9 Amendments of Luděk NIEDERMAYER related to 2014/0020(COD)
Amendment 138 #
Proposal for a regulation
Recital 17
Recital 17
(17) To ensure that the entities subject to the prohibition of proprietary trading can continue to contribute toward the financing of the economy, they should be allowed to invest in a closed list of funds. This exhaustive list should comprise closed- ended and unleveraged alternative investment funds (AIFs), European Vwhich are not substantially leveraged in accordance with the Directive 2011/61/EU26 and Regulation 231/2013, venture Ccapital Ffunds that fall under the definition foreseen in Article 3(b) of Regulation (EU) No 346/2013, European Social Entrepreneurship Funds and European Long Term Investment Funds. To Given the contribution of vensture that these funds do not endanger the viability and financial soundness of the credit institutions that invest in them, it is essential that closed-ended and unleveraged AIFs in which credit institutions can still invest are managed by AIF managers that are authorised and supercapital funds toward the financing of the economy, in particular SMEs and the fact that EuVECA is an optional regime, credit institutions should be allowed to continue to invest in all type of venture capital funds. Therefore all venture capital funds that meet the definition of qualifying venture capital fund should be exempted from the proprietary trading ban. All the funds mentioned above are properly regulated and competent authorities are provisded in accordance with the relevant provisions of Directive 2011/61/EU of the European Parliament and of the Council26 , and that those AIFs are established in the Union or, if they are not established in the Union, they are marketed in the Union according to the rules of that Directivewith different supervisory tools for monitoring and addressing risks associated with either funds' or managers' activities. Investments in those types of funds do not endanger financial soundness of the credit institutions and therefore credit institutions should be allowed to invest in such funds. __________________ 26Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010
Amendment 142 #
Proposal for a regulation
Recital 18
Recital 18
(18) The entities subject to the prohibition of proprietary trading should be allowed to use their own capital to make investments in the framework of their cash management. Cash management should be an activity aiming at preserving the value of own capital while spreading credit risk across multiple counterparties and maximising the liquidity of its own capital. In managing its cash, entities subject to the prohibition of proprietary trading should not pursue the objective of achieving returns greater than money market rates, using as a benchmark the rate of return of a three-month high quality government bond.
Amendment 202 #
Proposal for a regulation
Recital 47 a (new)
Recital 47 a (new)
(47 a) Corporate and investment banking activities are part of global financial system, and are often carried out by the credit institutions from different jurisdictions and under different regulatory regime. They all can compete with each other on various markets worldwide. European regulation of these activities should be set having in mind need to maintain competitiveness of European financial system and ensure a level playing field between European banks and non-European banks.
Amendment 344 #
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 substantially 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 572 #
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 2
Article 11 – paragraph 1 – subparagraph 2
As part of the prudent management of its capital, liquidity and funding, a core credit institution may only use interest rate derivatives, foreign exchange derivatives and cred, equity derivatives eligible for central counterparty clearingand credit derivatives to hedge its overall balance sheet risk. The core credit institution shall demonstrate to the competent supervisor that the hedging activity is designed to reduce, and demonstrably reduces or significantly mitigates, specific, identifiable risks of individual or aggregated positions of the core credit institution.
Amendment 580 #
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
Amendment 593 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 – introductory part
Article 12 – paragraph 1 – subparagraph 1 – introductory part
A core credit institution that has been subject to a decision referred to in Article 10(3) may sell interest rate derivatives, foreign exchange derivatives, credit derivatives, equity derivatives, emission allowances derivatives and commodity derivatives eligible for central counterparty clearing and emission allowances to its non- financial clients, to financial entities referred to in the second and third indents of point (19) of Article 5, to insurance undertakings and to institutions providing for occupational retirement benefits when the following conditions have been satisfied:
Amendment 689 #
Proposal for a regulation
Article 20 – paragraph 1 – point a
Article 20 – paragraph 1 – point a
(a) take covered deposits that are eligible under the Deposit Guarantee Scheme in accordance withas defined in Article 2 of Directive 92014/149/EC except where the said deposit relates to the exchange of collateral relating to trading activities;
Amendment 692 #
Proposal for a regulation
Article 20 – paragraph 1 – point b
Article 20 – paragraph 1 – point b
(b) provide payment services as defined in Article 4(3) of Directive 2007/64/EC associated with the activities referred to in point (a) except where the said payment services are ancillary and strictly necessary for the exchange of collateral relating to trading activitiescarried out with a group subject agreed in cross-border resolution plan.