What changed

PA_Legam

SHORT JUSTIFICATION

Your Rapporteur for opinion shares the general intention of the European Commission to strengthen the screening of foreign investments in the Union. From the Committee for Transport and Tourism’s (TRAN) perspective, he considers it is of crucial importance that the infrastructure of the Trans-European Network for Transport (TEN-T) and the Connecting Europe Facility (CEF) are protected against investments that have the aim or the potential of pursuing a third country’s policy objective.

Your Rapporteur for opinion considers recent cases of European port infrastructure being entirely or partially sold to Chinese or Russian investors a risk to public order and security that could potentially have been prevented if a stronger European framework, setting common conditions for the screening of such investments, had been in place.

Your Rapporteur for opinion therefore proposes in particular:

 to oblige Member States and the Commission to more explicitly take into account the geopolitical situation, when determining whether an investment is likely to negatively affect security or public order;

 to take full account of the cross-border and network character of TEN-T infrastructure, where each piece of infrastructure is needed for the functioning of the European network as a whole, which makes it evident that there cannot be fundamental differences of appreciation;

 to include the potential risk of influence exerted by third country individuals to security and public order, as seen in another field with the recent takeover of Twitter/X;

 to oblige and enable the Commission to publish a non-classified summary of its opinions when assessing a risk of a foreign investment to the security or public order of more than one Member State. The current situation, where the Commission writes in-depth opinions, but neither their nature (yes/no) nor the broad factual elements that have led to this conclusion are known to the general public, cannot continue.

Your rapporteur for opinion considers that Europe should be a place that is both open to foreign direct investments and the resulting opportunities for our businesses and citizens. However, it should not be naive, when it comes to the influence of autocratic third countries in particular. This should be the main message of TRAN, reflected by the amendments put forward in this opinion in the areas of its competence.

AMENDMENTS

The Committee on TransportEconomic and TourismMonetary Affairs submits the following to the Committee on International Trade, as the committee responsible:

Amendment 1

Proposal for a regulation

Recital 12

Recital 7 a (new)

Text proposed by the Commission

Amendment

(12) Screening foreign investments should be carried out in accordance with this Regulation, taking into account all factual information available and adhering to the principle of proportionality and other principles enshrined in the Treaties. Moreover, the screening of foreign investments which are carried out through subsidiaries of the foreign investor established in the Union should in all cases comply with the requirements stemming from Union law, and in particular with the Treaty provisions on freedom of establishment and free movement of capital, as interpreted in the case-law of the Court of Justice of the European Union, consistently with the objective of preserving an open and inclusive internal market. Any restrictions to the freedom of establishment and free movement of capital in the Union, including the screening and measures arising from screening, such as mitigating measures and prohibitions should be based on a genuine and sufficiently serious threat to a fundamental interest of society, and should be appropriate and necessary as set out in the case law of the Court of Justice. At the same time, when assessing the justification and proportionality of a restriction, the specificities of investments within the Union operated through a subsidiary of a foreign investor may be taken into account when assessing any restrictions on freedom of establishment or to the free movement of capital, including where appropriate in any Commission opinion adopted pursuant to this Regulation. This should be done taking into account the integration of Member State schemes into a Union-wide cooperation mechanism.

(7a) Acquisitions through resolution tools under the respective resolution frameworks (for banks, central counterparties or reinsurance or reinsurance undertakings) should be excluded from the scope of this Regulation. In resolution, time is of the essence and decisions are often made literally overnight. The in-depth screening procedures provided for in this Regulation are not in line with the need for a timely response. In order to avoid financial stability risks, resolution transactions should therefore be excluded. Resolution authorities should take into account, to the extent possible, this Regulation when performing resolution actions with the involvement of a foreign investor, in particular when strategic assets are involved.

(12) Screening foreign investments should be carried out in accordance with this Regulation, taking into account all factual information available and adhering to the principle of proportionality and other principles enshrined in the Treaties. Moreover, the screening of foreign investments which are carried out through subsidiaries of the foreign investor established in the Union should in all cases comply with the requirements stemming from Union law, and in particular with the Treaty provisions on freedom of establishment and free movement of capital, as interpreted in the case-law of the Court of Justice of the European Union, consistently with the objective of preserving an open and inclusive internal market. Any restrictions to the freedom of establishment and free movement of capital in the Union, including the screening and measures arising from screening, such as mitigating measures and prohibitions should be based on a genuine and sufficiently serious threat to a fundamental interest of society, and should be appropriate and necessary as set out in the case law of the Court of Justice. Such an approach effectively prevents and addresses the serious risks to public order and security in the Union, while safeguarding the open investment environment of the Union, which is enshrined in the Treaty on the Functioning of the European Union (TFEU) and is crucial for Europe's competitiveness, security and wellbeing. At the same time, when assessing the justification and proportionality of a restriction, the specificities of investments within the Union operated through a subsidiary of a foreign investor may be taken into account when assessing any restrictions on freedom of establishment or to the free movement of capital, including where appropriate in any Commission opinion adopted pursuant to this Regulation. This should be done taking into account the integration of Member State schemes into a Union-wide cooperation mechanism.

Amendment 2

Proposal for a regulation

Recital 179

Text proposed by the Commission

Amendment

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Amendment 3

Proposal for a regulation

Recital 2510

Text proposed by the Commission

Amendment

(25) Furthermore, it should be possible for the Commission to adopt an opinion addressed to all Member States if it identifies several foreign investments that, taken together, are likely to impact the security or public order of the Union. This could notably be the case where several foreign investments present comparable characteristics. These include where the foreign investments are made by the same foreign investor, or foreign investors presenting similar risks, or where several foreign investments concern the same target or the same infrastructure, including trans-European infrastructure for transport, energy and communication. Member States and the Commission should discuss the risk analysis and the possible ways to address the risks identified in the opinion.

(10) Regulation (EU) 2019/452 only covers FDIs made from third countries into the Union. However, it is also necessary to extend the scope of the cooperation mechanism to investments made between Member States, where the investor in one Member State is controlled, directly or indirectly, by a foreign entity regardless of whether the ultimate owner is located in the Union or elsewhere. In particular, this extended scope is appropriate to ensure that any investment creating a lasting link between the foreign investor and the Union target, whether it is carried out directly by a foreign investor or through an entity established in the Union and controlled by a foreign investor, is consistently captured and assessed. This should foster the consistency and predictability of screening rules across Member States, which in turn will reduce compliance costs for foreign investors and limit incentives to target an investment in Member States where such transactions are out of scope.

(25) Furthermore, it should be possible for the Commission to adopt an opinion addressed to all Member States if it identifies several foreign investments that, taken together, are likely to impact the security or public order of the Union. This could notably be the case where several foreign investments present comparable characteristics. These include where the foreign investments are made by the same foreign investor, or foreign investors presenting similar risks, or where several foreign investments concern the same target or the same infrastructure, including trans-European infrastructure for transport, energy and communication, which are vital for the proper functioning of European economies and societies and for ensuring European strategic autonomy. Member States and the Commission should discuss the risk analysis and the possible ways to address the risks identified in the opinion.

(10) Regulation (EU) 2019/452 only covers FDIs made from third countries into the Union. However, it is also necessary to extend the scope of the cooperation mechanism to investments made between Member States, where the investor in one Member State is controlled, directly or indirectly, by a foreign entity regardless of whether the ultimate owner is located in the Union or elsewhere. In particular, this extended scope is appropriate to ensure that any investment creating a link between the foreign investor and the Union target, whether it is carried out directly by a foreign investor or through an entity established in the Union and controlled by a foreign investor, is consistently captured and assessed. This should foster the consistency and predictability of screening rules across Member States, which in turn will reduce compliance costs for foreign investors and limit incentives to target an investment in Member States where such transactions are out of scope. It is particularly important for the risk assessment to take into consideration whether the ultimate owner has decision-making power on the investment. The assessment should also maintain sufficient flexibility to make it possible to take into consideration the specific character and structure of investments within the Union carried out by foreign investors.

Amendment 4

Proposal for a regulation

Recital 26 a (new)

Recital 11

Text proposed by the Commission

Amendment

(26a) To avoid unnecessarily prolonged periods of uncertainty for investors and EU stakeholders, it is important to urge national screening authorities to finalize their screening procedures and decisions within 180 calendar days of receiving the request for authorisation for foreign investments.

(11) Investments in Union targets carried out by foreign investors, including investments executed through a controlled entity in the Union, may present specific risks to security and public order in the Union and its Member States. Such investor-related risks should not be present and therefore do not need to be addressed in an investment that only involves entities where no ownership, control, connection to or influence from foreign investors is present, including when a foreign investor participates in the Union entity without a controlling stake. Avoiding any divergence in the rules applicable to the treatment of foreign investments, regardless of whether they are made from outside the Union directly or through an entity already established in the Union, is necessary to ensure a coherent investment screening framework and the Union control mechanism. This framework reflects the importance of protecting security and public order and is exclusively targeted at risks that may arise from investments involving foreign entities. Therefore, Member States should ensure at least the screening of those foreign investments, which relate to projects or programmes of Union interest or where the Union target is active in areas, where a foreign investment may affect security or public order in more than one Member State. Member States should also be able to screen other foreign investments. When they do so, such screening should also comply with the provisions of this Regulation. Transactions with no foreign investor involvement or in which the level of involvement does not lead to the direct or indirect control of the Union entity are not covered by this Regulation.

(11) Investments in Union targets carried out by foreign investors, including investments executed through a controlled entity in the Union, may present specific risks to security and public order in the Union and its Member States. Such investor-related risks should not be present and therefore do not need to be addressed in an investment that only involves entities where no ownership, control, connection to or influence from foreign investors is present, including when a foreign investor participates in the Union entity without a controlling stake. Avoiding any divergence in the rules applicable to the treatment of foreign investments, regardless of whether they are made from outside the Union directly or through an entity already established in the Union, is necessary to ensure a coherent investment screening framework and the Union control mechanism. This framework reflects the importance of protecting security and public order and is exclusively targeted at risks that may arise from investments involving foreign entities. Therefore, Member States should ensure at least the screening of those foreign investments, which relate to projects or programmes of Union interest or where the Union target is active in areas, where a foreign investment may affect security or public order in more than one Member State, or where the transaction involves a foreign investor and the investment is from a country identified in Annex I to the Council conclusions on the revised list of non-cooperative jurisdictions for tax purposes in its most up-to-date version, or a foreign investor linked to a sanctioned country. Member States should also be able to screen other foreign investments. When they do so, such screening should also comply with the provisions of this Regulation. Transactions with no foreign investor involvement or in which the level of involvement does not lead to the direct or indirect control of the Union entity are not covered by this Regulation.

Amendment 5

Proposal for a regulation

Recital 2716

Text proposed by the Commission

Amendment

(27) For greater clarity, the list of projects or programmes of Union interest should be listed in Annex I. These should include any foreign investments undertaken on the trans-European networks for transport, energy and communication, as well as programmes providing funding for research and development for activities relevant for the security or public order of the Union. Due to the importance of these projects and programmes for the security and public order of the Union, Member States should screen foreign investments into Union undertakings that are part of or participating in these projects or programmes, including those that receive funding from the Union.

(16) Foreign investments that create or maintain lasting and direct links between investors from third countries (including state bodies) and Union targets carrying out an economic activity in a Member State should fall within the scope of this Regulation. This should apply where those investments are directly carried out from third countries or by a Union entity with foreign control. However, the framework should not cover the acquisition of company securities intended purely for financial investment without any intention to influence the management and control of the undertaking (portfolio investments). Restructuring operations within a group of companies or a merger of more than one legal entities into a single legal entity do not constitute a foreign investment, provided that there is no increase in the shares held by foreign investors, or the transaction does not result in additional rights that may lead to a change in the effective participation of one or more foreign investors in the management or control of a Union target.

(27) For greater clarity, the list of projects or programmes of Union interest should be listed in Annex I. These should include any foreign investments undertaken on the trans-European networks for transport, energy and communication, as well as programmes providing funding for research and development for activities relevant for the security or public order of the Union. Due to the importance of these projects and programmes for the security and public order of the Union, and due to their inherent cross-border nature and network character, which implies that the functioning of each individual piece of infrastructure in each individual Member State is essential for the functioning and connectivity of the European network as a whole, Member States should screen foreign investments undertaken into those networks or into Union undertakings that are part of or participating in these projects or programmes, including those that receive funding from the Union.

(16) Foreign investments that create or maintain direct links between investors from third countries (including state bodies) and Union targets carrying out an economic activity in a Member State should fall within the scope of this Regulation. This should apply where those investments are directly carried out from third countries or by a Union entity with foreign control, including all situations in which control is acquired as set out in Council Regulation (EC) No 139/20041a. However, the framework should not cover the acquisition of company securities intended purely for financial investment where there is no influence the management and control of the undertaking (portfolio investments). Restructuring operations within a group of companies or a merger of more than one legal entities into a single legal entity do not constitute a foreign investment, provided that there is no increase in the shares held by foreign investors, or the transaction does not result in additional rights that may lead to a change in the effective participation of one or more foreign investors in the management or control of a Union target.

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1a Council Regulation (EC) No 139/2004 of 20 January 2004 on the control of concentrations between undertakings (the EC Merger Regulation) (OJ L 24, 29.1.2004, p. 1, ELI: http://data.europa.eu/eli/reg/2004/139/oj ).

Amendment 6

Proposal for a regulation

Recital 31 a (new)

Recital 17

Text proposed by the Commission

Amendment

(31a) Without prejudice to the cooperation mechanism, there is a need to raise awareness of the participation or contribution of undertakings from third countries in projects of common interest or in critical infrastructure which is strategic for the Union, in order to allow for intervention by public authorities if such participation or contribution is likely to affect security or public order in the Union and does not fall within the scope of this Regulation. Member States may make observations to other Member States as well as to the Commission. Where appropriate, the Commission may request additional information and follow up the situation.

(17) Greenfield foreign investments occur where the foreign investor or a foreign investor’s subsidiary in the Union sets up new facilities or a new undertaking in the Union. Greenfield foreign investments should fall within the scope of this Regulation to the extent they are considered relevant by a Member State for the purpose of the screening of foreign investments because they create lasting and direct links between a foreign investor and such facilities or such undertakings. In addition, by setting up new facilities, a foreign investor can impact on security and public order, including when that risk concerns essential economic inputs. Member States are therefore encouraged to include greenfield foreign investments in the scope of transactions covered by their screening mechanisms, in particular when such investments occur in sectors relevant to their security or public order or when they present characteristics such as size or essential nature to be relevant to their security or public order.

(17) Greenfield foreign investments occur where the foreign investor or a foreign investor’s subsidiary in the Union sets up new facilities or a new undertaking in the Union. Greenfield foreign investments should fall within the scope of this Regulation to the extent they are considered relevant by a Member State for the purpose of the screening of foreign investments because they create direct links between a foreign investor and such facilities or such undertakings. In addition, by setting up new facilities, a foreign investor can impact on security and public order, including when that risk concerns essential economic inputs. Member States are therefore encouraged to include greenfield foreign investments in the scope of transactions covered by their screening mechanisms, in particular when such investments occur in sectors relevant to their security or public order or when they present characteristics such as size or essential nature to be relevant to their security or public order.

Amendment 7

Proposal for a regulation

Recital 3520

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.

(20) To ensure that foreign investments likely to negatively affect security or public order in the Union are adequately identified, Member States should screen foreign investments where the Union target is part of or participates in a project or programme of Union interest or where the Union target’s economic activity relates to a technology, asset, facility, equipment, network, system or service of particular importance for the security or public order interests of the Union. In addition to these criteria, screening mechanisms may apply to other sectors, Union targets or economic activities that the relevant Member State considers critical for its security or public order.

(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, and the current geopolitical situation. This should include, in particular, whether an investor is controlled directly or indirectly, for example through significant funding, by the government or an individual 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.

(20) This Regulation should be based on the criterion that there is the probability of a threat to a fundamental interest of society, and that criterion should be appropriate and necessary as set out in the case-law of the Court of Justice of the European Union. To ensure that foreign investments likely to negatively affect security or public order in the Union are adequately identified, in accordance with the case-law of the Court of Justice, Member States should screen foreign investments where the Union target is part of or participates in a project or programme of Union interest or where the Union target’s economic activity relates to a technology, asset, facility, equipment, network, system or service of particular importance for the security or public order interests of the Union. In addition to these criteria, screening mechanisms may apply to other sectors, Union targets or economic activities that the relevant Member State considers critical for its security or public order.

Amendment 8

Proposal for a regulation

Recital 41 a (new)

Recital 21

Text proposed by the Commission

Amendment

(41a) While the confidentiality of most sensitive information should be ensured, the interest of the general public to be informed of at least the essence (yes/no) of the Commission’s opinion pursuant to Article 7 and the main lines of reasoning that have led to this opinion, should also be respected. The Commission should therefore prepare a non-classified summary of its opinion and make it publicly available.

(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.

(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.

Amendment 9

Proposal for a regulation

Recital 4932

Text proposed by the Commission

Amendment

(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.

(32) Member States or the Commission, as appropriate, might consider relevant information received from economic operators, civil society organisations, social partners (such as trade unions) about a foreign investment likely to negatively affect security or public order.

(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. The Commission should in particular update Annex I in case of new Multiannual Financial Frameworks implying changes to the projects and programmes 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-Making 16 . 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.

(32) Member States or the Commission, as appropriate, might consider relevant information received from economic operators, civil society organisations, social partners (such as trade unions) about a foreign investment likely to negatively affect security or public order according to the case-law of the Court of Justice.

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16 OJ L 123, 12.5.2016, p. 1.

16 OJ L 123, 12.5.2016, p. 1.

Amendment 10

Proposal for a regulation

Article 3 – paragraph 1

Recital 44

Text proposed by the Commission

Amendment

1. Member States shall establish a screening mechanism in accordance with 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.

1. Member States shall without delay establish a screening mechanism in accordance with 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 thereafter and present a report to the European Parliament and to the Council. That report should also focus on the adequacy of the list of projects, programmes and the list of technologies in the Annexes to 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.

Amendment 11

Proposal for a regulation

Article 4 – paragraph 2 – point b a (new)

Recital 44 a (new)

Text proposed by the Commission

Amendment

(ba) the screening authority shall finalize its screening procedure and decision within 180 calendar days of receiving the request for authorisation for foreign investments;

(44a) Given the drastic impact this Regulation has on Union businesses and governments, any legislative proposal made in the context of the review process should be accompanied by an impact assessment.

Amendment 12

Proposal for a regulation

Article 4 – paragraph 4 – introductory part

Recital 49

Text proposed by the Commission

Amendment

4. Member States shall ensure that their screening mechanisms impose an authorisation requirement for foreign investments where the Union target established in their territory:

(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.

4. Member States shall ensure that their screening mechanisms impose an authorisation requirement for foreign investments where the Union target is established or is to be established in their territory:

(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 to this Regulation should be reviewed every two years. If amendments to the annexes are necessary, the Commission should adopt a legislative proposal in that regard.

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16 OJ L 123, 12.5.2016, p. 1.

Amendment 13

Proposal for a regulation

Article 5 – paragraph 1 – introductory part

Recital 49 a (new)

Text proposed by the Commission

Amendment

1. Member States shall notify the Commission and the other Member States through the cooperation mechanism of any foreign investment in a Union target established in their territory that:

(49a) The financial services sector is important for the stability and growth of the Union economy, serving as the backbone for capital allocation, risk management, and payment systems. Ensuring the integrity and resilience of the financial service sector is crucial, as disruptions can have widespread repercussions on both Union security and the Union 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.

1. Member States shall notify the Commission and the other Member States through the cooperation mechanism of any foreign investment in a Union target that is established or is to be established in their territory that:

Amendment 14

Proposal for a regulation

Article 5 – paragraph 2

Recital 51

Text proposed by the Commission

Amendment

2. Member States shall notify the Commission and the other Member States of any foreign investment in a Union target established in their territory where they initiate an in-depth investigation under their screening procedures. Furthermore, Member States shall notify the Commission and the other Member States of any foreign investment in a Union target established in their territory, in exceptional cases, where they intend to impose a mitigating measure or to prohibit the transaction without an in-depth investigation.

(51) Regulation (EU) 2019/452 should be repealed. In order to allow sufficient time for Member States and entities to prepare for the implementation, this Regulation should apply as of [add date: 15 months after entry into force]. In the transitional period between the entry into force and the application of this Regulation, Regulation (EU) 2019/452 should continue to apply,

2. Member States shall notify the Commission and the other Member States of any foreign investment in a Union target that is established or is to be established in their territory where they initiate an in-depth investigation under their screening procedures. Furthermore, Member States shall notify the Commission and the other Member States of any foreign investment in a Union target that is established or is to be established in their territory, in exceptional cases, where they intend to impose a mitigating measure or to prohibit the transaction without an in-depth investigation.

(51) Regulation (EU) 2019/452 should be repealed. In order to allow sufficient time for Member States and entities to prepare for the implementation, this Regulation should apply as of ... [ 12 months from the date of entry into force of this Regulation]. In the transitional period between the entry into force and the application of this Regulation, Regulation (EU) 2019/452 should continue to apply,

Amendment 15

Proposal for a regulation

Article 51 – paragraph 3 – subparagraph 12

Text proposed by the Commission

Amendment

Member States may notify any foreign investment that do not meet the conditions set out in paragraphs 1 and 2 if the Member State where the Union target is established considers that a foreign investment could be of interest to the other Member States and the Commission from a security or public order perspective, 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 which are economically active in one of the areas listed in Annex II.

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.

Member States shall notify any foreign investment that do not meet the conditions set out in paragraphs 1 and 2 if the Member State where the Union target is established or is to be established considers that a foreign investment could be of interest to the other Member States and the Commission from a security or public order perspective, 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 which are economically active in one of the areas listed in Annex II.

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.

Amendment 16

Proposal for a regulation

Article 7 – paragraph 1 – subparagraph 1 – pointparagraph a3

Text proposed by the Commission

Amendment

(a) considers that a foreign investment is likely to negatively affect its security or public order; or

3. Member States may adopt or maintain in force national provisions in fields not coordinated by this Regulation.

(a) considers that a foreign investment in its territory is likely to negatively affect its or the Union's security or public order; or

3. Member States may adopt or maintain in force national provisions in fields not coordinated by this Regulation, as long as the content of those national provisions does not restrict the scope of this Regulation.

Amendment 17

Proposal for a regulation

Article 7 – paragraph 2 – subparagraphparagraph 1 – introductorypoint part2

Text proposed by the Commission

Amendment

The Commission may issue a duly motivated opinion addressed to the notifying Member State via the secure and encrypted system referred to in Article 12(4). The Commission may issue such an opinion if:

(2) ‘foreign direct investment’ means an investment of any kind by a foreign investor aiming to establish or to maintain lasting and direct links between the foreign investor and an existing or to be established Union target, and to which target the foreign investor makes capital available in order to carry out an economic activity in a Member State;

The Commission may issue a duly motivated opinion addressed to the notifying Member State via the secure and encrypted system referred to in Article 12(4). The Commission shall issue such an opinion if:

(2) ‘foreign direct investment’ means an investment of any kind by a foreign investor aiming to establish or to maintain direct links between the foreign investor and an existing or to be established Union target, and to which target the foreign investor makes capital available in order to carry out an economic activity in a Member State;

Amendment 18

Proposal for a regulation

Article 72 – paragraph 1 – point 3

Text proposed by the Commission

Amendment

3. The Commission may issue a duly motivated opinion addressed to all Member States if it considers that several foreign investments or other similar investments if they were to be made, taken together, and having regard to their characteristics could affect the security or public order of the Union. After a Commission opinion is issued, the Commission may, as appropriate, discuss with Member States how to address the identified risks.

(3) ‘investment within the Union with foreign control’ means an investment of any kind carried out by a foreign investor through the foreign investor’s subsidiary in the Union, that aims to establish or to maintain lasting and direct links between the foreign investor and a Union target that exists or is to be established, and to which target the foreign investor makes capital available in order to carry out an economic activity in a Member State;

3. The Commission shall issue a duly motivated opinion addressed to all Member States if it considers that a foreign investment or several similar investments if they were to be made, taken together, and having regard to their characteristics could affect the security or public order of the Union. After a Commission opinion is issued, the Commission shall, as appropriate, discuss with Member States how to address the identified risks and shall monitor the implementation of any actions taken.

(3) ‘investment within the Union with foreign control’ means an investment of any kind carried out by a foreign investor through the foreign investor’s subsidiary in the Union, that aims to establish or to maintain direct links between the foreign investor and a Union target, and to which target the foreign investor makes capital available in order to carry out an economic activity in a Member State; and, in any case, covers all situations in which control is acquired over the foreign investor's subsidiary as set out in Article 3(2) of Council Regulation (EC) No 139/2004;

Amendment 19

Proposal for a regulation

Article 72 – paragraph 111 – point 3 a (new)

Text proposed by the Commission

Amendment

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.

3a. ‘control’ means control as set out in Article 3(2) of Council Regulation (EC) No 139/2004;

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 and which parts of 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.

Amendment 20

Proposal for a regulation

Article 72 – paragraph 111 a– (new)point 7

Text proposed by the Commission

Amendment

11a. When an opinion issued by the Commission pursuant to this Article contains classified information, the Commission shall prepare a non-classified summary and make it available to the general public.

(7) ‘foreign investor’s subsidiary in the Union’ means an economically active undertaking established under the laws of a Member State meeting the conditions set out in Article 22(1) of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 201318 , and directly or indirectly controlled by a foreign investor;

(7) ‘foreign investor’s subsidiary in the Union’ means an undertaking established under the laws of a Member State regardless of its legal form meeting the conditions set out in Article 22(1) of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 201318, and directly or indirectly controlled by a foreign investor;

__________________

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18 Directive 2013/34/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 Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19–76, ELI: http://data.europa.eu/eli/dir/2013/34/oj).

18 Directive 2013/34/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 Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19–76, ELI: http://data.europa.eu/eli/dir/2013/34/oj).

Amendment 21

Proposal for a regulation

Article 82 – paragraph 81 – point 11 a (new)

Text proposed by the Commission

Amendment

8. Where, due to exceptional circumstances, the notifying Member State considers that its security or public order requires issuing a screening decision before the deadlines referred to in paragraph 3 expire, it shall notify the other Member States and the Commission of its intention and duly justify the need for immediate action. The other Member States and the Commission shall provide comments or issue an opinion expeditiously. This procedure shall not be invoked to serve purely the commercial interests of the applicant requesting the authorisation.

(11a) 'sanctioned country' means a jurisdiction currently being sanctioned by the Union as a whole, or individually by the Member State conducting the screening process;

8. Where, due to exceptional circumstances, the notifying Member State considers that its security or public order requires issuing a screening decision before the deadlines referred to in paragraph 3 expire, it shall notify the other Member States and the Commission of its intention and duly justify the need for immediate action. The other Member States and the Commission shall provide comments or issue an opinion expeditiously. This procedure shall not be invoked to serve purely or mainly the commercial interests of the applicant requesting the authorisation.

Amendment 22

Proposal for a regulation

Article 122 – paragraph 41 – point 18

Text proposed by the Commission

Amendment

4. The Commission shall provide a secure and encrypted system to support the exchange of information between the contact points.

(18) ‘projects or programmes of Union interest’ means projects or programmes covered by Union law that provide for the development, maintenance or acquisition of critical infrastructure, critical technologies or critical inputs which are essential for security or public order and are listed in Annex I;

4. The Commission shall provide a secure and encrypted system, based on European technologies, to support the exchange of information between the contact points.

(18) ‘projects or programmes of Union interest’ means projects or programmes covered by Union law that provide for the development, maintenance or acquisition of critical infrastructure, critical technologies or critical inputs or strategic services, which are essential for security or public order and are listed in Annex I;

Amendment 23

Proposal for a regulation

Article 133 – paragraph 13

Text proposed by the Commission

Amendment

1. Member States shall determine, for the purposes of taking a screening decision pursuant to Article 14 or issuing a duly motivated comment pursuant to Article 7(1) or Article 9(7), whether a foreign investment is likely to negatively affect security or public order.

3. Each Member State shall notify to the Commission the measures adopted pursuant to paragraph 1 no later than [date: 15 months after entry into force]. Member States shall thereafter notify the Commission of any amendment to their screening mechanism within 30 days of the adoption of the amendment.

1. Member States shall determine, for the purposes of taking a screening decision pursuant to Article 14 or issuing a duly motivated comment pursuant to Article 7(1) or Article 9(7), whether a foreign investment is likely to negatively affect security or public order. This shall be done efficiently within a reasonable period of time in order to avoid uncertainty for the investor and the investment receiver.

3. Each Member State shall notify to the Commission the measures adopted pursuant to paragraph 1 no later than ... [ 12 months from the date of entry into force of this Regulation]. Member States shall thereafter notify the Commission of any amendment to their screening mechanism within 30 days of the adoption of the amendment.

Amendment 24

Proposal for a regulation

Article 133 – paragraph 4 – point e

Text proposed by the Commission

Amendment

(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.

4. The Commission shall make publicly available a list of Member States’ screening mechanisms no later than 3 months after having received all the notifications referred to in paragraph 3 or by [date: 21 months after entry into force], whichever occurs first. The Commission shall keep that list up to date.

(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 or a third country's citizen’s policy objectives, or facilitate the development of a third country’s military capabilities, or asymmetrically strengthen a third country’s position vis-à-vis a Member State, several Member States or the Union as a whole.

4. The Commission shall make publicly available a list of Member States’ screening mechanisms no later than 3 months after having received all the notifications referred to in paragraph 3 or by ... [18 months from the date of entry into force of this Regulation], whichever occurs first. The Commission shall keep that list up to date.

Amendment 25

Proposal for a regulation

Article 13 – paragraph 4 – pointparagraph e1 a (new)

Text proposed by the Commission

Amendment

(ea) whether the existence of a geopolitical situation of particular importance for the security or public order of the Union has to be taken into account.

1a. The first paragraph of this Article shall not apply where the investment takes place by virtue of the application of a resolution tool in accordance with 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.

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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)

Amendment 26

Proposal for a regulation

Article 144 – paragraph 1 – subparagraph 12 – introductorypoint parta

Text proposed by the Commission

Amendment

Where, taking into account the criteria laid down in Article 13 and, where applicable, in(a) theadequate lightprocedures ofshall commentsbe provided by otherfor Memberthe Statesscreening pursuantauthority to Articledetermine 7(1)whether orit Articlehas 9(7),jurisdiction orover ana opinionforeign providedinvestment byfiled thefor Commissionauthorisation pursuantand to Article 7(2) or (3) or Articlecarry 9(7),out thean Memberinitial Statereview infollowed whichby, thewhere foreignnecessary, investmentan isin-depth plannedinvestigation orto completeddetermine concludeswhether that the foreign investment is likely to negatively affect security or public orderorder. inThe onepurpose orof morethe Memberin-depth States,investigation includingshall wherebe, in particular, to determine whether a projectscreening ordecision programmeas ofreferred Unionto interestin isArticle concerned,14(1) itis shallappropriate issueand ato screeningdetermine decisionits to:content.

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Amendment 27

Proposal for a regulation

Article 194 – paragraph 2 – point eb

Text proposed by the Commission

Amendment

(e) the emergence of a geopolitical situation of particular importance for security or public order of the Union.

(b) the screening authority shall monitor and ensure compliance with the screening mechanism and screening decisions. In particular, it shall put in place adequate procedures to identify and prevent circumvention of the screening mechanism and screening decisions;

(e) the emergence of a new geopolitical situation of particular importance for security or public order of the Union.

(b) the screening authority shall monitor and ensure compliance with the screening mechanism and screening decisions. In particular, it shall put in place adequate procedures to identify and prevent circumvention of the screening mechanism and screening decisions; such a procedure may also include mechanisms aimed at consulting the regional authorities concerned by the foreign investment;

Amendment 28

Proposal for a regulation

Article 244 – paragraph 2 – point c

Text proposed by the Commission

Amendment

It shall apply from [date: 15 months after entry into force].

(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;

It shall apply from [date: 12 months after entry into force].

(c) the screening authority shall be empowered to start screening foreign investments by its own initiative for at least 18 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;

Amendment 29

Proposal for a regulation

AnnexArticle I4 – pointparagraph 74 – paragraphpoint 2b

Text proposed by the Commission

Amendment

Regulation (EU) No 1315/2013 of the European Parliament and of the Council of 11 December 2013 on Union guidelines for the development of the trans-European transport network and repealing Decision No 661/2010/EU (OJ L 348, 20.12.2013, p. 1, ELI: http://data.europa.eu/eli/reg/2013/1315/oj).

(b) is economically active in one of the areas listed in Annex II.

All transport infrastructure and services under the scope of Regulation (EU) 2024/1679 of the European Parliament and of the Council of 13 June 2024 on Union guidelines for the development of the trans-European transport network, amending Regulations (EU) 2021/1153 and (EU) No 913/2010 and repealing Regulation (EU) No 1315/2013 (Text with EEA relevance).

(b) is economically active in one of the areas listed in Annex II; or

Amendment 30

Proposal for a regulation

AnnexArticle II4 – pointparagraph 34 – point eb a (new)

Text proposed by the Commission

Amendment

ea. Transport industries, technologies and infrastructure components of critical importance:

(ba) is subject to a transaction involving a foreign investor and directly stemming from a country identified in Annex I to the Council conclusions on the revised list of non-cooperative jurisdictions for tax purposes in its most up-to-date version; or

- Aerospace manufacturing industry, including the production, maintenance and operation of aircraft, as well as their engines, propellers, parts, non-installed equipment and equipment1a

- Maritime technology industry, including, production, maintenance and conversion of all types of ships1b and equipment1c

- Rail industry, including all aspects of design, manufacturing, maintenance and refurbishment of rail transport systems, subsystems and related equipment1d

- Automotive industry, including automotive suppliers, 1e refuelling infrastructure, including electric charging infrastructure1f and intelligent transport systems (ITS) 1g

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1a Article 2.1 (a) (b) Regulation (EU) 2018/1139 of the European Parliament and of the Council of 4 July 2018 on common rules in the field of civil aviation and establishing a European Union Aviation Safety Agency, and amending Regulations (EC) No 2111/2005, (EC) No 1008/2008, (EU) No 996/2010, (EU) No 376/2014 and Directives 2014/30/EU and 2014/53/EU of the European Parliament and of the Council, and repealing Regulations (EC) No 552/2004 and (EC) No 216/2008 of the European Parliament and of the Council and Council Regulation (EEC) No 3922/91 (Text with EEA relevance.)

1b Article 12 (a, b, c) Framework of State Aid to Shipbuilding O2011/C 364/06)

1c Article 2 (1) Directive 2014/90/EU of the European Parliament and of the Council of 23 July 2014 on marine equipment and repealing Council Directive 96/98/EC Text with EEA relevance

1d Annex II Directive (EU) 2016/797 of the European Parliament and of the Council of 11 May 2016 on the interoperability of the rail system within the European Union (recast)

1e Industries responsible for the production of all categories of self-propelled road-vehicles (including passenger cars, buses, motor cycles, vans, trucks), together with their equipment and parts, falling inter alia under Chapters 40, 84, 85, 87, 90 and 94 of the Harmonised System Nomenclature issued by the World Custom Organisation (HS 2017)

1f Article 2 (17) (21) (48) (49) (50) (51) (52) (53) (56) (59) of Regulation (EU) 2023/1804 of the European Parliament and of the Council of 13 September 2023 on the deployment of alternative fuels infrastructure, and repealing Directive 2014/94/EU

1g Article 4 (1)of Directive 2010/40/EU of the European Parliament and of the Council of 7 July 2010 on the framework for the deployment of Intelligent Transport Systems in the field of road transport and for interfaces with other modes of transport

Amendment 31

Proposal for a regulation

Annex II – point 3 – point g – introductory part

Article 4 – paragraph 4 – point b b (new)

Text proposed by the Commission

Amendment

g. Space & propulsion technologies:

(bb) is subject to a transaction involving a foreign investor linked to a sanctioned country, at the time of the transaction.

g. Space, propulsion and transport technologies:

Amendment 32

Proposal for a regulation

AnnexArticle II5 – pointparagraph 31 – point g – indent 5a

Text proposed by the Commission

Amendment

– Propulsion technologies, including hypersonics and components for military use

(a) meets the conditions set out in Article 4(4) point (a); or

– Propulsion technologies, including hypersonics and components for military use and electric propulsion technologies

(a) meets the conditions set out in Article 4(4), point (a), or Article 4(4), point (ba) or Article 4(4), point (bb); or

Amendment 33

Proposal for a regulation

Annex II – point 3 – point g – indent 5 a (new)

Article 5 – paragraph 2

Text proposed by the Commission

Amendment

– Operational technologies for all transport modes, such as signalling systems, traffic management systems and safety related technologies

2. Member States shall notify the Commission and the other Member States of any foreign investment in a Union target established in their territory where they initiate an in-depth investigation under their screening procedures. Furthermore, Member States shall notify the Commission and the other Member States of any foreign investment in a Union target established in their territory, in exceptional cases, where they intend to impose a mitigating measure or to prohibit the transaction without an in-depth investigation.

ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

2. Member States shall notify, at the earliest possible time, the Commission and the other Member States of any foreign investment in a Union target established in their territory where they initiate an in-depth investigation under their screening procedures. Furthermore, Member States shall notify, at the earliest possible time, the Commission and the other Member States of any foreign investment in a Union target established in their territory, in exceptional cases, where they intend to impose a mitigating measure or to prohibit the transaction without an in-depth investigation.

Amendment 34

Proposal for a regulation

Article 5 – paragraph 3 a (new)

Text proposed by the Commission

Amendment

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);

Amendment 35

Proposal for a regulation

Article 5 – paragraph 3 b (new)

Text proposed by the Commission

Amendment

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);

Amendment 36

Proposal for a regulation

Article 5 – paragraph 3 c (new)

Text proposed by the Commission

Amendment

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);

Amendment 37

Proposal for a regulation

Article 5 – paragraph 3 d (new)

Text proposed by the Commission

Amendment

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;

Amendment 38

Proposal for a regulation

Article 5 – paragraph 3 e (new)

Text proposed by the Commission

Amendment

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;

Amendment 39

Proposal for a regulation

Article 7 – title

Text proposed by the Commission

Amendment

Comments by Member States and opinions by the Commission on notified foreign investments

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

Amendment 40

Proposal for a regulation

Article 7 – paragraph 2 a (new)

Text proposed by the Commission

Amendment

2a. Where a notification received by the Commission has been transmitted in line with Articles 5(3a) to (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).

Amendment 41

Proposal for a regulation

Article 7 – paragraph 2 b (new)

Text proposed by the Commission

Amendment

2b. The Commission shall take into account any opinion issued pursuant to paragraph 2a when drafting their own duly motivated opinion.

Amendment 42

Proposal for a regulation

Article 7 – paragraph 3

Text proposed by the Commission

Amendment

3. The Commission may issue a duly motivated opinion addressed to all Member States if it considers that several foreign investments or other similar investments if they were to be made, taken together, and having regard to their characteristics could affect the security or public order of the Union. After a Commission opinion is issued, the Commission may, as appropriate, discuss with Member States how to address the identified risks.

3. The Commission may issue a duly motivated opinion addressed to a Member State, a group of Member States or all Member States if it considers that foreign investment or several similar investments if they were to be made, taken together or individually, and having regard to their characteristics could affect the security or public order of the Union. After a Commission opinion is issued, the Commission may, as appropriate, discuss with Member States the actions to address the identified risks.

Amendment 43

Proposal for a regulation

Article 7 – paragraph 9

Text proposed by the Commission

Amendment

9. Where the Member States or the Commission indicate that the screening decision referred to in paragraph 8, subparagraph (a), of this Article does not give utmost consideration to their comments provided pursuant to pursuant to paragraph 1 or the opinion provided pursuant to paragraph 2 or 3, the Member State where the investment is planned or completed shall organise a meeting to explain the obstacles encountered or the reasons for disagreement and shall endeavour to identify solutions, should a similar situation arise in the future. Where the screening decision concerns a multi-country notification, the other Member States who notified the foreign investment to the cooperation mechanism shall also be invited. The Commission shall be invited to any meetings organised pursuant to this paragraph.

9. Where the Member States or the Commission indicate that the screening decision referred to in paragraph 8, subparagraph (a), of this Article does not give utmost consideration to their comments provided pursuant to pursuant to paragraph 1 or the opinion provided pursuant to paragraph 2 or 3, the Member State where the investment is planned or completed shall organise a meeting to explain the obstacles encountered or the reasons for disagreement and shall endeavour to identify solutions, should a similar situation arise in the future. Where the screening decision concerns a multi-country notification, the other Member States who notified the foreign investment to the cooperation mechanism shall also be invited. The Commission shall be invited to any meetings organised pursuant to this paragraph. If the Commission decides that its opinions have still not been given the utmost consideration, and that security or public order of the Union could be significantly affected, it may issue another opinion with recommendations as to how to address the identified risks.

Amendment 44

Proposal for a regulation

Article 7 – paragraph 11

Text proposed by the Commission

Amendment

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.

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.

Amendment 45

Proposal for a regulation

Article 8 – paragraph 1 – point b

Text proposed by the Commission

Amendment

(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.

(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.

Amendment 46

Proposal for a regulation

Article 8 – paragraph 3 – subparagraph 1 – point a

Text proposed by the Commission

Amendment

(a) where a Member State reserves its right to issue comments on a notified foreign investment without requesting additional information from the notifying Member State, the respective comments shall be addressed to the notifying Member State via the secure and encrypted system referred to in Article 12(4) no later than 35 calendar days following receipt of the complete notification of the foreign investment;

(a) where a Member State reserves its right to issue comments on a notified foreign investment without requesting additional information from the notifying Member State, the respective comments 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;

Amendment 47

Proposal for a regulation

Article 8 – paragraph 3 – subparagraph 1 – point b a (new)

Text proposed by the Commission

Amendment

(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;

Amendment 48

Proposal for a regulation

Article 8 – paragraph 3 – subparagraph 1 – point c

Text proposed by the Commission

Amendment

(c) where a Member State reserves its right to issue comments on a notified foreign investment and requests additional information from the notifying Member State, the respective comments shall be addressed to the notifying Member State via the secure and encrypted system referred to in Article 12(4) no later than 20 calendar days following receipt of the complete additional information;

(c) where a Member State reserves its right to issue comments on a notified foreign investment and requests additional information from the notifying Member State, the respective comments shall be addressed to the notifying Member State via the secure and encrypted system referred to in Article 12(4) no later than 15 calendar days following receipt of the complete additional information;

Amendment 49

Proposal for a regulation

Article 8 – paragraph 9

Text proposed by the Commission

Amendment

9. All deadlines set out in this Article shall be suspended between 25 December and 1 January and shall resume on 2 January.

deleted

Amendment 50

Proposal for a regulation

Article 9 – paragraph 2

Text proposed by the Commission

Amendment

2. Member States shall be granted at least 15 months, after the foreign investment has been completed, the right to open the procedure set out in paragraph 1, provided the respective foreign investment has not been notified to the cooperation mechanism in the meantime.

2. Member States shall be granted at least 18 months, after the foreign investment has been completed, the right to open the procedure set out in paragraph 1, provided the respective foreign investment has not been notified to the cooperation mechanism in the meantime.

Amendment 51

Proposal for a regulation

Article 9 – paragraph 3

Text proposed by the Commission

Amendment

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.

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.

Amendment 52

Proposal for a regulation

Article 9 – paragraph 4

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.

4. The Commission shall be granted at least 18 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.

Amendment 53

Proposal for a regulation

Article 9 – paragraph 7 – point a

Text proposed by the Commission

Amendment

(a) the comments by Member States or the opinion by the Commission shall be sent no later than 35 calendar days following receipt of the complete information requested pursuant to paragraph 5.

(a) the comments by Member States or the opinion by the Commission shall be sent no later than 30 calendar days following receipt of the complete information requested pursuant to paragraph 5.

Amendment 54

Proposal for a regulation

Article 10 – paragraph 7

Text proposed by the Commission

Amendment

7. If no or incomplete information is provided, the comment issued by Member States, or the opinion issued by the Commission may be based on the information available to them.

7. The comment issued by Member States, or the opinion issued by the Commission shall be based on the information available to them.

Amendment 55

Proposal for a regulation

Article 12 – paragraph 2

Text proposed by the Commission

Amendment

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.

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.

Amendment 56

Proposal for a regulation

Article 13 – paragraph 1

Text proposed by the Commission

Amendment

1. Member States shall determine, for the purposes of taking a screening decision pursuant to Article 14 or issuing a duly motivated comment pursuant to Article 7(1) or Article 9(7), whether a foreign investment is likely to negatively affect security or public order.

1. Member States shall determine, for the purposes of taking a screening decision pursuant to Article 14 or issuing a duly justified comment pursuant to Article 7(1) or Article 9(7), whether a foreign investment is likely to negatively affect security or public order.

Amendment 57

Proposal for a regulation

Article 13 – paragraph 2

Text proposed by the Commission

Amendment

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.

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.

Amendment 58

Proposal for a regulation

Article 13 – paragraph 3 – point e a (new)

Text proposed by the Commission

Amendment

(ea) the protection of the financial and economic stability of the Union.

Amendment 59

Proposal for a regulation

Article 13 – paragraph 4 – point c

Text proposed by the Commission

Amendment

(c) whether the foreign investor or any of its subsidiaries has already been involved in activities negatively affecting the security or public order in a Member State;

(c) whether the foreign investor or any of its subsidiaries has already been involved in activities negatively affecting the security or public order in a Member State, including to seek either preventing or obtaining the cessation, modification or adoption of a particular act by the Union or a Member State, under the scope of Regulation (EU) 2023/2675 of the European Parliament and of the Council1a, thereby interfering in the legitimate sovereign choices of the Union or a Member State;

_______________

1a Regulation (EU) 2023/2675 of the European Parliament and of the Council of 22 November 2023 on the protection of the Union and its Member States from economic coercion by third countries (OJ L, 2023/2675, 07.12.2023, ELI: http://data.europa.eu/eli/reg/2023/2675/oj).

Amendment 60

Proposal for a regulation

Article 13 – paragraph 4 – point e

Text proposed by the Commission

Amendment

(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.

(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.

Amendment 61

Proposal for a regulation

Article 14 – paragraph 1 – subparagraph 2 a (new)

Text proposed by the Commission

Amendment

The screening decision shall be timely and clearly communicated to the foreign investor, guaranteeing the possibility to seek judicial recourse against that screening decision.

Amendment 62

Proposal for a regulation

Article 18

Text proposed by the Commission

Amendment

Article 18

deleted

Evaluation

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.

2. Where the report from the Commission recommends amendments to this Regulation, it may be accompanied by a legislative proposal.

Amendment 63

Proposal for a regulation

Article 18 a (new)

Text proposed by the Commission

Amendment

Article 18a

Review Clause

1. By ... [24 months from the 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 this Regulation 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. As part of that 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 this Regulation to take account of changes in the circumstances relevant to the security or public order interests of the Union. In particular, those 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.

3. By ... [two years from the date of application of this Regulation], the Commission shall explore and evaluate options how to increase the effectiveness of this Regulation, such as criteria that lead to an automatic determination of negative impact on security and public order, and present a corresponding legislative proposal if appropriate.

4. Where the reviews referred to in paragraph 1 and 2 of this Article conclude that an amendment to Annex I or Annex II to this Regulation is necessary, the Commission shall submit a legislative proposal to that regard.

Amendment 64

Proposal for a regulation

Article 19

Text proposed by the Commission

Amendment

Article 19

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.

Justification

Amendments to the Annex should be done by the co-legislator.

Amendment 65

Proposal for a regulation

Article 20

Text proposed by the Commission

Amendment

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.

Justification

Amendments to the Annex should be done by the co-legislator.

Amendment 66

Proposal for a regulation

Article 23 – paragraph 1

Text proposed by the Commission

Amendment

Regulation (EU) 2019/452 is repealed with effect from [date: 15 months after entry into force].

Regulation (EU) 2019/452 is repealed with effect from ... [12 months from the date of entry into force of this Regulation].

Amendment 67

Proposal for a regulation

Article 24 – paragraph 2

Text proposed by the Commission

Amendment

It shall apply from [date: 15 months after entry into force].

It shall apply from ... [12 months from the date of entry into force of this Regulation].

Amendment 68

Proposal for a regulation

Annex I – point 20 a (new)

Text proposed by the Commission

Amendment

20a. Critical Raw Materials Act (CRMA) Regulation (EU) 2024/1252 of the European Parliament and of the Council of 11 April 2024 establishing a framework for ensuring a secure and sustainable supply of critical raw materials and amending Regulations (EU) No 168/2013, (EU) 2018/858, (EU) 2018/1724 and (EU) 2019/1020 (OJ L, 2024/1252, 3.5.2024, ELI: http://data.europa.eu/eli/reg/2024/1252/oj

Amendment 69

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) and (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;

__________________

____________

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).

ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR FOR THE OPINION HAS RECEIVED INPUT

Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur for the opinion received input from the following entities or persons in the preparation of the opinion, prior to the adoption thereof in committee:

Airbus SAS

UNIFE –- The European Rail Supply Industry Association

The list above is drawn up under the exclusive responsibility of the rapporteur for the opinion.

Where natural persons are identified in the list by their name, by their function or by both, the rapporteur for the opinion declares that he has submitted to the concerned natural persons concerned the European Parliament'sParliament’s Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

/

The rapporteur for opinion declares under his exclusive responsibility that he did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

PROCEDURE – COMMITTEE ASKED FOR OPINION

Date announced in plenary

TRAN

ECON

25.4.2024

Markus Ferber

16.9.2024

12.9.2024

Discussed in committee

16.1.2025

Date adopted

0:

37

40

4

6

1

2

Members present for the final vote

Oihane Agirregoitia Martínez, Daniel Attard, Tom Berendsen, Rachel Blom, Nikolina Brnjac, Nina Carberry, Benoit Cassart, Carlo Ciccioli, Anna Maria Cisint, Vivien Costanzo, Johan Danielsson, Valérie Devaux, Siegbert Frank Droese, Gheorghe Falcă, Jens Gieseke, Borja Giménez Larraz, Sérgio Gonçalves, Roman Haider, Sérgio Humberto, Dariusz Joński, François Kalfon, Martine Kemp, Sophia Kircher, Luis-Vicențiu Lazarus, Julien Leonardelli, Vicent Marzà Ibáñez, Alexandra Mehnert, Ştefan Muşoiu, Jan-Christoph Oetjen, Philippe Olivier, Matteo Ricci, Rosa Serrano Sierra, Stanislav Stoyanov, Kai Tegethoff, Elissavet Vozemberg-Vrionidi, Kosma Złotowski

Francisco Assis, René Aust, Stefan Berger, Gilles Boyer, Fabio De Masi, Engin Eroglu, Markus Ferber, Jonás Fernández, Claire Fita, Dirk Gotink, Enikő Győri, Eero Heinäluoma, Billy Kelleher, Tomáš Kubín, Aurore Lalucq, Rada Laykova, Jorge Martín Frías, Fernando Navarrete Rojas, Denis Nesci, Luděk Niedermayer, Ľudovít Ódor, Fidias Panayiotou, Gaetano Pedulla’, Lídia Pereira, Kira Marie Peter-Hansen, Pierre Pimpie, Jaroslava Pokorná Jermanová, Friedrich Pürner, Jussi Saramo, Paulius Saudargas, Ralf Seekatz, Irene Tinagli, Marie Toussaint, Pasquale Tridico, Anouk Van Brug, Stéphanie Yon-Courtin

Substitutes present for the final vote

Alberico Gambino, Jutta Paulus, Dario Tamburrano, Kris Van Dijck, Ana Vasconcelos

Manon Aubry, Giovanni Crosetto, Regina Doherty, Matthias Ecke, Bruno Gonçalves, Arba Kokalari

Members under Rule 216(7) present for the final vote

Elisabeth Grossmann

Mika Aaltola, Sakis Arnaoutoglou, Eleonora Meleti, Elena Nevado del Campo, Manuela Ripa, Lara Wolters

FINAL VOTE BY ROLL CALL IN COMMITTEE ASKED FOR OPINION