Number of Hungary’s government-tied private equity funds increasing
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Briefing – Fighting discrimination in sport – 09-07-2021
Even though the European Union (EU) has built an extensive framework of legislation, instances of racism and homophobia in sport are still rife. Interestingly, Eurostat surveys reveal that the feeling of discrimination is more widespread than actual discrimination. Although there are some variations, discrimination in sport very frequently involves stigmatisation on the basis of external characteristics such as skin colour, body shape and gender. Data from 2017 show that some 3 % of respondents claimed to have experienced racist violence in the previous year, with another 24 % being exposed to racist harassment in that period. Worryingly, the results of a 2018 poll confirm that the vast majority of respondents (90 %) perceive homo/transphobia to be a problem in sport, with gay men feeling homophobia to be a bigger problem than lesbian/gay women and bisexual people. Action against discrimination at EU level is grounded in an established EU legal framework, based on a number of Treaty provisions – in particular Articles 2 and 3 of the Treaty on European Union, and Articles 10, 19 and 67(3) of the Treaty on the Functioning of the European Union. The general principles of non-discrimination and equality are also reaffirmed in the Charter of Fundamental Rights of the EU. This legal arsenal is completed by a number of directives and framework decisions – such as the Racial Equality Directive, the Victims’ Rights Directive and the Framework Decision on Combating Racism and Xenophobia, to name but a few – aimed at increasing individual protection. The objectives of the sports strand of the Erasmus+ programme include combatting violence, discrimination and intolerance in sport and providing funding for various projects such as the setting up of LGBTQI+ sports clubs in central and eastern Europe, increasing inclusion in sport, and by bringing together partners who traditionally face barriers to participation, such as women, the LGBTQI+ community and people with disabilities. In addition, since 2016, the European Commission has supported the Council of Europe in promoting safety and security at sports events. In recent years, the Gay Games and the European Gay and Lesbian Multi-Sports Championships have helped raise awareness, build self-esteem and change perceptions based on prejudice.
Source : © European Union, 2021 – EP
Briefing – Prospectuses for investors – Simplifying equity-raising during the pandemic – 01-07-2021
A prospectus is a legally required document presenting information about a company and the securities that it offers to the public or seeks to admit to trading on a regulated market. The relevant EU legislation consists of a directive, adopted in 2003, amended in 2010, and finally replaced by a regulation in 2017. Drawing up a prospectus entails time and costs, which in the current economic context may deter issuers in distress from seeking to raise new funds, in particular equity. To remedy this, the Commission proposed to amend Regulation (EU) 2017/1129. These amendments aim at creating a temporary (18 month) regime for a short-form prospectus and to simplify the procedure for issuers (so that they can rapidly raise capital), as well as to release pressure on financial intermediaries. The Commission proposal was reviewed by the co-legislators who, among other things, increased the range of those who can benefit from the regime, added elements that must appear in the recovery prospectus and increased the minimum information in the prospectus. They further amended Directive 2004/109/EC (the ‘Transparency Directive’), thus providing Member States with the option to postpone, by one year, the requirement for listed companies.
Source : © European Union, 2021 – EP
Hungary’s OTP acquires Slovenia’s second largest bank
The Hungarian OTP Bank Group has signed an agreement to acquire an outright stake in NKBM, Slovenia’s second largest bank, to become the leading banking player on the Slovenian market. OTP acquired the bank from Apollo, a US private equity…
At a Glance – Plenary round-up – July 2021 – 09-07-2021
During the July 2021 plenary session in Strasbourg, Parliament continued to debate and adopt Multiannual Financial Framework programmes for 2021-2027, this time finalising programmes in the justice and home affairs, fisheries and infrastructure areas. Debates on a number of Council and Commission statements were held, including on the programme of activities of the Slovenian Council Presidency, on the conclusions of the European Council meeting of 24-25 June 2021, on the Commission’s 2022 work programme, on the state of play of implementation of the EU Digital Covid Certificate Regulation, on the impact of the Covid-19 crisis in aviation, and on the 70th anniversary of the Geneva (refugee) Convention. A number of other debates were held, inter alia on the rule of law and fundamental rights in Hungary and Poland, on amendments to the Visa Information System, and on European Investment Bank activities in 2019. Members also debated international policy issues – the situation in Nicaragua, the repression of the opposition in Turkey, and the situation in Tigray, Ethiopia.
Source : © European Union, 2021 – EP
Briefing – The financial management of visitor groups to the national parliaments – 08-07-2021
In most Member States, visitor’ groups are not sponsored to visit the national parliament. A visit to the national parliament is free of charge, and all the costs related to the visit, for example travel costs, accommodation and local minor expenses, need to be paid by the visitors themselves.
Germany is the only country which has various kinds of programmes where visitors can be reimbursed. Members of Parliament can invite up to 200 people a year of which the travel costs are partially covered by the German Bundestag. There is also a programme which consists of more days for which all the costs related to travel and accommodation are covered by the German government. The German Bundesrat has a programme in which the 16 federal states can invite people for a visit of multiple days to Berlin. In this case the travel costs and accommodation are paid for by the Bundesrat. For all reimbursements, the rules apply that the receipts and underlying documents need to be provided to the Bundestag and Bundesrat after the visit. All documents and receipts are checked through an ex-post control.
The United Kingdom has a programme in which costs are reimbursed, and this programme is funded by the commercial tours of the parliament. In this case, it can be MPs, Peers or the House of Commons or Lords who can invite visitors who are eligible for reimbursement.
In Hungary, only schools can get reimbursement for their travel costs and the entry fee for the national parliament. All the receipts need to be provided to the visitor service of the parliament.
Some countries do have other schemes in which they provide coverage for schools or costs are covered by the MPs’ own funds.
The Council of the EU does not sponsor visitor groups. All visits are requested by visitors themselves and they need to cover all the costs related to the visit themselves. The questions were also sent to the European Commission but no answer was received.
Germany is the only country which has various kinds of programmes where visitors can be reimbursed. Members of Parliament can invite up to 200 people a year of which the travel costs are partially covered by the German Bundestag. There is also a programme which consists of more days for which all the costs related to travel and accommodation are covered by the German government. The German Bundesrat has a programme in which the 16 federal states can invite people for a visit of multiple days to Berlin. In this case the travel costs and accommodation are paid for by the Bundesrat. For all reimbursements, the rules apply that the receipts and underlying documents need to be provided to the Bundestag and Bundesrat after the visit. All documents and receipts are checked through an ex-post control.
The United Kingdom has a programme in which costs are reimbursed, and this programme is funded by the commercial tours of the parliament. In this case, it can be MPs, Peers or the House of Commons or Lords who can invite visitors who are eligible for reimbursement.
In Hungary, only schools can get reimbursement for their travel costs and the entry fee for the national parliament. All the receipts need to be provided to the visitor service of the parliament.
Some countries do have other schemes in which they provide coverage for schools or costs are covered by the MPs’ own funds.
The Council of the EU does not sponsor visitor groups. All visits are requested by visitors themselves and they need to cover all the costs related to the visit themselves. The questions were also sent to the European Commission but no answer was received.
Source : © European Union, 2021 – EP
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