20 Amendments of Sampo TERHO related to 2014/0020(COD)
Amendment 227 #
Proposal for a regulation
Article 1 – paragraph 1 – point g a (new)
Article 1 – paragraph 1 – point g a (new)
(g a) to refute any market assumption that large credit institutions benefit from an implicit government subsidy.
Amendment 238 #
Proposal for a regulation
Article 2 – paragraph 1 – point b a (new)
Article 2 – paragraph 1 – point b a (new)
(b a) the introduction of a liquidity transfer pricing mechanism to eliminate cross subsidisation of trading activities by deposits eligible under the Deposit Guarantee Scheme in accordance with Directive 2014/49/EU1a; __________________ 1aDirective 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit-guarantee schemes. OJ L 173, 12.06.2014, p.149
Amendment 242 #
Proposal for a regulation
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
(a) any credit institution or an EU parent, including all its branches and subsidiaries irrespective of where they are located, when it or its EU parent is identified as a global systemically important institution (G-SIIs) in application of Article 131 of Directive 2013/36/EU;
Amendment 265 #
Proposal for a regulation
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
(a) EU branches of credit institutions established in third countries or financial holding companies or subsidiaries of credit institutions established in third countries if they are subject to a legal framework deemed equivalent in accordance with Article 27(1);
Amendment 274 #
Proposal for a regulation
Article 5 – paragraph 1 – point 4
Article 5 – paragraph 1 – point 4
4. ‘proprietary trading’ means using own capital or borrowed money to take positions inenter into any type of transaction to purchase, sell or otherwise acquire or dispose of any financial instrument or commodities for the sole purpose of making a profit for own account, and without any connection to actual or anticipated client activity or for the purpose of hedging the entity’s risk as result of actual or anticipated client activity, through the use of desks, units, divisions or individual traders specifically dedicated to such position taking and profit making, including through dedicated web- based proprietary trading platforms;
Amendment 289 #
Proposal for a regulation
Article 5 – paragraph 1 – point 16
Article 5 – paragraph 1 – point 16
16. ‘core credit institution’ means a credit institution that at the minimum takes deposits eligible under the Deposit Guarantee Scheme in accordance with Directive 94/19/EC33 ; __________________ 33Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes, OJ L 135, 31.05.1994 pages 0005 to 0014.qualifying deposits;
Amendment 291 #
Proposal for a regulation
Article 5 – paragraph 1 – point 16 a (new)
Article 5 – paragraph 1 – point 16 a (new)
16 a. "qualifying deposits" are deposits eligible under the Deposit Guarantee Scheme in accordance with Directive 2014/49/EU1a, excluding deposits from individuals who have held assets to the value of at least €250,000 for a period of at least 12 months and excluding deposits from large undertakings with income of not less than €6.5m, a balance sheet not less than €3.25m, or not less than 50 employees. __________________ 1aDirective 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit-guarantee schemes. OJ L 173, 12.06.2014, p.149
Amendment 342 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The restrictions laid down in point (b) of paragraph 1 shall not apply with regard to closed-ended and unAIFs, which are not significantly leveraged AIFs as defined in Directive 2011/61/EU where those AIFs are established in the Union or, if they are not established in the Union, they are marketed in the Union according to Articles 35 or 40 of Directive 2011/61/EU ,and Article 111 of the Regulation 231/2013 to qualifying venture capital funds as defined in Article 3(b) of Regulation (EU) No 345/2013, to qualifying social entrepreneurship funds as defined in Article 3(b) of Regulation (EU) No 346/2013, and to AIFs authorized as ELTIFs in accordance with Regulation (EU) No [XXX/XXXX].
Amendment 355 #
Proposal for a regulation
Article 7
Article 7
Amendment 372 #
Proposal for a regulation
Article 8 – paragraph 1 – point a
Article 8 – paragraph 1 – point a
(a) taking deposits that are eligible under the Deposit Guarantee Scheme in accordance with Directive 94/19/EC of the European Parliament and of the Council40 ; __________________ 40Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes (OJ L 135, 31/05/1994, pages 0005 to 0014).qualifying deposits;
Amendment 425 #
Proposal for a regulation
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
1 a. Notwithstanding paragraph 1, the competent authority may decide not to review the activities of any credit institution for the purposes of this Chapter, provided that: (a) the core credit institution shall be statutorily prevented from engaging in the regulated activity of dealing in investments as principal and holding trading assets, with limited exceptions to allow the core credit institution to undertake risk-mitigating activities for the purpose of prudently managing its capital, liquidity and funding and to provide limited risk management services to customers; or (b) if the core credit institution belongs to a group, it shall be legally separated from group entities that engage in the regulated activity of dealing in investments as principal or hold trading assets and meets the following conditions: (i) it is able to make decisions independently of other group entities; (ii) it has a management body that is independent of other group entities and independent of the credit institution itself; (iii)it is subject to capital and liquidity requirements in its own right; (iv) it may not enter into contracts or transactions with other group entities other than on terms similar to those referred to in Article 13(7). Separation or restrictions under national legislation must be achieved on a timetable comparable to separation under this Regulation.
Amendment 526 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 2
Article 10 – paragraph 3 – subparagraph 2
Unless the core credit institution demonstrates, within the time limit referred to in the first subparagraph, to the satisfaction of the competent authority, that the reasons leading to the conclusions are not justified, the competent authority shall adopt a decision addressing the core credit institution and, requiring it to not to carry out the trading activities specified in those conclusions. TIf a decision by the competent authority shall state the reasons for its decision and publicly disclose itdoes not include a requirement to stop certain activities, the core credit institution shall implement measures necessary to protect retail depositors eligible under the Deposit Guarantee Scheme in accordance with Directive 2014/49//EU by addressing any cross- subsidisation of risky trading activity through the introduction of a liquidity transfer pricing mechanism according to next subparagraph.
Amendment 527 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 2 a (new)
Article 10 – paragraph 3 – subparagraph 2 a (new)
The liquidity transfer pricing mechanism must ensure the full and fair remuneration of deposits eligible under the Deposit Guarantee Scheme in accordance with Directive 2014/49/EU used to fund trading activities. The mechanism shall ensure the fair allocation of specific liquidity costs to trading activities as far as is possible at an individual transaction level. The mechanism shall ensure the full and fair remuneration of deposits eligible under the Deposit Guarantee Scheme in accordance with Directive 2014/49/EU based on the prevailing market rates for wholesale funding and terms of funding transactions between third party entities.
Amendment 528 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 2 b (new)
Article 10 – paragraph 3 – subparagraph 2 b (new)
The mechanism shall be developed and administered by an area of the credit institution independent of the trading function. The competent authority shall review and monitor the operation of the liquidity transfer mechanism to ensure all liquidity costs, benefits and risks are properly captured.
Amendment 575 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
Amendment 687 #
Proposal for a regulation
Article 20 – paragraph 1 – point a
Article 20 – paragraph 1 – point a
(a) take deposits that are eligible under the Deposit Guarantee Scheme in accordance with Directive 94/19/EC except where the said deposit relates to the exchange of collateral relating to trading activities;qualifying deposits
Amendment 694 #
Proposal for a regulation
Article 21
Article 21
Amendment 772 #
Proposal for a regulation
Article 26 – paragraph 3
Article 26 – paragraph 3
Amendment 779 #
Proposal for a regulation
Article 26 – paragraph 4 – subparagraph 2
Article 26 – paragraph 4 – subparagraph 2
When the subsidiary of an EU parent is established in another Member State and supervised by a different supervisor than the EU parent and when the subsidiary is significant in accordance with Article 6(4) of Regulation (EU) No 1024/2013, the consolidating supervisor shall consult endeavour to reach agreement with the competent authority of the home Member State of the significant subsidiary with regard to any decision to be made by the consolidating supervisor pursuapursuant to this Regulation. Where it is not possible to reach such agreement, the decisions on the EU parent and the subsidiary shall be taken independently. Where it is not possible to reach such agreement, to this Regulationhe decisions on the EU parent and the subsidiary shall be taken independently.
Amendment 783 #
Proposal for a regulation
Article 26 – paragraph 4 – subparagraph 2 a (new)
Article 26 – paragraph 4 – subparagraph 2 a (new)
This Regulation shall not extend the powers of the ECB beyond the limits established in Regulation 1024/2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions, either in respect of territories covered, institutions within scope, or otherwise.