Next event: Debate in plenary scheduled 2021/02/10 more...
- Vote in plenary scheduled 2021/02/10
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations 2021/01/14
- Coreper letter confirming interinstitutional agreement 2020/12/16
- Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71) 2020/11/25
- Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71) 2020/11/23
- Vote in committee, 1st reading/single reading 2020/11/19
- Committee report tabled for plenary, 1st reading/single reading 2020/11/19
- Committee decision to open interinstitutional negotiations with report adopted in committee 2020/11/19
- Committee opinion 2020/11/11
Progress: Awaiting Parliament's position in 1st reading
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Lead | ECON | KOVAŘÍK Ondřej ( Renew) | PIETIKÄINEN Sirpa ( Unknown Group), SANT Alfred ( Unknown Group), MEUTHEN Jörg ( Unknown Group), URTASUN Ernest ( Unknown Group), JURZYCA Eugen ( Unknown Group), GUSMÃO José ( Confederal Group of the European United Left) |
Committee Opinion | IMCO | JORON Virginie ( Unknown Group) | Dita CHARANZOVÁ ( RE), Andreas SCHWAB ( PPE), Marcel KOLAJA ( Verts/ALE), Eugen JURZYCA ( ECR), Adriana MALDONADO LÓPEZ ( S&D) |
Lead committee dossier:
Legal Basis:
TFEU 114
Legal Basis:
TFEU 114Subjects
Events
The Committee on Economic and Monetary Affairs on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2017/1129 as regards the EU Recovery prospectus and targeted adjustments for financial intermediaries to help the recovery from the COVID-19 pandemic.
As a reminder, the amendments to the Prospectus Regulation aim to create the EU Recovery Prospectus as a short form prospectus and to introduce targeted adjustments for financial intermediaries. The aim is to enable companies to quickly access new financing in order to contribute to economic recovery after the COVID-19 pandemic.
The committee recommended that the European Parliament’s position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
Duration of the derogation
Under the amended text, the EU Recovery prospectus is limited to the recovery phase, the regime of this prospectus should expire by 31 December 2022.
EU Recovery Prospectus
Companies that have had shares admitted to trading on a regulated market or an SME growth market continuously for at least the last 18 months could choose to draw up an EU recovery prospectus under the simplified regime.
The prospectus should contain the relevant simplified information necessary for investors to understand:
- the prospects and financial performance of the issuer and the significant changes in the financial and business position of the issuer that have occurred since the end of the last financial year, if any, as well as its long term business strategy and objectives, both financial and non-financial; the issuer should include, if applicable, a specific reference of not less than 400 words to the financial and business impact of COVID-19 on the issuer and a statement regarding the anticipated future impact of the same;
- the essential information on the shares, the rights attached to the shares, including any limitations on those rights, the reasons for the issuance and its impact on the overall capital structure of the issuer, disclosure of capitalisation and indebtedness, a working capital statement, and the use of proceeds.
The information contained in the EU Recovery prospectus should enable investors, especially non-professional investors, to make an informed investment decision.
Right of withdrawal
Where the prospectus relates to an offer of securities to the public, investors who have already agreed to purchase or subscribe for the securities before the supplement is published should have the right, exercisable within three working days after the publication of the supplement, provided that the significant new factor, material mistake or material inaccuracy arose or was noted before the closing of the offer period or the delivery of the securities, whichever occurs first.
The right to withdraw is exercisable within three working days of the publication of the supplement.
Evaluation report
The report should include, inter alia, the following:
- the number of EU Growth prospectuses approved and an analysis of the evolution of such number, as well as an estimate of the actual additional market capitalisation mobilised by such prospectuses at the point of issue in order to gather experience about the EU Recovery prospectus for post-evaluation;
- the cost of preparing and having an EU Recovery prospectus approved compared to the current costs for a standard prospectus, a secondary issuance prospectus and an EU Growth prospectus, together with an indication of the overall financial savings achieved and of which costs could be further reduced, and the total costs of complying with this Regulation for issuers, offerors and financial intermediaries together with the calculation of those costs as a percentage of operational costs.
PURPOSE: to create a new simplified prospectus (the ‘EU Recovery Prospectus’) and to introduce targeted changes for financial intermediaries to support recovery from the COVID-19 pandemic.
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 and on an equal footing with the Council.
BACKGROUND: Regulation (EU) 2017/1129 of the European Parliament and of the Council lays down the requirements for the drawing up, approval and distribution of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market in the Union.
In order to swiftly address the serious economic impact of the COVID-19 pandemic, measures shall be introduced to facilitate investment in the real economy, to promote rapid recapitalisation of companies in the EU and enable issuers to tap into public stock markets at an early stage of the recovery process. To achieve these objectives, the Commission proposes to create a new simplified prospectus for known issuers, designed to facilitate the raising of capital on stock markets.
This legislative proposal on amendments to the Prospectus Regulation is part of a ‘Capital Markets Stimulus Package’ aimed at facilitating economic recovery post-COVID-19, which also includes legislative proposals to amend the Markets in Financial Instruments Directive (MiFID II) and the Capital Requirements Regulation .
CONTENT: the amendments to the Prospectus Regulation aim to create the EU recovery prospectus as a short form prospectus and to introduce targeted amendments for financial intermediaries. The aim is to enable companies to quickly access new financing in order to contribute to economic recovery after the COVID-19 pandemic. In particular, the aim is to help companies raise capital more easily and, therefore, reduce their debt-to-equity ratios, thereby helping them stay solvent.
EU Recovery prospectus
The objective of the EU Recovery prospectus is to provide listed issuers with simplified disclosure rules that are tailored to their specific needs in a post-crisis environment while maintaining the prospectus as a relevant tool for informing potential investors.
This shortened prospectus, reduced to a maximum of 30 pages:
- shall be easy to produce for issuers, easy to read for investors and easy to scrutinise for national competent authorities;
- shall focus on the essential information investors need to make informed decisions and may be used by issuers who have been listed for at least 18 months and who wish to issue shares;
- shall benefit from the EU passport mechanism, which means that all EU investors who wish to do so all be able to finance companies using it.
The deadline for approving the EU's recovery prospectus shall be reduced to 5 working days to allow issuers to quickly seize opportunities to raise capital.
Financial intermediaries
A second set of targeted changes aims to alleviate the pressure on financial intermediaries (such as commercial and investment banks) which play a key role in financing the recovery of the real economy.
- Firstly, the proposal clarifies the obligations of financial intermediaries with regard to the ‘supplements’ that must be published in addition to the prospectus under certain conditions, when a new factor or a material mistake or inaccuracy in the information contained in the prospectus is identified.
After the publication of a supplement, the financial intermediary shall only contact investors with a withdrawal right. The proposal also extends the time limit for financial intermediaries to contact investors to 1 working day from the publication of the supplement and extends the period during which a right of withdrawal may be exercised by investors to 3 working days from the publication of the supplement.
- Secondly, the proposed amendments aim to support the financing of credit institutions in the takeover phase by increasing the threshold for the exemption from the obligation to publish a prospectus for certain types of securities offers. The Commission therefore proposes a targeted increase of the threshold from EUR 75 million to EUR 150 million per credit institution over a 12-month period.
Temporary scheme
The EU Recovery prospectus aims to facilitate recapitalisation during the recovery phase. It is therefore a temporary scheme that would expire 18 months after the date of application of the Regulation. The Commission shall, by 21 July 2022 at the latest, present a report on the application of the Regulation, accompanied, if appropriate, by a legislative proposal.
Documents
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2020)007618
- Committee report tabled for plenary, 1st reading/single reading: A9-0228/2020
- Committee opinion: PE658.733
- Amendments tabled in committee: PE660.110
- Contribution: COM(2020)0281
- Contribution: COM(2020)0281
- Committee draft report: PE658.908
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2020)0120
- Legislative proposal published: COM(2020)0281
- Legislative proposal published: EUR-Lex
- Document attached to the procedure: EUR-Lex SWD(2020)0120
- Committee draft report: PE658.908
- Amendments tabled in committee: PE660.110
- Committee opinion: PE658.733
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2020)007618
- Contribution: COM(2020)0281
- Contribution: COM(2020)0281
Amendments | Dossier |
67 |
2020/0155(COD)
2020/10/21
IMCO
67 amendments...
Amendment 10 #
Proposal for a regulation Recital 2 (2) Regulation (EU) 2017/1129 of the European Parliament and of the Council14 lays down requirements for the drawing up, approval and distribution of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market in the Union. As part of the measures to help issuers to recover from the economic shock resulting from the COVID-19 pandemic, targeted amendments to the prospectus regime that respect the principles of the Single European Market and pay specific attention to the specific needs of small and medium enterprises (SMEs) and start-ups are necessary. Such amendments should enable issuers and financial intermediaries to reduce costs and free up resources for the recovery phase in the immediate aftermath of the crisis. __________________ 14Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (OJ L 168, 30.6.2017, p. 12).
Amendment 11 #
Proposal for a regulation Recital 2 a (new) (2a) The current situation makes European companies and especially SMEs and start-ups more fragile and vulnerable. The removal of unjustified barriers and red tape where appropriate, in order to facilitate and diversify funding sources for European companies, with a particular focus on SMEs, including start-ups and mid-caps, can help promoting their ability to access equity markets, and to access more diverse, longer-term and more competitive investment opportunities for retail and large investors.
Amendment 12 #
Proposal for a regulation Recital 3 (3) Credit institutions have been active in the recovery to support companies that needed financing and are expected to be a fundamental pillar of the recovery. Regulation (EU) 2017/1129 entitles credit institutions to an exemption from the obligation to publish a prospectus in case of an offer of certain non-equity securities issued in a continuous or repeated manner up to an aggregated amount of EUR 75 million in a 12 month-period. That exemption threshold should be increased for a limited period of time in order to foster fundraising for credit institutions and bring them a breathing space to support their clients in the real economy. As that measure is limited to the recovery phase, it should therefore be available for a limited time period
Amendment 13 #
Proposal for a regulation Recital 3 (3) Credit institutions have been active in the recovery to support companies that needed financing and are expected to be a fundamental pillar of the recovery. Regulation (EU) 2017/1129 entitles credit institutions to an exemption from the obligation to publish a prospectus in case of an offer of certain non-equity securities issued in a continuous or repeated manner up to an aggregated amount of EUR 75 million in a 12 month-period. That exemption threshold should be increased for a limited period of time in order to foster fundraising for credit institutions and bring them
Amendment 14 #
Proposal for a regulation Recital 4 (4) In order to swiftly address the severe economic impact of the COVID-19 pandemic, it is important to introduce measures to facilitate investments in the real economy, allow for a rapid recapitalisation of companies in the Union and enable issuers to tap into public markets at an early stage in the recovery process. In order to achieve those objectives, it is appropriate to create a new short-form prospectus (‘EU Recovery prospectus’) that is easy to produce for issuers, easy to understand for investors who want to finance them and easy to scrutinise and approve for competent authorities. For the development of this new short-form prospectus the special needs of SMEs and start ups need to be taken into account and burdensome administrative procedures need to be avoided.
Amendment 15 #
Proposal for a regulation Recital 5 (5) Companies that have had shares admitted to trading on a regulated market or traded on an SME Growth market continuously for at least the last 18 months before the offer of shares or admission to trading, should have complied with periodic and ongoing disclosure requirements under Regulation (EU) No 596/2014 of the European Parliament and the Council15 , Directive 2004/109/EC of the European Parliament and of the
Amendment 16 #
Proposal for a regulation Recital 6 (6) In order to be an efficient tool for issuers, the EU Recovery prospectus should be a single document of a limited size, allow for incorporation by reference, and benefit from the passport for pan- European offers of securities to the public or admissions to trading on a regulated market. A Single Market approach that avoids fragmentation between the Member States in the set-up of the EU Recovery prospectus is essential.
Amendment 17 #
Proposal for a regulation Recital 7 (7) The EU Recovery prospectus should include a short-form summary as a useful source of information for investors, in particular retail investors. That summary should be a self-contained part of the EU Recovery prospectus and should focus on key information that would enable investors to decide which offers and admissions to trading of securities to study further by reviewing the EU Recovery prospectus as a whole to take their decision. A Single Market approach shall be ensured with access to the EU Recovery prospectus across all Member States, as well as coordination with regards to language, format and means of accessing the EU Recovery prospectus.
Amendment 18 #
Proposal for a regulation Recital 7 (7) The EU Recovery prospectus should include a short-form summary as a useful source of information for investors, in particular retail investors, savers, SMEs and start-ups. That summary should be a self-contained part of the EU Recovery prospectus and should focus on key information that would enable investors to decide which offers and admissions to trading of securities to study further by reviewing the EU Recovery prospectus as a whole to take their decision.
Amendment 19 #
Proposal for a regulation Recital 7 (7) The EU Recovery prospectus should include a short-form summary as a useful source of information for investors, in particular retail investors. That summary should be
Amendment 20 #
Proposal for a regulation Recital 7 a (new) (7a) Unharmonised practices regarding the structure of the information presented in the EU Recovery Prospectus could be to the detriment of investors’ clear understanding and increase market fragmentation. In order to provide an appropriate level of clarity throughout the Union, issuers should present information from Annex Va in the same order as presented in that Annex.
Amendment 21 #
Proposal for a regulation Recital 10 (10) Regulation (EU) 2017/1129 requires financial intermediaries to inform investors of the possibility of a supplement and, under certain circumstances, to contact investors on the same day that a supplement is published. The
Amendment 22 #
Proposal for a regulation Recital 10 (10) Regulation (EU) 2017/1129 requires financial intermediaries to inform investors of the possibility of a supplement and, under certain circumstances, to contact investors on the same day that a supplement is published. The scope of investors to contact as well as the deadline to contact them can raise difficulties for financial intermediaries. In order to provide relief and free up resources for financial intermediaries while maintaining a high level of investor protection, a more proportionate regime should be laid down. Such regime should specify which investors should be contacted by financial intermediaries when a supplement is published and should extend the deadline to contact those investors.
Amendment 23 #
Proposal for a regulation Recital 10 a (new) (10a) In order to avoid the bankruptcy of many European companies, one of the main objectives of this amending Regulation should be to make it easier for investors to assess companies, since it is usually difficult for them to evaluate young and small firms with a short business record, thus hindering innovative openings, especially by young entrepreneurs.
Amendment 24 #
Proposal for a regulation Recital 11 (11) As the EU Recovery prospectus is limited to the recovery phase, the regime of this prospectus should expire
Amendment 25 #
Proposal for a regulation Recital 11 (11) As the EU Recovery prospectus is limited to the recovery phase, the regime of this prospectus should expire
Amendment 26 #
Proposal for a regulation Recital 12 (12) The Commission should, before 21 July 2022, present a report to the European Parliament and the Council on the application of this Regulation, accompanied where appropriate by a legislative proposal. This review should incorporate in its assessment whether the disclosure regime for EU Recovery prospectuses is appropriate to meet the objectives pursued by this Regulation and if seen as appropriate, incorporate into its legislative proposal a permanent form of a prospectus which would reduce burdens on secondary issuances covered by the EU Recovery Prospectus.
Amendment 27 #
Proposal for a regulation Recital 12 (12) The Commission should, before 21 July 2022, present a report to the European Parliament and the Council on the application of this Regulation, accompanied where appropriate by a legislative proposal. This review should incorporate in its assessment whether the disclosure regime for EU Recovery prospectuses is appropriate to meet the objectives pursued by this Regulation. This assessment should cover the issue whether the EU Recovery prospectus stroke a proper balance between reduction of administrative burden for the issuer and investor protection.
Amendment 28 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 Regulation (EU) 2017/1129 Article 1 – paragraph 4 – point k (k) from [date of application of this Regulation] to
Amendment 29 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 Regulation (EU) 2017/1129 Article 1 – paragraph 4 – point k (k) from [date of application of this Regulation] to
Amendment 30 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 a (new) Regulation (EU) 2017/1129 Article 6 – paragraph 1 – subparagraph 1 – point c a (new) (2a) in the first subparagraph of Article 6(1), the following point is added: "(ca) climate-related and environmental, social and governance risks, to the extent they are material."
Amendment 31 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) 2017/1129 Article 7 – paragraph 12 a – point b a (new) (ba) available in the official language or at least one of the official languages of the host Member State, or in another language accepted by the competent authority of the host Member State;
Amendment 32 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) 2017/1129 Article 7 – paragraph 12 a – point b a (new) (ba) written in a language that is accepted by the competent authority of the Member States where the offer is issued;
Amendment 33 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) 2017/1129 Article 7 – paragraph 12 a – point c – point i (i) an introduction, containing warnings and the approval date of the prospectus as laid down in paragraph 5 of this Article;
Amendment 34 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) 2017/1129 Article 14 a – paragraph 1 – point b a (new) (ba) offerors of securities admitted to trading on a regulated market or an SME growth market continuously for at least the last 18 months.
Amendment 35 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) 2017/1129 Article 14 a – paragraph 2 – subparagraph 1 – point b (b) the essential information on the shares, the rights attached to the securities, including any limitations and procedure for the exercise of those rights, the reasons for the issuance and its impact on the overall capital structure of the issuer, the disclosure of capitalisation and indebtedness, a working capital statement and the use of proceeds.
Amendment 36 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) 2017/1129 Article 14 a – paragraph 2 – subparagraph 1 – point b (b) the
Amendment 37 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) 2017/1129 Article 14 a – paragraph 2 – subparagraph 2 The information contained in the EU Recovery prospectus shall be written and presented in an intelligible, easily analysable, concise and comprehensible form an
Amendment 38 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) 2017/1129 Article 14 a – paragraph 2 – subparagraph 2 The information contained in the EU Recovery prospectus shall be written in an easily understandable, concise and comprehensible language and presented in an easily analysable, concise and comprehensible form and shall enable investors to make an informed investment decision. The competent authority shall also take into account whether the issuer has disclosed the regulated information to the public pursuant to Directive 2004/109/EC, where applicable, Regulation (EU) No 596/2014 and, where applicable, information referred to in Commission Delegated Regulation (EU) 2017/565.
Amendment 39 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 The EU Recovery prospectus shall be a single document containing the minimum information laid down in Annex Va. It shall have a maximum length, including the summary, of
Amendment 40 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) 2017/1129 Article 14 a – paragraph 2 – subparagraph 5 Amendment 41 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) 2017/1129 Article 20 – paragraph 6 a 6a. By way of derogation from paragraphs 2 and 4, the time limits set out in the first subparagraph of paragraph 2 and in paragraph 4 shall be reduced to
Amendment 42 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point a Regulation (EU) 2017/1129 Article 23 – paragraph 2 – subparagraph 1 2. Where the prospectus relates to an offer of securities to the public, investors who have already agreed to purchase or subscribe for the securities before the supplement is published shall have the right, exercisable within t
Amendment 43 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point b a (new) Regulation (EU) 2017/1129 Article 23 – paragraph 7 a (new) (ba) the following paragraph is added: "7a. The time limits provided for in Article 23(2) and (3) should expire on [18 months from the date of application of this Regulation]."
Amendment 44 #
Proposal for a regulation Article 1 – paragraph 1 – point 8 Regulation (EU) 2017/1129 Article 47 a – paragraph 1 The regime set out in Article 14a expires on
Amendment 45 #
Proposal for a regulation Article 1 – paragraph 1 – point 8 Regulation (EU) 2017/1129 Article 47 a – paragraph 1 The regime set out in Article 14a expires on
Amendment 46 #
Proposal for a regulation Article 1 – paragraph 1 – point 8 Regulation (EU) 2017/1129 Article 47 a – paragraph 2 EU Recovery Prospectuses drawn up in accordance with Article 14a and approved between [date of application of this Regulation] and
Amendment 47 #
Proposal for a regulation Article 1 – paragraph 1 – point 8 Regulation (EU) 2017/1129 Article 47 a – paragraph 2 EU Recovery Prospectuses drawn up in accordance with Article 14a and approved between [date of application of this
Amendment 48 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) 2017/1129 Article 48 – paragraph 2 – point b (b) an analysis of whether the EU Growth prospectus strikes a proper balance between investor protection, in particular retail investors, SMEs and start-ups, and the reduction of administrative burdens for the persons entitled to use it;
Amendment 49 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) 2017/1129 Article 48 – paragraph 2 – point c (c) the number of standard prospectuses, EU Growth prospectuses and EU Recovery prospectuses approved and an analysis of the evolution of such number
Amendment 50 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) 2017/1129 Article 48 – paragraph 2 – point d (d) the cost of preparing and having an EU Recovery prospectus approved compared to the current costs for a standard prospectus and an EU Growth prospectus, together with an indication of the overall financial savings achieved and total costs of complying with this Regulation for issuers, offerors and financial intermediaries together with the information of these costs as a percentage of operational costs;
Amendment 51 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) 2017/1129 Article 48 – paragraph 2 – point d a (new) Amendment 52 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) 2017/1129 Article 48 – paragraph 2 – point d b (new) (db) an analysis of the impact of this Regulation on the proper functioning of the Union’s internal market for financial services, including the impact on access to finance by SMEs and on investors and other categories of natural or legal persons affected by those services;
Amendment 53 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) 2017/1129 Article 48 – paragraph 2 – point e (e) an analysis of whether the EU Recovery prospectuses strikes a proper balance between investor protection, in particular retail investors, SMEs and start-ups, and the reduction of administrative burden for the persons entitled to use it
Amendment 54 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) 2017/1129 Article 48 – paragraph 2 – point e (e) an analysis of
Amendment 55 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) 2017/1129 Article 48 – paragraph 2 – point e a (new) (ea) an analysis of the impact of the EU Recovery prospectuses on investor protection and accessibility of the information;
Amendment 56 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) 2017/1129 Article 48 – paragraph 2 – point e a (new) (ea) an analysis of whether any changes are needed to the requirements set out in Annexes;
Amendment 57 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) 2017/1129 Article 48 – paragraph 2 – point e b (new) (eb) whether the scope of services covered by this Regulation remains appropriate, in relation to the threshold amounts set out in Article 1 and 3;
Amendment 58 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) 2017/1129 Article 48 – paragraph 2 – point e c (new) (ec) an analysis of whether and what prolongation of validity of a prospectus could improve a proper balance between investor protection and the reduction of administrative burden for issuers and the persons entitled to use it;
Amendment 59 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) 2017/1129 Article 48 – paragraph 2 – point e d (new) (ed) the share of securities offered to the public in relation to authorised prospectuses under this Regulation in the global financial market and the European financial market;
Amendment 60 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) 2017/1129 Article 48 – paragraph 2 – point e e (new) (ee) the volume of investments withdrawn by investors using their withdrawal right and its share on the total volume of investments divided by the standard prospectuses, the EU Growth prospectuses and EU Recovery prospectuses; and, based on those data, assess whether the duration and the nature of the withdrawal right is appropriate and does not harm the efficiency of the capital raising process or investor protection;
Amendment 61 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) 2017/1129 Article 48 – paragraph 2 – point e f (new) (ef) the number and volume of sanctions imposed according to or in relation with this Regulation classified by Member States and by the type of a prospectus;
Amendment 62 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) 2017/1129 Article 48 – paragraph 2 – point e g (new) (eg) types and trends of detriments and fraudulent behaviour, of investors, issuers, offerors or financial intermediaries and third persons occurring in relations with this Regulation;
Amendment 63 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) 2017/1129 Article 48 – paragraph 2 – point e h (new) (eh) direct and indirect measurement of improvements in market outcomes for investors and issuers;
Amendment 64 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) 2017/1129 Article 48 – paragraph 2 – point e i (new) (ei) a risk, cost and benefit analysis of whether EU Recovery prospectuses can become a permanent form of prospectus.
Amendment 65 #
Proposal for a regulation Annex I Regulation (EU) 2017/1129 Annex Va – section -I (new) -I Summary The EU Recovery prospectus shall include a summary drawn up in accordance with Article 7(12a). That summary shall be included as part of the calculation of the maximum length of the EU Recovery prospectus provided for in the third subparagraph of Article 14a(2).
Amendment 66 #
Proposal for a regulation Annex I Regulation (EU) 2017/1129 Annex Va – section I – paragraph 1 The purpose is to identify the company issuing shares, including its legal entity identifier (‘LEI’), its Member State of incorporation and the website, if any, where investors can find information on the company’s business operations and the disclaimer set out in the fourth subparagraph of Section IV of this Annex, the products it makes or the services it provides, the principal markets where it competes, its organisational structure and, where applicable, information incorporated by reference.
Amendment 67 #
Proposal for a regulation Annex I Regulation (EU) 2017/1129 Annex Va – section I – paragraph 1 The purpose is to promote greater transparency and identify the company issuing shares, including its legal entity identifier (‘LEI’), its Member State of incorporation and the website where investors can find information on the
Amendment 68 #
Proposal for a regulation Annex I Regulation (EU) 2017/1129 Annex Va – section III – paragraph 1 Amendment 69 #
Proposal for a regulation Annex I The purpose is to describe the most material risks that are specific to the issuer and the shares, including climate-related and environmental, social and governance risks.
Amendment 70 #
Proposal for a regulation Annex I Regulation (EU) 2017/1129 Annex Va – section V – point b a (new) (ba) financial and non-financial objectives and strategy of the issuer in the context of the Covid-19-crisis and ecological transition;
Amendment 71 #
Proposal for a regulation Annex I Regulation (EU) 2017/1129 Annex Va – section VIII a (new) Amendment 72 #
Proposal for a regulation Annex I Regulation (EU) 2017/1129 Annex Va – section IX – title IX. Working capital statement and statement on capitalisation and indebtedness
Amendment 73 #
Proposal for a regulation Annex I Regulation (EU) 2017/1129 Annex Va – section IX The purpose is to provide information on the issuer’s capitalisation and indebtedness and information as to whether or not the working capital is sufficient for the issuer’s present requirements
Amendment 74 #
Proposal for a regulation Annex I a (new) Regulation (EU) 2017/1129 Annex Va – section IXa (new) IXa. Dividend policy and remuneration A description of the issuer’s policy on dividend distributions, including any restrictions thereon, and a description of the issuer’s remuneration policy, including all benefits awarded to individual directors, fixed and variable remuneration components, the number of shares and share options granted or offered, as well as an explanation on how the remuneration contributes to the business strategy, long-term performance and sustainability of the company.
Amendment 8 #
Proposal for a regulation Recital 2 (2) Regulation (EU) 2017/1129 of the European Parliament and of the Council14 lays down requirements for the drawing up, approval and distribution of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market in the Union. As part of the measures to help issuers to recover from the economic shock resulting from the COVID-19 pandemic, targeted amendments to the prospectus regime are necessary. Such amendments should enable issuers and financial intermediaries to reduce costs and free up resources for the recovery phase in the immediate aftermath of the crisis, while protecting the interests of retail investors, pensioners and consumers, in order to incentivise financial participation and turn savers into investors. Access to equity financing for small and medium enterprises (SMEs), entrepreneurs and the social economy has become even more crucial with a view to the COVID-19 recovery. __________________ 14Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (OJ L 168, 30.6.2017, p. 12).
Amendment 9 #
Proposal for a regulation Recital 2 (2) Regulation (EU) 2017/1129 of the European Parliament and of the Council14 lays down requirements for the drawing up, approval and distribution of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market in the Union. As part of the measures to help issuers to recover from the economic shock resulting from the COVID-19 pandemic, targeted amendments to the prospectus regime are necessary. Such amendments should enable issuers and financial intermediaries to reduce costs and free up resources for the recovery phase in the immediate aftermath of the crisis, while protecting the interests of retail investors, pensioners and consumers, in order to incentivise financial participation and turn savers into investors. Access to equity financing for small and medium enterprises (SMEs) and entrepreneurs has become even more crucial with a view to the COVID-19 recovery. __________________ 14Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (OJ L 168, 30.6.2017, p. 12).
source: 659.048
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