11 Amendments of Csaba MOLNÁR related to 2021/0341(COD)
Amendment 112 #
Proposal for a directive
Recital 34
Recital 34
(34) To maintain adequate resilience to the negative impacts of ESG factors, institutions established in the Union need to be able to systematically identify, measure and manage ESG risks, and their supervisors need to assess the risks at the level of the individual institution as well as at the systemic level, giving priority to environmental factors and progressing to the other sustainability factors as the methodologies and tools for the assessment evolve. Institutions should assess the alignment of their portfolios with the ambition of the Union to become climate- neutral by 2050 and to reduce CO2 emissions by 55% by 2030 as well as avert environmental degradation and biodiversity loss. Institutions should set out specific plans to address the risks arising, in the short, medium and long term, from the misalignment of their business model and strategy with relevant policy objectives of the Union, included in the Paris Agreement, the Fit for 55 package52 [and the post-2020 Global Biodiversity Framework]. Institutions should be required to have robust governance arrangements and internal processes for the management of ESG risks and to have in place strategies approved by their management bodies that take into consideration not only the current but also the forward-looking impact of ESG factors. These strategies should ensure adherence to the EU's ambition to reduce emissions with 55% in 2030 and to be climate neutral by 2050 and shall ensure a reduction of their financing of activities that significantly harm environmental objectives as defined by Regulation (EU) 2019/852. The collective knowledge and awareness of ESG factors by the management body and institutions’ internal capital allocation to address ESG risks will also be key to drive the change within each and single institution. The specificities of ESG risks as well as their relative novelty means that understandings, measurements and management practices can differ significantly across institutions. To ensure convergence across the Union and a uniform understanding of ESG risks, appropriate definitions and minimum standards for the assessment of those risks should be provided in prudential regulation. To achieve this objective, definitions are laid down in Regulation (EU) No 575/2013 and the EBA is empowered to specify a minimum set of reference methodologies for the assessment of the impact of ESG risks on the financial stability of institutions, giving priority to the impact of environmental factors. Since the forward-looking nature of ESG risks means that scenario analysis and stress testing, together with plans for addressing those risks, are particularly informative assessment tools, EBA should be also empowered to develop uniform criteria for the content of the plans to address those risks and for the setting of scenarios and applying the stress testing methods. Environment-related risks, including risks stemming from environmental degradation and biodiversity loss, and climate-related risks in particular should take priority in light of their urgency and the particular relevance of scenario analysis and stress testing for their assessment. __________________ 52 Communication of the Commission COM(2021)568 final, 14.07.2021, comprising the following Commission proposals: COM(2021)562 final, COM(2021)561 final, COM(2021)564 final, COM(2021)563 final, COM(2021)556 final, COM(2021)559 final, COM(2021)558 final, COM(2021)557 final, COM(2021)554 final, COM(2021)555 final, COM(2021)552 final.
Amendment 146 #
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point g a (new)
Article 1 – paragraph 1 – point 1 – point g a (new)
Article 3 – paragraph 1 – point 69 a (new)
Amendment 147 #
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2013/36/EU
Article 4 – paragraph 4 – subparagraph 2
Article 4 – paragraph 4 – subparagraph 2
For the purposes of preserving the independence of competent authorities in the exercise of their powers, Member State shall provide all the necessary arrangements to ensure that those competent authorities, including their staff and members of their governance bodies, can act independently and objectively, withoutand that they are legally distinct from, and functionally independent of, other public and private bodies. Member States shall ensure that members of the governance bodies are appointed for a fixed term, renewable once, based on objective, transparent and published criteria and can be dismissed only if they no longer meet the criteria or have incurred serious criminal convictions. The reason(s) for dismissal shall be publicly disclosed. Member States shall ensure that competent authorities publish their objectives, are accountable for the discharge of their duties in relation to those objectives and are subject to financial control which does not affect their independence. Member Sates shall ensure that competent authorities refrain from seeking or taking instructions, or being subject to influence, whether direct or indirect, from supervised institutions, from any government of a Member State or body of the Union or from any other public or private body. These arrangements shall be without prejudice to the rights and obligations of the competent authorities as stemming from being part of the European system of financial supervision as stemming from Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010*1, the Single Supervisory Mechanism as stemming from Council Regulation (EU) No 1024/2013 of 15 October 2013*2 and Regulation (EU) No 468/2014 of the European Central Bank of 16 April 2014*3, for the Single Resolution Board as stemming from stemming from Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014*4.
Amendment 316 #
Proposal for a directive
Article 1 – paragraph 1 – point 8 b (new)
Article 1 – paragraph 1 – point 8 b (new)
Directive 2013/36/EU
Article 53 – paragraph 2
Article 53 – paragraph 2
(8 b) in Article 53, paragraph 2 is replaced by the following: ‘2. Paragraph 1 shall not prevent the competent authorities from exchanging information with each other or transmitting information to the ESRB, EBA, or the European Supervisory Authority (European Securities and Markets Authority) (‘ESMA’) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council (1) in accordance with this Directive, with Regulation (EU) No 575/2013, with Regulation (EU) 2019/2033 of the European Parliament and of the Council (2), with Article 15 of Regulation (EU) No 1092/2010, with Articles 31, 35 and 36 of Regulation (EU) No 1093/2010 and with Articles 31 and 36 of Regulation (EU) No 1095/2010, with Directive (EU) 2019/2034 of the European Parliament and of the Council (3) and with other directives applicable to credit institutions. That information shall be subject to paragraph 1 Competent authorities shall not be prevented from exchanging information with national taxation authorities, including where this information originates in another Member State. That information shall be subject to paragraph 1.’ Or. en https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013L0036-20150101)
Amendment 317 #
Proposal for a directive
Article 1 – paragraph 1 – point 8 c (new)
Article 1 – paragraph 1 – point 8 c (new)
Directive 2013/36/EU
Article 56 – paragraph 2 – subparagraph 1 a (new)
Article 56 – paragraph 2 – subparagraph 1 a (new)
Amendment 339 #
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point b
Article 1 – paragraph 1 – point 14 – point b
Directive 2013/36/EU
Article 76 – paragraph 2 – subparagraph 2
Article 76 – paragraph 2 – subparagraph 2
Member States shall ensure that the management body develops specific plans and quantifiable targets to monitor and address the risks arising in the short, medium and long-term from the misalignment of the business model and strategy of the institutions, with the relevant Union policy objectives or broader transition trends towards a sustainable economy in relation to environmental, social and governance factors.; These plans shall outline the institution's pathway to reduce financed emissions by 55% in 2030 compared to 1990 levels and to have net 0 financed emissions by 2050. These plans shall also outline the institution's pathway to end financing of activities that do significant harm to environmental objectives as stipulated in Article 17 of Regulation (EU) 2019/852, reducing the exposure to such activities by at least 50% by 2035 compared to current levels.
Amendment 340 #
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point b
Article 1 – paragraph 1 – point 14 – point b
Directive 2013/36/EU
Article 76 – paragraph 2 – subparagraph 2
Article 76 – paragraph 2 – subparagraph 2
Member States shall ensure that the management body develops specific plans and quantifiable targets to monitor and address the risks arising in the short, medium and long-term from the misalignment of the business model and strategyactivities of the institutions, with the relevant Union poobjective to achieve climate neutralicty objectives or broader transition trends towards a sustainable economyby 2050 at the latest, set out in Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 (“European Climate Law”), as well as other relevant Union policy objectives in relation to environmental, social and governance factors.;
Amendment 368 #
Proposal for a directive
Article 1 – paragraph 1 – point 17
Article 1 – paragraph 1 – point 17
Directive 2013/36/EU
Article 87 a – paragraph 5 – subparagraph 1 – point b
Article 87 a – paragraph 5 – subparagraph 1 – point b
(b) the content of plans to be prepared in accordance with Article 76, which shall include specific timelines and intermediate quantifiable targets and milestones, in order to address the risks from misalignment of the business model and strategy of institutions with the relevant policy objectives of the Union, or broader transition trends towards a sustainable economy in relation to environmental, social and governance factorsobjective to achieve climate neutrality by 2050 at the latest, set out in Regulation(EU) 2021/1119 of the European Parliament and of the Council of 30June 2021 (“European Climate Law”), as well as other relevant policy objectives of the Union;
Amendment 371 #
Proposal for a directive
Article 1 – paragraph 1 – point 17
Article 1 – paragraph 1 – point 17
Directive 2013/36/EU
Article 87 a – paragraph 5 – subparagraph 1 – point d a (new)
Article 87 a – paragraph 5 – subparagraph 1 – point d a (new)
(da) timelines for banks to reduce their financed emissions and their financing of activities that significantly harm environmental activities as outlined in Article 19 of Regulation (EU) 2019/852 so that adherence to the EU's climate and environmental ambitions is guaranteed.
Amendment 519 #
Proposal for a directive
Article 1 – paragraph 1 – point 23
Article 1 – paragraph 1 – point 23
Directive 2013/36/EU
Article 98 – paragraph 9
Article 98 – paragraph 9
Amendment 526 #
Proposal for a directive
Article 1 – paragraph 1 – point 25 – point a – point ii a (new)
Article 1 – paragraph 1 – point 25 – point a – point ii a (new)
Directive 2013/36/EU
Article 104 – paragraph 1 – point m a (new)
Article 104 – paragraph 1 – point m a (new)
(ma) require the reinforcement of the climate targets, transition plans, and actions implemented in accordance with Article 76(2).