PR COD 1amCom · PR\1210910EN.docx 7/43 PE655.850v01-00 EN COVID-19 outbreak will be long-lasting,...

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PR\1210910EN.docx PE655.850v01-00

EN United in diversity EN

European Parliament2019-2024

Committee on BudgetsCommittee on Economic and Monetary Affairs

2020/0106(COD)

29.7.2020

***IDRAFT REPORTon the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2015/1017 as regards creation of a Solvency Support Instrument(COM(2020)0404 – C9-0156/2020 – 2020/0106(COD))

Committee on BudgetsCommittee on Economic and Monetary Affairs

Rapporteurs: José Manuel Fernandes, Nils Torvalds, Irene Tinagli

(Joint committee procedure – Rule 58 of the Rules of Procedure)

Rapporteurs for the opinion (*):Pascal Canfin, Committee on the Environment, Public Health and Food SafetyRobert Hajšel, Committee on Industry, Research and EnergyCommittee on Transport and Tourism

(*) Associated committees – Rule 57 of the Rules of Procedure

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PR_COD_1amCom

Symbols for procedures

* Consultation procedure*** Consent procedure

***I Ordinary legislative procedure (first reading)***II Ordinary legislative procedure (second reading)

***III Ordinary legislative procedure (third reading)

(The type of procedure depends on the legal basis proposed by the draft act.)

Amendments to a draft act

Amendments by Parliament set out in two columns

Deletions are indicated in bold italics in the left-hand column. Replacements are indicated in bold italics in both columns. New text is indicated in bold italics in the right-hand column.

The first and second lines of the header of each amendment identify the relevant part of the draft act under consideration. If an amendment pertains to an existing act that the draft act is seeking to amend, the amendment heading includes a third line identifying the existing act and a fourth line identifying the provision in that act that Parliament wishes to amend.

Amendments by Parliament in the form of a consolidated text

New text is highlighted in bold italics. Deletions are indicated using either the ▌symbol or strikeout. Replacements are indicated by highlighting the new text in bold italics and by deleting or striking out the text that has been replaced. By way of exception, purely technical changes made by the drafting departments in preparing the final text are not highlighted.

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CONTENTS

Page

DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION .................................5

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DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2015/1017 as regards creation of a Solvency Support Instrument(COM(2020)0404 – C9-0156/2020 – 2020/0106(COD))

(Ordinary legislative procedure: first reading)

The European Parliament,

– having regard to the Commission proposal to Parliament and the Council (COM(2020)0404),

– having regard to Article 294(2) and Articles 172 and 173, Article 175 third paragraph and Article 182(1) of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C9-0156/2020),

– having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

– having regard to Rule 59 of its Rules of Procedure,

– having regard to the opinions of the Committee on the Environment, Public Health and Food Safety, the Committee on Industry, Research and Energy and the Committee on Budgetary Control,

– having regard to the letter from the Committee on Transport and Tourism,

– having regard to the report of the Committee on Budgets and the Committee on Economic and Monetary Affairs (A9-0000/2020),

1. Adopts its position at first reading hereinafter set out;

2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

3. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

Amendment 1

Proposal for a regulationRecital 1

Text proposed by the Commission Amendment

(1) Commission estimates derived from (1) Commission estimates derived from

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firm-level data suggest that the equity repair needs resulting from the Covid-19 pandemic could be in the region of EUR 720 billion in 2020. The number could go higher in case lockdown measures were to stay in place for longer than currently assumed, or if they had to be re-imposed due to a resurgence of contaminations. If left unaddressed these capital shortfalls may lead to a prolonged period of lower investment and higher unemployment. The impact of the capital shortfall will be uneven across sectors and Member States, leading to divergences in the single market. This is compounded by the fact that the capacity of Member States to provide State aid differs greatly.

firm-level data suggest that the equity repair needs resulting from the Covid-19 pandemic could be in the region of EUR 720 billion in 2020. The number could go significantly higher in case lockdown measures were to stay in place for longer than currently assumed, or if they had to be re-imposed due to a resurgence of contaminations. In a stress scenario the direct impact on equity of all incorporated companies (listed and non-listed) in the Union could rise to EUR 1.2 trillion. If left unaddressed these capital shortfalls may lead to a prolonged period of lower investment and higher unemployment. The impact of the capital shortfall will be uneven across sectors and Member States, leading to divergences in the single market. This is compounded by the fact that the capacity of Member States to provide State aid differs greatly.

Or. en

Amendment 2

Proposal for a regulationRecital 3 a (new)


(3 a) The purpose of the Solvency Support Instrument is to help companies to overcome this difficult period so that they are in a position to carry the recovery, to safeguard employment levels, and to counter-balance the expected distortions in the single market, given that certain Member States may not have sufficient budgetary means available to provide adequate support to companies in need. The possibility of national solvency support measures for companies may therefore differ substantially across Member States and lead to an uneven playing field. Furthermore, as there is a considerable risk that the impact of the

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COVID-19 outbreak will be long-lasting, this lack of capacity to help viable companies can lead to systemic distortions, creating new disparities or cementing existing ones. Given the strong interconnectedness of the Union economy, an economic downturn in one part of the Union would have negative spill-over effects on cross-border supply chains and the Union economy as a whole Union. Conversely, for the same reason, support in one part of the Union would also have positive spill-over effects on cross-border supply chains and the Union economy as a whole.

Or. en

Amendment 3



(4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model and not have been in difficulty in terms of the State aid framework7 already at end 2019. Support should be targeted at eligible companies operating in those Member States and sectors which are most impacted by the Covid-19 crisis and/or where the availability of State solvency support is more limited.

(4) Companies supported under the Solvency Support Instrument should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model and not have been in difficulty in terms of the State aid framework7 already at end 2019. Support should also target companies that have been newly created before the end of 2020, which have acquired or are managing assets or branches of companies in difficulty in terms of the State aid framework already at the end of 2019, provided that there has been a

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change in management. Micro or small enterprises that were already in difficulty on 31 December 2019 should also be eligible, subject to certain conditions, since they are eligible for State aid under the Temporary Framework for State aid measures7a. Support should be targeted at eligible companies operating in those Member States and sectors which are most impacted by the Covid-19 crisis and/or where the availability possibility of State solvency support is more limited.

_________________ _________________7 As defined in Article 2(18) of Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (OJ L 187, 26.6.2014, p.1).

7 As defined in Article 2(18) of Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (OJ L 187, 26.6.2014, p.1).7a The Communication from the Commission of 20 March 2020 on Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak.

Or. en

Amendment 4



(4 a) The Steering Board should set specific geographical concentration limits for the solvency support window, in line with the indicators and methodology established by the Commission, in order to ensure, respectively, that the majority of the EU guarantee under the Solvency Support Instrument supports eligible companies in Member States and sectors which have been economically most adversely affected by the COVID-19

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pandemic and that the majority of that guarantee supports eligible companies in Member States, where the possibility of State solvency support is most limited. The limits can be updated over time in view of the COVID-19 impacts.

Or. en

Amendment 5



(6) The provisioning of the EU guarantee should be increased accordingly. Given the high level of riskiness of the investment and financing operations under the solvency support window the overall EFSI provisioning rate should be adjusted to 45,8 %.

(6) The provisioning of the EU guarantee should be increased accordingly. Even with timely equity support, higher bankruptcy and write-off rates than in the pre-crisis period can be expected, especially in case of reintroduction of lockdown measures or longer-term restrictions on economic activity. Given the high level of riskiness of the investment and financing operations under the solvency support window the overall EFSI provisioning rate should be adjusted to 45,8 %.

Or. en

Amendment 6



(6 a) Without prejudice to the prerogatives of the Council in the implementation of the Stability and Growth Pact, one-off contributions by Member States, either by a Member State or by national promotional banks

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classified in the general government sector or acting on behalf of a Member State, into the EFSI, thematic or multi-country investment platforms, special purpose vehicles or funds as well as other arrangements established for the implementation of the solvency support window, should in principle qualify as one-off measures, within the meaning of Article 5 of Council Regulation (EC)No 1466/97 and Article 3 of Council Regulation (EC)No 1467/97.

Or. en

Amendment 7



(8) The delivery modes of the support should be flexible in view of the need of differing solutions in different Member States. They should include, inter alia, EIB Group financing, or guarantee or investment in existing independently managed funds or in special purpose vehicles that in turn invest in eligible companies. Furthermore, the support could be channelled via newly established independently managed funds, including via first-time teams, or via special purpose vehicles especially set up either at European or regional or national level with a view to benefiting from the EU guarantee in order to invest in eligible companies. The EU guarantee could also be used to guarantee or finance an intervention by a national promotional bank or institution in line with State aid rules together with private investors in support of eligible companies. Undue distortion of competition in the internal market should be avoided.

(8) The delivery modes of the support should be flexible in view of the need of differing solutions in different Member States. They should include, inter alia, EIB Group financing, or guarantee or investment in existing independently managed funds or in special purpose vehicles that in turn invest in eligible companies. Furthermore, the support could be channelled via newly established independently managed funds, including via first-time teams, or via special purpose vehicles especially set up either at European or regional or national level with a view to benefiting from the EU guarantee in order to invest in eligible companies. Private co-investors should be exposed to a meaningful portion of losses. The EU guarantee could also be used to guarantee or finance an intervention by a national promotional bank or institution in line with State aid rules together with private investors in support of eligible companies. Undue distortion of competition in the

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internal market should be avoided.

Or. en

Amendment 8



(9) The equity funds, special purpose vehicles, investment platforms and national promotional banks and institutions should provide equity or quasi-equity (such as hybrid debt, preferred stock or convertible equity) to eligible companies, but excluding entities targeting buy-out (or replacement capital) intended for asset stripping.

(9) The equity funds, special purpose vehicles, investment platforms and national promotional banks and institutions should provide equity or quasi-equity (such as hybrid debt, subordinated debt, preferred stock or convertible equity) to eligible companies, but excluding entities targeting buy-out (or replacement capital) intended for asset stripping. Intermediaries under the solvency support window should be established in a Member State and operate in the Union. The Steering Board should set any necessary requirements relating to the control of intermediaries (funds, special purpose vehicles and others) in the light of any applicable public order or security considerations.

Or. en

Amendment 9



(9 a) Where stressed financial market conditions would prevent the improvement of the equity base of companies and their solvency, the EIB and the Commission should implement appropriate changes, including to the remuneration of the EU guarantee, to

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contribute to a reduction in the financing cost of the operation borne by the beneficiary of the EIB financing under the solvency support window so as to facilitate its support. Similar efforts should be undertaken where necessary to ensure that EFSI supports small-scale projects. Where the use of local or regional intermediaries permits a reduction in the cost of EFSI support to the small-scale projects, such a form of deployment should also be considered.

Or. en

Amendment 10



(10 a) It is essential to put the solvency support window in place as soon as possible in 2020 and to ensure that it can be deployed at full capacity quickly in the course of 2021. In order to ensure fast operationalisation of the Solvency Support Instrument, the EIB should propose to the Investment Committee to grant the support of the EU guarantee under the solvency support window for guarantees or financing that it has provided in the period between the entry into force of this Regulation and the signature of the amended EFSI Agreement between the Commission and the EIB.

Or. en

Amendment 11


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(12 a) In order to avoid abuse and maximize the effect on the real economy and on employment, companies that benefit from EFSI financing of EUR 30 million or more through the solvency support window should be subject to restrictions on dividend payments, senior pay and share buy-backs during the period of the guarantee.

Or. en

Amendment 12



(13) An amount of EUR 100 000 000 should be established to support the set-up and management of investment funds, special purpose vehicles and investment platforms in Member States, in particular in those which do not have developed equity fund markets, and to support the green and digital transformation of companies financed under the solvency support window.

(13) An amount of EUR 150 000 000 should be established to support the set-up and management of investment funds, special purpose vehicles and investment platforms in Member States, in particular in those which do not have developed equity fund markets, and to support the green and digital transformation of companies financed under the solvency support window.

Or. en

Amendment 13



(14) The Investment Committee under the InvestEU Regulation should become responsible for granting the EU guarantee

(14) The Investment Committee under the InvestEU Regulation should become responsible for granting the EU guarantee

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also under this Regulation once it is established.

also under this Regulation once it is in place. Given the specificity of the solvency support window, a special configuration of the Investment Committee should be established.

Or. en

Amendment 14



(14 a) In order to ensure accountability to European citizens, the EIB should regularly report to the European Parliament and the Council on the progress, impact and operations of the Solvency Support Instrument, in particular as regards the number of operation conducted, the geographical coverage and the social impact. At the request of the European Parliament, the Chair of the Steering Board and the Managing Director should participate in hearings and reply to questions within a fixed period. The Commission should report annually on the situation of the guarantee fund.

Or. en

Amendment 15

Proposal for a regulationRecital 14 b (new)


(14 b) Support granted under the solvency support window should include provisions to ensure efforts to curb tax avoidance, fraud and abuse are pursued

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and that proper functioning of the internal market is maintained.

Or. en

Amendment 16



(16 a) In order to supplement the non-essential elements of this Regulation in relation to determining the Member States and sectors economically most hit and the Member States where the possibility of State solvency support is more limited, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of establishing indicators and a methodology for the application thereof. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making. In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts.

Or. en

Amendment 17

Proposal for a regulation

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Article 1 – paragraph 1 – point 1 a (new)Regulation (EU) No 2015/1017Article 2 – paragraph 1 – point 9 a (new)


(1 a) A new point 9a in paragraph 1 of Article 2 is added:(9 a) ‘special purpose vehicle’ means for the purposes of the solvency support window, a legal entity formally registered as such with a national authority and subject to the fiscal and other legal obligations of the Member State in which it is resident.

Or. en

Amendment 18

Proposal for a regulationArticle 1 – paragraph 1 – point 3 a (new)Regulation (EU) No 2015/1017Article 4 – paragraph 2 – point a – point v

Present text Amendment

(3 a) In Article 4, point (v) of point (a) of paragraph 2 is amended as follows:

‘(v) the procedures to contribute, without prejudice to Protocol No 5 on the Statute of the European Investment Bank annexed to the TEU and to the TFEU and the EIB prerogatives set out therein, to a reduction of the financing cost of the operation borne by the beneficiary of the EIB financing under EFSI, in particular by modulating the remuneration of the EU guarantee, where necessary in particular in situations where stressed financial market conditions would prevent the realisation of a viable project or where necessary to facilitate the establishment of investment platforms or the funding of projects in sectors or areas experiencing a significant market failure or suboptimal investment situation, to the

‘(v) the procedures to contribute, without prejudice to Protocol No 5 on the Statute of the European Investment Bank annexed to the TEU and to the TFEU and the EIB prerogatives set out therein, to a reduction of the financing cost of the operation borne by the beneficiary of the EIB financing under EFSI, including by modulating the remuneration of the EU guarantee, where necessary in particular in situations where stressed financial market conditions would prevent the realisation of a viable project or where necessary to facilitate the establishment of investment platforms or the funding of projects in sectors or areas experiencing a significant market failure or suboptimal investment situation, or to

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extent it does not significantly impact the necessary financing of the provisioning of the Guarantee Fund;’;

improve the equity base of companies and their solvency, to the extent it does not significantly impact the necessary financing of the provisioning of the Guarantee Fund;’;

Or. en

(https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=celex:32017R2396)

Amendment 19

Proposal for a regulationArticle 1 – paragraph 1 – point 3 b (new)Regulation (EU) No 2015/1017Article 4 – paragraph 2 – point b – point i


(3 b) In Article 4, point (i) of point (b) of paragraph 2 is amended as follows:

(i) the composition and number of members of the Steering Board;

(i) the composition and number of members of the Steering Board, and specific provision with regard to the reimbursement of travel and accommodation costs incurred by the expert appointed by the European Parliament;

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:02015R1017-20171230&from=EN)

Amendment 20

Proposal for a regulationArticle 1 – paragraph 1 – point 5Regulation (EU) No 2015/1017Article 6 – paragraph 1 – point a – subparagraph 1a


However, support under the solvency support window shall only be granted if it

However, support under the solvency support window shall only be granted if it

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is to the benefit of companies that were not in difficulty in State aid terms8 already at the end of 2019 but since then face significant solvency risks due to the crisis caused by the Covid-19 pandemic;

is to the benefit of companies that were not in difficulty in State aid terms8 already at the end of 2019 but since then face significant solvency risks due to the crisis caused by the Covid-19 pandemic, or if it is to the benefit of companies created on or before 31 December 2020 that have acquired or are managing either the assets or branches of a company that was in difficulty in State aid terms already at the end of 2019, provided that their management is not the same as the management of the company in difficulty in State aid terms.

Or. en

Amendment 21

Proposal for a regulationArticle 1 – paragraph 1 – point 5 a (new)Regulation (EU) No 2015/1017Article 6 – paragraph 1 – subparagraph 1 a (new)


(5a) in Article 6, paragraph 1, a new subparagraph is inserted:By way of derogation from point (a), support under the solvency support window maybe granted to micro or small enterprises (within the meaning of Annex I of the Commission Regulation (EU) No 651/2014 that were already in difficulty on 31 December 2019 provided that they are not subject to collective insolvency procedure under national law, and that they have not received rescue aid, unless they have reimbursed the loan or terminated the guarantee at the moment support is granted under the solvency support window*, or restructuring aid, unless they areno longer subject to a restructuring plan at the moment support is granted under the solvency support window**.

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_________________* Alternatively, if they have received rescue aid, they have reimbursed the loan or terminated the guarantee at the moment of granting of the aid.** Alternatively, if they have received restructuring aid, they are no longer subject to are structuring plan at the moment of granting of the aid.

Or. en

Amendment 22

Proposal for a regulationArticle 1 – paragraph 1 – point 6Regulation (EU) No 2015/1017Article 6 – paragraph 3


(6) In Article 6, paragraph 3 is added as follows:

deleted

3. Notwithstanding paragraph 2, the sub-operations by the financial intermediaries may be limited to a minimum size in financing and investment operations under the solvency support window.

Or. en

Amendment 23

Proposal for a regulationArticle 1 – paragraph 1 – point 7 a (new)Regulation (EU) No 2015/1017Article 7 – paragraph 2 – point e a (new)


(7 a) A new point ea in paragraph 2 of Article 7 is added:

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(ea) the respect of the ‘do not significantly harm’ principle as laid down in Article 2 point (17) of Regulation (EU) 2019/2088 of the European Parliament and of the Council*._________________* Regulation(EU) 2019/2088 of the European Parliament and of the Council of 27 November2019 on sustainability‐related disclosures in the financial services sector (OJL 317, 9.12.2019, p. 1).

Or. en

Amendment 24

Proposal for a regulationArticle 1 – paragraph 1 – point 7 b (new)Regulation (EU) No 2015/1017Article 7 – paragraph 6 – subparagraph 3


(7 b) Article 7, paragraph 6, subparagraph 3 is replaced by the following:

The European Parliament shall organise as rapidly as possible, and at the latest within four weeks from the communication of the name of a selected candidate, a hearing with the candidate for each position.

"The European Parliament shall organise as rapidly as possible, and at the latest within four weeks from the communication of the name of a selected candidate, a public hearing with the candidate for each position."

Or. en


Amendment 25Article 1 – paragraph 1 – point 7 c (new)Regulation (EU) No 2015/1017Article 7 – paragraph 8 – subparagraph 3 – point l a (new)

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(7 c) A new point (la) in paragraph 8, subparagraph 3 of Article 7 is added: (la) equity and hybrid financing

Or. en

Amendment 26

Proposal for a regulationArticle 1 – paragraph 1 – point 7 d (new)Regulation (EU) No 2015/1017Article 7 – paragraph 8 – subparagraph 3 – point l b (new)


(7 d) A new point (lb) in paragraph 8, subparagraph 3 of Article 7 is added:(lb) insolvency proceedings

Or. en

Amendment 27

Proposal for a regulationArticle 1 – paragraph 1 – point 10Regulation (EU) No 2015/1017Article 9 – paragraph 2 – subparagraph 3 – introductory part


The operations concerned shall be consistent with Union policies, including the European Green Deal and the Strategy on shaping Europe’s digital future10 , as well as supporting an inclusive and symmetric recovery in the aftermath of the COVID-19 pandemic, and support any of the following general objectives:’

The operations concerned shall be consistent with Union policies, including the European GreenDeal, the New Industrial Strategy for Europe* and the Strategy on shaping Europe’s digital future, as well as supporting an inclusive and symmetric recovery in the aftermath of the COVID-19 pandemic, and support any of the following general objectives:

_________________* COM(2020)102 final.

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Or. en

Amendment 28

Proposal for a regulationArticle 1 – paragraph 1 – point 12Regulation (EU) No 2015/1017Article 9 – paragraph 2a – point c


(c) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies in Member States where the availability of State solvency support is more limited.

(c) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies in Member States where the availability possibility of State solvency support is more limited.

Or. en

Amendment 29

Proposal for a regulationArticle 1 – paragraph 1 – point 12Regulation (EU) No 2015/1017Article 9 – paragraph 2a – subparagraph 2


The Steering Board shall, where necessary, provide detailed guidance concerning points (a) to (c).

The Commission shall establish, by delegated acts in accordance with Article 23, the indicators to be used by the Steering Board to determine the Member States and sectors economically most hit by the COVID-19 pandemic and the Member States where the possibility of State solvency support is more limited, together with the methodology for the application of those indicators.

Or. en

Amendment 30

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Proposal for a regulationArticle 1 – paragraph 1 – point 14 a (new)Regulation (EU) No 2015/1017Article 9 – paragraph 5 – subparagraph 3 a (new)


(14 a) A new subparagraph 3a in paragraph 5 of Article 9 is added:The Steering Board shall provide detailed guidance regarding the exposure to losses of private co-investors.

Or. en

Amendment 31

Proposal for a regulationArticle 1 – paragraph 1 – point 14 b (new)Regulation (EU) No 2015/1017Article 9 – paragraph 6 – subparagraph 2


(14 b) Article 9, paragraph 6, subparagraph 2 is replaced by the following:

The EIB may use the EU guarantee within a cumulated maximum limit corresponding to 1 % of the total outstanding EU guarantee obligations to cover expenses that would have been met by beneficiaries of the financing and investment operations but which have not been recovered as of the event of default.

The EIB may use the EU guarantee within a cumulated maximum limit corresponding to 1 % of the total outstanding EU guarantee obligations to cover expenses that would have been met by beneficiaries of the financing and investment operations but which have not been recovered as of the event of default. For operations that fall within the solvency support window this limit is raised to 3%.

Or. en


Amendment 32

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Proposal for a regulationArticle 1 – paragraph 1 – point 14 c (new)Regulation (EU) No 2015/1017Article 9 – paragraph 7 a (new)


(14 c) A new paragraph 7a in Article 9 is added:7a. Beneficiaries that receive EFSI financing of EUR 30 million or more shall not make dividend payments, non-mandatory coupon payments or buy back shares. The remuneration of any member of the management of a beneficiary that receives EFSI financing of EUR 30 million or more shall not go beyond the fixed part of that members’ remuneration on 31 December 2019. For a person becoming a member of the management on or after the granting of EFSI financing, the applicable limit shall be the lowest fixed remuneration of any member of the management on 31 December 2019. Bonuses or other variable or comparable remuneration elements shall not be paid under any circumstances.

Or. en

Amendment 33

Proposal for a regulationArticle 1 – paragraph 1 – point 24Regulation (EU) No 2015/1017Article 14 – paragraph 1 – subparagraph 2


Article 14, paragraph, subparagraph 2 is replaced by the following:

‘The EIAH shall be able to provide technical assistance in the areas listed in Article 9(2), in particular energy efficiency, TEN-T and urban mobility. It shall also support the preparation of

‘The EIAH shall be able to provide technical assistance in the areas listed in Article 9(2), in particular energy efficiency, TEN-T and urban mobility. It shall also support the preparation of

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climate action and circular economy projects or components thereof, in particular in the context of COP21, the preparation of projects in the digital sector, as well as the preparation of projects referred to in the second indent of the third subparagraph of Article 5(1).’;

climate action and circular economy projects or components thereof, in particular in the context of the European Green Deal and the Paris Agreement, the preparation of projects in the digital sector, as well as the preparation of projects referred to in the second indent of the third subparagraph of Article 5(1).’;

Or. en


Amendment 34

Proposal for a regulationArticle 1 – paragraph 1 – point 25 – point b a (new)Regulation (EU) No 2015/1017Article 14 – paragraph 4


(b a) Article 14, paragraph 4 is replaced by the following:

4. Fees charged by the EIB for EIAH services under paragraph 2 shall be used for covering costs of the EIAH operations and for providing those services. Fees charged to SMEs shall be capped at one third of the cost of the technical assistance provided to them. EIAH services provided to public project promoters in addition to those already available under Union programmes shall be free of charge.

"4. Fees charged by the EIB for EIAH services under paragraph 2 shall be used for covering costs of the EIAH operations and for providing those services. Fees charged to SMEs shall be capped at one third of the cost of the technical assistance provided to them, except for the solvency support window, where technical assistance for SMEs shall be free of charge. EIAH services provided to public project promoters in addition to those already available under Union programmes shall be free of charge."

Or. en


Amendment 35

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Proposal for a regulationArticle 1 – paragraph 1 – point 25 – point b b (new)Regulation (EU) No 2015/1017Article 14 – paragraph 9


(b b) Article 14, paragraph 9 is replaced by the following:

9. B y 1 September 2016, and annually thereafter, the EIB shall submit a report to the European Parliament, to the Council and to the Commission with regard to the services provided by the EIAH under paragraph 2 and the execution of its budget. That report shall include information on the fees received and the use thereof.

"9. By 1 September 2016, and annually thereafter, the EIB shall submit a report to the European Parliament, to the Council and to the Commission with regard to the services provided by the EIAH under paragraph 2 and the execution of its budget. That report shall include information on the fees received and the use thereof. By 1 December 2021, and annually thereafter, the EIB shall submit a specific report to the European Parliament, to the Council and to the Commission on the services provided by the EIAH under paragraph 2 for the solvency support window."

Or. en


Amendment 36

Proposal for a regulationArticle 1 – paragraph 1 – point 26Regulation (EU) No 2015/1017Article 14a – paragraph 1


An amount of up to EUR 100 000 000 shall be made available for covering costs, advisory services and technical and administrative assistance to set-up and manage funds, special purpose vehicles, investment platforms and other vehicles for the purposes of the solvency support window including for support referred to in

An amount of up to EUR 150 000 000 shall be made available for covering costs, advisory services and technical and administrative assistance to set-up and manage funds, special purpose vehicles, investment platforms and other vehicles for the purposes of the solvency support window including for support referred to in

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point (i) of Article 14(2) and having a special focus on Member States with less developed equity markets. The technical assistance shall also be available to support the green and digital transformation of companies financed under this window.

point (i) of Article 14(2) and having a special focus on Member States with less developed equity markets and on funds, investment platforms and special purpose vehicles providing support to SMEs. The technical assistance shall also be available to support the green and digital transformation of companies financed under this window, with particular reference to SMEs.

Or. en

Amendment 37

Proposal for a regulationArticle 1 – paragraph 1 – point 26 a (new)Regulation (EU) 2015/1017Article 15 – paragraph 1


(26 a) Article 15, paragraph 1 is replaced by the following:

1. The Commission, with the support of the EIB, shall create a transparent European investment project portal (EIPP) gathering current and future investment projects in the Union. It shall constitute a publicly accessible and user-friendly project database, providing relevant information for each project.

"1. The Commission, with the support of the EIB, shall create a transparent European investment project portal (EIPP) gathering current and future investment projects in the Union for each of the three windows. It shall constitute a publicly accessible and user-friendly project database, providing relevant information for each project."

Or. en


Amendment 38

Proposal for a regulationArticle 1 – paragraph 1 – point 27Regulation (EU) No 2015/1017Article 16 – paragraph 2 – subparagraph 1a

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Operations under the solvency support window shall be reported on separately, as appropriate and as set out in the guarantee agreement.

Operations under the solvency support window shall be reported on separately, as appropriate and as set out in the EFSI Agreement.

Or. en

Amendment 39

Proposal for a regulationArticle 1 – paragraph 1 – point 28 a (new)Regulation (EU) No 2015/1017Article 16 – paragraph 6


(28 a) Article 16, paragraph 6 is replaced by the following:

6. By 31 March of each year, the Commission shall submit to the European Parliament, to the Council and to the Court of Auditors, in the context of the financial statements of the Commission, the required information on the situation of the guarantee fund. In addition, it shall, by 31 May of each year, submit to the European Parliament, to the Council and to the Court of Auditors an annual report on the management of the guarantee fund in the previous calendar year, including an assessment of the adequacy of the target amount and the level of the guarantee fund and of the need for its replenishment. The annual report shall contain the presentation of the financial position of the guarantee fund at the end of the previous calendar year, the financial flows during the previous calendar year as well as the significant transactions and any relevant information on the financial accounts. The report shall also include information about the financial management, the performance and the risk of the guarantee fund at the

6. By 31 March of each year, the Commission shall submit to the European Parliament, to the Council and to the Court of Auditors, in the context of the financial statements of the Commission, the required information on the situation of the guarantee fund. In addition, it shall, by 31 May of each year, submit to the European Parliament, to the Council and to the Court of Auditors an annual report on the management of the guarantee fund in the previous calendar year, including an assessment of the adequacy of the target amount and the level of the guarantee fund and of the need for its replenishment. The annual report shall contain the presentation of the financial position of the guarantee fund at the end of the previous calendar year, the financial flows during the previous calendar year as well as the significant transactions and any relevant information on the financial accounts. The report shall also include information about the financial management, the performance and the risk of the guarantee fund at the end of the previous calendar year. By 31

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end of the previous calendar year. December 2021, and annually thereafter, the Commission shall submit a report on the solvency support window to the European Parliament, to the Council, and to the Court of Auditors."

Or. en


Amendment 40

Proposal for a regulationArticle 1 – paragraph 1 – point 29 a (new)Regulation (EU) No 2015/1017Article 18 – paragraph 3 – point a


(29 a) Article 18, paragraph 3, point a is replaced by the following:

(a) the EIB shall publish a comprehensive report on the functioning of the EFSI, which shall include an evaluation of the impact of the EFSI on investment in the Union, employment creation and access to financing for SMEs and mid-cap companies;

"(a) the EIB shall publish a comprehensive report on the functioning of the EFSI, which shall include an evaluation of the impact of the EFSI on investment in the Union, employment creation, solvency of companies and access to financing for SMEs and mid-cap companies;"

Or. en


Amendment 41

Proposal for a regulationArticle 1 – paragraph 1 – point 29 b (new)Regulation (EU) No 2015/1017Article 18 – paragraph 3 – point b


(29 b) Article 18, paragraph 3, point b is

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replaced by the following:(b) the Commission shall publish a comprehensive report on the use of the EU guarantee and the functioning of the guarantee fund.

(b) the Commission shall publish a comprehensive report on the use of the EU guarantee and the functioning of the guarantee fund and its impact on the recovery of the Union and the solvency of companies in the Union.

Or. en


Amendment 42

Proposal for a regulationArticle 1 – paragraph 1 – point 29 c (new)Regulation (EU) No 2015/1017Article 19 – paragraph 2 a (new)


(29 c) A new paragraph 2a of Article 19 is added:For operations under the solvency support window, beneficiaries and financial intermediaries that are companies having a consolidated net turnover of or exceeding EUR 750 000 000 shall draw up on annual basis and make publicly available, free of charge, a report on income tax information. Broken down by tax jurisdiction and for each jurisdiction in which the undertaking operates, the report shall comprise the following:(a) the name of the company and, where applicable, the list of all its subsidiaries, a brief description of the nature of their activities and their respective geographical location;(b) the number of employees on a full-time equivalent basis;(c) fixed assets other than cash or cash equivalents;

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(d) the amount of the net turnover, including a distinction between the turnover made with related parties and the turnover made with unrelated parties;(e) the amount of profit or loss before income tax;(f) the amount of income tax accrued (current year) which is the current tax expense recognised on taxable profits or losses of the financial year by undertakings and branches resident for tax purposes in the relevant tax jurisdiction;(g) the amount of income tax paid which is the amount of income tax paid during the relevant financial year by undertakings and branches resident for tax purposes in the relevant tax jurisdiction;(h) the amount of accumulated earnings;(i) stated capital;(j) details of public subsidies received and any donations made to politicians, political organisations or political foundations;(k) whether company, subsidiaries or branches benefit from preferential tax treatment, from a patent box or equivalent regimes.

Or. en

Amendment 43

Proposal for a regulationArticle 1 – paragraph 1 – point 29 d (new)Regulation (EU) No 2015/1017Article 19 – paragragh 2 b (new)


(29 d) A new paragraph 2b of Article 19

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is added:In order to protect commercially sensitive information and to ensure fair competition, beneficiaries and financial intermediaries covered by this reporting requirement shall be allowed one or more specific items of information listed in this Article to be temporarily omitted from the report as regards activities in one or more specific tax jurisdictions when they are of a nature such that their disclosure would be seriously prejudicial to the commercial position of the companies. The omission shall not prevent a fair and balanced understanding of the tax position of the company. The omission shall be indicated in the report together with a duly justified explanation for each tax jurisdiction as to why this is the case and with a reference to the tax jurisdiction or tax jurisdictions concerned.

Or. en

Amendment 44

Proposal for a regulationArticle 1 – paragraph 1 – point 29 e (new)Regulation (EU) No 2015/1017Article 19 – paragraph 2 c (new)


(29 e) A new paragraph 2c of Article 19 is added:Such publication requirement shall cease by31 December 2026 whencontracts between the EIB or EIF and the beneficiary or financial intermediary for operations end.

Or. en

Amendment 45

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Proposal for a regulationArticle 1 – paragraph 1 – point 29 f (new)Regulation (EU) No 2015/1017Article 22 – paragraph 1 – subparagraph 2


(29 f) Article 22, paragraph 1, subparagraph 2 is replaced by the following:

In addition, the EIB and the EIF shall not enter into new or renewed operations with entities incorporated or established in jurisdictions listed under the relevant Union policy on non-cooperative jurisdictions, or that are identified as high-risk third countries pursuant to Article 9(2) of Directive (EU) 2015/849 of the European Parliament and of the Council, or that do not effectively comply with Union or internationally agreed tax standards on transparency and exchange of information.

"In addition, the EIB and the EIF shall not enter into new or renewed operations with entities incorporated or established in jurisdictions listed under the relevant Union policy on non-cooperative jurisdictions, or that are identified as high-risk third countries pursuant to Article 9(2) of Directive (EU) 2018/1673 of the European Parliament and of the Council, or that do not effectively comply with Union or internationally agreed tax standards on transparency and exchange of information."

Or. en


Amendment 46

Proposal for a regulationArticle 1 – paragraph 1 – point 29 g (new)Regulation (EU) No 2015/1017Article 22 – paragraph 2


(29 g) Article 22, paragraph 2 is replaced by the following:

2. In its financing and investment operations covered by this Regulation, the EIB shall apply the principles and standards set out in Union law on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing and in

"2. In its financing and investment operations covered by this Regulation, the EIB shall apply the principles and standards set out in Union law on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing and in

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particular in Regulation (EU) 2015/847 of the European Parliament and of the Council and Directive (EU) 2015/849 of the European Parliament and of the Council. In particular, the EIB shall make both direct funding and funding via intermediaries under this Regulation contingent upon the disclosure of beneficial ownership information in accordance with Directive (EU) 2015/849.

particular in Regulation (EU) 2015/847 of the European Parliament and of the Council and Directive (EU) 2018/1673 of the European Parliament and of the Council. In particular, the EIB shall make both direct funding and funding via intermediaries under this Regulation contingent upon the disclosure of beneficial ownership information in accordance with Directive (EU) 2018/1673."

Or. en


Amendment 47

Proposal for a regulationArticle 1 – paragraph 1 – point 29 h (new)Regulation (EU) No 2015/1017Article 22 a (new)


(29 h) A new Article 22a is added:Article 22aTax Good Governance principles1. Financial intermediaries or approved eligible vehicles carrying out projects under the solvency support window shall not have any reportable arrangements under the Council Directive (EU) 2018/822* in relation to reportable cross-border arrangements, unless such entities commit to repeal the reportable arrangements concerned within twelve months from the contract date between the EIB and the beneficiary or financial intermediary. Under the solvency support window, large undertakings in the meaning of Directive 2013/34/EU of the European Parliament and of the Council** on the annual financial statements, consolidated financial

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statements and related reports of certain types of undertakings that are beneficiaries shall not have any reportable arrangements under the Council Directive (EU) 2018/822 in relation to reportable cross-border arrangements unless such undertakings commit to repeal the reportable arrangements concerned within twelve months from the contract date between the EIB and the beneficiary or financial intermediary.2. Following the Commission Recommendation C(2020) 4885 final*** entities that benefit from the solvency support window shall not:(a) be resident for tax purposes in, or incorporated under the laws of jurisdictions that feature on the EU list of non-cooperative jurisdictions;(b) be controlled, directly or indirectly, by shareholders in jurisdictions that feature on the EU list of non-cooperative jurisdictions, up to the beneficial owner, as defined in Article 3 point (6) of Directive (EU) 2015/849****;(c) control, directly or indirectly, subsidiaries or own permanent jurisdictions;(d) share ownership with companies in jurisdictions that feature on the EU list of non-cooperative jurisdictions.The existence of links to the listed non-cooperative jurisdictions may be disregarded when the undertaking provides evidence that one of the following circumstances is met:(a) where the level of the tax liability in the Member State granting the support over the last three years is considered adequate when compared to the overall turnover or level of activities of the undertaking receiving the support, at domestic and group level, over the same period.

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(b) where the undertaking makes legally binding commitments to remove its ties to EU listed non-cooperative jurisdictions within a short timeframe, subject to appropriate follow-up and sanctions in case of non-compliance. Member States shall disregard the existence of links to the listed non-cooperative jurisdictions where the undertaking has substantial economic presence (supported by staff, equipment, assets and premises, as evidenced by relevant facts and circumstances) and performs a substantive economic activity in listed non-cooperative jurisdictions. Entities that benefit from the solvency support window shall communicate the documentation that would allow to verify the accuracy of the information, including via self-certification complemented with enhanced audits/controls at a later stage in order to mitigate the risk of non-compliance._________________* Council Directive (EU) 2018/822 of 25 May 2018 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements )OJ L 139, 5.6.2018, p. 1).**Directive2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives78/660/EEC and 83/349/EEC Text with EEA relevance (OJ L 182, 29.6.2013, p. 19).***Commission Recommendation of 14.7.2020 on making State financial support to undertakings in the Union conditional on the absence of links to

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non-cooperative jurisdictions. **** Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (OJ L 141, 5.6.2015, p. 73).

Or. en

Amendment 48

Proposal for a regulationArticle 1 – paragraph 1 – point 29 i (new)Regulation (EU) 2015/1017Article 23 – paragraph 2 – subparagraph 1


(29 i) Article 23, paragraph 2, subparagraph 1 is replaced by the following:

‘The power to adopt delegated acts referred to in Article 7(13) and (14)shall be conferred on the Commission for a period of five years from 4 July2015. The Commission shall draw up a report in respect of the delegation of power not later than nine months before the end of that five-year period. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension not later than three months before the end of each period.’

"The power to adopt delegated acts referred to in Article 7(13) and(14) and 9(2a) shall be conferred on the Commission for a period of five years from 4 July 2015. The Commission shall draw up a report in respect of the delegation of power not later than nine months before the end of that five-year period. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension not later than three months before the end of each period."

Or. en


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Amendment 49

Proposal for a regulationArticle 1 – paragraph 1 – point 29 j (new)Regulation (EU) No 2015/1017Article 23 – paragraph 2 – subparagraph 2


(29 j) Article 23, paragraph 2, subparagraph 2 is replaced by the following:

The delegation of power referred to in Article 7(13) and (14) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.

"The delegation of power referred to in Articles 7(13) and (14) and 9(2a) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force."

Or. en


Amendment 50

Proposal for a regulationArticle 1 – paragraph 1 – point 29 k (new)Regulation (EU) No 2015/1017Article 23 – paragraph 4


(29 k) Article 23, paragraph 4 is replaced by the following:

4. A delegated act adopted pursuant to Article 7(13) shall enter into force only if no objection has been expressed either by the European Parliament or by the Council

"4. A delegated act adopted pursuant to Articles 7(13) and 9(2a) shall enter into force only if no objection has been expressed either by the European

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within a period of one month of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by one month at the initiative of the European Parliament or of the Council.

Parliament or by the Council within a period of one month of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by one month at the initiative of the European Parliament or of the Council."

Or. en


Amendment 51

Proposal for a regulationArticle 1 – paragraph 1 – point 30Regulation (EU) No 2015/1017Article 24 – paragraph 3


3. The EIB may submit to the Investment Committee after the entry into force of this Regulation financing and investment operations approved by its governing bodies during the period from the adoption of the Commission proposal to amend Regulation (EU) 2015/2017 until the signature of the amended guarantee agreement resulting from the amended Regulation if such operations fulfil the requirements for support under the solvency support instrument. Operations to be submitted to the Investment Committee must not have benefited from the support of the EU guarantee previously.

3. The EIB may submit to the Investment Committee after the entry into force of this Regulation financing and investment operations approved by its governing bodies during the period from the adoption of the Commission proposal to amend Regulation (EU) 2015/2017 until the signature of the amended guarantee EFSI agreement resulting from the amended Regulation if such operations fulfil the requirements for support under the solvency support instrument.

Or. en

Amendment 52

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Proposal for a regulationArticle 1 – paragraph 1 – point 31 – point 2 – point aRegulation (EU) No 2015/1017Annex II – Section 2 – point b – paragraph 1


(b) The EU guarantee shall be granted to support, directly or indirectly, the financing of new operations. In the infrastructure field, greenfield investments (asset creation) should be encouraged. Brownfield investments (extension and modernisation of existing assets) may also be supported. Under the Solvency Support Window, financing shall aim at improving the equity base of companies and their solvency. The terms of the financing should avoid distorting competition between companies. As a rule, the EU guarantee shall not be granted for supporting refinancing operations (such as replacing existing loan agreements or other forms of financial support for projects which have already partially or fully materialised), except under the Solvency Support Window or in exceptional and well-justified circumstances where it is demonstrated that such a transaction will enable a new investment of an amount at least equivalent to the amount of the transaction and that would fulfil the eligibility criteria and general objectives laid down in Article 6 and Article 9(2) respectively.

(b) The EU guarantee shall be granted to support, directly or indirectly, the financing of new operations. In the infrastructure field, greenfield investments (asset creation) should be encouraged. Brownfield investments (extension and modernisation of existing assets) may also be supported. Under the Solvency Support Window, financing shall aim at improving the equity base of companies and their solvency. The terms of the financing should avoid distorting competition between companies and should aim at safeguarding the single market from any distortion caused by the COVID-19 outbreak. As a rule, the EU guarantee shall not be granted for supporting refinancing operations (such as replacing existing loan agreements or other forms of financial support for projects which have already partially or fully materialised), except under the Solvency Support Window or in exceptional and well-justified circumstances where it is demonstrated that such a transaction will enable a new investment of an amount at least equivalent to the amount of the transaction and that would fulfil the eligibility criteria and general objectives laid down in Article 6 and Article 9(2) respectively.

Or. en

Amendment 53

Proposal for a regulationArticle 1 – paragraph 1 – point 31 – point 3Regulation (EU) No 2015/1017Annex II – Section 6 – point d –indent 2

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— Funds, special purpose vehicles or investment platforms that target companies engaging in cross-border activities within the Union and/or companies which have high potential for green or digital transformation shall be particularly targeted under the Solvency Support Window.

— Funds, special purpose vehicles or investment platforms that target companies engaging in cross-border activities within the Union, companies which have high potential for green or digital transformation or SMEs shall be particularly targeted under the solvency support window.

Or. en

Amendment 54

Proposal for a regulationArticle 1 – paragraph 1 – point 31 – point 3Regulation (EU) No 2015/1017Annex II – Section 6 – point d –indent 5


— Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply, to the extent possible, with minimum high-level social and environmental safeguards in line with guidance provided by the Steering Board. Such guidance should include adequate provisions for avoiding undue administrative burdens, taking into account the size of companies and including lighter provisions for SMEs. Companies with a certain level of exposure to a pre-defined list of environmentally harmful activities, in particular the sectors covered by the EU Emissions Trading System (EU ETS), shall be encouraged to put in place, in the future, green transition plans. Companies shall also be encouraged to advance in their digital transformation. Technical assistance shall be available to assist companies for the purpose of these transitions.

— Companies targeted by funds, special purpose vehicles or investment platforms shall be required to comply, to the extent possible, with minimum high-level social and environmental safeguards in line with guidance provided by the Steering Board. Such guidance should include adequate provisions for avoiding undue administrative burdens, taking into account the size of companies and including lighter provisions for SMEs. Companies with a certain level of exposure to a pre-defined list of environmentally harmful activities, in particular the sectors covered by the EU Emissions Trading System (EU ETS), shall be encouraged to put in place, in the future, green transition plans. Companies shall also be encouraged to advance in their digital transformation. Technical assistance shall be available to assist companies for the purpose of these transitions.

Or. en

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Amendment 55

Proposal for a regulationArticle 1 – paragraph 1 – point 31 – point 4Regulation (EU) No 2015/1017Annex II – Section 8 – point b – paragraph 2


The Steering Board shall set specific diversification and concentration limits under the Solvency Support Window to ensure that the respective requirements of Article 9(2a)(b) and (c) are fulfilled, whilst avoiding excessive concentration in a limited number of Member States. The Steering Board shall regularly take stock of the economic impact of the Covid-19 pandemic on Member States and sectors. On this basis, the Steering Board may decide to modify these limits, after consulting the Investment Committee.

The Steering Board shall set, on the basis of the indicators, and applying the methodology, established by the Commission, specific diversification and concentration limits under the Solvency Support Window to ensure that the respective requirements of Article 9(2a)(b) and (c) are fulfilled, whilst avoiding excessive concentration in a limited number of Member States. The Steering Board shall regularly take stock of the economic impact of the Covid-19 pandemic on Member States and sectors. On this basis, the Steering Board may decide to modify these limits, after consulting the Investment Committee.

Or. en

Amendment 56

Proposal for a regulationArticle 1 – paragraph 1 – point 31 – point 4Regulation (EU) No 2015/1017Annex II – Section 8 – point b – paragraph 3


The Steering Board shall explain its decisions relating to the indicative and Solvency Support Window specific limits to the European Parliament and the Council in writing. The EFSI should aim to cover all Member States.

The Steering Board shall explain its decisions relating to the indicative and Solvency Support Window specific limits to the European Parliament and the Council in writing. The European Parliament and the Council may invite the Chair of the Steering Board to an exchange of views on those decisions. The

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EFSI should aim to cover all Member States.’

Or. en

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