10 Amendments of Ernest URTASUN related to 2016/0363(COD)
Amendment 37 #
Proposal for a directive
Recital 3
Recital 3
(3) Member States should ensure that credit institutions and investment firms should have sufficient loss-absorbing and recapitalisation capacity to ensure smooth and fast absorption of losses and recapitalisation in resolution with a minimum impact on financial stability and taxpayers, taxpayers and retail investors who are unable to assess the complex risks of holding instruments constituting this capacity nor exert any meaningful influence over their management. This should be achieved through constant compliance by credit institutions and investment firms with a TLAC minimum requirement as provided in Regulation (EU) No 575/2013 and a requirement for own funds and permissible liabilities as provided in Directive 2014/59/EU.
Amendment 53 #
Proposal for a directive
Recital 10
Recital 10
(10) To ensure that the new 'non- preferred' senior class of debt instruments meet the eligibility criteria of Regulation (EU) No 575/2013 and of Directive 2014/59/EU, Member States should ensure that their initial contractual maturity spansis of at least one year, that they have no derivative features, and that the relevant contractual documentation related to their issuance explicitly refers to their ranking under normal insolvency proceedings. and that these instruments are qualified as complex instruments as provided for in Directive 2014/65/EU of the European Parliament and of the Council1a and are subject to specific monitoring and consumer protection requirements. ______________ 1aDirective 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349)
Amendment 57 #
Proposal for a directive
Recital 10 a (new)
Recital 10 a (new)
(10a) Conferring a priority ranking on all deposits is expected to enhance the implementation of the bail-in tool in resolution, because the resolution authority will be able to bail in other senior unsecured bank debt instruments prior to deposits, while minimizing the risk of compensation claims under the ‘no creditor worse off’ principle. The bail-in of such senior unsecured bank debt instruments is regarded as carrying a lower contagion risk than that of operational liabilities such as deposits. A general depositor preference is therefore likely to render the bail-in of senior unsecured bank debt instruments more effective and credible, thus fostering effective resolution action and reducing the need to have recourse to the resolution fund. The effectiveness of the bail-in tool should also be enhanced by providing that all senior unsecured claims in the form of transferable debt should in future be of the non-preferred senior class.
Amendment 66 #
Proposal for a directive
Article 1 – paragraph -1 (new)
Article 1 – paragraph -1 (new)
Directive 2014/59/EU
Article 2 – paragraph 1 – point 48
Article 2 – paragraph 1 – point 48
-1. in Article 2(1), point (48) is amended as follows: ‘(48) ‘debt instruments’ referred to in points (g) and (j) of Article 63(1) and in Article108(2) and (4) means bonds, notes and other forms of transferable debt, instruments creating or acknowledging a debt, and instruments giving rights to acquire debt instruments;’
Amendment 69 #
Proposal for a directive
Article 1 – paragraph 2
Article 1 – paragraph 2
Directive 2014/59/EU
Article 108 – paragraph 2 – point a
Article 108 – paragraph 2 – point a
(a) the initial contractual maturity of debt instruments spansis of at least one year;
Amendment 76 #
Proposal for a directive
Article 1 – paragraph 2
Article 1 – paragraph 2
Directive 2014/59/EU
Article 108 – paragraph 2 – point c
Article 108 – paragraph 2 – point c
(c) the relevant contractual documentation related to the issuance and, where applicable, the prospectus explicitly refers to the ranking under this subparagraph.
Amendment 79 #
Proposal for a directive
Article 1 – paragraph 2
Article 1 – paragraph 2
Directive 2014/59/EU
Article 108 – paragraph 2 a (new)
Article 108 – paragraph 2 a (new)
Amendment 83 #
Proposal for a directive
Article 1 – paragraph 2
Article 1 – paragraph 2
Directive 2014/59/EU
Article 108 – paragraph 4 – subparagraph 1 a (new)
Article 108 – paragraph 4 – subparagraph 1 a (new)
Member States shall ensure that debt instruments issued by entities referred to in points (a), (b), (c) and (d) of Article 1(1) after [the date of application of this Directive] shall comply with the criteria set out in points (a), (b), (c) of paragraph 2.
Amendment 85 #
Proposal for a directive
Article 1 – paragraph 2
Article 1 – paragraph 2
Directive 2014/59/EU
Article 108 – paragraph 4 a (new)
Article 108 – paragraph 4 a (new)
4a. Member States shall ensure that, for the purposes of Article 25 of Directive 2014/65/EU the debt instruments referred to in paragraph 2 are considered complex and that the provisions in that Directive concerning conflict of interest are strictly enforced in relation to the sale of such instruments to existing clients of the issuing institution. Member States shall ensure that investment firms are regarded as not fulfilling their obligations under Directive 2014/65/EU where they pay or are paid any fee or commission, or provide or are provided with any non- monetary benefit or whenever they do not disclose specific internal sales guidelines in connection with the marketing of senior non-preferred debt to investors not qualifying as professionals under that Directive.
Amendment 89 #
Proposal for a directive
Article 1 – paragraph 2
Article 1 – paragraph 2
4b. Resolution authorities shall, as part of the assessment of resolvability in accordance with Articles 15 and 16 monitor the extent to which debt instruments susceptible to bail-in are held by investors that do not qualify as professional investors according to Directive 2014/65/EU and report the results to EBA at least once per year. EBA shall disclose annually on a group or, where relevant, institution specific basis the amounts of debt instruments susceptible to bail-in that are held by investors that do not qualify as professional investors. Where, on the basis of this information, EBA deems it necessary, it shall issue warnings or recommendations for remedial action. EBA shall within ... [12 months from the date of the publication of this Directive] issue draft regulatory technical standards in accordance with Article 10 of Regulation (EU) No1093/2010 to specify the definition of derivative features referred to in point (b) of paragraph 2. The Commission is empowered to supplement this Directive by adopting the regulatory technical standards referred to in the fourth subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.