10 Amendments of Fabio Massimo CASTALDO related to 2018/0063A(COD)
Amendment 245 #
Proposal for a directive
Recital 22
Recital 22
(22) Union credit institutions and their subsidiaries undertake credit servicing activities as part of their normal business. They have the same obligations with regard to credit agreements that they have issued themselves and credit theythose purchased from another credit institution or which they service on behalf of a credit purchaser. Since they are already regulated and supervised, application of this Directive to their credit servicing or purchasing activities would mean unnecessary duplication of authorisation and compliance costs and therefore they are not covered by this Directive. Also, the outsourcing by the credit institutions of credit servicing activities, in relation to both performing and non-performing credit agreements, to credit servicers or other third parties, is outside the scope of this Directive because the credit institutions already have to observe the applicable outsourcing rules. Moreover, creditors that are not credit institutions but are nevertheless regulated and supervised by a competent authority of a Member State in accordance with Directive 2008/48/EC and Directive 2014/17/EU and undertake credit servicing activities for loans granted to consumers as part of their normal business are not covered by this Directive when performing in that Member State credit servicing activities for loans issued by credit institutions. Further, alternative investment fund manager, management company and investment company (provided that the investment company has not designated a management company) authorized or registered under Directive 2011/61/EU or Directive 2009/65/EC should not fall within the scope of this Directive. Also, there are some professions that undertake ancillary activities similar to servicing activities namely public notaries, lawyers, bailiffs and officials that perform under national law court provisions and implement the enforcement of binding measures and, therefore, Member States may decide not to apply this Directive for those professions.
Amendment 251 #
Proposal for a directive
Recital 31
Recital 31
(31) Where a credit institution transfers a credit agreement, they should be required to inform their supervisor and the competent authority for supervising compliance with this Directive about the main characteristics of the transferred credit portfolio and the identity of the purchaser and, where applicable, its representative in the Union. That competent authority should be obliged to transmit that information to the authorities competent to supervise the credit purchaser and the competent authority where the borrower is established. Such transparency requirements allow for a harmonised and effective monitoring of the transfer of credit agreements within the Unionon a quarterly basis and on an aggregated level about at least the aggregated outstanding balance of the transferred credit portfolio as well as number and size of the loans included and whether it includes agreements concluded with consumers. For each portfolio transferred in a single transaction information should include the legal entity identifier, or when not available the identity and address of the purchaser and, where applicable, its representative in the Union. That competent authority should be obliged to transmit that information to the authorities competent to supervise the credit purchaser. Such transparency requirements allow for a harmonised and effective monitoring of the transfer of credit agreements within the Union. In order to comply with the principle of proportionality, competent authorities should, in order to avoid the duplication, take into account information that is already available to them by other means, in particular as regards credit institutions. It remains understood that the notification requirements to the national competent authority on a credit portfolio once such portfolio has been transferred to a credit purchaser is under the responsibility of the latter. In addition, in case of securitisation transactions, where mandatory transparency templates are foreseen, any double reporting according to this directive should be avoided.
Amendment 253 #
Proposal for a directive
Recital 33
Recital 33
(33) Since the valuation of a portfolio of non-performing credit is complicated and complex, actual buyers on secondary markets are sophisticated investors. Often they are investment funds, financial institutions or credit institutions. As they are not creating new credit, but are buying existing credit at own risk, they do not cause prudential concerns and their potential contribution to systemic risk is negligible. It is therefore not justified to require those types of investors to apply for an authorisation or to set special conditions for them to engage in such activities. It is however important that Union and national consumer protection rules continue to apply and the borrowers' rights continue to be those arising from the initial credit agreement. However, credit purchasers that are not credit institutions but are nevertheless regulated or supervised by a competent authority of a Member State may provide in certain cases new credit to business borrowers in an effort to exercise reasonable recovery measures.
Amendment 282 #
Proposal for a directive
Article 2 – paragraph 3 a (new)
Article 2 – paragraph 3 a (new)
3a. This Directive shall not affect the requirements in the Member States' national laws regarding the servicing of creditor’s rights under a credit agreement or of the credit agreement itself, when the credit purchaser is a securitisation special purpose entity, as defined in Article 2 (2) of Regulation (EU) 2017/2402.
Amendment 287 #
Proposal for a directive
Article 2 – paragraph 4 – point d
Article 2 – paragraph 4 – point d
(d) the transfer of creditor’s rights or the credit agreements itself transferred before the date referred to in the second subparagraph of Article 41(2).
Amendment 360 #
Proposal for a directive
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Member States shall ensure that the credit servicer keeps and maintains recinfordms of all instructions provided to the credit service provider for at least 10 years from the date of the contract referred to inwithout delay the competent authority of the home Member State, and where applicable the host Member State, not prior to the outsourcing of activities in accordance with paragraph 1.
Amendment 399 #
Proposal for a directive
Article 14 – paragraph 1
Article 14 – paragraph 1
1. EBA shall develop draft implementing technical standardguidelines that specify the formats tohat may be used by creditors who are credit institutions for the provision of information as set out in Article 13(1), in order to provide detailed information on their credit exposures in the banking book to credit purchasers for the screening, financial due diligence and valuation of the credit agreement.
Amendment 409 #
Proposal for a directive
Article 15 – paragraph 2 a (new)
Article 15 – paragraph 2 a (new)
2a. Member States shall ensure that a credit purchaser, or where relevant the appointed credit servicer, upon the transfer of the creditor’s rights under a credit agreement or the credit agreement itself assumes all relevant information and notification requirements to the national competent authorities.
Amendment 433 #
Proposal for a directive
Article 22 – paragraph 1 – point g a (new)
Article 22 – paragraph 1 – point g a (new)
(ga) a credit institution fails to communicate information set out in the national measures transposing Article 13 of this Directive, only once and after the transfer of the credit agreement is finalized;
Amendment 445 #
Proposal for a directive
Article 22 – paragraph 6
Article 22 – paragraph 6
6. Member States shall ensure that before taking any decision imposing administrative penalties or remedial measures set out in paragraph 2 of this Article, the competent authorities give the concerned credit servicer, credit purchaser or where applicable, its representative designated in accordance with Article 17, the opportunity to be heardthe opportunity to be heard. Before taking any decision, the competent authority shall notify in a written form the existence of such proceeding to the servicer and the interested creditors.