph of the paragraph 14 is amended as follows: The Commission shall be empowered to adopt delegated acts in accordance with Article 23(1) to (3) and (5) to supplement this Regulation by establishing a scoreboard of indicators to be used by the Investment Committee to ensure an independent and transparent assessment of the potential and actual use of the EU guarantee including its use in the solvency support window by providing a methodological framework to score undertakings that may be supported by the solvency support window. Such delegated acts shall be prepared in close dialogue with the EIB.
Amendment 92 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 c (new) (7c) In Article 7(14), the second subparagraph is replaced by the following: The Steering Board may, upon request from the EIB, allow the Investment Committee to examine a project or an undertaking under the solvency window whose score in any of the pillars is below the minimum score when the global assessment contained in the scoreboard concludes that the operation related to that project would either address a significant market failure or present a high level of additionality.
Amendment 93 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part Amendment 94 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with the Union policies
Amendment 95 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with Union policies, including the European Green Deal9
Amendment 96 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with Union policies, including the European Green Deal9
Amendment 97 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – introductory part The operations concerned shall be consistent with Union policies, including the European Green Deal9 and the Strategy on shaping Europe’s digital future10 , as well as supporting an inclusive and symmetric recovery in the aftermath of the COVID-19 pandemic, and support any of the following general objectives. A specific priority and support should be given to operation benefiting undertakings in key sector of national industries:
Amendment 98 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 a (new) (10a) In Article 9, point (c a) is added to the third subparagraph of paragraph 2 as follows: ‘(ca) development of space infrastructure and downstream applications;’
Amendment 99 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 b (new) Regulation (EU) 2015/1017 Article 9 – paragraph 2 – subparagraph 3 – point g a (new) (10b) In Article 9, point (g a) is added to the third subparagraph of paragraph 2 as follows: ‘(ga) fashion;
source: 655.624
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