2020/2036(INI) Further development of the Capital Markets Union (CMU): improving access to capital market finance, in particular by SMEs, and further enabling retail investor participation
Lead committee dossier:
Progress: Procedure completed
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
BENJUMEA BENJUMEA Isabel ( EPP)
|
SANT Alfred ( S&D),
YON-COURTIN Stéphanie ( Renew),
PETER-HANSEN Kira Marie ( Verts/ALE),
BECK Gunnar ( ID),
VAN OVERTVELDT Johan ( ECR),
GUSMÃO José ( GUE/NGL)
|
Lead committee dossier:
Legal Basis:
RoP 54
Legal Basis:
RoP 54Subjects
Events
2021/03/03
EC - Commission response to text adopted in plenary
Documents
2020/10/08
EP - Results of vote in Parliament
Documents
2020/10/08
EP - Decision by Parliament
Details
The European Parliament adopted by 417 votes to 205, with 72 abstentions, a resolution on further development of the Capital Markets Union (CMU): improving access to capital market finance, in particular by SMEs, and further enabling retail investor participation.
Members stated that all actions taken to create a Capital Markets Union (CMU) should have as their core objective improving the range of more attractive, stable and sustainable financing options offered to companies and citizens, while safeguarding economic stability, minimising financial risk and adequately 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 SMEs, entrepreneurs and the social economy has become even more crucial with a view to the COVID-19 recovery.
Financing business
Parliament called for the removal of barriers and red tape, simplification of legislation and more proportional application of the interests of financial stability, in order to diversify funding sources for European companies, with particular focus on SMEs, to promote their access to equity markets and access to more diverse competitive investment.
The Commission was invited to:
- commit to making real progress on issues such as supervisory, tax or insolvency legislation, which remain major obstacles to the effective integration of EU capital markets;
- develop a legislative proposal on ‘European secured notes’ as a new dual recourse financing instrument for banks which could help improve access to financing for SMEs across the EU;
- strengthening the feedback that banks are obliged to give when they decline credit applications from SMEs.
Members welcomed the idea of a High-Level Forum to establish a European single access point for gathering information on EU companies by interconnecting existing business registers and databases at national and EU level. They stressed the need to increase transparency and reduce fragmentation in European risk capital markets.
Promote long-term and cross-border investment and financial products
Member States were asked to amend their national tax frameworks to facilitate cross-border investment by investors and retail investors, in particular by facilitating procedures for the refund of withholding tax on dividends to avoid double taxation.
Members called for: (i) increased legal certainty for cross-border investments by making national insolvency proceedings more efficient and by further harmonising rules on corporate governance; (ii) progress in implementing a genuine single rulebook for financial services in the internal market, including the development of common standards in the field of sustainable finance. The Commission was encouraged to present a legislative initiative on an EU Green Bond standard.
Market architecture
The resolution stressed the need for efficient and effective cooperation between European and national supervisory authorities, in order to overcome their differences and to work together towards genuine supervisory convergence to promote a common European model of supervision and enforcement, guided by the European Securities and Market Authority (ESMA), so as to reduce the existing obstacles to cross-border financial operations.
The Commission shall consider the gradual granting of direct supervisory powers to ESMA, including direct oversight over certain market segments, e.g. EU Central Counterparties and Central Securities Depositories, and the European single access point, as well as greater product intervention powers.
Retail investors
Concerned about the low level of retail investor involvement in the financial markets, Parliament called for increased participation of retail investors in the capital markets through more attractive, transparent and appropriate individual retirement savings products.
Members called for initiatives specifically targeted at retail investors, including: (i) facilitating the development of independent web-based EU comparison tools to help retail investors identify the most risk-adjusted products, and (ii) promoting incentives for competitive environmental, social and governance (ESG) products and products traditionally associated with better value for money.
The Commission was also invited to:
- clarify the differentiation between professional and retail investors at all levels of the Markets in Financial Instruments Directive (MIFID), to allow the treatment of clients to be adapted to their knowledge and experience of the market;
- launch programmes in Member States to foster financial and digital literacy through a range of instruments, including digital and social media, and to involve citizens and businesses, including through public agencies set up for this purpose;
- work on the implementation of the digital finance strategy to ensure better access to financial services, offering more choice and increasing efficiency.
Lastly, Parliament called for measures to strengthen the international role and use of the euro, by completing the Economic and Monetary Union, the CMU and the Banking Union, supporting the development of euro benchmarks for commodity markets and reinforcing the role of the euro as a reference currency.
A level playing field should be guaranteed in future relations with the United Kingdom after the transition period, thus promoting the stability of the EU’s financial markets.
Documents
2020/10/08
EP - End of procedure in Parliament
2020/10/07
EP - Debate in Parliament
Documents
2020/09/16
EP - Committee report tabled for plenary, single reading
Documents
2020/09/16
EP - Committee report tabled for plenary
Documents
2020/09/10
EP - Vote in committee
2020/07/16
EP - Amendments tabled in committee
Documents
2020/06/17
EP - Committee draft report
Documents
2020/04/16
EP - Committee referral announced in Parliament
2020/01/22
EP - BENJUMEA BENJUMEA Isabel (EPP) appointed as rapporteur in ECON
Documents
- Commission response to text adopted in plenary: SP(2020)686
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament: T9-0266/2020
- Debate in Parliament: Debate in Parliament
- Committee report tabled for plenary, single reading: A9-0155/2020
- Committee report tabled for plenary: A9-0155/2020
- Amendments tabled in committee: PE654.028
- Committee draft report: PE648.524
- Committee draft report: PE648.524
- Amendments tabled in committee: PE654.028
- Committee report tabled for plenary, single reading: A9-0155/2020
- Commission response to text adopted in plenary: SP(2020)686
Activities
Votes
A9-0155/2020 - Isabel Benjumea Benjumea - Am 1 #
2020/10/07 Outcome: +: 504, -: 110, 0: 82
PPE
NIA9-0155/2020 - Isabel Benjumea Benjumea - § 26 #
2020/10/07 Outcome: -: 549, +: 92, 0: 55
A9-0155/2020 - Isabel Benjumea Benjumea - Am 2 #
2020/10/07 Outcome: +: 498, -: 142, 0: 55
A9-0155/2020 - Isabel Benjumea Benjumea - Am 3 #
2020/10/07 Outcome: +: 601, 0: 84, -: 11
A9-0155/2020 - Isabel Benjumea Benjumea - Considérant R #
2020/10/07 Outcome: -: 500, +: 158, 0: 38
A9-0155/2020 - Isabel Benjumea Benjumea - Résolution #
2020/10/08 Outcome: +: 417, -: 205, 0: 72
| Amendments | Dossier |
| 336 |
2020/2036(INI)
2020/07/17
ECON
336 amendments...
Amendment 1 #
Motion for a resolution Citation 2 a (new) - having regard to Article 31 of Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU, pursuant to which the European Commission shall adopt a report on the possibility of introducing a dual-recourse instrument named ‘European Secured Notes’ (ESNs),
Amendment 10 #
Motion for a resolution Recital A A. whereas all actions taken to create a Capital Markets Union (CMU) should have improving
Amendment 100 #
Motion for a resolution Paragraph 2 a (new) 2a. Recalls that, under the current treatment of minority interest of subsidiaries, the Capital Requirements Regulation (CRR) de facto discourages listing on the stock markets, reduces investments held by parent companies in their subsidiaries, all the above turning into a reduction of banks’ ability to finance the real economy; calls on the Commission to amend the CRR in order to increase the amount of minority interests included in the consolidated Common Equity Tier 1 (CET1) capital;
Amendment 101 #
Motion for a resolution Paragraph 2 a (new) 2a. Recalls that, through the current treatment of minority interest of subsidiaries, the CRR tend to discourage listing on the stock markets, reduces investment held by parent companies in their subsidiaries, thus generating a reduction of banks' ability to finance the real economy; calls on the Commission to amend the CRR in order to increase the amount of minority interests included in consolidated CET1;
Amendment 102 #
Motion for a resolution Paragraph 2 a (new) 2a. Agrees with the CMU High Level Forum on the importance of providing the right incentives to develop a strong “market making” capacity in the EU; considers in this regard that adequate prudential rules should strike a balance between loss absorption capacity, incentives to support a critical mass of investments, and the impact on the EU's global competitiveness;
Amendment 103 #
2a. Calls for targeted adjustments to the regulatory framework of the European Long Term Investment Funds (ELTIF), to enable retail investors engage in the long-term financing of unlisted companies, infrastructure projects and sustainable investments;
Amendment 104 #
Motion for a resolution Paragraph 3 Amendment 105 #
Motion for a resolution Paragraph 3 3.
Amendment 106 #
Motion for a resolution Paragraph 3 3. Calls for the acceleration of the development of EU venture capital (VC) and private equity markets by increasing the availability of funding for VC investments, developing larger late-stage VC funds,
Amendment 107 #
Motion for a resolution Paragraph 3 3. Calls for the acceleration of the development of EU venture capital (VC) and private equity markets by increasing the availability of funding for VC
Amendment 108 #
Motion for a resolution Paragraph 3 3. Calls for the acceleration of the development of EU venture capital (VC) and private equity markets by increasing the availability of funding for VC investments, developing larger early and late-stage VC funds, tax incentive schemes for VC and business angel investments, and active IPO markets for VC-backed companies;
Amendment 109 #
Motion for a resolution Paragraph 3 3. Calls for the acceleration of the development of EU venture capital (VC) and private equity markets by increasing the availability of funding for VC investments, developing larger late-stage VC funds, tax incentive schemes for VC and business angel investments, and active IPO markets for VC-backed companies, and by removing the current rigidities of the labour market, making legal systems more efficient and encouraging the development of local financial markets;
Amendment 11 #
Motion for a resolution Recital A A. whereas all actions taken to create a Capital Markets Union (CMU) should have as their core objectives improving the range of financing options offered to companies and citizens, as well as fostering the availability of a greater range of more attractive investment offers,
Amendment 110 #
Motion for a resolution Paragraph 3 3. Calls for the acceleration of the development of EU venture capital (VC) and private equity markets by increasing the availability of funding for VC investments, developing larger late-stage VC funds, tax incentive schemes for VC and business angel investments, and active IPO markets for VC-backed companies; under a common, and transparent, EU level framework; underlines that these tax incentive schemes should be designed so as to be economically and socially viable and responsible, and be subject to systematic monitoring and evaluation;
Amendment 111 #
Motion for a resolution Paragraph 3 3. Calls for the acceleration of the development of EU venture capital (VC) and private equity markets by increasing the availability of funding for VC investments, developing larger late-stage VC funds, tax incentive schemes for VC and business angel investments, and active
Amendment 112 #
Motion for a resolution Paragraph 3 a (new) 3a. Stresses the need to remove the existing equity-debt bias in corporate taxation which drives up leverage and encourages the use of complex financial instruments, increasing systemic risks in capital markets; considers that such tax distortions should be addressed by limiting the tax deductibility of interest, rather than introducing new corporate tax deductions for equity costs, which would result in greater losses of corporate income tax revenues without a real impact on value creation;
Amendment 113 #
Motion for a resolution Paragraph 3 a (new) 3a. Calls for a review of the ELTIF Regulation and of related prudential calibrations in the banking and insurance regulatory frameworks to enhance the take-up and attractiveness of this innovative European label; notes that creating of a new additional ELTIF regime, based on an open-ended fund structure with the possibility to redeem at set intervals, could offer a new opportunity for retail investors to benefit from a diversified portfolio of long-term investments;
Amendment 114 #
Motion for a resolution Paragraph 3 a (new) 3a. Points out the necessity to increase transparency and reduce fragmentation within the European VC markets; boost European Long-Term Investment Fund (ELTIF), European Venture Capital Funds (EuVECA) and European Social Entrepreneurship Funds (EuSEF) to develop a pan- European vehicles for private equity;
Amendment 115 #
Motion for a resolution Paragraph 3 b (new) 3b. Calls on the Commission to ensure full consistency and coherence of the CMU Action Plan with the EU sustainability objectives, including the EU Taxonomy for sustainable investments, and the imperative need to channel capital flows towards long-term sustainable investments, especially in the context of the post-COVID-19 recovery and the ecological transition; recommends to prioritise actions aimed at promoting access to ESG products and impact investing strategies, as well as measures to improve corporate governance and long-term shareholder and stakeholder engagement;
Amendment 116 #
Motion for a resolution Paragraph 3 b (new) 3b. Calls for measures to revitalise securitization markets in Europe by making it attractive for issuers and investors; asks the ESAs and the Commission to finalize all Regulatory Technical Standards; calls to simplify and streamline regulatory requirements for disclosure, simple, transparent and standardised (STS) criteria, STS verification and provide simple and risk sensitive parameters for assessment of Significant Risk Transfer;
Amendment 117 #
Motion for a resolution Paragraph 4 Amendment 118 #
Motion for a resolution Paragraph 4 4.
Amendment 119 #
Motion for a resolution Paragraph 4 4.
Amendment 12 #
Motion for a resolution Recital A A. whereas bank loan financing is in itself not sufficient to provide the amount of credit needed for the EU economy to recover from the crisis, but should instead be complemented with stronger market- based financing; whereas all actions taken to create a Capital Markets Union (CMU) should therefore have improving the range of financing options offered to companies and citizens, as well as a greater range of more attractive investment offers, as their objective;
Amendment 120 #
Motion for a resolution Paragraph 4 4. Requests the realignment of the treatment of
Amendment 121 #
Motion for a resolution Paragraph 4 4. Requests the strengthening of securitisation as a tool and a market through a series of measures to avoid a reduction of European bank lending in the fact of prudential regulation and the successful development of the CMU. These measures should include the realignment of the treatment of cash and synthetic securitisations, of the treatment of regulatory capital and liquidity with that of covered bonds and loans, as well as with the disclosure and due diligence requirements for covered bonds and simple, transparent and standardised (STS) securitisation, along with calibration of the Capital Requirements Regulation for the risk-weight floor calibration and a review of the eligibility criteria for securitisations in terms of the Liquidity Coverage Ration;
Amendment 122 #
Motion for a resolution Paragraph 4 4. Requests the Commission to assess how targeted amendments to the Securitisation Regulation could free up financing capacity; such targeted amendments could include the realignment of the treatment of cash and synthetic
Amendment 123 #
Motion for a resolution Paragraph 4 4. Requests the realignment of the treatment of cash and synthetic securitisations, of the treatment of regulatory capital and liquidity with that of covered bonds and loans, as well as
Amendment 124 #
Motion for a resolution Paragraph 5 5.
Amendment 125 #
Motion for a resolution Paragraph 5 5.
Amendment 126 #
5.
Amendment 127 #
Motion for a resolution Paragraph 5 5. Calls for targeted measures within securities market legislation t
Amendment 128 #
Motion for a resolution Paragraph 5 5. Calls for targeted measures within securities market legislation to expedite the recovery after the COVID-19 crisis; supports changes in the Prospectus Regulation, the Markets in Financial Instruments Directive (MIFID), and the Securitisation Regulation
Amendment 129 #
Motion for a resolution Paragraph 5 5. Calls for targeted measures within securities market legislation
Amendment 13 #
Motion for a resolution Recital A a (new) Aa. whereas capital markets offer opportunities for investors who seek income and for businesses that seek financing, but are also inherently risky and prone to short-termism; whereas the reasons for risk on capital markets comprise the excess of yield-seeking savings over good quality investment opportunities, weak supply of safe assets and persistently low interest rates; whereas those risks are likely to increase further in the short and medium term as a result of the extreme economic and fiscal uncertainty brought by the COVID-19 crisis and, in the medium and long term, by the financial risks related to climate change;
Amendment 130 #
Motion for a resolution Paragraph 5 5. Calls for targeted measures in terms of alignment and simplification within securities market legislation to expedite the recovery after the COVID-19 crisis; supports changes in the Prospectus Regulation, the Markets in Financial Instruments Directive (MIFID), the Packaged Retail Investment and Insurance Products Regulation (PRIIPS), the Securitisation Regulation and the Market Abuse Regulation to facilitate investments in the real economy, in particular in SMEs, and to allow newcomers and new products to enter the markets, preserving consumer protection and market integrity;
Amendment 131 #
Motion for a resolution Paragraph 5 5. Calls for targeted measures within securities market legislation to expedite the recovery after the COVID-19 crisis;
Amendment 132 #
Motion for a resolution Paragraph 5 5. Calls for targeted measures within securities market legislation to expedite the recovery after the COVID-19 crisis; supports changes in the Prospectus Regulation, the Markets in Financial Instruments Directive (MIFID), the Securitisation Regulation and the Market Abuse Regulation to facilitate investments in the real economy, in particular in SMEs, and to allow newcomers and new products, preferably of EU origin, to enter the markets, preserving consumer protection and market integrity; calls for extra safeguards and transparency requirements for non-EU newcomers and products, as to protect European SMEs against foreign speculation;
Amendment 133 #
Motion for a resolution Paragraph 5 5. Calls for targeted measures within securities market legislation to expedite the recovery after the COVID-19 crisis; supports changes in the Prospectus Regulation, the Markets in Financial Instruments Directive (MIFID), the Securitisation Regulation and the Market Abuse Regulation to facilitate investments in the real economy, in particular in SMEs, and to allow newcomers and new products to enter the markets, preserving consumer protection and market integrity; furthermore calls on the Commission to amend the Share Trading Obligation (STO) and Derivative Trading Obligation (DTO) in the Markets in Financial Instruments Regulation (MiFIR) in order to eliminate frictions that can impact the ability of EU companies to raise capital at this time, especially at the end of the transition period between the EU and the UK;
Amendment 134 #
Motion for a resolution Paragraph 5 5. Calls for targeted measures within securities market legislation to expedite the recovery after the COVID-19 crisis; supports
Amendment 135 #
Motion for a resolution Paragraph 5 a (new) 5a. Calls on the Commission to explore initiatives to incentivise employee share ownership, in order to promote the direct involvement of retail savers in financing the economy; such initiatives could include the creation of specific investment vehicles regulated under the AIFM Directive, with targeted changes to ease the operations of cross-border share- ownership plans, the encouragement of programmes to raise awareness throughout the EU, and the adoption of recommendations to Member States on relevant tax incentives;
Amendment 136 #
Motion for a resolution Paragraph 5 a (new) 5a. Regrets the underdevelopment of EU market for crowdfunding as compared to other major economies. Welcomes the new rules agreed last December that should help to solve this situation and foster cross-border business funding. Asks ESMA and Commission to closely monitor the implementation of the new rules in order to react and propose changes if no significant improvements are observed in the crowdfunding as an alternative of finance for start-ups and SMEs;
Amendment 137 #
Motion for a resolution Paragraph 5 a (new) 5a. Requests to postpone the enforcement of the Regulation 2019/815 for a period of at least three years, thus allowing companies to overcome the current economic difficulties, as well as providing sufficient time to prepare for the introduction of the new requirements; further asks to review the application of the Regulation 2019/815 so that the requirements laid down in the regulation are not applicable to companies qualifying for SME status.
Amendment 138 #
Motion for a resolution Paragraph 5 a (new) 5a. Calls on the Commission, in light of the Wirecard accounting scandal, to review the Audit Directive as soon as possible to eliminate the perverse incentives that arise because the auditor is paid by the audited company to which it also often tries to sell consulting services; we further call upon the Commission to investigate whether the oligopoly on the audit market prevents effective control;
Amendment 139 #
Motion for a resolution Paragraph 5 a (new) 5a. Notes that levels of bilateral trading off-venue remain high despite regulatory intentions; advocates a genuine shift towards competitive and on- exchange trading in European equity and derivatives markets; considers that encouraging this shift requires a certain openness to innovative exchange trading models that can meet investors' needs while bringing trading flow on-venue;
Amendment 14 #
Motion for a resolution Recital A a (new) Aa. whereas the CMU should provide a regulatory environment which mitigates risks to financial stability, and adequately protects the interests of retail investors, pensioners and consumers and safeguards environmental, social and governance (ESG) issues;
Amendment 140 #
Motion for a resolution Paragraph 5 a (new) 5a. Calls on the Commission to promote the direct involvement of retail savers in financing the economy considering the possibility for return of investment for retail investors
Amendment 141 #
Motion for a resolution Paragraph 5 a (new) 5a. Invites the Commission to review the settlement discipline regime under CSDR in view of COVID 19 crisis and Brexit
Amendment 142 #
Motion for a resolution Paragraph 6 Amendment 143 #
Motion for a resolution Paragraph 6 6.
Amendment 144 #
Motion for a resolution Paragraph 6 6.
Amendment 145 #
Motion for a resolution Paragraph 6 6. Asks the Member States to
Amendment 146 #
Motion for a resolution Paragraph 6 6. Asks the Member States to deliver on repeated calls to amend their national tax frameworks, in order to reduce tax obstacles to cross-border investments, including through harmonising withholding tax procedures
Amendment 147 #
Motion for a resolution Paragraph 6 6.
Amendment 148 #
Motion for a resolution Paragraph 6 6. Asks the Member States to consider amending their national tax frameworks, in order to reduce tax obstacles to cross-border investments, including withholding tax procedures, and to increase financing by investors to long- term investment opportunities thereby improving returns on long-term savings for EU citizens;
Amendment 149 #
Motion for a resolution Paragraph 6 a (new) 6a. Takes the view that amending national tax frameworks unilaterally within the EU to reduce tax obstacles to cross-border investments will further entrench the patchwork of tax rules that companies must comply with when operating cross border, with numerous costs, and offer further possibilities for tax avoidance; reiterates its call on Member States to agree on the adoption of the proposals concerning the Common Consolidated Corporate Tax Base simultaneously, taking into consideration Parliament’s opinion that already includes the concept of virtual permanent establishment and apportionment formulas; calls on the Member States to bridge their diverging positions on CCCTB, given the importance of this instrument to create a framework that fosters certainty, prevents double taxation, reduces administrative costs, thereby enhancing cross-border investments;
Amendment 15 #
Motion for a resolution Recital A a (new) Aa. whereas the CMU should provide a regulatory environment which mitigates risks to financial stability, and adequately protects the interests of retail investors, pensioners and consumers;
Amendment 150 #
Motion for a resolution Paragraph 6 a (new) 6a. Stresses that the Capital Markets Union should be aligned as much as possible with the European Green deal and in particular with the Sustainable Europe Investment Plan; considers that the CMU should aim to direct investments towards environmentally friendly projects, thereby contributing to the EU's sustainable agenda;
Amendment 151 #
Motion for a resolution Paragraph 7 7. Highlights the importance of increasing legal certainty
Amendment 152 #
Motion for a resolution Paragraph 7 7. Highlights the importance of increasing legal certainty for cross-border investments by
Amendment 153 #
7. Highlights the importance of increasing legal certainty for cross-border investments by making national insolvency proceedings more efficient and effective, thus mitigating home bias, legal risks and costs;
Amendment 154 #
Motion for a resolution Paragraph 7 7. Highlights the importance of increasing legal certainty and law enforcement for cross-border investments by making national insolvency proceedings more efficient and effective;
Amendment 155 #
Motion for a resolution Paragraph 7 7. Highlights the importance of increasing legal certainty for cross-border investments by making national insolvency proceedings more efficient and effective
Amendment 156 #
Motion for a resolution Paragraph 7 7. Highlights the importance of increasing legal certainty for cross-border investments by making national insolvency proceedings more efficient and effective; highlights the importance of ensuring a sound legal protection framework of the Union for cross-border investments within the EU after the termination of intra-EU- BITS; calls for the swift establishment of an adequate and efficient legal protection scheme for cross-border investments within the Single Market;
Amendment 157 #
Motion for a resolution Paragraph 7 7. Highlights the importance of
Amendment 158 #
Motion for a resolution Paragraph 7 a (new) 7a. Emphasises that innovative and competitive EU financial products with global reach, such as UCITS and green bonds using the future EU Green Bond Standard, are channels to extend the EU’s influence on the global stage and to strengthen the international role of the euro; calls on the Commission to draw inspiration from these examples, if necessary through amending the respective legislation, in order to bring the same level of international recognition to other EU financial products such as ELTIFs and STS securitisations, and prospective future instruments such as social bonds;
Amendment 159 #
Motion for a resolution Paragraph 7 a (new) 7a. Highlights the importance of financial market participants’ long-term equity investments for supporting independent European enterprises in the Union, strong and resilient strategic sectors, sustainable economic growth and prosperity for the benefit of EU citizens.
Amendment 16 #
Motion for a resolution Recital A a (new) Aa. whereas the EU's internal market is characterised by open competition, a regulatory framework, reliance on international standards and supervisory cooperation; whereas the CMU strategy should therefore be based on the same principles;
Amendment 160 #
Motion for a resolution Paragraph 8 Amendment 161 #
Motion for a resolution Paragraph 8 8. Stresses the necessity of advancing further in the implementation of a genuinely Single Rule Book for financial services in the internal market, particularly in the field of taxation; calls for the establishment of a Financial Transactions Tax at EU level;
Amendment 162 #
Motion for a resolution Paragraph 8 8. Stresses the necessity of advancing further in the implementation of a genuinely Single Rule Book for financial services in the internal market, where priority should be given to the continuing development of common definitions and standards on sustainable finance;
Amendment 163 #
Motion for a resolution Paragraph 8 8. Stresses the necessity of advancing further in the implementation and the enforcement of a genuinely Single Rule Book for financial services in the internal market; calls on the Commission and the ESAs to draw conclusions on the use of supervisory convergence tools through market movements related to the COVID- 19 crisis, and to suggest legislative and non-legislative initiatives to enhance the effectiveness of these tools as appropriate;
Amendment 164 #
Motion for a resolution Paragraph 8 a (new) 8a. Suggests the establishment of a database containing standardised credit and financial information on SMEs that intend to finance themselves on the capital markets, with the aim of increasing their visibility;
Amendment 165 #
Motion for a resolution Paragraph 8 a (new) 8a. Supports improving transparency for end investors through the establishment of an EU Consolidated Tape (CT);
Amendment 166 #
Motion for a resolution Paragraph 9 Amendment 167 #
Motion for a resolution Paragraph 9 9. Underlines th
Amendment 168 #
Motion for a resolution Paragraph 9 9.
Amendment 169 #
Motion for a resolution Paragraph 9 9. Underlines the need to promote pension provision; welcomes the Pan- European Personal Pension (PEPP)
Amendment 17 #
Motion for a resolution Recital A b (new) Ab. whereas the development of a CMU goes necessarily hand in hand with the deepening of the economic and monetary union, and in particular with the completion of the banking union and the creation of a mechanism of fiscal stabilisation for the euro area as a whole; whereas the CMU must be complemented by counter-cyclical policy measures to foster aggregate demand and reduce inequalities;
Amendment 170 #
Motion for a resolution Paragraph 9 9. Underlines the need to promote pension provision; welcomes the Pan- European Personal Pension (PEPP)
Amendment 171 #
Motion for a resolution Paragraph 9 9. Underlines the need to promote pension provision, in particular third- pillar pensions; welcomes the Pan- European Personal Pension (PEPP) product; re
Amendment 172 #
Motion for a resolution Paragraph 9 9. Underlines the need to promote pension provision, particularly when it comes to 2nd and 3rd pillar pensions, given the massive demographic changes that the Union faces; welcomes the Pan- European Personal Pension (PEPP)
Amendment 173 #
Motion for a resolution Paragraph 9 9. Underlines the need to promote pension provision; welcomes the Pan- European Personal Pension (PEPP) product; reminds Member States that PEPPs need to be subject to the same tax treatment as national pension products to become an option for savers; highlights the importance of a level playing field for PEPP product providers including with regard to risk-mitigation techniques in the investment process; calls for a thorough evidence-based evaluation of the launch of the PEPP market before the next legislative review of the PEPP Regulation;
Amendment 174 #
Motion for a resolution Paragraph 10 10.
Amendment 175 #
Motion for a resolution Paragraph 10 10.
Amendment 176 #
Motion for a resolution Paragraph 10 10. Encourages the Member States to promote multi-pillar pension systems, including occupational pension schemes
Amendment 177 #
Motion for a resolution Paragraph 10 10. Encourages the Member States to promote multi-pillar pension systems, including occupational pension schemes, as a way to improve market dynamics and the incentives to invest; believes that private pensions should be revitalised and made more attractive; recommends in particular the use of auto-enrolment schemes as a way to build up pension provision and coverage in the Union; encourages the participation of investors in long-term products with tax reduction or exemption policies;
Amendment 178 #
10. Encourages the Member States to promote multi-pillar pension systems, including occupational pension schemes, as a way to improve market dynamics and the incentives to invest; believes that
Amendment 179 #
Motion for a resolution Paragraph 10 10. Highlights that demographic developments necessitate supplementing pay-as-you-go pensions with life-long intelligent saving and investing; Encourages the Member States to promote multi-pillar pension systems, including occupational pension schemes, as a way to improve market dynamics and the incentives to invest; believes that private pensions should be revitalised and made more attractive; encourages the participation of investors in long-term products with tax reduction or exemption policies;
Amendment 18 #
Motion for a resolution Recital A b (new) Ab. whereas an enabling framework for public sustainable investments, namely the introduction of a golden rule to exclude sustainable investments from the EU’s deficit calculation, is crucial to complement further initiatives within the CMU to crowd in private investment and promote sustainable and long term allocation of private capital;
Amendment 180 #
Motion for a resolution Paragraph 10 10. Encourages the Member States to promote multi-pillar pension systems, including occupational pension schemes, as a way to improve market dynamics and the incentives to invest; believes that private pensions
Amendment 181 #
Motion for a resolution Paragraph 10 10. Encourages the Member States to promote multi-pillar pension systems, including occupational pension schemes, as a way to improve market dynamics and the incentives to invest; believes that private pensions should be revitalised and made more attractive; encourages the participation of investors in long-term products with tax reduction or exemption policies designed to generate broader economic and social beneficial impact;
Amendment 182 #
Motion for a resolution Paragraph 10 a (new) 10a. Takes note of the limited use of the ELTIF vehicle throughout the European Union. Encourages the Commission to review the ELTIF regulation in light of the experience since its entry into force in order to make use of its full potential.
Amendment 183 #
Motion for a resolution Paragraph 10 b (new) 10b. Encourages the Commission to consider the introduction of an EU “de minimis” or exemption regime for distribution to professionals and/or semi- professional investors in the UCITS framework.
Amendment 184 #
Motion for a resolution Paragraph 11 11. Recalls that the Solvency 2 Directive requires a review by the end of 2020 and that the European Insurance and Occupational Pensions Authority (EIOPA) will provide technical advice to the Commission after consultations with
Amendment 185 #
Motion for a resolution Paragraph 11 11. Recalls that the Solvency 2 Directive requires a review by the end of 2020 and that the European Insurance and Occupational Pensions Authority (EIOPA) will provide technical advice to the Commission after consultations with different stakeholders;
Amendment 186 #
Motion for a resolution Paragraph 11 11. Recalls that the Solvency 2 Directive requires a review by the end of 2020 and that the European Insurance and Occupational Pensions Authority (EIOPA) will provide technical advice to the Commission after consultations with
Amendment 187 #
Motion for a resolution Paragraph 11 11. Recalls that the Solvency 2 Directive requires a review by the end of 2020 and that the European Insurance and Occupational Pensions Authority (EIOPA) will provide technical advice to the Commission after consultations with different stakeholders; requests the Commission and EIOPA to consider adjusting the capital requirements for investments in equity and private debt, in particular of SMEs, also through the internal model approach;
Amendment 188 #
Motion for a resolution Paragraph 11 11. Recalls that the Solvency 2 Directive requires a review by the end of 2020 and that the European Insurance and
Amendment 189 #
Motion for a resolution Paragraph 11 a (new) 11a. Underlines the need to create and stimulate the availability of suitable sustainable assets; encourages the Commission to put forward a legislative initiative for an EU Green Bond Standard; calls for further discussions on the creation of a European safe asset, based on an evaluation to be performed by the Commission of the sovereign bond- backed securities (SBBS) proposal and possible developments, in order to strengthen the international role of the euro, stabilise financial markets and allow banks to diversify their portfolios;
Amendment 19 #
Ab. whereas EU capital markets could serve the economy and the much needed economic recovery best when they are transparent, competitive, resilient, centrally cleared and supported by fair regulation,
Amendment 190 #
Motion for a resolution Paragraph 11 a (new) 11a. In implementing the finalised Basel III standards, calls on the Commission to pay due attention to (i) provisions affecting market making by banks and non-banks and (ii) risk weights applicable to bank’s investment in equity, especially of long-term SME equity;
Amendment 191 #
Motion for a resolution Paragraph 11 a (new) 11a. In implementing the "finalization of Basel III" Standards, calls on the Commission to pay due attention to risk weights applicable to banks' investments in equity, especially of long-term SMEs equity;
Amendment 192 #
Motion for a resolution Paragraph 11 a (new) 11a. Notes that oligopolistic structures have developed in the area of market data; calls on the Commission to investigate the abuse of dominant market positions by data providers,
Amendment 193 #
Motion for a resolution Paragraph 11 b (new) 11b. Calls on the Commission to submit as soon as possible a legislative proposal for a European Single Access Point for financial and non-financial information in respect to listed and unlisted EU companies, while respecting the proportionality principle, where appropriate; believes that ESMA, in close cooperation with the European Financial Reporting Advisory Group, should be put in charge of such a project and that the information provided must, from the start, be based on integrated reporting, including urgently needed comparable, standardised and transparent information related to environmental sustainability as defined in the Taxonomy Regulation as well as information related to the social and governance aspects of sustainability, in line with the Regulation of sustainability-related disclosure for financial services and the Non-Financial Reporting Directive;
Amendment 194 #
Motion for a resolution Paragraph 11 b (new) 11b. Calls on the Commission, in line with the High level forum report recommendation, to put forward a legislative proposal to develop the European Single Access Point (ESAP) for company data; ESAP will serve as an EU- wide, digital, one-stop-shop for both public financial and non-financial information in respect to EU companies; ESAP should be a single platform established and managed by ESMA; in that regard the legislative proposal should ensure that adequate time, funding and resources are provided to ESMA;
Amendment 195 #
Motion for a resolution Paragraph 12 12.
Amendment 196 #
Motion for a resolution Paragraph 12 12.
Amendment 197 #
Motion for a resolution Paragraph 12 12. Stresses the need for efficient and effective cooperation between European and national supervisory authoritie
Amendment 198 #
Motion for a resolution Paragraph 12 12. Stresses the need for European and national supervisory authorities to overcome their differences; calls for enhanced supervisory convergence
Amendment 199 #
Motion for a resolution Paragraph 12 12. Stresses the need for European and national supervisory authorities to overcome their differences; calls
Amendment 2 #
Motion for a resolution Citation 3 a (new) - having regard to the Commission Communication of 9 July 2020 entitled 'Getting ready for changes. Communication on readiness at the end of the transition period between the European Union and the United Kingdom' (COM(2020) 324),
Amendment 20 #
Motion for a resolution Recital A b (new) Ab. whereas some investors have higher risk tolerance than others, and whereas not all businesses are in a position to access and benefit from capital market finance;
Amendment 200 #
Motion for a resolution Paragraph 12 12. Stresses the need for
Amendment 201 #
Motion for a resolution Paragraph 12 12. Stresses the need for European and national supervisory authorities to
Amendment 202 #
Motion for a resolution Paragraph 12 12. Stresses the need for European and national supervisory authorities to
Amendment 203 #
Motion for a resolution Paragraph 12 12. Stresses the need for close cooperation between European and national supervisory authorities
Amendment 204 #
Motion for a resolution Paragraph 12 12. Stresses the need for European and national supervisory authorities to overcome their differences; calls for regulatory and supervisory convergence to promote a
Amendment 205 #
Motion for a resolution Paragraph 12 12. Stresses the need for European and national supervisory authorities to overcome their differences; calls for supervisory convergence to promote a common European model, guided by the European Securities and Market Authority (ESMA), to reduce the existing obstacles to cross-border financial operations;
Amendment 206 #
Motion for a resolution Paragraph 12 a (new) 12a. Asks the Commission, ESMA, European Banking Authority(EBA) and the Single Supervisory Mechanism (SSM) to assess up to what extent can the Wirecard scandal be attributed to deficiencies in the European regulatory framework in the area of audit and supervision. In particular, if national and European supervisors are sufficiently equipped to effectively supervise big cross- border financial institutions with complex business models that involve different third-country jurisdictions as well as multiple corporate layers. What lessons can be drawn from this case in relation to the further development of the European regulatory and supervisory framework, in particular in relation with the Capital Markets Union action plan;
Amendment 207 #
Motion for a resolution Paragraph 12 a (new) 12a. Highlights EU-wide competition, choice and open access among market infrastructures across the entire execution value chain as fundamental principles for the CMU; supports a diversity of trading mechanisms catering to different trading strategies, market conditions, and investment objectives, both in the EU and globally; considers that failure to uphold these principles in the upcoming discussions on the MiFID/R framework review would risk bringing back monopolistic national exchange structures, to the detriment of European economies and end investors;
Amendment 208 #
Motion for a resolution Paragraph 12 a (new) 12a. Calls, in this regard, for forthcoming revision of EU financial services regulation to attribute greater supervision and regulatory powers to EU supervisors, namely ESMA, including direct oversight over certain market segments and greater product intervention powers; recalls furthermore the need to reform the governance structure of the European Supervisory Authorities to make them truly independent of national supervisors;
Amendment 209 #
Motion for a resolution Paragraph 12 a (new) 12a. Calls on the Commission to ensure the proper funding of civil society operators and consumers representatives in the field of financial services, who offer invaluable insight and independent assessment to policy-makers and regulators;
Amendment 21 #
Motion for a resolution Recital A c (new) Amendment 210 #
Motion for a resolution Paragraph 12 a (new) 12a. In order to reduce the fragmentation risk stemming from the application of national options and discretion, underlines the need to progress on common European standards;
Amendment 211 #
Motion for a resolution Paragraph 12 b (new) 12b. Underlines the efficiency that can be achieved by gradually granting to ESMA direct supervisory powers over EU CCPs and EU CSDs, in line with their cross border activity and market concentration;
Amendment 212 #
Motion for a resolution Paragraph 13 13. Observes that financial services regulation is a very complex undertaking, with regulation at international, European and national level; encourages all relevant actors to address this complexity to ensure the proportionality of financial regulation
Amendment 213 #
Motion for a resolution Paragraph 13 13. Observes that financial services regulation is a very complex undertaking, with regulation at international, European and national level; encourages all relevant actors to address this complexity to ensure the proportionality of financial regulation
Amendment 214 #
Motion for a resolution Paragraph 13 13. Observes that financial services regulation is a very complex undertaking, with regulation at international, European and national level; encourages all relevant actors to address this complexity to ensure the proportionality of financial regulation and to remove unnecessary administrative burdens; also notes that proportionality of financial regulation can sometimes lead to increased complexity, and calls on the Commission and Member States to commit to significant efforts to streamline and harmonise existing and future rules, by phasing out national exemptions as appropriate, and by preventing ‘gold- plating’ of EU law at national level; highlights that Regulations with clear timelines for transition and phasing out of existing regimes can build a smooth and steady path to regulatory convergence;
Amendment 215 #
Motion for a resolution Paragraph 13 a (new) 13a. Is concerned about the recent scandal involving the German FinTech company Wirecard, as well as the role and potential short comings of Germany's financial supervisory authority and that of one of the auditors, Ernst and Young; stresses the importance of consistent supervision in scope and application whomever the provider is, in as far as the key service provided is a financial service; calls on the EU and national competent authorities to proceed with a thorough inquiry including on the adequacy of the supervisory response, the independence of the auditor, the corporate governance of the company, and on the missing funds; calls on the Commission to look into ways of improving the functioning of the accounting sector, including through joint audits and the separation between consulting and audit services;
Amendment 216 #
Motion for a resolution Paragraph 13 a (new) 13a. Notes that in light of recent scandals, such as the case of Wirecard in Germany, the independence and accountability of auditors as well as regulators must be strengthened and all existing fraud-prevention regulations must be reviewed thoroughly;
Amendment 217 #
Motion for a resolution Paragraph 13 a (new) 13a. Reiterates its call in the Parliament resolution on "Stocktaking and challenges of the EU Financial Services Regulation" of 19 January 2016, for the Commission to conduct, in cooperation with the ESAs, SSM and ESRB, a comprehensive quantitative and qualitative assessment every five years of the cumulative impact of EU financial services regulation on financial markets and its participants at EU and Member State level in order to identify shortcomings and loopholes, to assess the performance, effectiveness and efficiency of the financial services regulation and to ensure that it is not impeding fair competition and the development of the economy, and to report back to Parliament; regrets that no such assessment has been conducted thus far;
Amendment 218 #
Motion for a resolution Paragraph 13 a (new) 13a. Highlights the benefits for the further integration of EU capital markets to evolve over time towards a Twin Peaks model of supervision, with separate mandates for prudential supervision and consumer protection across sectors in order to improve the effectiveness of supervision of large financial conglomerates reduce the complexity of the European supervisory framework and ensure stronger consumer and investor protection across the EU;
Amendment 219 #
Motion for a resolution Paragraph 13 a (new) 13a. Calls on the Commission to present a detailed road map to strengthen the robustness of the financial ecosystem, drawing lessons from the benefits and the shortcomings of the existing EU rulebook on financial stability and financial supervision, identified during the COVID- 19 crisis; takes note of the recent recommendations from the ESRB, notably on liquidity risks arising from margin calls and liquidity risks in investment funds;
Amendment 22 #
Motion for a resolution Recital A c (new) Ac. whereas legislative harmonisation remains insufficient to create a truly European capital market if diverging national implementation, supervision, and enforcement practices remain in place;
Amendment 220 #
Motion for a resolution Paragraph 13 a (new) 13a. Notes with concern that over the past years a higher share of trading flows has gone to trading venues with limited transparency requirements and points out that such trades do not contribute meaningfully to price discovery; calls on the Commission and supervisory authorities to ensure that there is a level playing field between different trading venues;
Amendment 221 #
Motion for a resolution Paragraph 13 a (new) 13a. Notes the lack of information about the non-debt financing market for SMEs; calls in this regard for better data collection about the non-debt financing tools previously used by the SME population; insists that it could significantly help in assessing and implementing policies in this area;
Amendment 222 #
Motion for a resolution Paragraph 13 a (new) 13a. Emphasises the need for the architecture of the European market to be able to compete globally and attract foreign capital. Highlights the need for the EU to become a place where international companies and investors want to operate;
Amendment 223 #
Motion for a resolution Paragraph 14 14.
Amendment 224 #
Motion for a resolution Paragraph 14 14.
Amendment 225 #
Motion for a resolution Paragraph 14 14.
Amendment 226 #
Motion for a resolution Paragraph 14 14. Is concerned that retail investors’ engagement with financial markets remains low; calls for measures to promote retail investments in view of the demographic challenges faced by the EU by increasing the participation of retail investors in capital markets through more attractive and appropriate personal pension products; calls on the Commission to put forward initiatives specifically targeting retail investors, including facilitating the development of independent web-based EU comparison tools, to help retail investors determine the most appropriate products in terms of risk, return on investment and value for their particular needs, and promoting incentives for ESG products and products typically associated with better value for money;
Amendment 227 #
Motion for a resolution Paragraph 14 14. Is concerned that retail investors’ engagement with financial markets remains low; calls for measures to promote retail investments in view of the demographic challenges faced by the EU by increasing the participation of retail investors in capital markets through more attractive and appropriate personal pension products; in particular, welcomes the new uniform set of criteria for EU-wide rules to help crowdfunding services function smoothly and foster cross-border business funding, notably for medium-sized and micro- enterprises;
Amendment 228 #
Motion for a resolution Paragraph 14 14.
Amendment 229 #
Motion for a resolution Paragraph 14 a (new) 14a. Recalls that the low retail investors’ engagement with financial markets might be a consequence of the regrettable financial fraud cases that took place during the last decade in some Member States through the sale of risky products in bad faith, as the European Parliament deplored in 2015; highlights that the strengthening of retail investors’ confidence is a key factor for a fair and efficient functioning of financial markets; in this respect, aims the EU authorities and institutions to further strengthen and harmonise the legislation on retail investors’ protection from fraud and misleading information.
Amendment 23 #
Motion for a resolution Recital A d (new) Ad. whereas legislative harmonisation remains insufficient to create a truly European capital market if diverging national implementation, supervision, and enforcement practices remain in place;
Amendment 230 #
Motion for a resolution Paragraph 14 a (new) 14a. Deplores that the investor protection provisions in several sectorial pieces of EU financial services legislation are poorly aligned resulting in undue complexity for financial intermediaries and retail clients alike; calls on the European Commission to adopt a more horizontal approach to investor protection in EU financial services legislation;
Amendment 231 #
Motion for a resolution Paragraph 14 a (new) 14a. Notes that various studies consistently show that a significant majority of retail investors mention sustainability preferences when asked about their investment preferences, and considers that this is an opportunity to further incentivise retail investors to be more active in financial markets;
Amendment 232 #
Motion for a resolution Paragraph 14 a (new) 14a. Underlines the importance to enhance investor confidence in the capital markets, fostered by sound investor protection and supported by financially literate market participants;
Amendment 233 #
Motion for a resolution Paragraph 15 15. Emphasises that
Amendment 234 #
Motion for a resolution Paragraph 15 15. Emphasises that access to financial markets should be possible for all enterprises, including SMEs and start-ups, under the ‘same business, same rules’ principle; states the need to increase the portfolio of investment options for retail investors;
Amendment 235 #
Motion for a resolution Paragraph 15 15.
Amendment 236 #
Motion for a resolution Paragraph 15 15. Emphasises that access to financial markets should be possible for all enterprises under the ‘same business, same rules’ principle; notes that this principle is particularly relevant in the FinTech and financial innovation spaces, and that reciprocal access to financial data should be balanced with the need to have a level playing field across all providers and product types;
Amendment 237 #
Motion for a resolution Paragraph 15 15. Emphasises that access to financial markets should be possible for all enterprises under the ‘same business, same rules’ principle; nonetheless, to achieve this objective, takes the view that it is important to simplify the criteria to consider professional investors upon request, which is also linked to quantitative requirements related to the size of the enterprises;
Amendment 238 #
Motion for a resolution Paragraph 15 a (new) 15a. Emphasises that the single market for retail financial services is very underdeveloped; notes that purchasing retail financial services products such as mortgage loans or insurance products on a cross-border basis is very uncommon and embedded with obstacles; considers that retail market participants should be easily able to take full advantage of the single market to access retail financial services products on a cross-border basis in order to get more choice and better products; calls on the Commission to put in place a new Action Plan for retail financial services that sets out an ambitious strategy to remove obstacles for cross-border retail financial services along with the elimination of unnecessary and excessive fees for such services;
Amendment 239 #
Motion for a resolution Paragraph 15 a (new) 15a. Underlines that the existence of inconsistencies under different consumer and investor protection rules hinders the possibility to achieve a truly integrated and well-functioning CMU; stresses the need for more horizontal and harmonised consumer protection and business conduct rules, in order to ensure effective and consistent levels of protection across all financial products;
Amendment 24 #
Motion for a resolution Recital B Amendment 240 #
Motion for a resolution Paragraph 16 16. Recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (PRIIPs) that should be addressed in the next review;
Amendment 241 #
Motion for a resolution Paragraph 16 16. Recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (PRIIPs) that should be addressed
Amendment 242 #
Motion for a resolution Paragraph 16 16. Recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (PRIIPs) that should be addressed in
Amendment 243 #
Motion for a resolution Paragraph 16 16.
Amendment 244 #
Motion for a resolution Paragraph 16 16. Recalls the existence of different
Amendment 245 #
Motion for a resolution Paragraph 16 16. Recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (PRIIPs) that should be addressed in the next review; expects that Level 2 PRIIPs legislation on the Key Investor Document to respect level 1, in particular in
Amendment 246 #
Motion for a resolution Paragraph 16 16. Recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (PRIIPs) that should be addressed in the next review; expects that Level 2 PRIIPs legislation on the Key Investor Document to respect level 1, in particular in
Amendment 247 #
Motion for a resolution Paragraph 16 16. Recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (PRIIPs) that should be addressed in the next review; expects that Level 2 PRIIPs legislation on the Key Investor Document to respect level 1, in particular in relation to the performance scenarios; regrets the delays in the adoption of Level 2 PRIIPs legislation that will overlap with the first review of PRIIPs, and which increases legal uncertainty and costs for stakeholders; calls on the European Commission and the ESAs to coordinate their proposals for their respective level 1 and level 2 changes in a way that guarantees a high degree of predictability for intermediaries and retail clients alike;
Amendment 248 #
Motion for a resolution Paragraph 16 16. Recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (PRIIPs) that should be addressed in the next review; expects that Level 2 PRIIPs legislation on the Key Investor Document to respect level 1, in particular in relation to the performance scenarios; notes the importance of ensuring that past performance information is available to investors while also ensuring that past performance cannot be used as an indicator to predict future returns; regrets the delays in the adoption of Level 2 PRIIPs legislation that will overlap with the first review of PRIIPs, and which increases legal uncertainty and costs for stakeholders;
Amendment 249 #
Motion for a resolution Paragraph 16 16. Recalls the existence of different
Amendment 25 #
Motion for a resolution Recital B B.
Amendment 250 #
Motion for a resolution Paragraph 17 17. Urges the Commission to make clear the differentiation between professional and retail investors on all levels of MIFID, making it possible to tailor the treatment of clients according to their knowledge and experience on the markets;
Amendment 251 #
Motion for a resolution Paragraph 17 17. Urges the Commission to
Amendment 252 #
Motion for a resolution Paragraph 17 17. Urges the Commission to make clear the differentiation between professional and retail investors on all levels of MIFID, making it possible to tailor the treatment of clients according to their knowledge and experience on the markets; requests
Amendment 253 #
Motion for a resolution Paragraph 17 17. Urges the Commission to make clear the differentiation between professional and retail investors on all levels of MIFID, making it possible to tailor the treatment of clients according to their knowledge and experience on the markets; requests
Amendment 254 #
Motion for a resolution Paragraph 17 17. Urges the Commission to keep an eye on the regulatory costs arising in practice and to make clear the differentiation between professional and retail investors on all levels of MIFID, making it possible to tailor the treatment of clients according to their knowledge and experience on the markets; points out that high regulatory costs in practice make advising retail investors unattractive for banks and thus de facto excludes retail investors from securities as an investment category; requests that the Commission consider the introduction of a category of semi-professional investors to better respond to the reality of participation on the financial markets, or create an opt-in opportunity for retail investors so that they can dispense with the comprehensive notification obligation;
Amendment 255 #
Motion for a resolution Paragraph 17 17. Urges the Commission to make clear the differentiation between professional and retail investors on all levels of MIFID, making it possible to tailor the treatment of clients according to their knowledge and experience on the markets; requests that the Commission consider the introduction of a category of semi-professional investors to better respond to the reality of participation on the financial markets; considers, however, that the application of this new category of clients should be left to the discretion of the investment firms, which should be free to include (or not) semi-professional clients in their own service model, and could involve taking certain appropriate measures;
Amendment 256 #
Motion for a resolution Paragraph 17 17. Urges the Commission to make clear the differentiation between professional and retail investors on all levels of MIFID, making it possible to tailor the treatment of clients according to their knowledge and experience on the markets; requests that the Commission consider the introduction of a category of semi-professional investors to better respond to the reality of participation on the financial markets; however, the application of this new "category" of clients should be left to the discretion of the investment firms that should be free to include (or not) semi-professional clients in their own service model;
Amendment 257 #
Motion for a resolution Paragraph 18 Amendment 258 #
Motion for a resolution Paragraph 18 18.
Amendment 259 #
Motion for a resolution Paragraph 18 18.
Amendment 26 #
Motion for a resolution Recital B B. whereas the actions taken so far to achieve the CMU
Amendment 260 #
Motion for a resolution Paragraph 18 18. Is of the opinion that
Amendment 261 #
Motion for a resolution Paragraph 18 18. Is of the opinion that the current reporting framework within MIFID II and the European Market Infrastructure Regulation (EMIR) is very costly and complex
Amendment 262 #
Motion for a resolution Paragraph 18 18. Is of the opinion that the current reporting framework within MIFID II and the European Market Infrastructure Regulation (EMIR) is very costly and complex, hindering the effectiveness of the system;
Amendment 263 #
Motion for a resolution Paragraph 19 Amendment 264 #
Motion for a resolution Paragraph 19 Amendment 265 #
Motion for a resolution Paragraph 19 19.
Amendment 266 #
Motion for a resolution Paragraph 19 19. Calls for amendments to legislation to ensure access to reliable independent advice
Amendment 267 #
Motion for a resolution Paragraph 19 19. Calls for amendments to legislation to ensure access to independent advice by financial intermediaries
Amendment 268 #
Motion for a resolution Paragraph 19 19. Calls for amendments to legislation to ensure access to independent advice by financial intermediaries
Amendment 269 #
Motion for a resolution Paragraph 19 19. 1. Calls for amendments to legislation to ensure access to independent advice by financial intermediaries w
Amendment 27 #
Motion for a resolution Recital B B. whereas
Amendment 270 #
Motion for a resolution Paragraph 19 19. Calls for the consideration of amendments to the legislati
Amendment 271 #
Motion for a resolution Paragraph 19 19. Calls for amendments to legislation to ensure access to independent advice by financial intermediaries while avoiding promotion of the institution’s own financial products and ensuring a fair marketing of financial products; agrees that the role of inducements in intermediation and distribution should be further examined to ensure that no conflicts of interest arise and that financial advice is fairly, transparently and adequately supplied to investors;
Amendment 272 #
Motion for a resolution Paragraph 19 a (new) 19a. Supports a renewed sustainable finance strategy in full consistency with the CMU project; calls on the Commission to propose the definition of an eco-label for financial products; underlines the need for an EU Green Bond Standard (EU GBS) for more reliable, comparable and accessible sustainability data obtained by harmonising sustainability indicators with sector-specific Key Performance Indicators; for an EU public sustainability data register and mainstreaming sustainability within all financial legislation through legislative reviews, enabling investors to better act upon their sustainability preferences;
Amendment 273 #
Motion for a resolution Paragraph 19 a (new) 19a. Underlines that mystery shopping is an important supervisory tool which can considerably improve the consistency and effectiveness of consumer protection across the EU; invites ESMA to make full use of its new coordination power by promoting EU-wide mystery shopping exercises to identify mis-selling practices and to ensure that any findings of non- compliance with consumer protection and business conduct rules is followed by appropriate enforcement actions;
Amendment 274 #
19a. Proposes to the Commission to look into the possibility for an EU Individual Savings Accounts, as a complement to national regimes, that could overcome national fragmented markets by operating in a uniform manner and across heterogeneous markets, ensuring portability and security of savings;
Amendment 275 #
Motion for a resolution Paragraph 19 b (new) 19b. Insists that retail investors will be an integral part of the sustainable finance agenda and the EU’s sustainable development agenda; calls on the Commission to ensure that the taxonomy label methodology is clear and understood by retail investors;
Amendment 276 #
Motion for a resolution Paragraph 19 c (new) Amendment 277 #
Motion for a resolution Paragraph 20 20. Underlines that financial education
Amendment 278 #
Motion for a resolution Paragraph 20 20. Underlines that financial education is needed to overcome
Amendment 279 #
Motion for a resolution Paragraph 20 20. Underlines that financial education is needed to
Amendment 28 #
Motion for a resolution Recital B B. whereas the actions taken so far to achieve the CMU are moving in the right direction; whereas
Amendment 280 #
Motion for a resolution Paragraph 20 20. Underlines that financial education is needed to
Amendment 281 #
Motion for a resolution Paragraph 20 20.
Amendment 282 #
Motion for a resolution Paragraph 20 20. Underlines that financial education is needed to overcome low retail investor engagement with financial markets, based on lack of knowledge, mistrust and risk aversion; notes that the Capital Market Union should aim at fostering an “equity culture” for investors in Europe and turning savers into investors, including with the development of mobile apps allowing for voting or proxy voting by individuals;
Amendment 283 #
Motion for a resolution Paragraph 20 20. Underlines that financial education is needed to overcome low retail investor engagement with financial markets, based on lack of knowledge, mistrust and risk aversion; call for the establishment of a stronger capital market orientation among market participants, especially for retail investors, to overcome risk aversion;
Amendment 284 #
21. Emphasises, however, that financial education is a medium-term tool
Amendment 285 #
Motion for a resolution Paragraph 21 21. Emphasises that financial education is a medium-term tool, which enriches the financial system and which is a good step for engaging retail investors with financial markets; however, notes that up to now, financial education has had extremely limited traction in promoting and enhancing equity dealings, both nationally and on a cross-border basis;
Amendment 286 #
Motion for a resolution Paragraph 21 21. Emphasises that financial education is a medium-term tool, which enriches the financial system and which is a good step for engaging retail investors with financial markets; notes that employee share ownership programmes are amongst the most effective means to increase financial awareness and literacy for EU adult citizens;
Amendment 287 #
Motion for a resolution Paragraph 21 a (new) 21a. Calls on the Commission to promote the development of employee share ownership and profit sharing, as a tool to improve corporate governance and companies’ sustainability, while reducing inequality as well as the risk of job losses during downturns; stresses that such measures should come on top of fixed salaries and benefits and should not distract from the need to ensure that workers' salaries guarantee them a decent living wage;
Amendment 288 #
Motion for a resolution Paragraph 22 22.
Amendment 289 #
Motion for a resolution Paragraph 22 22. Urges
Amendment 29 #
Motion for a resolution Recital B B. whereas the actions taken so far to achieve the CMU are moving in the right direction; whereas much work nevertheless remains to be done in terms of the precision, effectiveness and simplification of the measures adopted; whereas an ambitious vision for the CMU project is essential to overcome national sensitivities and build the momentum to complete the CMU;
Amendment 290 #
Motion for a resolution Paragraph 22 22. Urges the Member States to include financial literacy
Amendment 291 #
Motion for a resolution Paragraph 22 22. Urges the Member States to include financial literacy programs in school curricula aimed at developing autonomy in financial matters;
Amendment 292 #
Motion for a resolution Paragraph 22 22. Urges the Member States to include financial literacy programs in school curricula aimed at developing autonomy in financial matters;
Amendment 293 #
Motion for a resolution Paragraph 22 a (new) 22a. Believes that a more informed and better-educated citizenship on financial issues is beneficial to democratic systems, contributes to the stability of financial systems, and promotes the transparency and duties of information of financial institutions. Calls for programs to train citizens, which would increase their ability to exercise democratic control over their governments;
Amendment 294 #
Motion for a resolution Paragraph 22 a (new) 22a. Calls for the promotion of Employee Share Ownership as a way to encourage citizens’ participation in capital markets and help develop an equity culture; proposes that this could be done through for instance a multilingual EU portal to raise awareness about the scheme and inform about its benefits;
Amendment 295 #
Motion for a resolution Paragraph 22 a (new) 22a. Encourages financial institutions to develop and implement programmes that aim to that expand financial literacy and capability and build opportunities for financial inclusion for all citizens;
Amendment 296 #
Motion for a resolution Paragraph 22 a (new) 22a. Calls on the Commission to propose a review of the Council Recommendation “Key Competences on Lifelong Learning”, with a view to introduce financial literacy as a stand- alone key competence.
Amendment 297 #
Motion for a resolution Paragraph 22 a (new) 22a. Calls on the Commission to review the Council recommendation on key competences for lifelong learning and to supplement the key competences with financial knowledge;
Amendment 299 #
Motion for a resolution Paragraph 23 23.
Amendment 3 #
Motion for a resolution Citation 5 a (new) - having regard to its resolution of 4 July 2017 on Towards a pan-European covered bonds framework, which called on the European Commission to include in the new directive on covered bonds specific references to a legal framework for ESNs, such as dual recourse, special public supervision, bankruptcy remoteness and transparency requirements,
Amendment 30 #
Motion for a resolution Recital B a (new) Ba. whereas most measures that have been considered and implemented aim to improve and unify capital markets relate to the professional tools and financial vehicles available to practitioners in intermediation and their clients (basically institutions, funds and high net worth individuals), the CMU needs to mobilise retail demand, which in Europe lags at well below the levels prevailing in the USA or Japan; whereas to achieve such an objective, retail investors have to experience a change in investment culture; whereas such a change will only happen when retail investors become convinced that investment in capital markets is desirable because it can be of profit to them more than say, bank deposits, while being subject to risks that are acceptable and clearly defined;
Amendment 300 #
Motion for a resolution Paragraph 23 23. Takes the view that the digitalisation of financial services can be a catalyst for the mobilisation of capital
Amendment 301 #
Motion for a resolution Paragraph 23 23. Takes the view that the digitalisation of financial services can be a catalyst for the mobilisation of capital in the EU while reducing barriers and costs and increasing competition and supervisory efficiency; emphasises that an EU framework with
Amendment 302 #
Motion for a resolution Paragraph 23 23. Takes the view that the digitalisation of financial services can be a catalyst for the mobilisation of capital in the EU while reducing barriers and increasing supervisory efficiency; emphasises that an EU framework with high standards of cybersecurity
Amendment 303 #
Motion for a resolution Paragraph 23 23. Takes the view that the digitalisation of financial services can be a catalyst for the mobilisation of capital in the EU while reducing barriers and increasing supervisory efficiency; rem
Amendment 304 #
Motion for a resolution Paragraph 23 23. Takes the view that the digitalisation of financial services can be a catalyst for the mobilisation of capital in the EU while reducing barriers and increasing supervisory efficiency; emphasises that an EU framework with high standards of cybersecurity would be conducive to the CMU; notes that such EU framework should be primarily fit for the digital age and technology neutral;
Amendment 305 #
Motion for a resolution Paragraph 23 23. Takes the view that the digitalisation of financial services can be a catalyst for the mobilisation of capital in the EU while reducing barriers and increasing supervisory efficiency; underlines that digitalisation should neither lead to regulatory arbitrage nor to lower customer protection, reduced safety or financial stability risks; emphasises that an EU framework with high standards of cybersecurity would be conducive to the CMU;
Amendment 306 #
Motion for a resolution Paragraph 23 a (new) 23a. Notes that large technology firms and global digital platforms are increasingly offering financial services and benefit from competitive advantages such as economies of scale, vast cross- border user networks, easy access to financing and the ability to harvest large swaths of data provided by users through data processing technologies such as “big data analytics”, which generate tremendous added value in a variety of ways;
Amendment 307 #
Motion for a resolution Paragraph 23 a (new) 23a. Calls on the Commission to work towards the implementation of the Digital Finance Action Plan for a better access to financial services, offering wider choice and increasing efficiency of operations;
Amendment 308 #
Motion for a resolution Paragraph 23 a (new) 23a. Calls on the Commission to use the forthcoming reviews of financial services regulations to foster investor and shareholder engagement through digital tools;
Amendment 309 #
Motion for a resolution Paragraph 23 b (new) 23b. Stresses that many peer-to-peer lenders are already lending funds to small businesses, making crypto-assets a non- traditional financing channel for SMEs; insists in this regard that clear guidance is needed on the applicability of existing regulatory and prudential processes to crypto-assets which qualify as financial instruments as far as EU legislation is concerned, in order to provide regulatory certainty regarding crypto-assets; stresses that this guidance must be provided consistently at the EU level, to avoid different practices of qualification and supervision by national authorities, which creates an un-level playing field, forum shopping and regulatory arbitrage in the internal market;
Amendment 31 #
Motion for a resolution Recital B a (new) Ba. whereas capital market finance is an effective solution for diversifying funding sources for SMEs; whereas it is more difficult for small companies to diversify their funding sources because of greater difficulties in bearing the direct and indirect costs stemming from their lower visibility compared to larger companies;
Amendment 310 #
Motion for a resolution Paragraph 23 b (new) 23b. Calls on the Commission to monitor the offering of financial services by “BigTech” firms, and also how the competitive advantages inherent to these operators may distort competition in the market, harm the interests of consumers and innovation; stresses that these companies must be regulated and supervised as financial services firms to the extent they offer financial services;
Amendment 311 #
Motion for a resolution Paragraph 23 b (new) 23b. Calls on the Commission to act in order to create a favourable environment for European FinTech hubs, European private-funded champions and firms to scale up for attracting foreign capital and investments and also, promoting the EU competes in global markets;
Amendment 312 #
Motion for a resolution Paragraph 23 c (new) 23c. Stresses that initial coin offerings, being the equivalent of IPOs for cryptocurrencies, have potential in funding SMEs, innovative start-ups and scale-ups; highlights that ICOs can facilitate the exchange of value without the need for a central authority or intermediary which allows for more efficiency and also for the democratisation of financing; notes in this regards that ICOs can accelerate technology transfer, and can be an essential part of the capital markets union; calls on the Commission to assess the advantages of proposing legislative framework for initial coin offerings and initial exchange offerings to foster a coherent EU approach, increase legal certainty, investor and consumer protection, raise warnings, and reduce risks stemming from asymmetric information, fraudulent behaviour and illegal activities;
Amendment 313 #
Motion for a resolution Paragraph 24 24. Highlights that ‘sandboxes’ may be an adequate tool to enhance the innovation and competitiveness of the financial services sector;
Amendment 314 #
Motion for a resolution Paragraph 24 24. Highlights that the Wirecard’s scandal is a warning that ‘sandboxes’
Amendment 315 #
Motion for a resolution Paragraph 24 24. Highlights that ‘sandboxes’ may be an adequate tool to enhance the innovation and competitiveness of the financial services sector; fears, however, that sandboxes relax prudential oversight over rapidly growing financial institutions; requests that the Commission
Amendment 316 #
Motion for a resolution Paragraph 24 24. Highlights that ‘sandboxes’ may be an adequate tool to enhance the innovation and competitiveness of the financial services sector
Amendment 317 #
Motion for a resolution Paragraph 24 24. Highlights that ‘sandboxes’ may be an adequate tool to enhance the innovation and competitiveness of the financial services sector; requests that the Commission c
Amendment 318 #
Motion for a resolution Paragraph 24 a (new) 24a. Calls for efforts focused on preserving a level playing field based on cross-borders data access, and a high level of consumers’ data protection and privacy, making the EU a framework with high standards of cybersecurity which would be conducive to the CMU;
Amendment 319 #
Motion for a resolution Paragraph 24 a (new) 24a. Stresses the need to appoint a single European supervisor for oversight of crypto-assets related activities in the European Union, based on a common rulebook and product intervention powers;
Amendment 32 #
Motion for a resolution Recital B a (new) Ba. whereas ambitious next steps are needed to make the EU capital market architecture truly pan-European, competitive and attractive to both EU and international end investors,
Amendment 320 #
Motion for a resolution Paragraph 25 Amendment 321 #
Motion for a resolution Paragraph 25 25. Points out that
Amendment 322 #
Motion for a resolution Paragraph 25 25. Points out that Europe competes for capital in a global market, and that, as a result, deeper, more integrated
Amendment 323 #
Motion for a resolution Paragraph 25 25. 1. Points out that Europe competes for capital in a global market, and that, as a result, deeper, more integrated and efficient European capital markets along with increased risk sharing among stakeholders are critical to protecting Europe’s economic sovereignty, the use of the euro in third countries, and to attracting foreign investors;
Amendment 324 #
Motion for a resolution Paragraph 25 25. Points out that Europe competes for capital in a global market, and that, as a result, deeper, more integrated and efficient European capital markets are critical to
Amendment 325 #
Motion for a resolution Paragraph 26 26. Reiterates that EU legislation provides for the possibility of considering third-country rules as equivalent based on a proportional and risk-based analysis
Amendment 326 #
Motion for a resolution Paragraph 26 26. 1. Reiterates that EU legislation provides for the possibility of considering third-country rules as equivalent based on a proportional and risk and fact-based analysis, and that such decisions should be taken through a delegated act on a rational basis; recalls that the EU can unilaterally withdraw any equivalence
Amendment 327 #
Motion for a resolution Paragraph 26 26. Reiterates that EU legislation provides for the possibility of considering third-country rules as equivalent based on a technical, proportional and risk-based analysis, and that such decisions should be taken through a delegated act; recalls that the EU can unilaterally withdraw any equivalence decision; calls on the Commission, in cooperation with the ESAs, and where relevant with National Competent Authorities, to establish a dynamic monitoring system on equivalence regimes, in the case of third country regulatory and supervisory divergences which could entail potential risks for the EU in terms of financial stability, market transparency, market integrity, investor and consumer protection and level-playing field; highlights that the Commission should have emergency procedures in place to withdraw equivalence decisions in case of the need to swiftly act, bearing in mind the potential consequences of an emergency withdrawal of an equivalence decision;
Amendment 328 #
Motion for a resolution Paragraph 26 26. Reiterates that EU legislation provides for the possibility of considering third-country rules as equivalent based on a proportional and risk-based analysis, and that such decisions should be taken through a delegated act;
Amendment 329 #
Motion for a resolution Paragraph 26 26. Reiterates that EU legislation provides for the possibility of considering third-country rules as equivalent based on a proportional and risk-based analysis, and that such decisions should be taken through a delegated act; recalls that the EU can unilaterally withdraw any equivalence decision; emphasizes the need to ensure EU supervisors have direct supervisory powers in case the activities of certain third-country firms recognized under the EU equivalence framework may impact financial stability, orderly markets or investor protection;
Amendment 33 #
Motion for a resolution Recital B a (new) Ba. whereas a well-capitalised banking sector will continue to play an important role in financing businesses, especially SMEs;
Amendment 330 #
Motion for a resolution Paragraph 26 a (new) 26a. Highlights that taxation remains a key driver of global capital flows; stresses therefore the importance of carefully assessing the impact of any Financial Transaction Tax (FTT) on the EU's ambitions to develop strong, globally attractive, resilient, deep and liquid capital markets;
Amendment 331 #
Motion for a resolution Paragraph 26 b (new) 26b. Recalls the need to ensure interoperability of the EU’s regulatory framework with internationally agreed principles from the Basel Committee on Banking Supervision and the Financial Stability Board;
Amendment 332 #
Motion for a resolution Paragraph 27 Amendment 333 #
Motion for a resolution Paragraph 27 27.
Amendment 334 #
Motion for a resolution Paragraph 27 a (new) 27a. Reiterates the need for a more streamlined and codified representation of the EU in multilateral organisations/bodies, following the European Parliament resolution of 12 April 2016 on the EU role in the framework of international financial, monetary and regulatory institutions and bodies; notes that promoting EU values and global competitiveness of the EU’s financial sector when making policy at European and international level is ever more crucial as the multilateral world order further polarises;
Amendment 335 #
Motion for a resolution Paragraph 27 a (new) 27a. Considers that a level playing field should be guaranteed in future relations with the United Kingdom after the transition period promoting the stability of European Union´s financial markets;
Amendment 336 #
Motion for a resolution Paragraph 28 28. Instructs its President to forward
Amendment 34 #
Motion for a resolution Recital B b (new) Bb. whereas a consensus has emerged from the experience with the Great Recession that the euro area’s institutional architecture is in need of reform to enhance its capacity to deal with large economic shocks; whereas in this respect economic literature typically finds that higher shock absorption in the United States results mainly from more effective private risk sharing via credit and capital markets;
Amendment 35 #
Motion for a resolution Recital B b (new) Bb. whereas many European countries are still not very attractive to venture capital and private equity investors and this is partly due to persistent rigidities in the labour market and to underdeveloped local financial markets, in addition to a legal environment that does not provide for sufficient investor safeguards;
Amendment 36 #
Motion for a resolution Recital B b (new) Bb. whereas, according to recent reports and consumer-focused surveys1a, most European retail investors have sustainability preferences and want to take into account environmental, social or governance factors and risks in their investment decisions, but are rarely offered compatible products; _________________ 1aSee for example: https://2degrees- investing.org/wp- content/uploads/2020/03/A-Large- Majority-of-Retail-Clients-Want-to- Invest-Sustainably.pdf
Amendment 37 #
Motion for a resolution Recital B b (new) Bb. whereas SMEs accounted for 99.8% of all enterprises in the EU-28 non-financial business sector (NFBS), generating 56.4% of value added and 66.6% of employment in the NFBS; whereas micro SMEs accounted for 93% of the sector, small SMEs 5,9% and Medium-sized SMEs only 0,9%1a; _________________ 1aEuropean Commission ANNUAL REPORT ON EUROPEAN SMEs 2018/2019
Amendment 38 #
Motion for a resolution Recital C C. whereas the social and economic crisis resulting from the lockdown measures in response to COVID-19 will have a particularly negative impact on SMEs and retail savers; whereas the
Amendment 39 #
Motion for a resolution Recital C C. whereas the social and economic crisis resulting from COVID-19 will have a particularly negative impact on SMEs and retail savers; whereas the EU’s response to COVID-19 through the European Recovery Plan should
Amendment 4 #
Motion for a resolution Citation 5 a (new) - having regard to the results of the regular ECB Survey on the Access to Finance of Enterprises;
Amendment 40 #
Motion for a resolution Recital C C. whereas the social and economic crisis resulting from COVID-19 will have a particularly negative impact on SMEs and
Amendment 41 #
Motion for a resolution Recital C C. whereas the social and economic
Amendment 42 #
Motion for a resolution Recital C C. whereas the social and economic crisis resulting from COVID-19 will have a particularly negative impact on SMEs and retail savers; whereas the EU’s response to COVID-19 through the European Recovery Plan should provide a large injection of capital in order to increase European enterprises’ access to finance; whereas capital market financing is needed to increase the overall financing capacity and to reduce the reliance on bank lending in the EU;
Amendment 43 #
Motion for a resolution Recital C a (new) Ca. whereas a single price comparison tool consolidating trading data across the EU - referred to as the Consolidated Tape (CT) - would help brokers to locate liquidity at the best price available in European markets, increase investors’ capacity to evaluate their broker’s performance in executing orders, and be a major step towards democratising access to market data as all investors could easily see the best price to buy or sell a financial product; whereas practical experience with a CT is already available in the United States, where a CT has been mandated for shares (consolidating pre- and post-trade data) and bonds (consolidating post-trade data);
Amendment 44 #
Motion for a resolution Recital C a (new) Ca. whereas the limited use of securitisation since the 2008 global financial crisis is mainly due to the strengthened post-crisis regulatory framework which made securitisation more expensive for banks; whereas the high risks for macro-financial stability associated with securitisation products warrant higher not lower capital requirements; whereas securitisation of SMEs loans is marginal due its additional costs and inherent complexity, which makes it difficult to work without public guarantees;
Amendment 45 #
Motion for a resolution Recital C a (new) Ca. whereas the EU and its Member States have made a clear commitment to the Sustainable Development Goals and to the necessary transition to a climate- neutral society by 2050 at the latest; whereas a framework to facilitate sustainable investment is currently being developed; whereas this framework forms an integral part of the EU’s efforts, under the CMU, to connect finance with needs of the economy and the EU’s sustainable development agenda;
Amendment 46 #
Motion for a resolution Recital C a (new) Ca. whereas the European banking system has a vital role financing the EU economy; it is not sufficient by itself to provide the amount of credit the EU economy will need to harness the growth required in order to recover from the crisis; a Capital Markets Union together with fully-fledged Banking Union will allow for sound risk sharing, in order to build a resilient EU economy;
Amendment 47 #
Motion for a resolution Recital C a (new) Ca. whereas the market movements resulting from COVID-19 have acted as a real-life “stress test” on the robustness of the whole financial ecosystem, and should be followed up with a detailed assessment of the benefits and shortcomings of the existing EU rulebook on financial stability and financial supervision;
Amendment 48 #
Motion for a resolution Recital C a (new) Ca. whereas one of the challenges of a CMU is to ensure equal access to financing and to investment opportunities across the European Union, which should be geographically balanced, reaching citizens and businesses in core and peripheral regions of the European Union;
Amendment 49 #
Motion for a resolution Recital C a (new) Ca. whereas the objectives pursued through CMU cannot be achieved without genuine completion of the Banking Union, which needs the European Deposit Insurance Scheme (EDIS) and a credible backstop for the Single Resolution Fund;
Amendment 5 #
Motion for a resolution Citation 5 b (new) - having regard to the Commission’s Summer 2020 Economic Forecast,
Amendment 50 #
Motion for a resolution Recital C a (new) Ca. whereas European companies continue to over rely on bank lending, with 88% of their new funding in 2018 coming from banks and only 12% from capital markets – a decline from 14% on average in 2013-20171a ; _________________ 1aCapital Markets Union Key Performance Indicators, The Association for Financial Markets in Europe (AFME). 16 October 2019
Amendment 51 #
Motion for a resolution Recital C a (new) Amendment 52 #
Motion for a resolution Recital C b (new) Cb. whereas CMU should address the significant financial differences among Member States such as the existing regulatory fragmentation, over-regulation and withholding taxes, which continue to be a major impediment to the mobilisation of capital, and presents barriers to the cross-border savings and investments, and risk sharing among Member States. Considers that the aim must also be to make the EU an attractive market for foreign capital investment and to increase its competitiveness in global markets;
Amendment 53 #
Motion for a resolution Recital C b (new) Cb. whereas the Capital Markets Union should be a key contributor to the transition towards a sustainable and resilient economy to complement public investment, in line with the EU Green Deal; whereas the EU should aim to consolidate its position as a global leader in sustainable finance with an ambitious model and rulebook for sustainable investments which should be promoted as part of the EU values and as the gold- standard on the international level;
Amendment 54 #
Motion for a resolution Recital C b (new) Cb. whereas the departure of the UK from the European Union in view of Brexit brings structural changes to the EU financial system; whereas the EU capital markets post Brexit will have a polycentric character, facing greater risk for fragmentation in the EU; underlines the importance to promote policies and measures that ensure the resilience, connectivity and competitiveness of the EU financial markets;
Amendment 55 #
Motion for a resolution Recital C b (new) Cb. whereas investment activities tend to remain confined by national borders, and retail investors face numerous obstacles to access opportunities outside their Member State, due to legal uncertainty, language and cultural barriers, market fragmentation and costly inefficiencies in the EU;
Amendment 56 #
Motion for a resolution Recital C c (new) Cc. whereas recent announcements from the UK authorities on future regulatory divergence confirm the need for a careful assessment, in each area on a forward-looking and on-going basis, of the risks for the EU in terms of financial stability, market transparency, market integrity, investor protection and level- playing field when granting and maintaining equivalence, due to the current interconnectedness between the EU and the United Kingdom markets;
Amendment 57 #
Motion for a resolution Recital C c (new) Cc. welcomes the swift action taken, as a response to COVID19, to facilitate bank lending to the real economy, the delay in the implementation of the Basel III rules, the agreement to use the flexibility included in CRR to comply with capital and liquidity buffers, the delays in the introduction of IFRS9, the advancement on the introduction of the SME supporting factor, and the moratoria on new rules;
Amendment 58 #
Motion for a resolution Recital C c (new) Cc. whereas the level of the financing required for the recovery of the EU economy creates an imperative need to invest wisely and sustainably for the future generations; the European Green deal remains at the forefront of the European Union priorities;
Amendment 59 #
Motion for a resolution Recital C c (new) Cc. whereas the lack of a centralised mechanism with easily accessible, reliable, understandable and comparable public information is one of the reasons why companies struggle to find investors;
Amendment 6 #
Motion for a resolution Citation 7 a (new) - having regard to the MiFID II/MiFIR Review Report No.1 of the European Securities and Market Authority (ESMA) on the development in prices for pre- and post-trade data and on the consolidated tape for equity instruments,
Amendment 60 #
Motion for a resolution Recital C d (new) Cd. whereas financial stability and the integrity of the single market can only be preserved with a robust approach to third- countries access to the EU’s market and a dynamic monitoring system on equivalence regimes; whereas it is recalled that equivalence can only be granted if the regulatory and supervisory regime and standards of the relevant third-country are deemed fully equivalent by the Commission to those of the EU in order to ensure a level playing field;
Amendment 61 #
Motion for a resolution Recital C d (new) Cd. whereas the complexity of the scandal involving German payment service provider Wirecard, a DAX30 company that filed for insolvency on 24 June 2020 revealing deficiencies in the European regulatory framework, requires a careful assessment to determine what went wrong to allow that a fraudulent behaviour of huge scale went unnoticed for so long;
Amendment 62 #
Motion for a resolution Recital C d (new) Cd. whereas the funding ecosystem for SME IPOs in the EU is underdeveloped due to information asymmetries, high costs, administrative burdens, and lack of equity culture; whereas investors find it difficult to evaluate young and small firms with a short business record thus hindering innovative openings especially by young entrepreneurs;
Amendment 63 #
Motion for a resolution Recital C d (new) Cd. whereas the completion of the Capital Markets Union is a precondition for a stronger international role of the euro; and a stronger and more competitive EU globally.
Amendment 64 #
Motion for a resolution Recital C e (new) Amendment 65 #
Motion for a resolution Recital C e (new) Ce. whereas the stability of the European Union's financial markets should be promoted in future relations with the United Kingdom after the transition period, where a level playing field should be also guaranteed;
Amendment 66 #
Motion for a resolution Recital C e (new) Ce. whereas Fintech has the potential to suit certain needs of SMEs and retail investors by allowing decentralised ways of operating and delivering efficiency improvements;
Amendment 67 #
Motion for a resolution Recital C f (new) Cf. whereas bringing the Capital Markets Union project closer to EU citizens is crucial to increase their confidence in capital market and equity financing; whereas the Commission should explore further opportunities to communicate on the benefits of the CMU project, for example with a change of name highlighting the direct link between EU citizens' savings and investments in the economic growth and post-COVID recovery;
Amendment 69 #
Motion for a resolution Paragraph 1 1. Calls for the removal of barriers, including the simplification of legislation where relevant and conducive to financial stability, to diversify funding sources for
Amendment 7 #
Motion for a resolution Citation 7 a (new) - having regard to the European Parliament resolution of 8 October 2015 on mortgage legislation and risky financial instruments in Spain (2015/2740(RSP)),
Amendment 70 #
Motion for a resolution Paragraph 1 1. Calls for the removal of barriers, including the simplification of legislation , to diversify funding sources for SMEs, in order to promote SMEs’ ability to access equity markets, and to reduce the existing debt bias; points out that the current
Amendment 71 #
Motion for a resolution Paragraph 1 1. Calls for the removal of barriers, including the simplification of legislation
Amendment 72 #
Motion for a resolution Paragraph 1 1. Calls for the removal of barriers, including the simplification of legislation when possible without undermining companies’ obligations with respect to transparency, accountability and data protection, to diversify funding sources for SMEs, in order to promote SMEs’ ability to access equity markets, and to reduce the existing debt bias; points out that the current
Amendment 73 #
Motion for a resolution Paragraph 1 1. Calls for the removal of barriers, including the simplification of legislation , to diversify funding sources for SMEs, in order to promote SMEs’ ability to access equity markets
Amendment 74 #
Motion for a resolution Paragraph 1 1. Calls for the removal of barriers, including the simplification of legislation , to diversify funding sources
Amendment 75 #
Motion for a resolution Paragraph 1 1. Calls for the removal of barriers, including the simplification
Amendment 76 #
Motion for a resolution Paragraph 1 1.
Amendment 77 #
Motion for a resolution Paragraph 1 1. Calls for the removal of barriers, including the simplification of legislation
Amendment 78 #
Motion for a resolution Paragraph 1 1.
Amendment 79 #
Motion for a resolution Paragraph 1 a (new) 1a. Calls on the Commission to follow the European Banking Authority (EBA)'s report presenting the outcome of the assessment on the European Secured Notes (ESNs) in order to design a legislative proposal on the ESNs. This new instrument should be structured as a new dual recourse-funding instrument for banks and should be used by the banks only subject to a real improvement of the conditions of access to financing for families and SMEs (excluding those working in the financial industry) across the EU;
Amendment 8 #
Motion for a resolution Citation 7 a (new) - having regard to the March 2018 action plan from the European Commission on Fintech,
Amendment 80 #
Motion for a resolution Paragraph 1 a (new) 1a. Calls on the Commission and Member States to take due consideration of the transition towards a sustainable and resilient economy, in line with the EU Green Deal and with the EU taxonomy for sustainable activities, when designing, adopting, implementing and enforcing policies related to financial market integration, protection and promotion; notes the importance of the contribution of the private sector in financing this transition;
Amendment 81 #
Motion for a resolution Paragraph 1 a (new) 1a. Calls on the Commission to draft a legislative proposal on 'European Secured Notes' (ESNs), as a new dual-recourse funding instrument for banks which could help improve access to financing for SMEs across the EU; recalls that ESNs could be targeted to specific objectives, such as supporting SMEs in the transition to a more sustainable economy and in channelling funding to the real economy;
Amendment 82 #
Motion for a resolution Paragraph 1 a (new) 1a. States that research investments on SMEs are essential to develop SME equity markets. Regrets that due to MIFID II, these investments have become less attractive for investors undermining a number of participants. Supports the revision on the MIFID II regime for inducements to SME research focusing on the flexibility on current regulation;
Amendment 83 #
Motion for a resolution Paragraph 1 a (new) 1a. Calls on the Commission to strengthen the mandatory feedback given by banks when declining SME credit applications, as a more comprehensive feedback could give the opportunity to SMEs with declined requests to adapt their business approach and to learn;
Amendment 84 #
Motion for a resolution Paragraph 1 a (new) 1a. Calls for further integration and improvement of European capital markets to make them as attractive, competitive, and resilient as possible, especially also in the context of the withdrawal of the United Kingdom from the EU;
Amendment 85 #
Motion for a resolution Paragraph 1 b (new) Amendment 86 #
Motion for a resolution Paragraph 1 b (new) 1b. Calls on the Commission and Member States to actively inform SMEs of the alternative financing instruments available to them;
Amendment 87 #
Motion for a resolution Paragraph 1 b (new) 1b. Emphasises the fundamental importance of enhancing the euro area’s risk absorption capacity;
Amendment 88 #
Motion for a resolution Paragraph 1 c (new) 1c. Welcomes the idea of establishing a European Single Access Point (ESAP) to aggregate information about companies in the EU through the interconnection of existing national and EU registers and databases of company data, as a way to support companies, in particular in smaller Member States, to attract investors; stresses that companies should be able to control the availability of their data in the ESAP;
Amendment 89 #
Motion for a resolution Paragraph 1 c (new) 1c. Highlights that euro area countries can enhance their internal capacity to deal with macroeconomic shocks in particular by effectively reducing vulnerabilities in their economies, banking sectors, and public finances; considers further that economic resilience needs to be improved via structural reforms that support potential growth and increase flexibility;
Amendment 9 #
Motion for a resolution Recital A A. whereas all actions taken to create a Capital Markets Union (CMU) should
Amendment 90 #
Motion for a resolution Paragraph 1 d (new) 1d. Stresses that efficient and integrated financial markets are a core prerequisite for efficient private risk sharing in the euro area; considers that a genuine CMU could significantly help to diversify and reduce risk;
Amendment 91 #
Motion for a resolution Paragraph 2 Amendment 92 #
Motion for a resolution Paragraph 2 2.
Amendment 93 #
Motion for a resolution Paragraph 2 2. Takes the view that the efficiency of financial markets should be improved and that the listing of companies should be facilitated; encourages the creation and prioritisation of a large private pan- European fund, an Initial Public Offering (IPO)/Secondary Offerings (SPO) Fund, to support SMEs;
Amendment 94 #
Motion for a resolution Paragraph 2 2. Takes the view that the efficiency of financial markets should be improved and that the listing of companies should be facilitated, hereunder that SME's more easily can access capital from investors from other Member States; encourages the creation and prioritisation of a large private pan-
Amendment 95 #
Motion for a resolution Paragraph 2 2. Takes the view that the efficiency and stability of financial markets should be improved and that the listing of companies should be facilitated; encourages the creation and prioritisation of a large private pan-
Amendment 96 #
Motion for a resolution Paragraph 2 2. Takes the view that the efficiency of financial markets should be improved and that the listing of companies should be facilitated; encourages the creation and prioritisation of a large private pan- European fund, an Initial Public Offering (IPO) Fund, to support SMEs, with features that help to reduce direct and indirect costs for SMEs that decide to go public, insofar as smaller companies can overcome any competitive disadvantages resulting from lower visibility and shorter track records;
Amendment 97 #
Motion for a resolution Paragraph 2 2. Takes the view that the efficiency of financial markets should be improved and that the listing of companies should be facilitated; encourages the creation and prioritisation of a large private pan- European fund, an Initial Public Offering (IPO) Fund, to support SME fundings;
Amendment 98 #
Motion for a resolution Paragraph 2 2. Takes the view that the efficiency of financial markets should be improved and that the listing of companies should be facilitated; encourages the creation and prioritisation of a large private pan- European fund, an Initial Public Offering (IPO) Fund, to support SMEs; states the need to ensure an attractive pre-IPO and post-IPO environment for SMEs;
Amendment 99 #
Motion for a resolution Paragraph 2 2.
source: 654.028
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2020-06-17Show (1) Changes | Timetravel
| docs/0/date |
Old
2020-06-11T00:00:00New
2020-06-17T00:00:00 |
2020-06-16Show (1) Changes | Timetravel
| docs/0/date |
Old
2020-03-12T00:00:00New
2020-06-11T00:00:00 |
2020-05-25Show (1) Changes
| committees/0/shadows/3 |
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