8 Amendments of Mady DELVAUX related to 2018/0043(COD)
Amendment 87 #
Proposal for a directive
Recital 15
Recital 15
(15) Another core feature of existing national covered bond frameworks is the fact that assets serving as collateral should be of very high quality in order to ensure the robustness of the cover pool. High quality assets are characterised by having specific features making them eligible to cover the claims attached to the covered bondrelating to the claim being secured and the collateral asset backing them. It is therefore appropriate to set out the general quality features that assets should respect in order to be eligible to serve as collateral. Assets listed in points (a) to (g) of Article 129(1) of Regulation (EU) No 575/2013 should be considered eligible to serve as collateral in the cover pool, within a covered bond framework, as should loans involving public undertakings as defined in Article 2(b) of Commission Directive 2006/111/EC but also other assets of a similar high quality could be considered eligible under the Directive, provided that it is possible to determine either their market value or mortgage lending value. Furthermore, the Directive should include rules to ensure that assets, including guaranteed loans, can be repossessed or called in through an enforceable protection agreement, whether in the form of a traditional mortgage or by a charge, lien or guarantee providing the same level of legal protection, and thus ensuring the same level of safety for investors. However, those provisions on the eligibility of assets should not prevent Member States from allowing other categories of assets to serve as collateral in their national frameworks provided the assets comply with Union lawand loans to public undertakings as defined in Article 2(b) of Commission Directive 2006/111/EC should be considered eligible as cover assets, within a covered bond framework. Other cover assets of a similar high quality such as loans and financings to undertakings promoting Commission Directive 2009/28/EC could also be considered eligible under the Directive, provided that they comply with the legal requirements and the requirements for the collateral backing the claim for payment, reflecting their nature as either physical assets or assets in the form of exposures. Member States should also be free to exclude assets in their national frameworks.
Amendment 114 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1 – introductory part
Article 6 – paragraph 1 – subparagraph 1 – introductory part
Member States shall ensure investor protection by requiring that covered bonds are at all times collateralised by high quality assets referred to in points (a) to (g) of Article 129(1) of Regulation (EU) No 575/2013 or by oand assets resulting of loans to public undertakings as defined in Article 2(b) of Commission Directive 2006/111/EC. Other high quality assets thatve to meet at least the following requirements:
Amendment 123 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1 – point b
Article 6 – paragraph 1 – subparagraph 1 – point b
(b) a mortgage, charge, lien or other guarantee, guarantee or transfer of property for security purposes for the financing of renewable energy as defined in Article 2(a) of Directive 2009/28/EC for claims on the asset is enforceable;
Amendment 128 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1 – point c
Article 6 – paragraph 1 – subparagraph 1 – point c
(c) all legal requirements for establishing the mortgage, charge, lien or guarantee, guarantee or transfer of property for security purposes for the financing of renewable energy as defined in Article 2(a) of Directive 2009/28/EC for claims on the asset have been fulfilled;
Amendment 132 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1 – point d
Article 6 – paragraph 1 – subparagraph 1 – point d
(d) the mortgage, charge, lien or guarantee, guarantee or transfer of property for security purposes for the financing of renewable energy as defined in Article 2(a) of Directive 2009/28/EC securing the asset enable the credit institution issuing covered bonds to realise the value of the asset without undue delay.
Amendment 133 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1 – point d a (new)
Article 6 – paragraph 1 – subparagraph 1 – point d a (new)
(d a) for assets in the form of exposures to a counterparty, the counterparty's safety and soundness is inferred from being subject to either public supervision or an ongoing credit risk assessment based on regulator-permitted IRB approach as defined in Articles 143 and 144 of Regulation (EU) No 575/2013 or provided by an independent professional third party.
Amendment 134 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1 – point d a (new)
Article 6 – paragraph 1 – subparagraph 1 – point d a (new)
(d a) for physical assets, international valuation standards or a public register to record ownership and claims are available.
Amendment 146 #
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 4 a (new)
Article 6 – paragraph 1 – subparagraph 4 a (new)
For the purposes of point (da), Member States may decide for legal opinions to replace the registration in a public register, provided that the legal opinions ensure investor protection by confirming the enforceability of the claim. The credit institution issuing covered bonds shall provide, upon request of the competent authority, the most recent version of the independent, written and reasoned legal opinion or opinions that it used to replace the registration in a public register.