Baqgħu għaddejjin diskussjonijiet kontinwi dwar l-Att dwar il-Listing

Bħala n-negozjatur għall-Parlament Ewropew Alfred Sant mexxa d-delegazzjoni tal-Parlament fin-negozjati fuq il-pakkett ta’ liġijiet dwar il-Listing Act li nżammu fid-29 ta’ Jannar. Din kienet it-tielet laqgħa tat-trialogu bejn il-Parlament u l-Kunsill tal-Ministri bil-parteċipazzjoni tal-Kummissjoni Ewropea. Għall-ewwel darba, in-naħa tal-Kunsill kienet immexxija mill-presidenza Belġjana. Sadattant, matul l-aħħar xahrejn, negozjati tekniċi kienu għaddejja kontinwament bejn it-tliet partijiet.

Il-pakkett tal-Listing Act jikkonċerna l-bejgħ u x-xiri ta’ ishma tal-kumpaniji fis-swieq kapitali Ewropej. Parti minnu tiġbor fiha emendi għal regolamenti finanzjarji msejħa MAR, MIFID u MIFIR  li jiddefinixxu kif isir il-bejgħ u x-xiri tal-ishma fil-qafas ta’ regolament ġdid dwar il-prospectus li se jibdel ir-regolament eżistenti. 

Parti oħra tal-pakkett, imsejħa l-MVSS, tippreżenta abbozz li jdaħħal struttura ta’ ishma b’valur ta’ vot multepliċi, applikabbli għal dawk li jissejħu SME growth markets, jiġifieri swieq finanzjarji riżervati għall-kumpaniji ta’ daqs żgħir u medju.  

It-trialogu qies ix-xogħol tekniku li sar relatat mal-prospectus u r-regolamenti  l-oħra marbutin miegħu. Ġew iċċarati xi kwistjonijiet politiċi li kienu nqalgħu u kien konfermat li ntlaħaq ftehim politiku fuq dil-parti tal-pakkett.

Dwar il-proġett tal-MVSS, id-delegazzjoni tal-Kunsill irrifjutat il-proposta ta’ kompromess li Sant kien ressaq matul it-tieni trialogu. Biha l-proposta għal ishma b’voti multepliċi kien jitwessa għas-swieq kapitali kollha, inklużi s-swieq regolati, waqt li jħalliha bħala kwistjoni miftuħa għall-Istati Membri biex jiddeċiedu jridux idaħħlu salvagwardji u liema. 

Minflok il-Kunsill ippropona bħala l-offerta finali tiegħu u bħala kompromess li jestendi ir-regolament tal-MVSS biss lejn is-swieq tal-ishma msejħa MTFs.

Alfred Sant ħa nota ta’ kemm din il-proposta kienet totalment inadegwata. Hu qal li se jirreferiha lill-gruppi politiċi fil-Parlament Ewropew biex jiddeċiedu huma jridux jaċċettawha jew jirriġettawha.

Hu kellu mbagħad jikkomunika d-deċiżjoni li tittieħed lill-Presidenza tal-Kunsill mill-aktar fis.

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Ongoing discussions on the Listing Act

As rapporteur, Alfred Sant led the European Parliament delegation at the third trialogue on the Listing Act package, the first with the participation of the Belgian presidency, which was held on the 29 January. Technical discussions on the package have been ongoing continuously for the past two months. 

The package covers the issue of shares in Europe’s capital markets. It contains amendments to the MAR, MIFID and MIFIR regulations which define how share trading is carried out in the context of a new Prospectus Regulation that will replace the one currently in force. Also included as part of the package is a new Multiple Vote Share Structure (MVSS) draft regulation which would allow the issue of shares having differentiated voting powers on SME growth markets.

The trialogue reviewed the technical work related to the prospectus and other regulations and cleared some newly arising political concerns. Political agreement on this part of the package was confirmed.

On MVSS, the Council side rejected the compromise proposal that Alfred Sant from the European Parliament side had proposed at the second trialogue. This would have extended the MVSS proposal to all capital markets, including regulated ones, while leaving it to Member States to decide which safeguards, if any, to introduce. 

Instead the Council proposed on a take it or leave it basis, its own compromise that extended the MVSS regulation only to MTFs, another capital market that is close to SME growth markets. 

Alfred Sant noted that this proposal was totally inadequate. With a view to bringing the negotiations to an end, he agreed to consult the political groups in the Parliament for them to decide whether the Council proposal should be accepted or rejected. 

He would then communicate the Parliament’s decision to the Presidency of the Council expeditiously.