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SHORT JUSTIFICATION
The Rapporteur welcomes the revision of the Foreign Direct Investment Regulation, and finds that the Commission proposal adequately addresses some of the main shortcomings of the current regulation. However, some further clarity and harmonisation is needed in order to streamline some processes across Member States and thereby enhancing the Internal Market perspective, while also ensuring that the revised regulation will not have an unduly negative effect on foreign investment, which is crucial for the competitiveness of the Union.
Your rapporteur considers that the Commission proposal aiming to strengthen the Union’s screening mechanism for foreign investments is a step in the right direction. However, the Commission proposal can be further improved in three core areas:
The proposed amendments improve clarity, consistency, and transparency in the process of screening foreign direct investment. The amendments aim to reduce the legal uncertainty for foreign investors, thereby supporting a competitive internal market, while safeguarding the security and public order interests of the Union. They align with the regulation's goals of creating a predictable investment environment and ensuring harmonized practices across Member States for the screening of incoming foreign investment.
Clarifying the Scope in Relation to Financial Services:
By establishing clearer screening criteria and standardizing timelines, these amendments address areas where ambiguity and discretionary powers could lead to inconsistent applications, potentially deterring desirable foreign investment. This approach also balances Member State sovereignty with EU-wide cohesion, reducing regulatory fragmentation, strengthening investor confidence, and protecting critical sectors and assets integral to the Union's security and public order interests.
Your rapporteur appreciates that financial services are already included in point 5 of Annex II of the Regulation. In order to make the list more comprehensive, your rapporteur considers that it would be worthwhile to also include systemically important payment systems and very large insurance and reinsurance companies in the scope of the Regulation.
Key suggestions:
Furthermore, acquisitions through resolution tools under the respective resolution frameworks (for banks, CCPs or (re-)insurance undertakings) should be excluded from the scope of the Regulation. In resolution cases, time is of the essence and decisions are often made literally overnight. The in-depth screening procedures foreseen in this Regulation are a mismatch with the need for a timely response. In order to avoid financial stability risks, resolution transactions should therefore be excluded.
The amendments introduce several key suggestions:
Strengthening the European Perspective:
Standardized, more detailed procedures and timelines across Member States
One of the guiding ideas of the Commission proposal is to provide a more European perspective on foreign investments in individual Member States. To that end, your rapporteur considers it worthwhile to also include the possibility for the ESAs and the ECB (including the SSM) to provide an opinion where financial services are concerned.
Enhanced transparency requirements for both Commission opinions and Member State decisions
Preserving the Prerogatives of the Co-Legislator:
Mandatory notification of investments and Commission opinion in cases of opaque or unclear ownership structure
The two Annexes are at the heart of this Regulation as they determine the scope of the foreign investment screening mechanism. In order to ensure the democratic legitimacy of any decision to change the scope, such a decision should be made by the Co-legislator through an amendment to the Regulation and not via a delegated act. Therefore, your rapporteur proposes to delete the Commission empowerment in Article 19 and replace it by a more comprehensive review clause.
Clear criteria for assessing state influence and control
Streamlined appeal mechanisms
Comprehensive information requirements
Impacts on European Commission and Member States
These amendments affect both the European Commission and the Member States. The Commission's role is strengthened regarding investments where the ownership structure is opaque or unclear, and the ultimate beneficial owner is unknown. Member States, meanwhile, will benefit from standardized criteria and timelines, streamlined appeals, and enhanced coordination with the Commission, supporting consistent application of incoming foreign investment screening practices across the EU while protecting the Union's security and public order interests.
AMENDMENTS
The Committee on the Internal MarketEconomic and ConsumerMonetary ProtectionAffairs submits the following to the Committee on International Trade, as the committee responsible:
Amendment 1
Proposal for a regulation
Recital 821
Text proposed by the Commission
Amendment
(8) A significant majority of Member States, but not all, have a legislative instrument in place that provides for a mechanism to screen FDIs. In many Member States, national laws also extend to screening intra-Union investments. Among the Member States, there are substantial differences as to the scope, thresholds and criteria used to assess whether an investment is likely to negatively affect security or public order. There are also differences in the screening processes. In certain Member States, the investment can be implemented before having received clearance with respect to the impact on security and public order. However, others require that the investment is only finalised after authorisation under the screening mechanism. Such divergences create a problem for the smooth functioning of the internal market. For example, they create an uneven playing field and increase compliance costs for investors seeking to notify transactions in more than one Member State. This Regulation helps in reducing divergences on key elements of the mechanisms implemented at national level. This is crucial to ensure predictability for investors on the applicable national regimes and their characteristics, thereby reducing the associated compliance costs. This is all the more relevant considering the level of integration of internal market, which may result in a single transaction impacting multiple Member States across the Union. It is for example possible that a transaction aimed to the acquisition of a target company in one Member State also affects security and public order in another Member State, due to the supply chain structure or other economic elements connecting the target with other companies based in a different Member States. In order to address these internal market problems and ensure greater consistency and predictability, it is appropriate that the criteria and elements to be used for the assessment of foreign investments are established through Union action.
(21) To ensure that the cooperation mechanism focuses only on those foreign investments where the characteristics of the foreign investor or the Union target make an effect on security or public order likely, it is appropriate to establish risk-based conditions for the notification of foreign investments undergoing screening in a Member State to the other Member States and the Commission. Where a foreign investment does not meet any of the conditions, the Member State where the foreign investment is undergoing screening may notify the foreign investment to the other Member States and the Commission, including where the Union target has significant operations in other Member States, or belongs to a corporate group that has several companies in different Member States.
(8) A significant majority of Member States, but not all, have a legislative instrument in place that provides for a mechanism to screen FDIs. In many Member States, national laws also extend to screening intra-Union investments. Among the Member States, there are substantial differences as to the scope, thresholds and criteria used to assess whether an investment is likely to negatively affect security or public order. There are also differences in the screening processes. In certain Member States, the investment can be implemented before having received clearance with respect to the impact on security and public order. However, others require that the investment is only finalised after authorisation under the screening mechanism. Such divergences create a problem for the smooth functioning of the internal market. For example, they create an uneven playing field and increase compliance costs for investors seeking to notify transactions in more than one Member State. This Regulation helps in reducing divergences on key elements of the mechanisms implemented at national level. This is crucial to ensure predictability for investors on the applicable national regimes and their characteristics, thereby reducing the associated compliance costs. This is all the more relevant considering the level of integration of internal market, which may result in a single transaction impacting multiple Member States across the Union. It is for example possible that a transaction aimed to the acquisition of a target company in one Member State also affects security and public order in another Member State, due to the supply chain structure or other economic elements connecting the target with other companies based in a different Member States. In order to address these internal market problems and ensure greater consistency and predictability, it is appropriate that the criteria and elements to be used for the assessment of foreign investments are established through Union action. Furthermore, it is appropriate that Member States align their screening deadlines at national level with the Union cooperation mechanism timelines to ensure harmonisation across the Union.
(21) To ensure that the cooperation mechanism focuses only on those foreign investments where the characteristics of the foreign investor or the Union target make an effect on security or public order likely, it is appropriate to establish risk-based conditions for the notification of foreign investments undergoing screening in a Member State to the other Member States, the Commission and, where relevant, the European Central Bank, the European Supervisory Authorities, and the Single Supervisory Mechanism. Where a foreign investment does not meet any of the conditions, the Member State where the foreign investment is undergoing screening may notify the foreign investment to the other Member States and the Commission, including where the Union target has significant operations in other Member States, or belongs to a corporate group that has several companies in different Member States.
Or. en
Proposal for a regulation
Recital 944
Text proposed by the Commission
Amendment
(9) To ensure a consistent approach to foreign investment screening across the Union, all Member States should be required to screen foreign investments on the grounds of security or public order. Therefore, the core elements of national screening mechanisms should be harmonised. That minimum harmonisation includes the scope of investments to be screened, the screening procedure’s essential features, and the interaction between the national mechanism and the Union cooperation mechanism. In addition, Member States should also be able to extend the scope of their national screening mechanism to include other types of foreign investments, foreign investments in other sectors, additional Union targets or economic activities that the relevant Member State considers critical for its security or public order. When they do so, such screening should also comply with the provisions of this Regulation.
(44) The Commission should evaluate the functioning and effectiveness of this Regulation 5 years after the date of application of this Regulation and every 5 years after that and present a report to the European Parliament and to the Council. That report should include an assessment of whether or not this Regulation should be amended. Where the report proposes amending this Regulation, it may be accompanied by a legislative proposal.
(9) To ensure a consistent approach to foreign investment screening across the Union, all Member States should be required to screen foreign investments on the grounds of security or public order. Therefore, the core elements of national screening mechanisms should be harmonised. That minimum harmonisation includes the scope of investments to be screened, the screening procedure’s essential features, and the interaction between the national mechanism and the Union cooperation mechanism including consistency in the timelines for screenings. In addition, Member States should also be able to extend the scope of their national screening mechanism to include other types of foreign investments, foreign investments in other sectors, additional Union targets or economic activities that the relevant Member State considers critical for its security or public order. When they do so, such screening should also comply with the provisions of this Regulation.
(44) The Commission should review the functioning and effectiveness of this Regulation 24 months after the date of application of this Regulation and every 24 months after that and present a report to the European Parliament and to the Council. The report should also focus on the adequacy of the list of projects, programmes and the list of technologies in the Annexes of this Regulation. That report should include an assessment of whether or not this Regulation should be amended. Where the report proposes amending this Regulation, it may be accompanied by a legislative proposal.
Or. en
Proposal for a regulation
Recital 1849
Text proposed by the Commission
Amendment
(18) To ensure consistent and predictable screening processes, it is appropriate to lay down the essential features of the screening mechanisms to be implemented by Member States. Those features should at least include the scope of the transactions to be subject to an authorisation requirement, deadlines for the screening and the possibility for undertakings concerned by the screening decision to seek recourse against such decisions. Rules and procedures relating to screening mechanisms should be transparent and should not discriminate between third countries.
(49) In order to take into account developments relating to projects or programmes of Union interest and to adapt the list of technologies, assets, facilities, equipment, networks, systems, services and economic activities of particular importance for the security or public order interests of the Union, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of amendments to the Annexes to this Regulation. The list of projects and programmes of Union interest set out in Annex I should cover projects or programmes covered by EU law which provide for the development, maintenance or acquisition of critical infrastructure, critical technologies or critical inputs which are essential for security or public order. The list of technologies, assets, facilities, equipment, networks, systems, services and economic activities of particular importance for the security or public order interests of the Union set out in Annex II should include areas where a foreign investment may affect security or public order in more than one Member State or in the Union as a whole through an Union target, which does not participate in or receive funds from a project or programme of Union interest. It is of particular importance that the Commission carries 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-Making16. 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.
(18) To ensure consistent and predictable screening processes, it is appropriate to lay down the essential features of the screening mechanisms to be implemented by Member States. Those features should at least include the scope of the transactions to be subject to an authorisation requirement, deadlines for the screening and the possibility for undertakings concerned by the screening decision to seek recourse against such decisions through a standardised appeal mechanism. Rules and procedures relating to screening mechanisms should be transparent and should not discriminate between third countries.
(49) In order to take into account developments relating to projects or programmes of Union interest and to adapt the list of technologies, assets, facilities, equipment, networks, systems, services and economic activities of particular importance for the security or public order interests of the Union, the Annexes of this Regulation should be reviewed every two years. If amendments to the annexes are necessary, the European Commission should introduce a legislative proposal in that regard.
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16 OJ L 123, 12.5.2016, p. 1.
Or. en
Proposal for a regulation
Recital 21
Recital 49 a (new)
Text proposed by the Commission
Amendment
(21) To ensure that the cooperation mechanism focuses only on those foreign investments where the characteristics of the foreign investor or the Union target make an effect on security or public order likely, it is appropriate to establish risk-based conditions for the notification of foreign investments undergoing screening in a Member State to the other Member States and the Commission. Where a foreign investment does not meet any of the conditions, the Member State where the foreign investment is undergoing screening may notify the foreign investment to the other Member States and the Commission, including where the Union target has significant operations in other Member States, or belongs to a corporate group that has several companies in different Member States.
(49a) The financial services sector is important for the stability and growth of the EU economy, serving as the backbone for capital allocation, risk management, and payment systems. Ensuring its integrity and resilience is crucial, as disruptions can have widespread repercussions on both EU security and the EU economy. It is therefore justified to subject undertakings from the financial sector which have a significant impact on the Union’s financial stability to foreign investment screening procedures. In order to accurately assess potential threats to the Union financial system, the European Central Bank the European Supervisory Authorities, and the Single Supervisory Mechanism should be given a formal role in the foreign investment screening process, where the financial services sector is affected.
(21) To ensure that the cooperation mechanism focuses only on those foreign investments where the characteristics of the foreign investor or the Union target make an effect on security or public order likely, it is appropriate to establish risk-based conditions for the notification of foreign investments undergoing screening in a Member State to the other Member States and the Commission. Cases of opaque or unclear ownership structures, such as where the ultimate beneficiary is unknown, should be included as such a condition. Where a foreign investment does not meet any of the conditions, the Member State where the foreign investment is undergoing screening may notify the foreign investment to the other Member States and the Commission, including where the Union target has significant operations in other Member States, or belongs to a corporate group that has several companies in different Member States.
Or. en
Proposal for a regulation
Recital 25 a (new)
Article 1 – paragraph 2
Text proposed by the Commission
Amendment
(25a) To ensure transparency and predictability, opinions by the Commission should be based on specific and documented risks and should follow set issuance criteria, including documented security risks or cross-border concerns.
2. This Regulation establishes a cooperation mechanism to enable Member States and the Commission to exchange information on foreign investments, assess their potential impact on security or public order, and identify potential concerns that shall be addressed by the Member State that is screening the foreign investment.
2. This Regulation establishes a cooperation mechanism to enable Member States and the Commission, assisted by, where applicable, other specialised Union institutions, bodies and agencies, to exchange information on foreign investments, assess their potential impact on security or public order, and identify potential concerns that shall be addressed by the Member State that is screening the foreign investment.
Or. en
Proposal for a regulation
Recital 34
Article 4 – paragraph 4 – subparagraph 1 a (new)
Text proposed by the Commission
Amendment
(34) To ensure the efficiency and effectiveness of the cooperation mechanism, it is necessary to align deadlines and procedures when several foreign investments linked to the same broader transaction are screened in several Member States. In such multi-country transactions, the applicant should file the different requests for authorisation in the Member States concerned simultaneously. In addition, those Member States should notify the requests simultaneously to the cooperation mechanism. To ensure an efficient handling of these multi-country transactions, the Member States concerned should coordinate and agree on whether the foreign investments are notifiable and when they should be notified. Furthermore, the Member States concerned should also coordinate on the final decision. If the Member States concerned intend to authorise the foreign investment with conditions, they should ensure that these conditions are compatible with one another and address cross-border risks adequately. Before prohibiting a foreign investment, the Member States concerned should consider whether a conditional authorisation with coordinated measures and their coordinated enforcement is not sufficient to address the likely effect on security or public order. The Commission should be able to participate in such coordination.
The first subparagraph shall not apply where the investment takes place by virtue of the application of a resolution tool according to Directive 2014/59/EU of the European Parliament and of the Council1a, and by Regulations (EU) No 1093/20101b, (EU) No 648/20121c, and (EU) No 806/20141d of the European Parliament and of the Council or Regulation (EU) 2021/23 of the European Parliament and of the Council1e:
(34) To ensure the efficiency and effectiveness of the cooperation mechanism, it is necessary to align deadlines and procedures when several foreign investments linked to the same broader transaction are screened in several Member States. In such multi-country transactions, the applicant should file the different requests for authorisation in the Member States concerned simultaneously. In addition, those Member States should notify the requests simultaneously to the cooperation mechanism. To ensure an efficient handling of these multi-country transactions, the Member States concerned should coordinate and agree on whether the foreign investments are notifiable and when they should be notified. Furthermore, the Member States concerned should also coordinate on the final decision. In order to ensure the highest level of harmonisation, screening deadlines at national level should be aligned with the timelines for the cooperation mechanism. If the Member States concerned intend to authorise the foreign investment with conditions, they should ensure that these conditions are compatible with one another and address cross-border risks adequately. Before prohibiting a foreign investment, the Member States concerned should consider whether a conditional authorisation with coordinated measures and their coordinated enforcement is not sufficient to address the likely effect on security or public order. The Commission should be able to participate in such coordination.
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1a Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190, ELI: http://data.europa.eu/eli/dir/2014/59/oj
).
1b Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12, ELI: http://data.europa.eu/eli/reg/2010/1093/oj).
1c Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p. 1, ELI: http://data.europa.eu/eli/reg/2012/648/oj).
1d Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1, ELI: http://data.europa.eu/eli/reg/2014/806/oj).
1e Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 (OJ L 22, 22.1.2021, p. 1, ELI: http://data.europa.eu/eli/reg/2021/23/oj).
Or. en
Justification
The current proposal does not explicitly exclude acquisitions through resolution tools under the respective resolution frameworks (for banks, CCPs or (re-)insurance undertakings), which might be considered foreign investments under the foreign investment screening Regulation, from its scope. Foreign investment screening processes are designed for ordinary market transactions that take months of preparation and allow for sufficient scrutiny time. By contrast, resolution proceedings need to be concluded within days and are executed by an administrative act, not by mutually agreed transactions.
Amendment 7
Proposal for a regulation
Recital 35
Article 5 – paragraph 3 a (new)
Text proposed by the Commission
Amendment
(35) To ensure a consistent approach to the screening of investments across the Union, it is essential that the standards and criteria used to assess likely risks to security and public order are those set at Union level in this Regulation. Those should include the impact on the security, integrity and functioning of critical infrastructure, the availability of critical technologies (including key enabling technologies) and the continued supply of critical inputs for security or public order, the disruption, failure, loss or destruction of which would have a significant impact on security and public order in one or more Member States or on the Union as a whole. In that regard, Member States and the Commission should also take into account the context and circumstances of the foreign investment. This should include, in particular, whether an investor is controlled directly or indirectly, for example through significant funding, by the government of a third country or is involved in pursuing policy objectives of third countries to facilitate their military capabilities. In this context, if applicable, Member States and the Commission should also consider why the foreign investor, its beneficial owner or any of its subsidiaries or a person acting on behalf or at the direction of such a foreign investor is subject to any type of Union restrictive measures pursuant to Article 215 TFEU.
3a. Where a notification received by the Commission concerns an entity listed in points (a), (d), (e), (f) or (h) of point 5 of Annex II, the Commission shall transmit the notification to the European Supervisory Authority (European Securities and Markets Authority) (ESMA);
(35) To ensure a consistent approach to the screening of investments across the Union, it is essential that the standards and criteria used to assess likely risks to security and public order are those set at Union level in this Regulation. Those should include the impact on the security, integrity and functioning of critical infrastructure, the availability of critical technologies (including key enabling technologies) and the continued supply of critical inputs for security or public order, the disruption, failure, loss or destruction of which would have a significant impact on security and public order in one or more Member States or on the Union as a whole. In that regard, Member States and the Commission should also take into account the context and circumstances of the foreign investment. This should include, in particular, whether an investor is controlled directly or indirectly, for example through significant funding, by the government of a third country or is involved in pursuing policy objectives of third countries to facilitate their military capabilities. Specific criteria for assessing foreign government influence and control on foreign investors should be set out, in order to ensure consistent evaluation across Member States. In this context, if applicable, Member States and the Commission should also consider why the foreign investor, its beneficial owner or any of its subsidiaries or a person acting on behalf or at the direction of such a foreign investor is subject to any type of Union restrictive measures pursuant to Article 215 TFEU.
Or. en
Proposal for a regulation
Recital 37
Article 5 – paragraph 3 b (new)
Text proposed by the Commission
Amendment
(37) To support the implementation of the cooperation mechanism and to foster the exchange of good practices among Member States, the expert group on the screening of foreign investments set up pursuant to Regulation (EU) 2019/452 should be maintained.
3b. Where a notification received by the Commission concerns an entity listed in points (b), (c) or (f) of point 5 of Annex II, the Commission shall transmit the notification to the European Supervisory Authority (European Banking Authority) (EBA);
(37) To support the implementation of the cooperation mechanism and to foster the exchange of good practices among Member States, the expert group on the screening of foreign investments set up pursuant to Regulation (EU) 2019/452 should be maintained and its tasks updated in accordance with this Regulation.
Or. en
Proposal for a regulation
Recital 38
Article 5 – paragraph 3 c (new)
Text proposed by the Commission
Amendment
(38) Member States should notify their screening mechanisms and any amendment to them to the Commission. They should report to the public on the application of their screening mechanisms annually on relevant legislative developments and the activities of the screening authority, including aggregate data on the transactions screened, the outcome of screening procedures, the nationalities of parties to foreign investments and the economic sectors in which those transactions took place.
3c. Where a notification received by the Commission concerns an entity listed in point (j) of point 5 of Annex II, the Commission shall transmit the notification to the European Supervisory Authority (European Insurance and Occupational Pensions Authority) (EIOPA);
(38) Member States should notify their screening mechanisms and any amendment to them to the Commission. They should report to the public on the application of their screening mechanisms annually on relevant legislative developments and the activities of the screening authority, including aggregate data on the transactions screened, the outcome of screening procedures, the nationalities of parties to foreign investments and the economic sectors in which those transactions took place. The annual report should also include information on emerging trends and risk factors as well as updates to screening criteria or procedures.
Or. en
Proposal for a regulation
Recital 38 a (new)
Article 5 – paragraph 3 d (new)
Text proposed by the Commission
Amendment
(38a) In order to enhance the transparency and facilitate the process for investors, Member States should maintain publicly accessible resources including detailed guidance on screening procedures and timelines, sector-specific risk assessment frameworks as well as templates and documentation requirements. The Commission should maintain a central portal providing consolidated guidance on Union-level requirements, links to Member State screening authorities and anonymised case summaries illustrating key principles.
3d. Where a notification received by the Commission concerns an entity listed in point (g) of point 5 of Annex II, the Commission shall transmit the notification to the Single Supervisory Mechanism;
Or. en
Proposal for a regulation
Article 25 – paragraph 1 – point 233 ae (new)
Text proposed by the Commission
Amendment
(23a) ‘critical infrastructure’ means an asset, a facility, equipment, a network or a system, or a part of an asset, a facility, equipment, a network or a system, which is necessary for the provision of an essential service;
3e. Where a notification received by the Commission concerns an entity listed in point (i) of point 5 of Annex II, the Commission shall transmit the notification to the European Central Bank;
Or. en
Proposal for a regulation
Article 4 – paragraph 2 – point c
Article 7 – title
Text proposed by the Commission
Amendment
(c) the screening authority shall be empowered to start screening foreign investments by its own initiative for at least 15 months after the completion of a foreign investment that is not subject to an authorisation requirement where the screening authority has grounds to consider that the foreign investment may affect security or public order;
Comments by Member States and opinions by the Commission on notified foreign investments
(c) the screening authority shall be empowered to start screening foreign investments by its own initiative within 15 months of the completion of a foreign investment that is not subject to an authorisation requirement where the screening authority has grounds to consider that the foreign investment may affect security or public order; retrospective screening of completed foreign investments shall be limited to cases in which new threats to public security or order emerge post-investment andspecific criteria for identifying such qualifying threats shall be defined in the implementing regulations;
Comments by Member States and opinions by the Commission, the European Central Bank, European Supervisory Authorities or the Single Supervisory Mechanism on notified foreign investments
Or. en
Justification
Limiting retrospective reviews to specific, newly identified threats provides legal certainty for investors while reserving flexibility to respond to emerging risks.
Amendment 13
Proposal for a regulation
Article 47 – paragraph 2 – pointa e(new)
Text proposed by the Commission
Amendment
(e) foreign investors, foreign investors’ subsidiaries in the Union through which the foreign investment is carried out and undertakings concerned by a screening decision shall have the possibility to seek judicial recourse against that screening decision;
2a. Where a notification received by the Commission has been transmitted in line with Articles 5(3a) to 5(3e), the European Central Bank, the responsible European Supervisory Authority or the Single Supervisory Mechanism may issue a duly motivated opinion addressed to the notifying Member State and inform the Commission thereof via the secure and encrypted system referred to in Article 12(4).
(e) foreign investors, foreign investors’ subsidiaries in the Union through which the foreign investment is carried out and undertakings concerned by a screening decision shall have the possibility to seek judicial recourse against that screening decision; Member States shall implement a standardised appeal mechanism accessible to investors, with appeals to be resolved within 60 days in order to ensure procedural fairness and the Commission shall oversee the consistency in the handling of appeals across Member States;
Or. en
Justification
Establishing a standardized appeal mechanism aligns with procedural fairness goals, helping investors by providing a consistent appeal option across Member States
Amendment 14
Proposal for a regulation
Article 47 – paragraph 42 ab (new)
Text proposed by the Commission
Amendment
4a. Member States shall:
2b. The Commission shall take into account any opinion issued pursuant to paragraph 2a when drafting their own duly motivated opinion.
(a) align screening deadlines at national level with the Union cooperation mechanism timelines set out in Article 8, providing for:
(i) an initial review period not exceeding 30 days from notification;
(ii) where necessary, an in-depth investigation period not exceeding 60 additional days; and
(iii) clear criteria for exceptional extensions of these deadlines;
(b) implement standardised procedural milestones including:
(i) formal acknowledgment of complete notification within 5 working days;
(ii) clear triggers for moving from initial review to in-depth investigation;
(iii) structured communication points with applicants throughout the process; and
(iv) annual standardised reporting on average processing times and deviations from standard timelines.
Or. en
Justification
This amendment adds specific procedural timelines to ensure consistency across all Member States, aiding investor predictability and reducing delays.
Amendment 15
Proposal for a regulation
Article 57 – paragraph 1 – point b – point i11
Text proposed by the Commission
Amendment
(i) the foreign investor or the foreign investor’s subsidiary in the Union is directly or indirectly controlled by the government, including state bodies, regional or local authorities or armed forces, of a third country, including through ownership structure, significant funding, special rights or state-appointed directors or managers;
11. When issuing comments or an opinion pursuant to this Article, the Member States, and the Commission, as the case may be, shall consider whether such comments or opinion should be classified information and what level of classification should apply thereto, in accordance with Union and the respective national law on classified information.
(i) the foreign investor or the foreign investor’s subsidiary in the Union is directly or indirectly controlled by the government, including state bodies, regional or local authorities or armed forces, of a third country, including through ownership structure, significant funding, special rights or state-appointed directors or managers; in cases where the ownership structure is opaque or unclear, the investment shall be notified as a precaution;
11. When issuing comments or an opinion pursuant to this Article, the Member States, the Commission, and, as the case my be, the European Central Bank, the responsible European Supervisory Authority or the Single Supervisory Mechanism shall consider whether such comments or opinion should be classified information and what level of classification should apply thereto, in accordance with Union and the respective national law on classified information.
Or. en
Proposal for a regulation
Article 78 – paragraph 21 – subparagraphpoint 2b
Text proposed by the Commission
Amendment
The Commission may issue an opinion regardless of whether Member States have issued comments.
(b) the Commission shall inform the notifying Member State via the secure and encrypted system referred to in Article 12(4) that it reserves its right to issue an opinion no later than 20 calendar days following the receipt of the notification pursuant to Article 5.
The Commission may issue an opinion regardless of whether Member States have issued comments. In cases where the investment has been notified pursuant to Article 5(2) due to the ownership structure being opaque or unclear, the Commission shall issue an opinion.
(b) the Commission, or, where applicable, the European Central Bank, the responsible European Supervisory Authority or the Single Supervisory Mechanism, shall inform the notifying Member State via the secure and encrypted system referred to in Article 12(4) that it reserves its right to issue an opinion no later than 20 calendar days following the receipt of the notification pursuant to Article 5.
Or. en
Proposal for a regulation
Article 78 – paragraph 23 – subparagraph 21 – point b a (new)
Text proposed by the Commission
Amendment
In order to ensure transparency and predictability, opinions of the Commission shall be based on specific and documented risks and shall follow set issuance criteria, including documented security risks or cross-border concerns.
(ba) where the European Central Bank, the responsible European Supervisory Authority or the Single Supervisory Mechanism reserves its right to issue an opinion on a notified foreign investment, the respective opinion shall be addressed to the notifying Member State via the secure and encrypted system referred to in Article 12(4) no later than 30 calendar days following receipt of the complete notification of the foreign investment;
Or. en
Justification
This amendment specifies issuance criteria for Commission opinions, ensuring they are based on documented security risks, which adds transparency and predictability to the process.
Amendment 18
Proposal for a regulation
Article 9 – paragraph 23
Text proposed by the Commission
Amendment
2.3. MemberThe StatesCommission shallmay beopen grantedan atown leastinitiative 15procedure months,when afterit theconsiders that a foreign investment in the territory of a Member State which has not been completed,notified to the rightcooperation tomechanism openfalls theunder procedureArticle set7(2). outBefore inopening paragraphthe 1,procedure, providedthe Commission shall check that the respectiveMember foreignState where the investment hasis notplanned beenor notifiedcompleted does not intend to notify the cooperationforeign mechanisminvestment into the meantime.cooperation mechanism.
2. Member States shall be granted the right to open the procedure set out in paragraph 1 up to15 months after the foreign investment has been completed, provided the respective foreign investment has not been notified to the cooperation mechanism in the meantime.
3. The Commission may open an own initiative procedure when it considers that a foreign investment in the territory of a Member State which has not been notified to the cooperation mechanism falls under Article 7(2). Before opening the procedure, the Commission shall check that the Member State where the investment is planned or completed does not intend to notify the foreign investment to the cooperation mechanism. Where a foreign investment as defined in point 5 of Annex II is concerned, the Commission may consult the European Central Bank, the responsible European Supervisory Authority or the Single Supervisory Mechanism.
Or. en
Proposal for a regulation
Article 912 – paragraph 42
Text proposed by the Commission
Amendment
4. The Commission shall be granted at least 15 months, after the foreign investment has been completed, to open the procedure set out in paragraph 3, provided the respective foreign investment has not been notified to the cooperation mechanism in the meantime.
2. Member States and the Commission shall ensure the confidentiality of the information they provide or receive in application of this Regulation, in accordance with national and Union law. When dealing with requests for access to documents provided or received in application of this Regulation, Member States and the Commission shall refrain from disclosing any information that would undermine the purpose of the investigations conducted pursuant to this Regulation.
4. The Commission shall be granted the right to open the procedure set out in paragraph 3 up to 15 months after the foreign investment has been completed, provided the respective foreign investment has not been notified to the cooperation mechanism in the meantime.
2. Member States and the Commission as well as the European Central Bank, the responsible European Supervisory Authority or the Single Supervisory Mechanism shall ensure the confidentiality of the information they provide or receive in application of this Regulation, in accordance with national and Union law. When dealing with requests for access to documents provided or received in application of this Regulation, Member States and the Commission shall refrain from disclosing any information that would undermine the purpose of the investigations conducted pursuant to this Regulation.
Or. en
Proposal for a regulation
Article 1013 – paragraph 1 – point b a (new)2
Text proposed by the Commission
Amendment
(ba) risk assessment documentation relating to the investment, to be used to address potential security and public order implications and to propose risk mitigation measures; the risk assessment shall include:
2. The Commission shall determine, for the purpose of issuing a duly motivated opinion pursuant to Article 7(2) or (3) or Article 9(7), whether it considers a foreign investment to be likely to negatively affect security or public order.
(i) supply chain dependencies;
2. The Commission, taking into account the opinions issued by the European Central Bank, the European Supervisory Authorities or the Single Supervisory Mechanism pursuant to Article 7 (2a), shall determine, for the purpose of issuing a duly motivated opinion pursuant to Article 7(2) or (3) or Article 9(7), whether it considers a foreign investment to be likely to negatively affect security or public order.
(ii) market position analysis; and
(iii) third-country dependency evaluation.
Or. en
Justification
This amendment complements the existing general information requirements with more detailed and correlated information that will be needed during the screening assessment, ensuring comprehensive and standardized data collection across all Member States.
Amendment 21
Proposal for a regulation
Article 1013 – paragraph 14 – point ce
Text proposed by the Commission
Amendment
(c) name and address of the Union target, its activities and alternative providers, the ownership structure of the Union target and, where applicable, of the corporate group to which the Union target is a part;
(e) whether the foreign investor, a natural person or entity controlling the foreign investor, the beneficial owner of the foreign investor, any of the subsidiaries of the foreign investor, or any other party owned or controlled by, or acting on behalf or at the direction of the foreign investor is likely to pursue a third country’s policy objectives, or facilitate the development of a third country’s military capabilities.
(c) name and address of the Union target, its activities and alternative providers particularly related to projects and programmes defined in Annex I and areas listed in Annex II, the ownership structure of the Union target and, where applicable, of the corporate group to which the Union target is a part;
(e) whether the foreign investor, a natural person or entity controlling the foreign investor, the beneficial owner of the foreign investor, any of the subsidiaries of the foreign investor, or any other party owned or controlled by, or acting on behalf or at the direction of the foreign investor is likely to pursue a third country’s policy objectives detrimental to the Union's interest, or facilitate the development of a third country’s military capabilities.
Or. en
Proposal for a regulation
Article 13 – paragraph 4 a (new)
Article 18
Text proposed by the Commission
Amendment
4a. When assessing control or influence by a third-country government over an investor, Member States shall consider the following:
Article 18
(a) direct or indirect ownership thresholds, with heightened scrutiny in cases where:
deleted
(i) the third-country government’s ownership or control exceeds 25% of shares or voting rights; or
Evaluation
(ii) the third-country government has special veto powers or other governance rights, irrespective of ownership level.
1. The Commission shall evaluate the functioning and effectiveness of this Regulation 5 years after the date of application of this Regulation and every 5 years thereafter and present a report to the European Parliament and to the Council. Member States shall be involved in this exercise and, if necessary, provide the Commission with additional information for the preparation of that report.
(b) the nature and extent of third-country government funding, including:
2. Where the report from the Commission recommends amendments to this Regulation, it may be accompanied by a legislative proposal.
(i) direct capital contributions;
(ii) preferential financing arrangements; and
(iii) state guarantees or subsidies.
(c) specific governance arrangements provided by the third-country government, such as:
(i) rights to board representation;
(ii) special rights to appoint management; and
(iii) rights to access information.
Or. en
Justification
This amendment provides specific criteria for assessing foreign government influence and control on foreign investors, ensuring consistent evaluation across Member States.
Amendment 23
Proposal for a regulation
Article 1618 a (new)
Text proposed by the Commission
Amendment
Article 16a18a
Public Transparency Requirements
Review Clause
1. Member States shall maintain publicly accessible resources including:
1. 24 months after ... [ date of application of this Regulation] and every 24 months thereafter, the Commission shall review the list of projects or programmes of Union interest set out in Annex I to take account of the adoption and amendment of Union law relating to projects or programmes of Union interest relevant to security or public order.
a) detailed guidance on screening procedures and timelines;
2. As part of this regular review, the Commission shall also review the list of technologies, assets, facilities, equipment, networks, systems, services and economic activities of particular importance for the security or public order interests of the Union set out in Annex II to take account of changes in the circumstances relevant to the security or public order interests of the Union. In particular, these considerations shall include the following:
b) sector-specific risk assessment frameworks;
(a) the resilience of supply chains of particular importance for the security or public order interests of the Union;
c) templates and documentation requirements.
(b) the resilience of infrastructures of particular importance for the security or public order interests of the Union;
2. The Commission shall maintain a central portal providing:
(c) the advancement of technologies of particular importance for security or public order of the Union;
a) consolidated guidance on Union-level requirements;
(d) the emergence of vulnerabilities in relation to access to or other forms of processing of sensitive information, including personal data to the extent they are likely to negatively affect the security or public order interests of the Union; and
b) links to Member State screening authorities;
(e) the emergence of a geopolitical situation of particular importance for security or public order of the Union.
c) anonymized case summaries illustrating key principles.
3. Where the reviews referred to in paragraph 1 and 2 of this Article conclude that an amendment to Annex I or Annex II is necessary, the Commission shall submit a legislative proposal to that regard.
3. Annual public reports shall include, in addition to the requirements set out in Article 16, requirements about foreign investment screening outcomes:
a) emerging trends and risk factors;
b) updates to screening criteria or procedures.
Or. en
Justification
Establishing comprehensive transparency requirements to complement existing reporting provisions of Article 16.
Amendment 24
Proposal for a regulation
Article 20 – paragraph 2
Article 19
Text proposed by the Commission
Amendment
2. The power to adopt delegated acts shall be conferred on the Commission for an indeterminate period of time from [date of entry into force of the basic legislative act].
Article 19
2. The power to adopt delegated acts referred to in Article 19 shall be conferred on the Commission for a period of 5 years from [date of entry into force of the basic legislative act]. The Commission shall draw up a report in respect of the delegation of power not later than 9 months before the end of the 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 3 months before the end of each period.
deleted
Delegated acts
1. The Commission is empowered to adopt delegated acts in accordance with Article 20 for the purposes of amending, where necessary, the list of projects or programmes of Union interest set out in Annex I to take account of the adoption and amendment of Union law relating to projects or programmes of Union interest relevant to security or public order.
2. The Commission is empowered to adopt delegated acts in accordance with Article 20 for the purposes of amending, where necessary, the list technologies, assets, facilities, equipment, networks, systems, services and economic activities of particular importance for the security or public order interests of the Union set out in Annex II to take account of changes in the circumstances relevant to the security or public order interests of the Union. In particular, these considerations shall include the following:
(a) the resilience of supply chains of particular importance for the security or public order interests of the Union;
(b) the resilience of infrastructures of particular importance for the security or public order interests of the Union;
(c) the advancement of technologies of particular importance for security or public order of the Union;
(d) the emergence of vulnerabilities in relation to access to or other forms of processing of sensitive information, including personal data to the extent they are likely to negatively affect the security or public order interests of the Union; and
(e) the emergence of a geopolitical situation of particular importance for security or public order of the Union.
Or. en
Justification
As the delegated acts in question amend the Annexes which determine the scope of the regulation, it is prudent to limit the period of time the power is delegated at once.
Amendments to the Annex should be done by the co-legislator.
Amendment 25
Proposal for a regulation
Article 20 – paragraph 6 a (new)
Article 20
Text proposed by the Commission
Amendment
6a. The Commission shall report regularly to the European Parliament and the Council on its secondary legislative activity pursuant to Article 19.
Article 20
deleted
Exercise of the delegation
1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article.
2. The power to adopt delegated acts shall be conferred on the Commission for an indeterminate period of time from [date of entry into force of the basic legislative act].
3. The delegation of power 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.
4. Before adopting a delegated act, the Commission shall consult experts designated by each Member State in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making.
5. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council.
6. A delegated act adopted pursuant to Article 19 shall enter into force only if no objection has been expressed by the European Parliament or the Council within 2 months 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 2 months on the initiative of the European Parliament or of the Council.
Or. en
Justification
Amendments to the Annex should be done by the co-legislator.
Amendment 26
Proposal for a regulation
Annex II – point 5
Text proposed by the Commission
Amendment
5. The following critical entities and activities in the Union’s financial system: central counterparties2 , payment systems and payment institutions3 , electronic money institutions4 , market operators and investment firms that operate a multilateral trading facility or an organised trading facility5 , central securities depositories6 , significant issuers of asset-referenced tokens or e-money tokens and crypto asset service providers operating trading platforms for crypto-assets7 , large institutions8 , global providers of specialised financial messaging services and designated critical ICT third-party service providers9 .
5. The following critical entities and activities in the Union’s financial system:
a) central counterparties or CCPs as defined in Article 2 point (1) of Regulation (EU) No 648/2012;
b) payment systems and payment institutions as defined in Article 4 points (7) and (4) respectively of Directive (EU) 2015/2366 of the European Parliament and of the Council3;
c) electronic money institutions as defined in Article 2 point (1) of Directive 2009/110/EC of the European Parliament and of the Council4;
d) market operators as defined in Article 4(1) point (18) of Directive 2014/65/EU of the European Parliament and of the Council5 and investment firms that operate a multilateral trading facility or an organised trading facility;
e) central securities depositories as defined in Article 2(1) point (1) of Regulation (EU) No 909/2014 of the European Parliament and of the Council6;
f) issuers of significant asset-referenced tokens or significant e-money tokens and crypto asset service providers operating trading platforms for crypto-assets as defined in Article 3(1) points (10), (6), (7), (15) and (18) respectively of Regulation (EU) 2023/1114 of the European Parliament and of the Council7;
g) large institutions as defined in Article 4(1) point (146) of Regulation (EU) No 575/2013 of the European Parliament and of the Council8;
h) global providers of specialised financial messaging services, designated critical ICT third-party service providers as defined in Article 3 point (23) of Regulation (EU) 2022/2554 of the European Parliament and of the Council9;
i) systemically important payment systems pursuant to an ECB decision based on Article 1(2) of Regulation(EU) No 795/2014 of the European Central Bank9a;
j) insurance undertakings and reinsurance undertakings as defined in Article 13 points (1) (4) of Directive 2009/138/EC of the European Parliament and of the Council9b with gross written premium income exceeding EUR 25 000 000 000 on average in the three calendar years prior to the year that the foreign investment has been notified;
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2 Article 2(1) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p.1, ELI: http://data.europa.eu/eli/reg/2012/648/oj.
3 Article 4(7) and Art 4(4)of Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35, ELI: http://data.europa.eu/eli/dir/2015/2366/oj .
3 Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35, ELI: http://data.europa.eu/eli/dir/2015/2366/oj).
4 Article 2(1) of Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (OJ L 267, 10.10.2009, p.7, ELI: http://data.europa.eu/eli/dir/2009/110/oj.
4 Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (OJ L 267, 10.10.2009, p. 7, ELI: http://data.europa.eu/eli/dir/2009/110/oj).
5 Article 4(1)(18) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349, ELI: http://data.europa.eu/eli/dir/2014/65/oj.
5 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU(OJ L 173, 12.6.2014, p. 349, ELI: http://data.europa.eu/eli/dir/2014/65/oj).
6 Article 2(1)(1) of Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p.1, ELI: http://data.europa.eu/eli/reg/2014/909/oj.
6 Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1, ELI: http://data.europa.eu/eli/reg/2014/909/oj)
7 Articles 3(1)(6), 3(1)(7) and 3(1)(10), 3(1)(15) and Article 3(1)(18) of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 9.6.2023, p.40, ELI: http://data.europa.eu/eli/reg/2023/1114/oj.
7 Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 9.6.2023, p. 40, ELI: http://data.europa.eu/eli/reg/2023/1114/oj).
8 Article 4(1)(146) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p.1, ELI: http://data.europa.eu/eli/reg/2013/575/oj.
8 Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012 (OJ L 176, 27/06/2013, p. 1, ELI: http://data.europa.eu/eli/reg/2013/575/oj).
9 Article 3(23) of Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011 (OJ L 333, 27.12.2022, p.1, ELI: http://data.europa.eu/eli/reg/2022/2554/oj.
9 Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011 (OJ L 333, 27.12.2022, p. 1, ELI: http://data.europa.eu/eli/reg/2022/2554/oj).
9a Regulation of the European Central Bank (EU) No 795/2014 of 3 July 2014 on oversight requirements for systemically important payment systems (OJ L 217, 23.7.2014, p. 16, ELI: http://data.europa.eu/eli/reg/2014/795/oj).
9b Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1, ELI: http://data.europa.eu/eli/dir/2009/138/oj).
Or. en