57 Amendments of Ernest URTASUN related to 2018/0171(COD)
Amendment 71 #
Proposal for a regulation
Recital 4
Recital 4
(4) SBBSs do not involve any mutualisation of risks and losses among Member States because Member States will not mutually guarantee their respective liabilities within the portfolio of sovereign bonds underlying the SBBSs. Enabling the emergence of SBBSs neither involves any changes to the current regulatory treatment of sovereign exposures. However, risk sharing and joint fiscal facilities are ultimately needed to deal with future sovereign debt crises in the Eurozone. Over the medium term, a gradual mutualisation of sovereign debt instruments should be implemented through, inter alia, Eurobonds. This will allow a gradual reduction of debt-to-GDP ratios and compliance with the economic governance framework as well as social and environmental targets.
Amendment 73 #
Proposal for a regulation
Recital 5
Recital 5
(5) To achieve the objectives of geographic risk diversification within the Banking Union and the internal market, the underlying portfolio of SBBSs should be composed of sovereign bonds of Member States whose currency is the euro. To avoid currency risks only euro-denominated sovereign bonds issued by Member States whose currency is the euro should be allowed for inclusion in the SBBSs underlying portfolio. To ensure that sovereign bonds of each euro-area Member State contribute to the production of SBBSs in line with each Member State's stake in the stability of the overall euro area, the relative weight of the national sovereign bonds in the SBBSs’ underlying portfolio should be very close toa function of, firstly, the relative weight of the respective Member States in the key for subscription by the national central banks of Member States of the European Central Bank's capital and, secondly, each country’s ratio of outstanding central government debt securities to gross domestic product.
Amendment 77 #
Proposal for a regulation
Recital 6
Recital 6
(6) To provide for a high quality low- risk asset and at the same time cater for investors' different levels of risk appetite, an SBBS issue should be composed of both a senior tranche and one or more subordinated tranches. The senior tranche, corresponding to seventy percent of the nominal value of an SBBS issue, should keep the SBBS issue expected loss rate in line with that of the safest euro area sovereign bonds, taking into account the risk and correlation of the sovereign bonds in the SBBSs underlying portfolio of sovereign bonds. The subordinated tranches should provide for protection to the senior tranche. The seniority of the tranches should determine the order in which losses on the underlying portfolio of sovereign bonds should be borne by investors. To limit the risk of the junior tranche (the tranche bearing losses before any other tranche), the nominal value of the junior tranche should however be at least 2five percent of the outstanding nominal value of the entire SBBSs issue.
Amendment 79 #
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9a) SBBSs are a novel instrument. The absence of relevant historical experience means that its effects on sovereign bond markets can only be estimated. Commentators and stakeholders have raised concerns about the potential for negative impacts on the liquidity of the markets for the underlying government bonds. There is no consensus about this question, but it deserves to be taken seriously. To that end, this Regulation assigns to ESMA the duty of monitoring the markets for SBBSs and the underlying government bonds for signs that the former negatively affect the latter. In such an event, ESMA shall request the Commission to adjust the composition of the government bond portfolio to ease any strains on liquidity, although the Commission shall not be bound by this request.
Amendment 84 #
Proposal for a regulation
Recital 14
Recital 14
(14) A system of self-attestcertification by SPEsESMA should ensure that an SBBS issue complies with the requirements of this Regulation. ESMA should therefore keep a list of SBBSs issuedcertified SBBSs, enabling investors to verify whether a product that is offered for sale as an SBBS is indeed an SBBS. For the same reason, ESMA should indicate in that list whether any sanction in relation to a SBBS has been imposed and remove from that list those products that are found to be in violation of this Regulation.
Amendment 88 #
Proposal for a regulation
Recital 15
Recital 15
(15) Investors should be able to rely on the nocertification of SBBSs by SPEs to ESMA and on the information provided by SPEs. Information on SBBSs and the sovereign bonds in the SBBSs underlying portfolio should empower investors to understand, assess and compare SBBSs transactions and not to rely solely on third parties, including credit rating agencies. That possibility should enable investors to act prudently and to carry out their due diligence efficiently. Information on SBBSs should therefore be freely available to investors, via standardised templates, on a website that ensures continuous accessibility.
Amendment 90 #
Proposal for a regulation
Recital 16
Recital 16
(16) To prevent abusive behaviour and to ensure that trust in SBBSs is maintained, appropriate administrative sanctions and remedial measures should be provided for by Member StatesESMA for cases of negligent or intentional infringements of notification or product requirements for SBBSs.
Amendment 91 #
Proposal for a regulation
Recital 17
Recital 17
(17) Investors in different financial sectors should be able to invest in SBBSs under the same conditions as they invest in the underlying euro area sovereign bonds. Directive 2009/65/EC of the European Parliament and of the Council15 , Regulation (EU) No 575/2013 of the European Parliament and of the Council16 , Directive 2009/138/EC of the European Parliament and of the Council17 and Directive (EU) 2016/2341 of the European Parliament and of the Council18 should therefore be amended to ensure that SBBS are granted the same regulatory treatment as their underlying assets across the various regulated financial sectors. However, for prudential reasons different rules should apply to banks that hold SBBSs. Only senior SBBS tranches on banks’ balance sheets should be treated like sovereign bonds, unless the bank holds all the tranches of a specific SBBS issue exactly in the proportion in which they were issued, as this would be equivalent to holding the entire diversified portfolio of government bonds. _________________ 15 Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investments in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32). 16 Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (CRR) (OJ L 176, 27.6.2013, p.1). 17 Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335 17.12.2009, p. 1). 18 Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ L 354, 23.12.2016, p.37).
Amendment 95 #
Proposal for a regulation
Recital 18
Recital 18
(18) To safeguard financial stability, ensure investors' confidence and promote liquidity, a proper and effective supervision of SBBSs markets is important. To that end, competent authoritiesESMA should be informed about the issuance of SBBSs and should receive from SPEs all the relevant information needed to perform theirits supervisory tasks. Supervision of compliance with this Regulation should primarily be performed to ensure investors’ protection and, where applicable, on aspects that may be linked to the issuance and holding of SBBSs by regulated financial entities.
Amendment 96 #
Proposal for a regulation
Recital 19
Recital 19
(19) Competent authorities should closely coordinateAuthorities responsible for their supervision and ensure that their decisions are consistent. Where an infringement of this Regulation concerns the fulfilment of the obligations required for a product to be qualified as an SBBS, the competent authority identifying that infringement should inform ESMA, as well as the competent authorities of the other Member States concerned. In the event of disagreement between the competent authorities, ESMA should exercise its binding mediation powers in accordance with Article 19 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council19 . _________________ 19Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L331, 15.12.2010, p. 84)of entities that are involved in assembling SBBSs or engaged in the SBBS market should closely coordinate their supervision and ensure that their decisions are consistent.
Amendment 97 #
Proposal for a regulation
Recital 20
Recital 20
(20) Given that SBBSs are new products, whose effects on the markets for the underlying sovereign debt securities is unknown, it is appropriate that the European Systemic Risk Board (ESRB) and the national competent and designated authorities for macro-prudential instruments oversee the SBBSs market. To that end, the ESRB should avail itself of the powers granted to it under Regulation (EU) No 1092/2010 of the European Parliament and of the Council and, if appropriate, issue warnings and make suggestions for remedial actions to the competent authorities. Such remedial action may include calling for a halt to the certification of SBBSs.
Amendment 98 #
Proposal for a regulation
Recital 21
Recital 21
(21) As a body with highly specialised expertise regarding securities markets, it is appropriate to entrust ESMA with the development of draft regulatory technical standards concerning the types of investment that the SPE may conduct with the proceeds from the payments of principal or interest of the SBBSs’ underlying portfolio, the information to be provided by the SPE for the nocertification to ESMA of an issuance of SBBSs issues, the information to be provided before transfering a an SBBS and the cooperation and information exchange obligations among competent authorities. The Commission should be empowered to adopt those standards in accordance with Article 290 of the Treaty on the Functioning of the European Union (‘TFEU’) and with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 99 #
Proposal for a regulation
Article 3 – paragraph 1 – point 10 a (new)
Article 3 – paragraph 1 – point 10 a (new)
(10a) ‘market liquidity’ means the relation between supply and demand on the market for sovereign bonds as measured by the bid-ask spread for central government bonds.
Amendment 100 #
Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 1
Article 4 – paragraph 2 – subparagraph 1
2. The weight of sovereign bonds of every Member State within an SBBSs' underlying portfolio (‘baseline weight’) shall be equal to the product of the ratio of a Member State’s central government debt securities to that Member State’s gross domestic product and the relative weight of the contribution to the European Central Bank (ECB) by that Member State in accordance with the key for subscription, by the national central banks of Members States, of the ECB's paid-in capital as laid down in Article 29 of the Protocol on the Statute of the European System of Central Banks and of the European Central Bank annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union. The ratio of a Member State’s central government debt securities to that Member State’s gross domestic product shall be understood as an annual mean. ESMA shall compute and publish this mean, which will be binding for all SBBS issuance during the full calendar year following its publication.
Amendment 104 #
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 1 – introductory part
Article 4 – paragraph 3 – subparagraph 1 – introductory part
3. Sovereign bonds of a Member State shall be excluded from the SBBSs’ underlying portfolio where the Commission has adopted an implementing act establishing thatAfter the first ever SBBS is certified, ESMA shall, without undue delay, begin to monitor and assess continuously whether any of the following situations exist:
Amendment 105 #
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 1 – point a a (new)
Article 4 – paragraph 3 – subparagraph 1 – point a a (new)
(aa) SBBS issuance has had a significant negative impact on the market liquidity of any of the sovereign bonds included in the underlying portfolio;
Amendment 106 #
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 2
Article 4 – paragraph 3 – subparagraph 2
Amendment 108 #
Proposal for a regulation
Article 4 – paragraph 4
Article 4 – paragraph 4
Amendment 111 #
Proposal for a regulation
Article 4 – paragraph 5
Article 4 – paragraph 5
Amendment 112 #
Proposal for a regulation
Article 4 – paragraph 5 a (new)
Article 4 – paragraph 5 a (new)
5a. When ESMA finds that one of the situations described in points (a) or (aa) of paragraph 3 exists it shall request an opinion from the ECB. On the basis of its own assessment and the ECB opinion, it may request the Commission to adjust the baseline weight of the Member State. Within 48 hours of receiving such a request, the Commission shall consider it and do one of the following: (a) adopt an implementing act that adjusts the baseline weights of the Member State concerned; or (b) reject the requested measure.
Amendment 113 #
Proposal for a regulation
Article 4 – paragraph 5 b (new)
Article 4 – paragraph 5 b (new)
5b. When ESMA finds that the situation described in point (b) of paragraph 3 exists it shall request an opinion from the ECB. On the basis of its own assessment and the ECB opinion, it may request the Commission to take appropriate remedies, either by excluding the concerned Member State from the underlying portfolio or by adjusting the baseline weight of the Member State concerned. Within 48 hours of receiving such a request, the Commission shall consider it and do one of the following: (a) adopt an implementing act that either excludes sovereign bonds of the Member State from the underlying portfolio of the SBBS or adjusts the baseline weights of relevant Member States; or (b) reject the requested measures.
Amendment 114 #
Proposal for a regulation
Article 4 – paragraph 5 c (new)
Article 4 – paragraph 5 c (new)
5c. Any implementing act adopted pursuant to paragraphs 5a or 5b shall be adopted in accordance with the examination procedure referred to in Article 26(2). When a Member State is excluded from the underlying portfolio of an SBBS following an implementing act under paragraph 5a or 5b, the baseline weights of the sovereign bonds of the remaining Member States shall be determined by excluding the sovereign bonds of the Member State referred to in the first subparagraph and applying the calculation method set out in paragraph 2. The exclusion or adjustment shall be valid for an initial period of one month. The Commission may, after consulting ESMA, extend the exclusion or adjustment of the baseline weights referred to in this Article for additional periods of one month by way of an implementing act. Where the exclusion or adjustment is not renewed by the end of the initial period or by the end of any subsequent renewal period, it shall automatically expire.
Amendment 117 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. An SBBSs issue shall be composed of one senior tranche and one or moretwo subordinated tranches. The outstanding nominal value of the senior tranche shall be seventy percent of the outstanding nominal value of the entire SBBSs issue. The number and the outstanding nominal values of the subordinated tranches shall be determined by the SPE, subject to the limitation that the nominal value of the junior tranche shall be at least twofive percent of the outstanding nominal value of the entire SBBSs issue.
Amendment 119 #
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 1
Article 8 – paragraph 1 – subparagraph 1
1. An SPE shall invest payments of principal or interest from the sovereign bonds referred to in Article 4(1)(a) that are due prior to payments of principal or interest under the SBBS only in cash, or in highly liquid financial instruments denominated in euro with low market and credit risk. Those investmeuro-denominated cash equivalents sthall bt are eligible for liquidation within one day with minimal adverse price effect.
Amendment 122 #
Proposal for a regulation
Article 9 – paragraph 1 – point b
Article 9 – paragraph 1 – point b
(b) ESMA has been nocertified of that financial product in accordance with Article 10(1) and the financial product has been included in the list referred to in Article 10(2).
Amendment 123 #
Proposal for a regulation
Article 10 – title
Article 10 – title
SBBS notification and certification requirements
Amendment 126 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. An SPE shall notify ESMA at least one week before issuancesubmit an application for certification of an SBBSs issue to ESMA at least two weeks in advance by means of the template referred to in paragraph 5 of this Article that an SBBSs issue meets the requirements of Articles 4, 5 and 6. ESMA shall inform the SPE's competent authority thereof without undue delay.
Amendment 127 #
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. The application shall include an explanation by the SPE of how it has complied with each of the requirements set out in Articles 4, 5, 6, 7 and 8.
Amendment 128 #
Proposal for a regulation
Article 10 – paragraph 1 b (new)
Article 10 – paragraph 1 b (new)
1b. ESMA shall inform the applicant SPE without undue delay whether certification has been granted or refused.
Amendment 130 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. ESMA shall maintain on its official website a list of all SBBSs issues that have been nocertified by SPEsESMA. ESMA shall update that list instantly and remove any SBBSs issue that is no longer considered to be an SBBSs issue following a decision of competent authoritiesESMA in accordance with Article 15.
Amendment 131 #
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. A competent authority that has imposed remedial measures or administrative sanctions as referred to in Article 15 shall immediately notify ESMA thereof. ESMA shall immediately indicate on the list referred to in paragraph 2 of this Article that a competent authorwhenever ity has imposed administrative sanctions for which there is no longer a right of appeal, in relation to the SBBS concerned.
Amendment 132 #
Proposal for a regulation
Article 10 – paragraph 3 a (new)
Article 10 – paragraph 3 a (new)
3a. ESMA shall withdraw the certification for an SBBS issue if any of the following conditions is met: (a) the SPE has expressly renounced the certification or has not made use of it within six months after the certification has been granted; (b) the SPE has obtained the certification by making false statements or by any other irregular means; (c) the SBBS issue no longer meets the conditions under which it was certified. The withdrawal of the certification shall have immediate effect throughout the Union.
Amendment 134 #
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1 – introductory part
Article 11 – paragraph 1 – subparagraph 1 – introductory part
1. An SPE shall, without undue delay, provide investors and competent authoritiesESMA with the following information:
Amendment 135 #
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1 – point d
Article 11 – paragraph 1 – subparagraph 1 – point d
(d) the notification referred to in Article 10(1) and the certification under Article 10(1b).
Amendment 137 #
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 1
Article 13 – paragraph 1 – subparagraph 1
1. Member States shall designate one or more competent authorities to supervise the compliance of SPEs with this Regulation. Member States shall inform the Commission and ESMA about those competent authorities and, where relevant, about how their functions and duties are dividedESMA shall supervise the compliance of SPEs with this Regulation.
Amendment 143 #
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 1
Article 13 – paragraph 2 – subparagraph 1
Amendment 146 #
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – introductory part
Article 13 – paragraph 2 – subparagraph 2 – introductory part
Amendment 147 #
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1
Article 14 – paragraph 1 – subparagraph 1
1. Competent authorities and ESMAThe authorities that are responsible for the supervision of entities assembling SBBSs or otherwise engaged in the SBBS market shall cooperate closely and exchange information with ESMA to carry out their duties. In particular, they shall closely coordinate their supervision to identify and remedy infringements of this Regulation, develop and promote best practices, facilitate collaboration, foster consistency of interpretation and provide cross- jurisdictional assessments in the event of any disagreements.
Amendment 148 #
Proposal for a regulation
Article 14 – paragraph 2
Article 14 – paragraph 2
2. A competent authority that has clear and demonstrable grounds that an SPE is in breach of this Regulation shall promptly inform ESMA in a detailed manner the competent authority of the Member State where the SPE is established. The competent authority of the Member State where the SPE is established. ESMA shall take appropriate measures, including the decision referred to in Article 15.
Amendment 152 #
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Where the SPE persists in acting in a manner that is clearly in breach of this Regulation despite measures taken by the competent authority of the Member State where it is established, or because that competent authority has failed to take measures within a reasonable time, the competent authority that has detected a breach of this Regulation may, after informing the competent authority of the Member State where the SPE is established and ESMA,ESMA, ESMA may take all appropriate measures to protect investors, including prohibiting the SPE from carrying out any further marketing of SBBSs within its territory and taking the decision referred to in Article 15.
Amendment 155 #
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. Where there are reasons to believe that an SPE in infringement of Article 9 has used the designation ‘SBBS’ to market a product that fails to comply with the requirements set out in that Article, the competent authority of the Member State where the SPE is establishedESMA shall follow the procedure provided for in paragraph 2.
Amendment 157 #
Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 1
Article 15 – paragraph 2 – subparagraph 1
2. Within 15 days after becoming aware of the possible infringement referred to in paragraph 1 the competent authority of the Member State where the SPE suspected of the infringement is establishedESMA shall decide whether Article 9 has been infringed and shall notify ESMA and the other relevant competent authorities thereof, including the competent authorities of the investors, when known. A competent authority that disagrees with the decision taken shall notify all other relevant competent authorities about its disagreement without undue delay. Where that disagreement is not resolved within three months of the date on which all relevant competent authorities have been notified, the matter shall be referred to ESMA in accordance with Article 19 and, where applicable, Article 20 of Regulation (EU) No 1095/2010. The conciliation period referred to in Article 19(2) of Regulation (EU) No 1095/2010 shall be one month.
Amendment 160 #
Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 2
Article 15 – paragraph 2 – subparagraph 2
Amendment 162 #
Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 3
Article 15 – paragraph 2 – subparagraph 3
Where the relevant competent authorities agreeESMA finds that the infringement by the SPE is related to non-compliance with Article 9 in good faith, ithey may decide to grant the SPE a period of maximum threup to one months to remedy the identified infringement, starting from the day the SPE was informed of the infringement by the competent authorityESMA. During that period, an SBBS appearing on the list maintained by ESMA pursuant to Article 10(2) shall continue to be considered an SBBS and shall be kept on that list.
Amendment 164 #
Proposal for a regulation
Article 16 – paragraph 1 – introductory part
Article 16 – paragraph 1 – introductory part
1. Without prejudice to the right for Member States to lay down criminal sanctions pursuant to Article 17, competent authoritiesESMA shall impose on the SPE or the natural person managing the SPE the appropriate remedial measures, including the decision referred to in Article 15, and the appropriate administrative sanctions set out in paragraph 3 where SPEs:
Amendment 167 #
Proposal for a regulation
Article 16 – paragraph 3 – introductory part
Article 16 – paragraph 3 – introductory part
3. Competent authorities, wWhen determining the type and level of administrative sanctions, ESMA shall take into account the extent to which the infringement was intentional or results from negligence and all other relevant circumstances, including, where appropriate:
Amendment 170 #
Proposal for a regulation
Article 16 – paragraph 4
Article 16 – paragraph 4
4. Member StatesESMA shall ensure that any decision imposing the remedial measures or administrative sanctions is properly reasoned and is subject to a right of appeal.
Amendment 172 #
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
Member States that have laid down criminal sanctions for the infringement referred to in Article 16(1) shall give their competent authorities all the necessary powersallow ESMA to liaise with judicial, prosecuting, or criminal justice authorities within their jurisdiction to receive from, and to provide to, other competerelevant authorities and ESMA specific information about criminal investigations or proceedings commenced for the infringements referred to in Article 16(1).
Amendment 175 #
Proposal for a regulation
Article 18 – paragraph 1 – subparagraph 1
Article 18 – paragraph 1 – subparagraph 1
1. Competent authoritiesESMA shall publish on theirits website any decision imposing an administrative sanction in respect of which there is no longer a right of appeal and which is imposed for an infringement as referred to in Article 16(1) without undue delay and after the person concerned has been informed.
Amendment 176 #
Proposal for a regulation
Article 18 – paragraph 2 – subparagraph 1 – introductory part
Article 18 – paragraph 2 – subparagraph 1 – introductory part
2. Competent authoritiesESMA shall publish the administrative sanction on an anonymous basis, in accordance with national law, in any of the following circumstances:
Amendment 178 #
Proposal for a regulation
Article 18 – paragraph 3
Article 18 – paragraph 3
3. Competent authoritiesESMA shall ensure that information published under paragraph 1 or 2 remains on theirits official website for five years. Personal data shall be retained on theESMA's official website of the competent authority only for the period necessary.
Amendment 181 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Within the limits of its mandate laid down in Regulation (EU) No 1092/2010 of the European Parliament and of the Council26 , the ESRB shall be responsible for the macroprudential oversight of the Union’s SBBSs market and act in accordance with the powers set out in that Regulation. If it finds that SBBS markets are posing a severe risk to the orderly functioning of the markets for the sovereign debt securities of those Member States whose currency is the Euro, the ESRB shall avail itself of the powers under Articles 16, 17 and 18 of Regulation (EU) No 1092/2010 of the European Parliament and of the Council, as appropriate. In particular it shall consider issuing warnings and suggesting remedial measures, including a halt to SBBS certification, to ESMA. _________________ 26 Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (OJ L 331, 15.12.2010, p.1).
Amendment 183 #
Proposal for a regulation
Article 20
Article 20
Amendment 188 #
Proposal for a regulation
Article 23 – paragraph 1 – point -1 (new)
Article 23 – paragraph 1 – point -1 (new)
Regulation (EU) No 575/2013
Article 254 – paragraph 6 a (new)
Article 254 – paragraph 6 a (new)
(-1) in Article 254, the following paragraph is inserted: “6a. By way of derogation from paragraph 1, for positions held in a subordinated tranche of sovereign bond- backed securities as defined in Article 3(3) of Regulation [reference of the SBBS Regulation to be inserted], institutions shall use the SEC-ERBA in accordance with Articles 263 and 164 of this Regulation. The exemption in the first subparagraph for the senior tranche shall also apply to positions where institutions hold all tranches of a specific sovereign bond- backed security exactly in the proportion in which these tranches were issued in accordance with Article 6(1) of Regulation [reference of the SBBS Regulation to be inserted].”
Amendment 189 #
Proposal for a regulation
Article 23 – paragraph 1 – point 1
Article 23 – paragraph 1 – point 1
Regulation (EU) No 575/2013
Article 268 – paragraph 5
Article 268 – paragraph 5
Amendment 191 #
Proposal for a regulation
Article 23 – paragraph 1 – point 2
Article 23 – paragraph 1 – point 2
Regulation (EU) No 575/2013
Article 325 – paragraph 4
Article 325 – paragraph 4
4. For the purpose of this Title, institutions shall treat exposures in the form of the senior tranche of sovereign bond-backed securities as defined in Article 3(38) of Regulation [reference of the SBBS Regulation to be inserted] as exposures to the central government of a Member State.;
Amendment 193 #
Proposal for a regulation
Article 23 – paragraph 1 – point 2 a (new)
Article 23 – paragraph 1 – point 2 a (new)
Regulation (EU) No 575/2013
Article 325 – paragraph 4 a (new)
Article 325 – paragraph 4 a (new)
(2a) in Article 325, the following paragraph 4a is added: ‘4a. The treatment of the senior tranche in the first subparagraph shall also apply to positions where institutions hold all tranches of a specific sovereign bond- backed security exactly in the proportion in which these tranches were issued in accordance with Article 6(1) of Regulation [reference of the SBBS Regulation to be inserted].’