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Förfarande : 2015/0268(COD)
Dokumentgång i plenum
Dokumentgång : A8-0238/2016

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Debatter :

PV 14/09/2016 - 20
CRE 14/09/2016 - 20
PV 04/04/2017 - 17
CRE 04/04/2017 - 17

Omröstningar :

PV 15/09/2016 - 11.6
CRE 15/09/2016 - 11.6
PV 05/04/2017 - 9.8

Antagna texter :


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Onsdagen den 14 september 2016 - Strasbourg Reviderad upplaga

20. Prospekt som ska offentliggöras när värdepapper erbjuds allmänheten eller tas upp till handel (debatt)
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  Elnök asszony. – A következő napirendi pont vita a következő jelentésről: a Petr Ježek által a Gazdasági és Monetáris Bizottság nevében készített jelentés az értékpapírok nyilvános kibocsátásakor vagy piaci bevezetésekor közzéteendő tájékoztatóról szóló európai parlamenti és tanácsi rendeletre vonatkozó javaslatról (COM(2015)0583 - C8-0375/2015 - 2015/0268(COD)) - (A8-0238/2016)


  Petr Ježek, rapporteur. – Mr President, the best news comes at the end of the day. Let me recall that in the Parliament we have adopted an innovative approach to the Commission’s draft prospectus regulation. Before I outline our approach, let me remind you of the objective of the prospectus review.

It is the first Commission proposal in the context of the capital markets union. Currently prospectuses are burdensome documents. An equity prospectus costs on average EUR 1 million to produce. Therefore, there is a need for less cumbersome prospectuses, both for investor protection and to reduce the burden on issuers. Our former colleague, Philippe De Backer, drafted an ambitious report which had the core aim of moving towards a true capital markets union through harmonising the EU regime for SMEs and issuers between EUR 1 million and EUR 20 million by offering them the opportunity to produce a lighter prospectus called the EU growth prospectus, reducing fragmentation and capping the limit of national discretion, reducing the burden and costs on issuers and ensuring investor protection.

I fully supported the draft report and, when I took over the file, I was able to work constructively with the other shadows to invent an even more tailor—made concept which fine-tunes the details of the growth prospectus. I am glad that the majority of groups share the same objectives: a truly European regime which harmonises prospectus requirements, a reduction in national discretion in terms of smaller issuances and the focus on reducing burdens for SMEs, notably strongly supporting a lighter prospectus regime for those issuers.

Other issues discussed in the shadows meeting included provisions on advertising, risk factors and the prospectus summary. We reached a broad agreement in the Committee on Economic and Monetary Affairs, and I would like to think the shadow rapporteurs for their support. I highly appreciate it. I look forward to hearing comments from the Vice—President and colleagues.


  Valdis Dombrovskis, Vice-President of the Commission. – Madam President, I am pleased to have this opportunity to discuss the proposal to streamline the Prospectus Directive. The proposal to reform the prospectus was one of the first actions of the Capital Markets Union action plan. Prospectuses are the gateway for companies raising capital in Europe.

Our proposal has a simple goal: to create a simpler, faster and cheaper prospectus regime. Simpler prospectuses should make it easier for companies of all sizes to raise the capital they need to grow their businesses. Simpler prospectuses means that less money is spent on legal formalities and more energy can be diverted to creating businesses and jobs.

I am grateful to Mr Ježek, the rapporteur, and the prospectus negotiating team in the Committee on Economic and Monetary Affairs for the hard work they have done on the initial proposal. I also want to acknowledge the Internal Market and Consumer Protection Committee's contribution and extend my thanks to Mrs Ford and her colleagues in IMCO.

A prospectus should provide clear and comparable information on company so that any company can raise capital across Europe with a single document; but not all companies need to or want to raise capital across Europe. This is why the harmonised prospectus should not be needed if small sums are raised locally. This is why we propose that up to EUR 10 million can be raised without a prospectus. This is because requiring a harmonised prospectus for such small amounts creates disproportionate cost: up to 10% of the amount raised for equity and up to 5% for debt issuance. This, we believe, is too much money spent on a prospectus. There is no point in imposing such a costly requirement on companies wanting to raise small amounts without the benefit of a prospectus passport. We are interested in Parliament's proposal for creating a tailor-made EU growth prospectus for small companies and for capital issuances up to EUR 20 million. The cost of producing a prospectus must be proportionate to the investment sought.

For the EU growth prospectus to be truly successful, we need to make sure that it stays as light as possible for small issuers, of course without sacrificing proper investor information. You will recall that one of the reasons we proposed a new prospectus regulation with a wider range of exemptions was because a previous, supposedly lighter regime failed to be meaningfully lighter than the full prospectus itself.

The prospectus summary is particularly important for retail investors. It is an area that has worked well, and we welcome Parliament's aim to streamline and simplify the summary of the prospectus further. Our proposal simplified so-called secondary issuances for firms that are already listed on a stock exchange or any other regulated market, which make up a large majority, some 70% of prospectus issues. We are supportive of Parliament's aim to extend these elevations further.

We also welcome Parliament’s suggestions regarding the need for a fast- track approval of so-called frequent issuers, because information on such issuers is already available and regularly updated. We think that the fast-track approvals for frequent issuers have a great potential to streamline recourse to capital markets and make European industry more competitive on a global scale. There will be a few issues that will still need to be discussed in trialogues, notably how the Commission's proposal to make the prospectus mandatory only as of EUR 10 million fits with Parliament's proposal to create an EU gross prospectus that would apply for a capital raised between EUR 5 and 20 million.

I am confident that an appropriate solution can be found that meaningfully reduces burdens for Europe's smaller companies raising capital to grow. I am grateful for Parliament’s support. Let us work together to have this adopted by the year end and support businesses that create jobs in Europe.


  Vicky Ford, rapporteur for the opinion of the Committee on the Internal Market and Consumer Protection. – Madam President, small businesses are the backbone of our economies and if we want to succeed we must help them to grow, and that means making it easy for them to raise funds. Too often in the past, small companies have found that the legal and bureaucratic costs that they face trying to find new shareholders in a public listing make the exercise exorbitantly expensive. But the changes we are discussing tonight will make it easier for these companies to publish a prospectus, go to the markets and find investors. In today’s exciting digital markets we have seen increasing opportunities also to raise money through crowdfunding, and it is important that this is recognised and is not overburdened with bureaucracy before it gets off the ground.

My committee’s role in this was to ensure that consumer issues are safeguarded. People will benefit from increased investment choices, but we worked hard with consumer experts to ensure that there is an appropriate level of clear and precise information so that consumers can make informed choices. It has been a pleasure to work on this file with the Committee on Economic and Monetary Affairs, especially with Mr De Backer and I wish him well in his new job, but also with the Commission and the former Commissioner, Jonathan Hill, who cared so passionately about using politics to make real practical changes. I hope that in a post-Brexit world we will be able to find ways for businesses across the EU to still access those deep capital markets in the UK and for British businesses to maintain and develop relationships with investors on the continent.


  Tom Vandenkendelaere, namens de PPE-Fractie. – Voorzitter Juncker zei het vanmorgen nog en werd daarin gevolgd door grote delen van dit halfrond: Europa heeft meer investeringen nodig. Een beter en vooral efficiënter investeringsklimaat is daarvoor een noodzakelijke voorwaarde. De wijziging van de prospectuswetgeving past volledig in dit plaatje en betekent een concrete, belangrijke stap vooruit. Op dit moment zijn Europese ondernemingen voor hun financiering nog te afhankelijk van bankleningen. Slechts 20 procent haalt geld op bij investeerders. Een van de redenen daarvoor zijn de te zware administratieve lasten. Dat leidt tot een onderbenutting van het groeipotentieel, vooral bij kmo's die, zoals Vicky Ford al zei, de ruggengraat van onze economie vormen.

Een afremmende factor in dit verhaal zijn de zogenaamde prospectussen die bedrijven moeten opstellen om kandidaat-investeerders te informeren. Laten we eerlijk zijn: de huidige wetgeving kan op vele vlakken nog beter. Door alle vereisten heeft dit document intussen de omvang van een telefoonboek aangenomen. Een prospectus telt gemiddeld 700 pagina's. Correcte informatie is belangrijk, maar we kunnen bezwaarlijk stellen dat zo'n groot document bemoedigend werkt voor kandidaat-investeerders. Mede door die omvang lopen ook de kosten voor het opstellen van zo'n prospectus op, tot gemiddeld 1 miljoen euro, zoals rapporteur Ježek heeft gezegd.

Daarom wil het Parlement dat voor kapitaalophalingen onder een miljoen euro geen prospectus meer nodig is en dat er inderdaad een lichter Europees prospectus komt voor kmo's, alle andere bedrijven op kmo-groeimarkten en kleinere kapitaaloperaties tot 20 miljoen euro. Hiermee, denk ik, helpen we de beloftevolle bedrijven om die zogenaamde financieringsladder verder te beklimmen en het kapitaal op te halen dat ze nodig hebben om door te groeien. Daarnaast vraagt het Parlement dat voor alle uitgiften vanaf 5 miljoen euro één geharmoniseerd prospectusregime van toepassing is in plaats van 28 verschillende systemen.

Collega's, de tekst die nu ter stemming voorligt maakt geld ophalen voor kmo's en jonge bedrijven veel eenvoudiger. Dat uitgangspunt zal ik namens de fractie van de Europese Volkspartij ook verdedigen tijdens de komende onderhandelingen en ik hoop dat de samenwerking even goed zal verlopen als bij de ECON-onderhandelingen in samenwerking met de schaduwrapporteur.


  Neena Gill, on behalf of the S&D Group. – Madam President, firstly my congratulations to Petr Ježek for the outstanding work he has done on this important report, taking over halfway through the process.

Creating a good prospectus regime is at the heart of Capital Markets Union. In 2014, just one in four prospectuses were passported, meaning that the vast majority of issues raised capital in their own Member State. We need to change this: we need an EU where capital can flow freely and does not stop at Member States’ borders. Plus, it could also help in terms of gaining access to funds from institutional investors who are sitting on their capital because of the current climate of low interest rates.

So if we are to unlock the potential of capital markets for SMEs it is vital that we make prospectuses less cumbersome and cheaper, cutting out the lengthy and excessive work of banks and lawyers. Therefore, this report aims to reduce red tape and legal fees, and by raising the threshold to one million we will make it easier for SMEs to tap into the capital markets.

There are almost 400 000 SMEs in my constituency, the West Midlands, and I welcome the fact that the report proposes a single standardised document for SMEs to sell their securities. This will make it easier for them to get access to potential cross-border finance in order to scale up their businesses and get to the next level. By limiting the number of pages in the prospectus summaries, I believe this information has, in the past, made it unattractive for SMEs to raise capital.

Another key feature of this report is harmonising investor protection rules across different pieces of EU legislation. The Capital Markets Union will succeed only if it tackles the problem of fragmentation of practices within Member States. Overall, this report achieves a number of key objectives and will hopefully lead to a deepening of capital markets with or without the UK.


  Miguel Viegas, em nome do Grupo GUE/NGL. – Senhora Presidente, não negamos a importância de haver mais transparência ao nível dos mercados de títulos e maior proteção junto dos consumidores. O que não devemos é cair na ilusão de que este documento vai resolver os graves problemas do sistema financeiro, designadamente a sua opacidade e complexidade, e muito menos devemos acreditar que este é o passo fundamental rumo a uma União dos Mercados de Capitais, que apenas irá fortalecer os grandes grupos financeiros que continuam a especular, contando sempre com as ajudas públicas em caso de necessidade.

Pretender que esses kits possam resolver a assimetria de informação parece-nos, no mínimo, excessivamente otimista, quando sabemos que todos os dias nascem novos produtos financeiros com complexidades crescentes.

Por isso, consciente de que a génese de todos esses problemas decorre da natureza privada do setor financeiro e dos princípios de maximização dos lucros dos acionistas que lhe estão subjacentes, continuamos a defender o controlo público do sistema financeiro, alinhando assim as prioridades das suas instituições com as necessidades das economias de cada país.


  Ernest Urtasun, en nombre del Grupo Verts/ALE. – Señora Presidenta, quisiera, en primer lugar, agradecer al ponente, el señor Ježek, su trabajo. Tengo que decir que globalmente hay cosas del informe que no nos gustan. Creemos que las excepciones son demasiado grandes y el margen de maniobra que se deja a los Estados miembros es excesivo. Y, en cuanto a los regímenes especiales más ligeros, creemos que son demasiado grandes. Particularmente, el régimen para las pequeñas y medianas empresas, que establecería excepciones a la regla, pues se permitiría a empresas muy grandes acudir a estas excepciones.

De todas maneras, quiero agradecerle al ponente que haya querido introducir —particularmente en los artículos 6 y 17— nuestra propuesta para que hubiera lo que nosotros llamamos un held warning, es decir, que se especifique cuándo un producto es de riesgo para los pequeños inversores, porque hemos tenido problemas gravísimos, que han arruinado auténticas familias, como las preferentes y la deuda subordinada, y es muy importante aprovechar esta reforma para poder reforzar eso. Por lo tanto, esos dos puntos quiero agradecérselos.


„Catch the eye” eljárás.


  Νότης Μαριάς (ECR). – Κυρία πρόεδρε, σκοπός των ενημερωτικών δελτίων είναι να παρέχουν πληροφορίες για μια εταιρεία προκειμένου να αποφασίσουν οι επενδυτές αν θα επενδύσουν στις κινητές αξίες που εκδίδει. Επιπλέον, είναι αναγκαίο το ενημερωτικό δελτίο να μη λειτουργεί ως εμπόδιο στην πρόσβαση στις αγορές για τη συγκέντρωση κεφαλαίων. Αυτή η διαδικασία, βέβαια, μπορεί να αποτελεί επιβάρυνση για τις μικρομεσαίες επιχειρήσεις, οι οποίες αποθαρρύνονται να παρέχουν κινητές αξίες στο κοινό, λόγω του πλήθους των απαιτούμενων εγγράφων και του υψηλού κόστους αυτής της διαδικασίας. Προκειμένου να διευκολυνθούν οι μικρομεσαίες επιχειρήσεις σχετικά με τις διοικητικές τους υποχρεώσεις θα πρέπει να βελτιωθεί η διαδικασία των ενημερωτικών δελτίων και να ευθυγραμμιστούν με τους κανόνες δημοσιοποίησης της Ευρωπαϊκής Ένωσης. Συγκεκριμένα, οι μικρομεσαίες επιχειρήσεις θα πρέπει να εκδίδουν ένα ενημερωτικό δελτίο που θα εστιάζει σε ουσιώδεις και κατάλληλες πληροφορίες και θα απευθύνεται, κυρίως, σε εταιρείες ιδίου μεγέθους.


A „catch the eye” eljárás vége.


  Valdis Dombrovskis, Vice-President of the Commission. – Madam President, I have taken part in later debates, but this seems to be a record for me in terms of plenary attendance. Nevertheless, I would like to thank colleagues for their support and their constructive approach.

I sense an appetite to take this proposal forward quickly and I hope the plenary vote will enable us to do just that and start trilogues in the coming weeks. We all seem to agree on the objectives of the proposal, so let us get this Capital Markets Union initiative done this year in order to support companies in getting the investments and to show that we mean business in our work to build a single market for capital in Europe.


  Petr Ježek, rapporteur. – Madam President, I would like to thank the Vice-President of the Commission and my colleagues for their contributions. I very much appreciate the time spent here by the Vice—President and his team. It is something of a record.

The Capital Markets Union (CMU) should be able to live up to its name. The only way this can happen is through measures which apply Union wide and which encourage market harmonisation and reduce barriers to cross—border investment. I believe that Parliament’s position on the Prospectus Regulation will achieve all of these goals, and we need a strong mandate from this House for the negotiation with the Council and the Commission to achieve a truly European approach.

Some of the comments made tonight by the Vice—President of the Commission about Parliament’s approach sound quite promising. This morning we heard from the President of the Commission that he attributes great importance to the progress with CMU and we have now heard the same from the Vice—President. Therefore I hope that tomorrow we will vote strongly in favour of the Prospectus Regulation and deliver some good news –which, I am afraid, was otherwise in short supply in the State of the Union address today.

Thank you everybody and goodnight.


  Elnök asszony. – A vitát lezárom.

A szavazásra csütörtökön (2016. szeptember 15.) kerül sor.

Rättsligt meddelande - Integritetspolicy