26 Amendments of Nils TORVALDS related to 2012/0242(CNS)
Amendment 96 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4 a) The single supervisory mechanism should not affect Member States prospects to impose higher prudential capital requirements for credit institutions above the minimum levels set out by EU law. Member States should also have the ability to put in force these higher requirements. This should apply for Member States regardless if a it joins the single supervisory mechanism or not.
Amendment 119 #
Proposal for a regulation
Recital 9
Recital 9
(9) A European banking union should therefore be set up, underpinned by a true single rulebook for financial services for the Single Market as a whole and composed of a single supervisory mechanism, and a common deposit insurance and resolution framework. . In view of the close links and interactions between Member States participating in the common currency, the banking union should apply at least to all Euro area Member States. With a view to maintaining and deepening the internal market, and to the extent that thiNevertheless, maintaining the unity of the internal market is of crucial importance, and the banking union must therefore be open to the participation of other Member States ias well. The institutionally possible, the banking union should also be open to the participation of other Member States and legal modalities to allow for this must strike a balance between equal status for all participating Member States and offering incentives for non-Euro area Member States to join the common currency.
Amendment 146 #
Proposal for a regulation
Recital 11
Recital 11
(11) As the Euro area's central bank with extensive expertise in macroeconomic and financial stability issues, the ECB is well placed to carry out supervisory tasks with a focus on protecting the stability of Europe's financial system. Indeed in many Member States Central Banks are already responsible for banking supervision. The ECB should therefore be, on a temporary basis and until a permanent supervisory structure has been put in place, conferred specific tasks concerning policies relating to the supervision of credit institutions within the Euro area. This permanent structure should be in place by the end of 2015 at the latest, building on the existing European supervisory authorities while drawing upon the expertise and experience of the ECB, particularly for the execution of supervisory tasks. For this reason, all tasks conferred on the ECB in this regulation shall be regarded as temporary, even where not explicitly stated.
Amendment 319 #
Proposal for a regulation
Recital 34
Recital 34
(34) The conferral of supervisory tasks implies a significant responsibility for the ECB and its successor to safeguard financial stability in the Union, and to use its supervisory powers in the most effective and proportionate way. The ECB shouldand its successor must therefore be accountable for the exercise of these tasks towards the European Parliament and the Council of Ministers respectively the Eurogroup as democratically legitimised institutions representing the European people and the Member States. That should include regular reporting and responding to questions. Where national supervisors take action under this Regulation, accountability arrangements provided under national law should continue to apply.
Amendment 341 #
Proposal for a regulation
Recital 36
Recital 36
(36) In particular, a temporary supervisory board responsible for preparing decisions on supervisory matters should be set up as a separate entity within the ECB encompassing the specific expertise of national supervisors. The board should therefore be chaired by a Chair and a Vice-Chair elected by the ECB Governing Council and composed, in addition,have a Chair appointed by the ECB Governing Council after an open selection procedure and after approval by the European Parliament. It should appoint a Vice-Chair amongst itself and it should be composed of representatives from the ECB and from national authorities. In order to allow for an appropriate rotation while ensuring the full independence of the Chair and the Vice-Chair, their term should not exceed five years and should not be renewable. In order to ensure full coordination with the activities of the EBA and with the prudential policies of the Union until a permanent supervisory structure has been put in place, the EBA and the European Commission should be observers in the supervisory board. The performance of the supervisory tasks conferred upon the ECB requires the adoption of a large number of technically complex acts and decisions, including decisions on individual credit institutions. In order to effectively carry out those tasks in accordance with the principle of separation from tasks relating to monetary policy, the ECB Governing Council of the ECB should be able to delegate certain clearly defined supervisory tasks and related decisions to the supervisory board, subject to the oversight and responsibility of the Governing Council, which can give instructions and directions to that body. The supervisory board may be supported by a steering committee with a more limited composition.
Amendment 375 #
Proposal for a regulation
Recital 43 a (new)
Recital 43 a (new)
(43a) It is critical that the banking union contains democratic accountability mechanisms. There should be consideration of the function of national parliaments.
Amendment 403 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation confers, on a temporary basis and until a permanent supervisory structure has been put in place, on the ECB specific tasks concerning policies relating to the prudential supervision of credit institutions, with a view to promoting the safety and soundness of credit institutions and the stability of the financial system, with due regard for the unity and integrity of the internal market.
Amendment 433 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
The ECB shall cooperate closely with the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions AuthorityEBA, ESMA, EIOPA and the European Systemic Risk Board, which form part of the European System of Financial SupervisionSFS established by Article 2 of Regulations (EU) No. 1093/2010, (EU) No 1094/2010, and (EU) No 1095/2010, which ensure an adequate level of regulation and supervision in the Union.
Amendment 441 #
Proposal for a regulation
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
In accordance with the principle of sincere cooperation pursuant to Article 4(3) of the Treaty on European Union, the ECB shall cooperate with parties within the ESFS with trust and full mutual respect, in particular in ensuring the flow of appropriate and reliable information between them. For the purposes of the tasks and responsibilities set out in Regulation 1093/2010(EU) the ECB shall be considered a competent authority.
Amendment 447 #
Proposal for a regulation
Article 4 – title
Article 4 – title
Tasks temporarily conferred on the ECB
Amendment 453 #
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. The ECB shall, in accordance with the relevant provisions of Union law, be exclusively competent to carry out, for prudential supervisory purposes, on a temporary basis, until a permanent supervisory structure has been put in place, the following tasks in relation to all credit institutions established in the participating Member States:
Amendment 460 #
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. The ECB shall, in accordance with the relevant provisions of Union law, be exclusively competent to carry out, for prudential supervisory purposes, the following tasks in relation to all credit institutions established in the participating Member States:
Amendment 523 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. For credit institutions established in a non-participating Member State, which establish a branch or provide cross-border services in a participating Member State, the ECB shall carry out the temporary tasks referred to in paragraph 1 for which the national competent authorities of the participating Member State are competent.
Amendment 527 #
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. Subject to and in compliance with any relevant Union law rule and in particular any legislative and non-legislative act, the ECB may adopt regulations and recommendations and take decisions to implement or apply Union law, to the extent necessary to carry out the tasks temporarily conferred upon it by this Regulation.
Amendment 529 #
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. Subject to and in compliance with any relevant Union law rule and in particular any legislative and non-legislative act including technical standards developed by EBA and adopted by the Commission, the ECB may adopt regulations and recommendations and take decisions to set out the modalities of implementation or applyication of Union law, to the extent necessary to carry out the tasks conferred upon it by this Regulation.
Amendment 545 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. The ECB shall carry out its tasks within a single supervisory mechanism composed of the ECB and national competent authorities until a permanent supervisory structure has been put in place which effectively takes over the task. This permanent structure shall be in place by the end of 2015 at the latest, building on the existing European Supervisory Authorities while drawing upon the expertise and experience of the ECB with regards to the execution of supervisory tasks.
Amendment 686 #
Proposal for a regulation
Article 9 – paragraph 1 – introductory part
Article 9 – paragraph 1 – introductory part
1. The ECB may by simple request or by decision require the following legal or natural persons of participating Member States to provide all information that is necessary in order to carry out the tasks conferred upon it by this Regulation, including information to be provided at recurring intervals and in specified formats for supervisory and related statistical purposes:
Amendment 808 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. The planning and execution of the tasks conferred upon the ECB, shall be undertaken by an internal body composed of four representatives of the ECB appointed by the Executive Board of the ECB and one representative of the national authority competent for the supervision of credit institutions in each participating Member State (hereinafter ‘supervisory board’).
Amendment 825 #
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. In addition, the supervisory board shall include a Chair elecappointed by the members of the Governing Council from the members, with the exception of the President, of the Executive Boardafter an open selection procedure and after approval by the European Parliament, and a Vice-Chair elected by and from the members of the Governing Council of the ECBsupervisory board.
Amendment 837 #
Proposal for a regulation
Article 19 – paragraph 3
Article 19 – paragraph 3
3. TUntil a permanent supervisory structure has been put in place to take over its supervisory responsibilities, the Governing Council of the ECB may delegate clearly defined supervisory tasks and related decisions regarding individual or a set of identifiable credit institutions, financial holding companies or mixed financial holding companies to the supervisory board, subject to the oversight and responsibility of the Governing Council.
Amendment 934 #
Proposal for a regulation
Article 26 – paragraph 1 – introductory part
Article 26 – paragraph 1 – introductory part
By 31 December 2015, a permanent supervisory structure shall be in place to take over all tasks conferred to the ECB through this Regulation. By 31 December 2013, the Commission shall publish a report on the application of this Regulation. That report shall evaluate, inter alia:
Amendment 953 #
Proposal for a regulation
Article 26 – paragraph 2
Article 26 – paragraph 2
The report shall be forwarded to the European Parliament and to the Council. The Commission shall make accompanying proposals, as appropriate to the report to establish, by 1 January 2016, a single European Supervisory Authority built on the European System for Financial Supervision and competent for all aspects of prudential supervision in the Union.
Amendment 959 #
Proposal for a regulation
Article 26 a (new)
Article 26 a (new)
Article 26a Board of Appeal 1. The ECB shall establish a Board of Appeal for the purposes of discharge of its responsibilities under this Regulation. The Board of Appeal shall be composed of individuals of high repute, with a proven record of relevant knowledge and professional experience, including supervisory experience, to a sufficiently high level in the fields of banking or other financial services, excluding current staff of the ECB, competent authorities or other national or Union institutions. The Board of Appeal shall have access to sufficient legal expertise to provide expert legal advice on the legality of the Authority's exercise of its powers. 2. Members of the Board of Appeal and two alternates shall be appointed by the ECB for a non renewable term of five years, following a public call for expressions of interest published in the Official Journal of the European Union. The Board of Appeal shall establish and make public the modalities for decision making. The members of the Board of Appeal shall be independent in making their decisions. They shall not be bound by any instructions. They shall not perform any other duties in relation to the ECB. 3. Members of the Board of Appeal shall not take part in any appeal proceedings in which they have any personal interest, if they have previously been involved as representatives of one of the parties to the proceedings, or if they have participated in the decision under appeal. The members of the Board of Appeal shall undertake to act independently and in the public interest. For that purpose, they shall make a declaration of commitments and a public declaration of interests indicating any direct or indirect interest which might be considered prejudicial to their independence. 4. Any natural or legal person, including competent authorities, may appeal against a decision of the ECB under this Regulation. The Board of Appeal shall decide upon the appeal within 2 months after the appeal has been lodged. An appeal lodged pursuant to paragraph 1 shall not have suspensive effect. However, the Board of Appeal may, if it considers that circumstances so require, suspend the application of the contested decision. The Board of Appeal may confirm the decision taken by the ECB, or remit the case to the ECB who shall comply with the decision or explain the reasons for not complying.
Amendment 969 #
Proposal for a regulation
Article 27 – paragraph 1
Article 27 – paragraph 1
1. From 1 July 2013 until 31 December 2015, the ECB shall carry out the supervisory tasks conferred on it also in relation to the most significant credit institutions, financial holding companies and mixed financial holding companies of European systemic importance at the highest level of consolidation, based on their size as reflected in, the sum of exposure values of all assets and off- balance sheet liabilities not deducted when determining the common equity tier 1 capital for regulatory purposes, and their cross-border activity as reflected in cross- jurisdictional claims such as deposits and other assets in respect of customers or other financial operators located in another country and cross- jurisdictional liabilities such as loans and notes in respect of customers or other financial operators located in another country, which together cover at least half of the banking sector in the Euro area as a whole, on 1 January 2013. The ECB shall adopt and make public the list of those institutions before 1 March 2013.
Amendment 983 #
Proposal for a regulation
Article 28 – title
Article 28 – title
Entry into force and duration
Amendment 986 #
Proposal for a regulation
Article 28 – paragraph 1
Article 28 – paragraph 1
This Regulation shall enter into force on 1 January 2013 and it shall come to an end on December 31st 2015 at the latest.