Activities of Cora van NIEUWENHUIZEN related to 2017/2005(INI)
Shadow reports (1)
REPORT Towards a pan-European covered bonds framework PDF (422 KB) DOC (70 KB)
Amendments (10)
Amendment 30 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Warns that a mandatory harmonisation of national models or their replacement by a European one could lead to unintended negative consequences for markets whose current success relies on CB legislation being embedded in national laws; insists that European legislationa more integrated European framework should be limited to a principles-based approach which establishes the objectives but leaves the ways and means to be specified in the transposition to national laws; stresses that this framework should be based on high- quality standards and best market practices, building on national regimes that work well without disrupting them.
Amendment 53 #
Motion for a resolution
Paragraph 4 – point b – paragraph 1 – introductory part
Paragraph 4 – point b – paragraph 1 – introductory part
National law ensures dual recourse, i.e.that the investor has:
Amendment 55 #
Motion for a resolution
Paragraph 4 – point b – paragraph 1 – point i
Paragraph 4 – point b – paragraph 1 – point i
i) a claim on the issuer of the security equal to the full payment obligations attached to it, and
Amendment 56 #
Motion for a resolution
Paragraph 4 – point b – paragraph 1 – point ii
Paragraph 4 – point b – paragraph 1 – point ii
ii) an equivalent priority claim on the cover pool assets (including substitution assets and derivatives) in the event of the issuer’s default. and
Amendment 57 #
Motion for a resolution
Paragraph 4 – point b – paragraph 2
Paragraph 4 – point b – paragraph 2
Amendment 66 #
Motion for a resolution
Paragraph 4 – point e
Paragraph 4 – point e
e) Overcollateralisation (OC) is applied to the cover pool. By an extent to be determined in national law, the value of all cover pool assets must always be greater than the net present value of outstanding payment obligations. The value ofunderlying calculation methods for cover pool assets is at all and liabilitimes to be determined on the basis of market prices when market prices are available(e.g. book value, nominal value or swap rate discounted values) and on the basis of face values adjusted for market conditionscalculation frequency (at least monthly) should be clearly defined ifn no market prices are available;ational law.
Amendment 69 #
Motion for a resolution
Paragraph 4 – point f
Paragraph 4 – point f
Amendment 85 #
Motion for a resolution
Paragraph 4 – point i
Paragraph 4 – point i
i) The issuer is required to disclose at least biannually aggregate data on the programme to a level of detail that enables investors to carry out a comprehensive risk analysis. Information should be provided on the credit risk, market risk and liquidity risk characteristics of cover assets, on counterparties involved in the programme and on the levels of legal, contractual and voluntary OC and contain a section on derivatives attached to cover pool assets and liabilities;
Amendment 104 #
Motion for a resolution
Paragraph 5 – point c
Paragraph 5 – point c
c) The maturity of the CB cannot be extended, except in the event of insolvency or resolution of the issuer and with approval by the competent supervisory authority. The exact conditions of the extension event and potential changes of coupon, maturity and other features should be made clear in the terms and conditions of each bond;
Amendment 113 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Recommends that market access barriers for issuers in developing CB and ESN markets outside the EEA be removed by providing equitable treatment to CBs and ESNs from issuers in third countries, provided their legal, institutional and supervisory environment passes a thorough equivalence assessment by a competent European institution;