On the proposal for a Regulation of the European Parliament and of the Council on the screening of foreign investments in the Union and repealing Regulation (EU) 2019/452 of the European Parliament and of the Council
ECON-PA-765288
Committee on Economic and Monetary Affairs · Rapporteur: Markus Ferber
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This draft opinion proposes amendments to the proposed regulation on screening foreign investments, focusing on financial services, European oversight, and legislative control over annexes.¶¶¶ It suggests including systemically important payment systems and large insurers in scope, excluding resolution transactions, and giving ECB, ESAs, and SSM advisory roles.¶¶¶ It also deletes delegated act powers, replacing them with a review clause and requiring co-legislator amendments for annex changes.¶¶¶
Committee position. The rapporteur proposes amendments to strengthen the regulation by expanding financial services coverage, excluding resolution transactions, involving EU financial authorities, and ensuring co-legislator control over annexes.¶¶¶
Key points
- Extends the scope to systemically important payment systems and very large insurance and reinsurance companies.¶
- Excludes acquisitions through resolution tools under specified EU directives and regulations from the screening mechanism.¶¶
- Allows the European Central Bank, European Supervisory Authorities, and Single Supervisory Mechanism to provide opinions on foreign investments in financial services.¶¶¶
- Requires the Commission to transmit notifications concerning financial entities to the relevant supervisory authority.¶¶¶
- Mandates that the Commission considers opinions from these authorities when drafting its own opinion.¶¶
- Deletes the Commission's power to adopt delegated acts for amending annexes, replacing it with a review clause every 24 months.¶¶¶
- Requires any changes to the annexes to be made by the co-legislator through amendments to the regulation.¶¶¶
- Specifies that the review must consider supply chain resilience, infrastructure resilience, technology advancement, and emerging vulnerabilities.¶
Who is affected
- Foreign investors in financial services, including payment systems and large insurers, face expanded screening.¶
- Resolution authorities and entities undergoing resolution are exempt from screening requirements.¶¶
- European Central Bank, European Supervisory Authorities, and Single Supervisory Mechanism gain advisory roles in screening.¶¶