Il-Parlament Ewropew japprova ftehim politiku provviżorju dwar il-pakkett tal-Listing Act tal-UE

Matul l-aħħar sessjoni plenarja tal-mandat 2019-2024, il-Parlament Ewropew approva l-ftehim politiku provviżorju milħuq fi Frar dwar il-pakkett leġiżlattiv tal-Listing Act tal-UE fi tliet voti separati. Alfred Sant kien rapporteur dwar il-Listing Act. Il-vot sar wara li l-Kunsill u l-Parlament kienu laħqu qbil proviżorju dwar il-pakkett tal-Listing Act u l-Kumitat tal-Parlament Ewropew għall-Affarijiet Ekonomiċi u Monetarji (ECON) approva l-ftehim milħuq waqt in-negozjati tat-trilogu.

L-eks Prim Ministru Alfred Sant innota li l-Listing Act huwa programm imfassal biex jagħmilha aktar attraenti u anqas diffiċli għan-negozji żgħar u medji Ewropej u kumpaniji oħra li jiġbru fondi ta’ investiment billi joħorġu ishma. “Jagħmel dan b’mod partikolari billi jnaqqas il-kumplikazzjonijiet assoċjati mal-listing, billi jiffaċilita l-konformità mal-kundizzjonijiet regolatorji u billi jawtorizza l-ħruġ ta’ Strutturi tal-Ishma b’Vot Multipli”.

Il-listing huwa l-proċess li bih il-kumpaniji joħorġu ishma għall-bejgħ lill-pubbliku fil-boroż u mbagħad isegwu l-bejgħ u x-xiri li jsir tagħhom fis-swieq kapitali. Il-Kummissjoni pproponiet l-Att dwar l-Listing f’Diċembru 2022. Kien pakkett ta’ miżuri biex jiġu riveduti r-Regolament dwar il-prospett li jinħareġ meta ishma jiġu offruti għall-bejgħ, ir-Regolament dwar l-Abbuż tas-Suq, magħrufa bħala MAR, ir-Regolament u d-Direttiva dwar is-Swieq fl-Istrumenti Finanzjarji, magħrufa bħala MIFID – u biex tintroduċi Direttiva ġdida dwar strutturi ta’ ishma b’voti multipli.

Il-Membri Parlamentari Ewropej fil-Kumitat għall-Affarijiet Ekonomiċi u Monetarji (ECON) adottaw bidliet fil-leġiżlazzjoni tal-Unjoni Ewropea li, fost riformi oħra, jippermettu lill-kumpaniji jaċċessaw sorsi ta’ finanzjament minbarra s-self bankarju u jadattaw l-istruttura ta’ finanzjament tagħhom meta jikbru fid-daqs.

L-Ewroparlamentari Laburista Alfred Sant sostna li l-isfida ewlenija kienet li jiġu implimentati dawn il-bidliet fil-leġiżlazzjoni Ewropea mingħajr ma titnaqqas il-protezzjoni tal-investitur. “Naħseb li lħaqna din l-isfida pjuttost tajjeb. L-emendi għad-Direttiva dwar is-Swieq fl-Istrumenti Finanzjarji, ir-Regolament dwar is-Swieq fl-Istrumenti Finanzjarji u r-Regolament dwar l-Abbuż tas-Suq huma inklużi fl-Att, kif ukoll tfassil mill-ġdid tar-Regolament tal-Prospett u l-istabbiliment ta’ direttiva ġdida dwar Struttura ta’ Ishma b’Votazzjoni Multipli. Sant saħaq li “l-Listing Act huwa riforma neċessarja iżda mhux biżżejjed biex il-proġett ta’ Unjoni ta’ Swieq Kapitali jimxi ‘l quddiem, proċess li ilu għaddej żmien twil”.

Alfred Sant ivvota favur fl-ewwel żewġ voti u astjena kif għamlu s-Soċjalisti u d-Demokratiċi fuq proposta tiegħu fit-tielet vot dwar l-ishma b’vot multepliċi għax ħass li ma kienx hemm rieda politika min-naħa tal-Kunsill biex tiddaħħal riforma sinifikanti f’dan il-qasam, hekk li l-kompromess finali spiċċa dgħajjef ħafna.

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European Parliament approves provisional political agreement on the EU Listing Act package

During the last plenary session of the mandate 2019-2024, the European Parliament validated the provisional political agreement reached in February on the EU Listing Act legislative package in three separate votes. Alfred Sant was rapporteur on the Listing Act. The vote came after the Council and the Parliament had reached a provisional agreement on the Listing Act package and the ECON committee endorsed the agreement reached during the trialogue negotiations. 

Former Prime Minister Alfred Sant noted that the Listing Act is a programme designed to make it more attractive and less burdensome for European SMEs and other companies to raise investment funds by issuing shares. “It does this in particular by reducing the complications associated with listing, by facilitating compliance with regulatory requirements and by authorising the issue of Multiple-Vote Share Structures”. 

Listing is the process by which companies issue shares for sale to the public on stock exchanges and then oversee the trading that takes place in their shares on the market.  The Commission proposed the Listing Act in December 2022. It was a package of measures to review the Prospectus Regulation, the Market Abuse Regulation (MAR), the Markets in Financial Instruments Regulation (MIFID) and Directive (MiFIR/MiFID II), and to introduce a new Directive on multiple-vote share structures. 

MEPs on the Economic and Monetary Affairs Committee (ECON) adopted changes to the European Union legislation that would, among other reforms, enable companies to access funding sources other than bank lending and to adapt their financing structure when they grow in size.

Labour MEP Alfred Sant claimed that the main challenge was to implement these changes to the European legislation without abating investor protection. “I think we have met this challenge quite well. Amendments to the Markets in Financial Instruments Directive, the Markets in Financial Instruments Regulation and the Market Abuse Regulation (MAR) are included in the Act, as well as a recast of the Prospectus Regulation and the establishment of a new Multi-Voting Share Structure directive. Sant stressed that “the Listing Act is a necessary but not sufficient reform on the way to getting CMU done, a process that has been dragging”.

Alfred Sant voted in favour in the first two votes and abstained in the third vote on the basis as did, on his suggestion, the Group of Socialists and Democrats in the European Parliament on the grounds that there was not the political will from the Council side to introduce a meaningful reform in this area, so that the final compromise is excessively weak.